INDOCO REMEDIES LTD.

Manufactures and sells pharmaceutical formulations — branded generics, active pharmaceutical ingredients (APIs) and contract research/analytical services — across domestic and international markets from 10 manufacturing facilities with US FDA, UK-MHRA and EU GMP approvals. In FY26, consolidated revenue was ₹1,845.32 crore. The Indian domestic formulations business sells through a field force covering 2.42 lakh prescribing doctors (IQVIA rank 33), with the top brand Cyclopam at ₹196 crore and the top five brands making up 42% of domestic portfolio revenue. International formulations — sold into the US, Europe and emerging markets — contributed 35% of revenue at ₹1,451 million in Q1 FY27 and surged 94.6% YoY in Q4 FY26 to ₹2,147 million, with US business up 77.5% in that quarter. The API business, aimed at backward integration, grew 42% YoY to ₹522 million in Q1 FY27. Contract research and analytical services revenue rose 65.3% in Q4 FY26 to ₹895 million. The Ophthalmic Division (India plus 15-16 African countries) was divested to Sunways on a slump sale basis completed in May 2026. Major costs are materials (23.1% of FY26 revenue), employees (23.1%) and other operating expenses (39.9%); depreciation was 6.9% and FY26 capex 8.0% of revenue. The company carries ₹930-960 crore of debt with a stated annual repayment commitment of around ₹140 crore.