NSE: INDOCO · BSE: 532612
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Domestic formulations, International formulations (35%), Active Pharmaceutical Ingredients (API), Services (CRO / Analytical). Vertically integrated, asset-heavy branded generics and API manufacturer with multi-jurisdiction regulatory exposure (US FDA, EU GMP, UK-MHRA).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,541 | 1,669 | 1,817 | 1,665 | 1,845 |
| EBITDA (ex other income) | 327 | 286 | 256 | 100 | 139 |
| margin % | 21.2 | 17.1 | 14.1 | 6.0 | 7.5 |
| Owners' profit | 155 | 142 | 98 | (74) | (95) |
| EPS, as reported (₹) | 16.80 | 15.44 | 10.53 | (8.46) | (10.70) |
| ROE % · ROCE % | 17.1 · 23.6 | 13.8 · 17.7 | 8.7 · 11.3 | (7.7) · (0.5) | (10.6) · 1.0 |
| Debt / equity (x) | 0.27 | 0.32 | 0.61 | 0.98 | 1.11 |
| Cash from operations | 174 | 179 | 157 | 95 | 192 |
| Capex | (125) | (207) | (427) | (356) | (148) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 433 | 411 | 390 | 438 | 485 | 445 | 476 | 468 |
| Profit before tax | (5) | (31) | (46) | (37) | (14) | (31) | (25) | 78 |
| Net profit | (10) | (28) | (41) | (36) | (9) | (29) | (24) | 65 |
| EPS (₹) | (1.09) | (3.08) | (4.48) | (3.94) | (1.00) | (3.20) | (2.57) | 7.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 669.5 | 30.8 | 158 of 158 | 0% |
| P/B | 2.1 | 3.1 | 60 of 163 | 63% |
| ROCE | (6.9) | 10.8 | 164 of 183 | 10% |
| ROE | (10.6) | 9.8 | 156 of 166 | 6% |
| Debt / Equity | 1.1 | 0.2 | 157 of 166 | 6% |
| EBITDA margin | 30.1 | 17.5 | 35 of 165 | 79% |
| Revenue growth | 6.8 | 16.3 | 105 of 161 | 35% |
| Profit growth | 280.0 | 30.9 | 19 of 158 | 89% |
| Market cap | 1978 | 806 | 76 of 181 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Indoco quarterly net profit Rs 30.63 crore standalone, Rs 19.47 crore consolidated | compliance | minimal | — | — |
| 27 Oct 2026 · Audio recording of September 2026 quarter and half-year earnings call available | investor communications | low | — | — |
| 27 Oct 2026 · AnaCipher gets ANVISA Brazil approval for clinical and bioanalytical facilities | business updates | medium | — | — |
| 27 Oct 2026 · Q2 FY27 swings to profit on property sale as revenue rises 7.4% | results | medium | — | — |
| 27 Oct 2026 · Q2 revenue rises 7.4%, but property sale masks core loss | results | high | — | — |
| 27 Oct 2026 · 14,850 shares allotted under employee stock option plan | capital market events | low | — | — |
| 21 Oct 2026 · Earnings call scheduled for Q2 FY26-27 on Oct 27, 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board meeting on 27 Oct 2026 to approve Q2 and H1 FY26 results | results | low | — | — |
| 7 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Reminder to physical shareholders for mandatory KYC and bank detail updates | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.