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).
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,41,471 | 36.5 | 5.26 | 23.7 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,47,033 | 84.6 | 14.74 | 63.7 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,062 | 79.3 | 9.56 | 41.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,11,686 | 24.9 | 3.78 | 14.5 | 17.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · UK MHRA inspection at Indoco Goa Plant I clears with no major issues | regulatory legal | high | — | — |
| 10 Sept 2026 · Promoter group buys 38,930 shares of Indoco Remedies via open market | ownership changes | medium | — | — |
| 5 Sept 2026 · USFDA inspection at Goa Plant II ends with 7 Form 483 observations | regulatory legal | high | — | — |
| 3 Sept 2026 · Promoters buy 4,000 Indoco Remedies shares from open market | ownership changes | low | — | — |
| 1 Sept 2026 · Promoter group buys 10,000 shares in open market | ownership changes | medium | — | — |
| 27 Aug 2026 · Indoco Remedies sells Mumbai plot for Rs 64 crore | strategic transactions | medium | — | — |
| 22 Aug 2026 · Indoco Remedies 79th AGM on Sep 17; e-voting Sep 13-16 | compliance | minimal | — | — |
| 21 Aug 2026 · Indoco Remedies files BRSR for FY26 with EcoVadis Bronze and emission cuts | compliance | minimal | — | — |
| 21 Aug 2026 · Indoco Remedies: 79th AGM Notice and Annual Report for FY2025-26 | results | high | — | — |
| 21 Aug 2026 · Indoco Remedies 79th AGM on Sept 17, 2026 - Final Dividend Rs 0.20 per share | board shareholder meetings | medium | — | — |
| 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 |
| 18.0 |
| 12.4 |
| 25.2 |
| CIPLA LTD | 1,10,352 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,375 | 97.2 | 19.59 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 97,319 | 30.1 | 2.55 | 13.1 | 10.9 | 13.0 | 12.1 | 15.0 |
| AUROBINDO PHARMA LTD | 96,656 | 26.3 | 2.55 | 13.4 | 9.2 | 12.6 | 6.3 | 23.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 812.8 | 28.9 | 169 of 169 | 0% |
| P/B | 2.6 | 3.3 | 68 of 163 | 59% |
| ROCE | (6.9) | 10.8 | 164 of 183 | 10% |
| ROE | (10.6) | 10.4 | 161 of 171 | 6% |
| Debt / Equity | 1.1 | 0.1 | 162 of 171 | 5% |
| 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 | 2401 | 839 | 73 of 182 | 60% |
| 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 |
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.
