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Indoco Remedies Ltd

₹ 225-1.75%
07 Jan – close price
🔗indoco.com•BSE: 532612•NSE: INDOCO
Market Cap₹ 2,068 Cr.
Current Price₹ 225
High / Low₹ 350
Stock P/Enull
Book Value₹ 118
Dividend Yield0.09 %
ROCE2.75 %
ROE-0.89 %
Face Value₹ 2.00
Sales₹ 1,555 Cr.
OPM5.91 %
Mar Cap₹ 2,068 Cr.

ABOUT

Indoco Remedies (Indoco) is a Mumbai-based pharmaceutical company that focuses on formulations with a presence in contract manufacturing and research. The Company is engaged in the manufacturing and marketing of pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).[1]

KEY POINTS

Business SegmentsA) Domestic Formulations (48% of FY24 revenue)[1]Indoco Remedies Ltd holds a strong foothold across various therapeutic categories, including Gastroenterology, Dentistry & Stomatology, Respiratory, Diabetology, Women's Health, Nutritional Products, Cardiology, Metabolic Disorders, and Primary Care medicines. In FY24, the domestic business crossed 1,280 Cr, ranking 31st in India (IQVIA MAT 2023-24). The company enjoys prescription patronage from over 240,000 prescribers, with 106 million prescriptions annually, and ranks 22nd in the Indian Pharmaceutical Market (IQVIA). It has 45 products ranking among the top 5 in their respective sub-segments.

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceCapacity Expansion And ProductsPreferential IssuanceJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Sun Pharma.Inds.1782.6037.05427717.600.903124.952.5614478.318.9320.2154964.0130.1211543.963117.955.5012.970.07
2.Divi's Lab.6642.5070.94176292.380.45689.0035.102715.0016.1220.4410029.0032.372485.00689.0011.4413.530.01
3.Torrent Pharma.4092.2063.93138496.880.78591.0032.493302.0014.3027.0512248.0032.602166.53600.1716.3913.260.33
4.Cipla1467.9021.80118607.610.891353.373.737589.447.6422.7228349.5725.405441.141351.173.6014.720.01
5.Dr Reddy's Labs1242.8017.97103748.510.641336.807.288828.309.8322.6934310.0024.645772.201347.102.8812.950.16
6.Lupin2214.3023.36101043.200.541484.8373.347047.5124.2321.3024750.6927.254324.631477.925.1512.410.32
7.Mankind Pharma2311.8054.5595387.580.04520.18-22.003697.1620.7715.9813545.6724.121748.55511.516.248.890.55
8.Indoco Remedies225.02–2068.350.0915.0521.81442.1211.502.751554.885.91-49.8015.581.90-0.480.69
–Median: 150 Co.409.6730.811757.370.1113.7312.32157.210.8414.98582.8715.9644.5514.043.158.60.22

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
399449373423401393427445347433473397442
Expenses
337384353360350378363388344345401344389
Operating Profit
6265206352156457388725353
Other Income
0-5504602460146
Profit before tax
3827-133620-283846-3167441710
Tax %
26%26%-23%27%23%-1%34%19%-15%26%25%26%-54%
Net Profit
2820-102615-282538-2650331315
EPS in Rs
3.022.17-1.112.811.62-3.042.754.07-2.845.393.601.391.63

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
7268511,0051,0721,0389681,1061,2401,5401,6671,7911,5181,555
Expenses
6066868349159038919821,0161,2121,3801,5321,3891,463
Operating Profit
1201651711571357712422432828625912992
Other Income
2214562321191923
Interest
1910126242126221425375776
Depreciation
314761636872717379718898102
Profit before tax
72109999148-929131236192153-7-63
Net Profit
5883827741-32492155141117-9-49
EPS in Rs
6.288.998.938.414.47-0.312.6310.0316.7715.3412.65-0.95-5.36
Dividend Payout %
22%18%18%19%22%-97%11%15%13%15%12%-21%–

Compounded Profit Growth

10 Years:%
5 Years:%
3 Years:%
TTM:-165%

Compounded Sales Growth

10 Years:6%
5 Years:7%
3 Years:0%
TTM:-8%

Return on Equity

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

Stock Price CAGR

10 Years:-3%
5 Years:-7%
3 Years:-17%
1 Year:-33%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
18181818181818181818181818
Reserves
4395005586336576436627508861,0091,1081,0851,072
Borrowings
9194139280282296262267257333514754752
Other Liabilities
178229224266280301330281327300320344462
Total Liabilities
7268429391,1971,2381,2581,2721,3171,4881,6601,9612,2012,304
Fixed Assets
325339373440489468590570555661732754907
Gross Block
4815476427698859341,1271,1781,2361,4061,5551,666–
Accumulated Depreciation
156208268330396467537608681745822911–
CWIP
44635591136185516812211311422670
Investments
011833222220595252
Other Assets
3564394936646116036306768098661,0551,1691,274
Total Assets
7268429391,1971,2381,2581,2721,3171,4881,6601,9612,2012,304

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
100110112881231321238217417917791
Cash from Investing Activity
-41-88-113-171-135-104-56-67-121-209-302-260
Cash from Financing Activity
-58-210132-39-16-64-30-4423122169
Net Cash Flow
11-050-51123-148-7-3-0

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
696668737373696970778390
Inventory Days
147179173188204209230245248228207299
Days Payable
941451371671581951841191088979121
Cash Conversion Cycle
1221001039511988115195210217211267
Working Capital Days
454648403821215977816460
ROCE %
17%21%17%12%7%1%6%16%23%17%12%3%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
58.68%58.69%58.73%58.75%58.75%58.72%58.76%58.76%58.80%58.90%58.90%58.90%
FIIs
1.23%1.55%1.58%1.59%1.69%1.92%1.48%1.70%1.25%1.24%1.22%1.25%
DIIs
18.07%18.06%17.93%17.79%19.56%19.41%18.67%18.25%18.91%18.75%18.96%18.16%
Public
22.00%21.69%21.75%21.87%20.00%19.92%21.07%21.27%21.02%21.02%20.82%21.60%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Indoco Remedies' Aurangabad Facility Clears US FDA Pre-Approval Inspection with Zero Observations

14th April 2026, 12:04 am

Indoco Remedies Files Quarterly SEBI Compliance Certificate

9th April 2026, 7:42 pm

Indoco Remedies Re-appoints Cost and Internal Auditors for FY 2026-27

31st March 2026, 6:53 pm

Indoco Remedies Announces Trading Window Closure from April 1, 2026

30th March 2026, 6:14 pm

Indoco Remedies to participate in Valorem investor conference

13th March 2026, 8:45 pm

Published by Other Websites

External media mentions & references

Stocks in Focus: LIC Bonus, Vedanta Tragedy, Adani Energy Milestone, REIT Deal

15th April 2026, 7:32 am

RailTel Wins Rs 564 Cr Orders; LIC Bonus, Ujjivan RBI Rejection Drive Trade

15th April 2026, 7:17 am

Indoco Remedies FDA Inspection Success Fuels Stock Gain

13th April 2026, 7:35 pm

US Tariff Threat Hits Indian Pharma Stocks Hard, Index Down 3%

2nd April 2026, 11:10 am

Nifty Crumbles Below 25,450 on Expiry Day as IT Stocks Plunge

24th February 2026, 4:03 pm

News Articles

Editorial & research coverage

Indoco Remedies Secures USFDA Green Light for Epilepsy Drug
Indoco Remedies Secures USFDA Green Light for Epilepsy Drug

30th January 2026, 2:46 pm

India Pharma Surges 8.6%! But What's Behind The Growth & Which Stocks Are Winning (And Losing)?
India Pharma Surges 8.6%! But What's Behind The Growth & Which Stocks Are Winning (And Losing)?

15th December 2025, 5:27 pm

Indoco Remedies Posts Improved Q2 Earnings, Stock Sees Gains
Indoco Remedies Posts Improved Q2 Earnings, Stock Sees Gains

6th November 2025, 1:20 pm

Indoco Remedies Posts Revenue Growth Amidst Widening Losses, Going Concern Doubts Emerge
Indoco Remedies Posts Revenue Growth Amidst Widening Losses, Going Concern Doubts Emerge
Indoco Remedies Secures USFDA Nod for Epilepsy Drug
Indoco Remedies Secures USFDA Nod for Epilepsy Drug

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

1d - Certificate issued by MUFG Intime India Pvt Ltd, Registrar & Transfer Agent of the Company, confirming compliance under Regulation 74(5) of SEBI (D&P) Regulations,2018 for …

Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011
Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Closure of Trading Window
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

29 Dec - Indoco Remedies to attend Dolat Capital Corporate Conference on 18 Feb 2026, physical meeting at Grand Hyatt, Mumbai.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

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Financial Year 2018

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Financial Year 2017

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Financial Year 2016

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Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from bse)

Credit Ratings

Rating update

24 Sep 2025 from icra

Rating update

4 Aug 2025 from icra

Rating update

1 Jul 2025 from icra

Rating update

30 Jan 2025 from icra

Rating update

31 Jul 2024 from icra

Rating update

27 May 2024 from icra

Concalls

Nov 2025

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Stock Analysis

Description

Indoco Remedies is a Mumbai-based pharmaceutical company engaged in the manufacturing and marketing of pharmaceutical formulations and active pharmaceutical ingredients (APIs), with a significant presence in domestic and international markets.

Key Growth Triggers

  1. Receipt of US FDA approval for Rivaroxaban Tablets USP, enabling market entry in the United States.
  2. Successful completion of US FDA inspection at its Patalganga API facility with no 483 observations.
  3. Promoter group restructuring through the Kare Family Private Trust for succession planning.

Order Book

Currently no data available for Order Book.

Key Red Flags

  1. ICRA downgrade to '[ICRA]A' with a 'Negative' outlook due to deteriorating revenues, margins, and debt metrics.
  2. Auditor's report highlighting material uncertainty regarding the going concern status of subsidiaries FPP Holding LLC and Warren Remedies Private Limited.
  3. Continued consolidated net losses reported in recent quarters and for FY2024-25.

Key Dates To Watch

  1. February 3, 2026: Board Meeting to approve Q3 FY26 financial results.
  2. February 5, 2026: Closure of trading window post-results announcement.

Corporate Announcements

13th Apr 26
Impact Rating: 8
Indoco Remedies Limited's testing facility in Aurangabad has successfully completed its Pre-Approval Inspection by the U.S. FDA. The inspection, conducted from April 8-10, 2026, concluded with zero form 483 observations.
9th Apr 26
Impact Rating: 4
Indoco Remedies confirms regulatory compliance for the quarter ended March 31, 2026, as per SEBI depository rules. The certificate from MUFG Intime India assures proper handling of dematerialized securities.
31st Mar 26
Impact Rating: 8
Indoco Remedies Limited announced the re-appointment of M/s Joshi Apte and Associates as Cost Auditors and M/s. Suresh Surana & Associates LLP as Internal Auditors for the fiscal year 2026-2027.
30th Mar 26
Impact Rating: 7
Indoco Remedies Limited will shut its trading window for equity shares from April 1, 2026. The closure is mandated by SEBI insider trading rules, pending the declaration of audited financial results for the March 2026 quarter and year.
13th Mar 26
Impact Rating: 4
Indoco Remedies will attend the '11th Annual Valorem Conference-Resilient Corporates, Relentless India' on March 23, 2026. The physical meeting in Mumbai is organised by Valorem Advisors.