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Indoco Remedies Ltd.

•
indoco.comBSE: 532612NSE: INDOCO
Market Cap₹ 2,419 Cr.
Current Price
High / Low₹ 332 / 162
Stock P/E23.1
Book Value₹ 127
Price to Book1.39
Dividend Yield0.08 %
ROCE4.2 %
ROE-0.5 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Revenue from Product: 97.1% • Revenue from Services: 2.9%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence
50%
View full sector analysis →

PROS

  • Latest quarter profit grew 393.4% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.99x)
  • Working capital cycle has improved - days down from 59 to 47
  • Company has a consistent dividend-paying track record

CONS

  • Company is loss-making at the operating / net level
  • Receivables are growing faster than sales - a possible quality concern
  • Company has a low return on equity of 3.2% over last 3 years
  • Company has a low return on capital employed of 6.7%
  • Interest coverage is weak at 0.9x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.SUNPHARMA1899.0037.67455633.710.842901.2326.5315299.8810.9819.1128.81
2.DIVISLAB9100.0082.59241576.410.33902.0065.503080.0027.8021.5140.75
3.TORNTPHARM4850.0084.58184478.410.78566.003.284921.0057.3219.2733.81
4.CIPLA1385.0033.19111888.390.94785.55-39.187119.284.1316.0016.73
5.ZYDUSLIFE1121.0024.78111820.180.09990.20-34.908017.0023.9721.3924.54
6.LAURUSLABS1840.0090.9399417.450.113620.702139.4220263.101191.0018.2031.50
7.LUPIN2111.0017.4696528.820.851416.9816.018276.8934.2828.8629.59
8.DRREDDY1154.0029.8996322.060.69435.60-69.108099.80-5.2113.7510.63
9.MANKIND2328.5547.0996179.610.04574.0929.124030.5912.8913.2426.30
10.AUROPHARMA1653.3025.6295127.230.241032.0325.229150.3517.4412.7620.54
11.GLENMARK2427.0038.1068495.930.10482.83927.884018.4831.3520.3520.03
12.INDOCO262.05429.632418.820.0865.44280.03467.508.950.798.77
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
413465448435394395365341384429390429409
360401384388350344353344378389375386418
Operating Profit53646547445112-36411543-9
OPM %12.88%13.81%14.41%10.80%11.25%12.90%3.31%-0.80%1.60%9.45%3.84%10.01%-2.10%
01-524445666114-93
Interest881011121514162422202323
Depreciation20212324242525252528272728
Profit before Tax364427462017-13-31-2810-202893
Tax %27.28%24.73%25.94%19.23%23.37%26.41%23.43%15.08%1.20%-54.20%2.20%0.98%11.69%
Net Profit263320381513-10-26-2815-202782
2.813.602.174.081.621.39-1.11-2.85-3.041.63-2.172.968.92

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,0721,0389681,1061,2401,5401,6671,7911,5181,6861,657
9179078919851,0231,2141,3821,5411,3901,5341,567
Operating Profit1551317712121832628525012815390
OPM %14.43%12.66%7.93%10.94%17.55%21.17%17.09%13.97%8.43%9.05%5.43%
6875973291931-72
Interest624212622172538578888
Depreciation636872717379718898107110
Profit before Tax9148-929131236192153-7-11110
Tax %15.20%14.93%69.26%15.54%29.66%34.59%26.22%23.88%-18.42%50.80%4.93%
Net Profit7741-32492155141117-9-6105
EPS8.404.47-0.312.6310.0316.7715.3212.65-0.95-0.61—
Dividend Payout %19.04%22.37%-97.31%11.40%14.96%13.42%14.67%11.85%-21.12%-32.77%—

COMPOUNDED SALES GROWTH

10 Years:
5%
5 Years:
6%
3 Years:
0%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
—
3 Years:
—

STOCK PRICE CAGR

10 Years:
-2%
5 Years:
-11%
3 Years:
-6%
1 Year:
-4%

RETURN ON EQUITY

10 Years:
8%
5 Years:
9%
3 Years:
3%
Last Year:
-1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Sep 10

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2025

Sep 4

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2024

Sep 19

₹ 0.75

Rs.1.5000 per share(75%)Final Dividend

2023

Sep 18

₹ 1.12

Rs.2.2500 per share(112.5%)Final Dividend

2022

Sep 14

₹ 0.37

Rs.0.7500 per share(37.5%)Special Dividend

2022

Sep 14

₹ 0.75

2021

Sep 17

₹ 0.75

Rs.1.5000 per share(75%)Final Dividend

2018

Aug 31

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2017

Jul 31

₹ 0.80

Rs.1.6000 per share(80%)Final Dividend

2016

Jul 20

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2016

Mar 17

₹ 0.70

Interim Dividend

2026

Aug 24

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital18181818181818181818
6336576436627508861,0081,1051,0791,074
291292304275274263337479691670
Trade Payables164149171166115135126119147261
8210187119178279226273265351
Total Liabilities1,1891,2181,2231,2401,3361,5811,7161,9932,2012,374
440489468590570555661732754851
Capital Work in Progress407614172553549318123
332222205952160
185193183208238311326310363322
0000000408374541
Cash & Bank62123638141912171220
459446392395486641642374465457
Total Assets1,1891,2181,2231,2401,3361,5811,7161,9932,2012,374

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
112133136127102215240165106229
Cash from Investing-171-135-104-56-67-121-209-302-276-87
Cash from Financing132-39-16-64-30-4423122169-133
50-51123-148-7-3-06

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
PER SHARE
EPS (₹)8.414.47-0.312.6310.0316.7715.3412.65-0.95-0.61
Book Value (₹)70.7473.3171.7473.8183.4498.13111.38121.83118.99118.39
Dividend per Share (₹)1.601.000.300.301.502.252.251.500.200.20
Cash EPS (₹)15.2711.827.4610.3217.9625.3423.0022.209.7010.97
PROFITABILITY
Operating Margin %14.69%13.41%8.62%11.37%18.28%21.60%17.25%13.97%8.43%9.05%
Net Margin %7.08%3.96%-0.29%2.19%7.45%10.04%8.48%6.51%-0.58%-0.33%
ROE %12.61%6.21%-0.43%3.62%12.75%18.47%14.64%10.85%-0.79%-0.51%
ROCE %11.84%7.62%1.24%5.79%15.59%23.31%17.42%12.89%2.84%4.23%
7.26%3.42%-0.23%1.97%7.17%10.60%8.58%6.29%-0.42%-0.25%
EFFICIENCY
Debtor Days67747667656371779499
Inventory Days58667165666570658174
Payable Days1421621821861451009282110149
-17-21-36-55-142849606524
FINANCIAL HEALTH
Debt to Equity (x)0.43x0.42x0.45x0.38x0.34x0.27x0.31x0.44x0.67x0.65x
Interest Coverage (x)15.83x3.06x0.56x2.09x6.91x14.55x8.58x5.05x0.87x0.87x
1.46x1.29x1.20x1.22x1.52x1.67x1.80x1.57x1.35x1.24x
GROWTH
Revenue Growth %6.70%-3.16%-6.79%14.29%12.14%24.14%8.25%7.45%-15.22%11.06%
Operating Profit Growth %-6.57%-13.14%-40.27%50.78%80.24%46.73%-13.57%-6.95%-45.22%27.49%
Net Profit Growth %-5.87%-46.81%-106.90%953.48%281.03%67.25%-8.52%-17.49%-107.49%35.51%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%-17.52%-107.48%35.55%
VALUATION
P/E (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x25.96x0.00x0.00x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x2.70x1.96x1.39x
Dividend Yield %0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.46%0.09%0.12%
0.00x0.00x0.00x0.00x0.00x0.00x0.00x13.12x19.64x11.82x

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
58.7558.7558.8058.9058.9058.9058.9058.8658.86
1.481.701.251.241.221.251.100.941.27
18.6718.2518.9118.7518.9618.1618.1518.1517.68
Government0.000.000.000.000.000.000.000.000.00
21.1021.3021.0621.1120.9221.6921.8622.0422.18

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-05
Updates

2026-09-05 - Indoco Remedies Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- USFDA Inspection at Company's manufacturing facility at Plant II (Sterile) located at Goa'.

2026-08-27
Agreements

2026-08-27 - Indoco Remedies Limited has informed the Exchange about execution of Deed of Conveyance for Sale of Company's plot of land.

2026-08-22
Copy of Newspaper Publication

2026-08-22 - Indoco Remedies Limited has informed the Exchange about Newspaper Advertisement regarding Notice convening the 79th AGM and E-voting Information

2026-08-21
Updates

2026-08-21 - Indoco Remedies Limited has informed the Exchange regarding 'Business Responsibility & Sustainability report for the financial year 2025-2026'.

2026-08-21
Shareholders meeting

2026-08-21 - Indoco Remedies Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 17, 2026

2026-08-21
Record Date

2026-08-21 - Indoco Remedies Limited has informed the Exchange that Record date for the purpose of Dividend is 10-Sep-2026.

2026-08-20
Copy of Newspaper Publication

2026-08-20 - Indoco Remedies Limited has informed the Exchange about Publication of Newspaper Advertisement - 79th Annual General Meeting to be held on 17th September,2026 through VC/OAVM

2026-08-04
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-04 - Indoco Remedies Limited has informed the Exchange about Transcript

2026-07-29
Copy of Newspaper Publication

2026-07-29 - Indoco Remedies Limited has informed the Exchange about Copy of Newspaper Publication

News

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