NSE: MEDICO · BSE: 540937
MEDICO REMEDIES LIMITED
Manufactures pharmaceutical formulations, with exports accounting for the bulk of sales. In Q4 FY26, exports were Rs 5,364 lakhs against domestic sales of just Rs 274 lakhs, and in Q3 FY26 the split was Rs 5,156 lakhs exports versus Rs 690 lakhs domestic, indicating a heavily export-oriented business. FY26 revenue from operations was Rs 206.38 crore, up 36.85% year-on-year, with net profit of Rs 13.12 crore. The cost stack is dominated by materials at 72% of revenue, while employees account for 3.6%, other opex 14.8%, and depreciation 1.5%, leaving an EBITDA margin of around 11.13%. Working capital has expanded with growth: trade receivables rose to Rs 8,199 lakhs and inventories to Rs 3,002 lakhs by FY26 year-end. Capex was reported at 0% of revenue in FY26. Bank facilities of Rs 42 crore are in place with Kotak Mahindra Bank (Rs 19 crore term loan, Rs 18 crore packing credit, Rs 5 crore letter of credit), and the company holds a CRISIL BBB-/Stable long-term rating. The company periodically files disclosures about receiving new orders or contracts, though values, clients and geographies are not specified in the filings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceutical formulations - Exports, Pharmaceutical formulations - Domestic. Small-cap, export-heavy pharmaceutical formulations manufacturer with thin margins and high working-capital intensity.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 121 | 140 | 145 | 151 | 206 |
| EBITDA (ex other income) | — | 10 | 13 | 15 | 17 |
| margin % | — | 6.8 | 8.9 | 9.9 | 8.3 |
| Owners' profit | — | 7 | 8 | 10 | 13 |
| EPS, as reported (₹) | 2.95 | 0.87 | 1.00 | 1.22 | 1.58 |
| ROE % · ROCE % | — · 18.7 | 16.5 · 23.6 | 15.8 · 22.8 | 16.2 · 23.4 | 17.4 · 26.2 |
| Debt / equity (x) | — | 0.22 | 0.15 | 0.24 | 0.25 |
| Cash from operations | 6 | 8 | 2 | 5 | 6 |
| Capex | — | 0 | 0 | 0 | 0 |
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 | 39 | 39 | 41 | 38 | 53 | 59 | 57 | 69 |
| Profit before tax | 2 | 3 | 6 | 2 | 3 | 4 | 8 | 3 |
| Net profit | 2 | 3 | 4 | 2 | 3 | 3 | 6 | 3 |
| EPS (₹) | 0.19 | 0.32 | 0.52 | 0.22 | 0.31 | 0.35 | 0.71 | 0.30 |
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 | 4,22,229 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,48,067 | 84.9 | 14.80 | 64.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,270 | 73.8 | 8.89 | 38.8 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,10,978 | 24.8 | 3.75 | 14.4 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,07,937 | 98.6 | 19.87 | 60.1 | 16.4 | 17.2 | 7.2 | 32.0 |
| CIPLA LTD | 1,05,570 | 31.3 | 3.06 | 16.1 | 11.2 | 14.7 | 8.0 | 19.7 |
| DR. REDDY S LABORATORIES | 98,530 | 30.5 | 2.58 | 13.2 | 10.9 | 13.0 | 12.1 | 15.0 |
| MANKIND PHARMA LIMITED | 98,294 | 48.1 | 5.94 | 27.1 | 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) | 13.3 | 31.2 | 29 of 158 | 82% |
| P/B | 2.5 | 3.1 | 67 of 163 | 59% |
| ROCE | 23.8 | 10.8 | 18 of 183 | 91% |
| ROE | 17.4 | 9.8 | 31 of 166 | 82% |
| Debt / Equity | 0.3 | 0.2 | 104 of 166 | 38% |
| EBITDA margin | 6.4 | 17.5 | 136 of 165 | 18% |
| Revenue growth | 81.4 | 16.3 | 12 of 161 | 93% |
| Profit growth | 38.5 | 30.9 | 74 of 158 | 54% |
| Market cap | 185 | 857 | 116 of 181 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Sept 2026 · Medico Remedies clarifies on stock price movement query | compliance | minimal | — | — |
| 29 Sept 2026 · BSE asks Medico Remedies for clarification on sharp price move | regulatory legal | high | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1, 2026 until Q2 results are declared | compliance | minimal | — | — |
| 23 Sept 2026 · Medico Remedies 32nd AGM: All 7 Resolutions Passed | board shareholder meetings | low | — | — |
| 22 Sept 2026 · 32nd AGM of Medico Remedies held via VC; FY26 accounts and director re-appointments transacted | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Annual Report FY 2025-26 and 32nd AGM Notice filed | compliance | minimal | — | — |
| 29 Aug 2026 · Book closure for 32nd AGM from 16 to 22 September 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Medico Remedies files FY26 annual report and 32nd AGM notice | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Clarification on price movement | regulatory legal | medium | — | — |
| 13 Aug 2026 · Medico Remedies Q1 profit rises 66 percent, family directors re-appointed | management changes | medium | — | — |
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.