Indoco Remedies Ltd
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]
- Market Cap ₹ 2,247 Cr.
- Current Price ₹ 244
- High / Low ₹ 388 / 190
- Stock P/E
- Book Value ₹ 111
- Dividend Yield 0.62 %
- ROCE -0.48 %
- ROE -7.00 %
- Face Value ₹ 2.00
Pros
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 8.51% over past five years.
- Company has a low return on equity of 5.08% over last 3 years.
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln
Part of BSE Healthcare BSE SmallCap BSE Allcap
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
731 | 854 | 1,005 | 1,071 | 1,041 | 968 | 1,107 | 1,242 | 1,541 | 1,669 | 1,817 | 1,665 | |
610 | 689 | 834 | 914 | 906 | 892 | 983 | 1,017 | 1,213 | 1,381 | 1,572 | 1,566 | |
Operating Profit | 120 | 166 | 171 | 157 | 135 | 77 | 123 | 225 | 328 | 288 | 245 | 99 |
OPM % | 16% | 19% | 17% | 15% | 13% | 8% | 11% | 18% | 21% | 17% | 13% | 6% |
2 | 2 | 1 | 4 | 5 | 6 | 2 | 3 | 2 | 1 | 20 | 6 | |
Interest | 19 | 11 | 12 | 6 | 24 | 21 | 26 | 22 | 14 | 25 | 38 | 66 |
Depreciation | 31 | 47 | 61 | 63 | 68 | 72 | 71 | 73 | 79 | 71 | 92 | 114 |
Profit before tax | 72 | 110 | 99 | 91 | 48 | -9 | 29 | 132 | 237 | 193 | 136 | -74 |
Tax % | 20% | 24% | 17% | 15% | 15% | -69% | 16% | 30% | 35% | 26% | 29% | 5% |
58 | 83 | 82 | 77 | 41 | -3 | 24 | 93 | 155 | 142 | 97 | -78 | |
EPS in Rs | 6.29 | 8.99 | 8.89 | 8.36 | 4.47 | -0.31 | 2.62 | 10.10 | 16.80 | 15.44 | 10.68 | -7.99 |
Dividend Payout % | 22% | 18% | 18% | 19% | 22% | -95% | 11% | 15% | 13% | 15% | 14% | -2% |
Compounded Sales Growth | |
---|---|
10 Years: | 7% |
5 Years: | 9% |
3 Years: | 3% |
TTM: | -8% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
TTM: | -184% |
Stock Price CAGR | |
---|---|
10 Years: | -5% |
5 Years: | 3% |
3 Years: | -12% |
1 Year: | -22% |
Return on Equity | |
---|---|
10 Years: | 8% |
5 Years: | 9% |
3 Years: | 5% |
Last Year: | -7% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
Reserves | 439 | 500 | 558 | 633 | 657 | 642 | 661 | 751 | 886 | 1,010 | 1,091 | 1,004 |
92 | 97 | 140 | 280 | 282 | 296 | 262 | 267 | 257 | 333 | 672 | 994 | |
180 | 230 | 224 | 266 | 281 | 301 | 330 | 279 | 325 | 297 | 363 | 414 | |
Total Liabilities | 729 | 846 | 941 | 1,197 | 1,238 | 1,258 | 1,272 | 1,315 | 1,486 | 1,658 | 2,145 | 2,430 |
325 | 340 | 374 | 440 | 489 | 468 | 590 | 570 | 555 | 678 | 954 | 1,041 | |
CWIP | 44 | 63 | 55 | 91 | 136 | 185 | 51 | 68 | 122 | 114 | 125 | 276 |
Investments | 0 | 0 | 16 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 9 | 1 |
360 | 443 | 496 | 666 | 613 | 605 | 631 | 677 | 809 | 864 | 1,057 | 1,111 | |
Total Assets | 729 | 846 | 941 | 1,197 | 1,238 | 1,258 | 1,272 | 1,315 | 1,486 | 1,658 | 2,145 | 2,430 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
99 | 109 | 112 | 89 | 123 | 132 | 123 | 82 | 174 | 179 | 157 | 94 | |
-41 | -88 | -111 | -171 | -135 | -104 | -56 | -67 | -121 | -208 | -433 | -339 | |
-59 | -20 | -2 | 132 | -39 | -16 | -64 | -30 | -44 | 23 | 280 | 241 | |
Net Cash Flow | -1 | 1 | -0 | 50 | -51 | 12 | 3 | -14 | 8 | -7 | 4 | -4 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 69 | 66 | 69 | 74 | 73 | 74 | 69 | 69 | 70 | 77 | 82 | 77 |
Inventory Days | 148 | 181 | 174 | 189 | 203 | 209 | 230 | 245 | 248 | 228 | 230 | 307 |
Days Payable | 95 | 146 | 137 | 166 | 157 | 195 | 183 | 117 | 107 | 86 | 100 | 152 |
Cash Conversion Cycle | 122 | 102 | 105 | 97 | 119 | 88 | 116 | 197 | 212 | 219 | 212 | 232 |
Working Capital Days | 73 | 78 | 80 | 81 | 77 | 64 | 57 | 107 | 113 | 120 | 124 | 138 |
ROCE % | 17% | 21% | 17% | 12% | 7% | 1% | 6% | 16% | 23% | 17% | 10% | -0% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
5h - Newspaper publication of Audited Standalone & Consolidated Financial Results for the quarter and year ended 31-03-2025
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
7h - Scheduled analyst/investor meeting on 29 May 2025 at B&K Securities Annual Conference.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
8h - Indoco Remedies receives USFDA approval for Allopurinol Tablets USP 200 mg generic.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
24h - Audio recording of Q4 and FY 2025 earnings call available on company website.
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Appointment Of Secretarial Auditor And Internal Auditor Of The Company
1d - Re-appointment of secretarial auditor, appointment of internal auditor, and re-appointment of two independent directors.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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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
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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Jan 2025TranscriptPPT
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Oct 2024Transcript PPT
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Jul 2024TranscriptPPT
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Jun 2024Transcript PPT REC
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Jan 2024TranscriptPPT
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Oct 2023TranscriptPPT
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Jul 2023TranscriptPPT
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May 2023TranscriptPPT
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Jan 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
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Aug 2021TranscriptPPT
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May 2021TranscriptPPT
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Feb 2021TranscriptPPT
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Nov 2020TranscriptPPT
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Aug 2020TranscriptPPT
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Jun 2020TranscriptPPT
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Jan 2020TranscriptPPT
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Oct 2019TranscriptPPT
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Aug 2019TranscriptPPT
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May 2019TranscriptPPT
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Jan 2019TranscriptPPT
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Nov 2018TranscriptPPT
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Aug 2018TranscriptPPT
Business Segments
A) 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.