Indoco Remedies Ltd

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

₹ 208 -0.57%
30 Oct - close price
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 ₹ 1,923 Cr.
  • Current Price ₹ 208
  • High / Low ₹ 288 / 162
  • Stock P/E
  • Book Value ₹ 111
  • Dividend Yield 0.10 %
  • ROCE 0.96 %
  • ROE -9.36 %
  • Face Value ₹ 2.00
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Pros

  • Company's working capital requirements have reduced from 40.8 days to 21.3 days

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 8.25% over past five years.
  • Company has a low return on equity of -2.45% over last 3 years.
  • Earnings include an other income of Rs.137 Cr.

* 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 1000

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
482 459 450 431 433 411 390 440 485 445 476 468 520
410 397 401 384 392 399 391 422 442 414 426 426 474
Operating Profit 71 63 49 48 40 12 -1 18 43 32 50 41 46
OPM % 15% 14% 11% 11% 9% 2.9% -0.2% 4.0% 9% 7% 10% 9% 9%
4 -6 22 1 2 2 2 2 0 -5 4 100 39
Interest 8 10 12 14 18 16 18 26 25 26 46 28 27
Depreciation 21 24 26 28 29 29 29 30 32 32 32 35 34
Profit before tax 46 23 33 7 -5 -31 -46 -37 -14 -31 -25 78 24
Tax % 24% 31% 33% 74% 107% -8% -9% -1% -32% -6% -5% 16% 20%
35 16 22 2 -10 -28 -41 -36 -9 -29 -24 65 19
EPS in Rs 3.81 1.77 2.46 0.28 -1.04 -2.86 -4.38 -3.88 -0.86 -3.23 -2.34 7.04 1.99
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
854 1,005 1,071 1,041 968 1,107 1,242 1,541 1,669 1,817 1,665 1,845 1,909
689 834 914 906 892 983 1,017 1,213 1,381 1,572 1,565 1,703 1,740
Operating Profit 166 171 157 135 77 123 225 328 288 245 100 142 169
OPM % 19% 17% 15% 13% 8% 11% 18% 21% 17% 13% 6% 8% 9%
2 1 4 5 6 2 3 2 1 20 6 -0 137
Interest 11 12 6 24 21 26 22 14 25 38 66 122 127
Depreciation 47 61 63 68 72 71 73 79 71 92 114 126 133
Profit before tax 110 99 91 48 -9 29 132 237 193 136 -74 -106 46
Tax % 24% 17% 15% 15% -69% 16% 30% 35% 26% 29% 5% -7%
83 82 77 41 -3 24 93 155 142 97 -78 -99 32
EPS in Rs 8.99 8.89 8.36 4.47 -0.31 2.62 10.10 16.80 15.44 10.68 -7.99 -10.31 3.46
Dividend Payout % 18% 18% 19% 22% -95% 11% 15% 13% 15% 14% -2% -2%
Compounded Sales Growth
10 Years: 6%
5 Years: 8%
3 Years: 3%
TTM: 11%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 31%
Stock Price CAGR
10 Years: -3%
5 Years: -15%
3 Years: -13%
1 Year: -25%
Return on Equity
10 Years: 5%
5 Years: 5%
3 Years: -2%
Last Year: -9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 18 18 18 18 18 18 18 18 18 18 18 18 18
Reserves 500 558 633 657 642 661 751 886 1,010 1,091 1,004 921 1,003
97 140 280 282 296 262 267 257 333 672 994 1,090 1,059
230 224 266 281 301 330 279 325 297 363 414 564 532
Total Liabilities 846 941 1,197 1,238 1,258 1,272 1,315 1,486 1,658 2,145 2,430 2,593 2,613
340 374 440 489 468 590 570 555 678 954 997 1,193 1,240
CWIP 63 55 91 136 185 51 68 122 114 125 321 90 27
Investments 0 16 0 0 0 0 0 0 2 9 1 1 15
443 496 666 613 605 631 677 809 864 1,057 1,111 1,309 1,331
Total Assets 846 941 1,197 1,238 1,258 1,272 1,315 1,486 1,658 2,145 2,430 2,593 2,613

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
109 112 89 123 132 123 82 174 179 157 95 192
-88 -111 -171 -135 -104 -56 -67 -121 -208 -433 -339 -102
-20 -2 132 -39 -16 -64 -30 -44 23 280 241 -77
Net Cash Flow 1 -0 50 -51 12 3 -14 8 -7 4 -3 14
Free Cash Flow 20 15 -100 -15 39 64 6 49 -27 -269 -257 91
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 81% 82% 72% 98% 177% 103% 45% 66% 84% 76% 112% 139%

Ratios

Consolidated / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 66 69 74 73 74 69 69 70 77 82 77 97
Inventory Days 181 174 189 203 209 230 245 248 228 230 307 273
Days Payable 146 137 166 157 195 183 117 107 86 100 152 208
Cash Conversion Cycle 102 105 97 119 88 116 197 212 219 212 232 162
Working Capital Days 46 48 41 38 21 22 59 78 82 62 39 21
ROCE % 21% 17% 12% 7% 1% 6% 16% 23% 17% 10% -0% 1%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2024 Mar 2025 Mar 2026
Number of Countries Exported To
count ・Standalone data

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R&D Scientists
count ・Standalone data
Total Permanent Employees
count ・Standalone data
Cumulative ANDA Approvals (US)
count ・Standalone data
Total Manufacturing Facilities (FDF + API)
count
New Product Launches (Domestic)
count ・Standalone data
Cyclopam Brand Sales (Domestic)
INR mn ・Standalone data
IPM Market Share
% ・Standalone data
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

22 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
58.75% 58.72% 58.76% 58.76% 58.80% 58.90% 58.90% 58.90% 58.90% 58.86% 58.86% 58.92%
1.69% 1.92% 1.48% 1.70% 1.25% 1.24% 1.22% 1.25% 1.10% 0.94% 1.27% 1.64%
19.56% 19.41% 18.67% 18.25% 18.91% 18.75% 18.96% 18.16% 18.15% 18.15% 17.68% 16.64%
20.00% 19.92% 21.07% 21.27% 21.02% 21.02% 20.82% 21.60% 21.76% 21.90% 22.04% 22.66%
0.00% 0.03% 0.03% 0.03% 0.03% 0.09% 0.09% 0.09% 0.09% 0.14% 0.14% 0.14%
No. of Shareholders 32,60033,20134,51134,41634,67634,49733,12933,31932,65932,27632,45734,098

* 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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