Indoco Remedies Ltd

Indoco Remedies Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Indoco Remedies Ltd

₹ 267 -2.29%
06 Nov 2:29 p.m.
indoco.com BSE: 532612 NSE: INDOCO
About

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]

Key Points

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.

Website BSE NSE
  • Market Cap ₹ 2,442 Cr.
  • Current Price ₹ 267
  • High / Low ₹ 355 / 190
  • Stock P/E
  • Book Value ₹ 106
  • Dividend Yield 0.07 %
  • ROCE -0.49 %
  • ROE -7.02 %
  • Face Value ₹ 2.00
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Pros

  • Company's working capital requirements have reduced from 61.0 days to 38.6 days

Cons

  • Stock is trading at 2.54 times its book value
  • 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 5.12% 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

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

Part of BSE Healthcare BSE SmallCap BSE Allcap

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
433.04 399.20 428.16 426.50 481.73 459.42 449.64 431.49 432.66 410.55 390.21 439.67 484.67
345.19 337.16 363.40 365.33 410.36 396.52 400.77 383.72 392.41 398.52 390.99 422.14 441.62
Operating Profit 87.85 62.04 64.76 61.17 71.37 62.90 48.87 47.77 40.25 12.03 -0.78 17.53 43.05
OPM % 20.29% 15.54% 15.13% 14.34% 14.82% 13.69% 10.87% 11.07% 9.30% 2.93% -0.20% 3.99% 8.88%
0.35 0.36 0.50 0.41 4.43 -5.85 22.39 1.03 1.56 1.84 2.02 1.63 0.23
Interest 5.25 7.01 8.64 7.79 8.11 10.07 12.05 14.31 17.83 16.11 17.98 26.12 24.56
Depreciation 15.65 17.17 17.69 19.88 21.41 24.35 26.23 27.52 28.82 28.72 28.78 29.70 32.25
Profit before tax 67.30 38.22 38.93 33.91 46.28 22.63 32.98 6.97 -4.84 -30.96 -45.52 -36.66 -13.53
Tax % 26.11% 26.35% 33.70% 28.69% 23.85% 31.24% 33.20% 73.89% 106.82% -8.27% -9.18% -0.85% -31.93%
49.73 28.15 25.81 24.18 35.24 15.56 22.03 1.82 -10.01 -28.40 -41.34 -36.35 -9.21
EPS in Rs 5.40 3.05 2.80 2.65 3.81 1.77 2.46 0.28 -1.04 -2.86 -4.38 -3.88 -0.86
Raw PDF
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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 TTM
731 854 1,005 1,071 1,041 968 1,107 1,242 1,541 1,669 1,817 1,665 1,725
610 689 834 914 906 892 983 1,017 1,213 1,381 1,572 1,565 1,653
Operating Profit 120 166 171 157 135 77 123 225 328 288 245 100 72
OPM % 16% 19% 17% 15% 13% 8% 11% 18% 21% 17% 13% 6% 4%
2 2 1 4 5 6 2 3 2 1 20 6 6
Interest 19 11 12 6 24 21 26 22 14 25 38 66 85
Depreciation 31 47 61 63 68 72 71 73 79 71 92 114 119
Profit before tax 72 110 99 91 48 -9 29 132 237 193 136 -74 -127
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 -115
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 -11.98
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: -3%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -552%
Stock Price CAGR
10 Years: -1%
5 Years: 1%
3 Years: -10%
1 Year: -14%
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 Sep 2025
Equity Capital 18 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 1,004 961
92 97 140 280 282 296 262 267 257 333 672 994 999
180 230 224 266 281 301 330 279 325 297 363 414 530
Total Liabilities 729 846 941 1,197 1,238 1,258 1,272 1,315 1,486 1,658 2,145 2,430 2,508
325 340 374 440 489 468 590 570 555 678 954 997 1,143
CWIP 44 63 55 91 136 185 51 68 122 114 125 321 182
Investments 0 0 16 0 0 0 0 0 0 2 9 1 1
360 443 496 666 613 605 631 677 809 864 1,057 1,111 1,182
Total Assets 729 846 941 1,197 1,238 1,258 1,272 1,315 1,486 1,658 2,145 2,430 2,508

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 82 174 179 155 95
-41 -88 -111 -171 -135 -104 -56 -67 -121 -208 -432 -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 -3

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 44 46 48 41 38 21 22 59 78 82 62 39
ROCE % 17% 21% 17% 12% 7% 1% 6% 16% 23% 17% 10% -0%

Shareholding Pattern

Numbers in percentages

6 Recently
Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
58.68% 58.69% 58.73% 58.75% 58.75% 58.72% 58.76% 58.76% 58.80% 58.90% 58.90% 58.90%
1.23% 1.55% 1.58% 1.59% 1.69% 1.92% 1.48% 1.70% 1.25% 1.24% 1.22% 1.25%
18.07% 18.06% 17.93% 17.79% 19.56% 19.41% 18.67% 18.25% 18.91% 18.75% 18.96% 18.16%
22.00% 21.69% 21.75% 21.87% 20.00% 19.92% 21.07% 21.27% 21.02% 21.02% 20.82% 21.60%
0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.03% 0.03% 0.03% 0.09% 0.09% 0.09%
No. of Shareholders 35,71334,73135,43136,58832,60033,20134,51134,41634,67634,49733,12933,319

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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