MarketFriction

Indoco Remedies Ltd

NSE INDOCO · BSE 532612 · Pharmaceuticals
₹251.75 -3.79%
NSE close2026-10-01
52 week range162.19 - 317.35
Market cap₹2,484 Cr.
Price band 20% Delivery 36.4%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales482459450431433411390440485445476468
Expenses410397401384392399391422442414426426
Operating Profit716349484012-11843325041
OPM %15%14%11%11%9%2.9%-0.2%4.0%9%7%10%9%
Other Income4-622122220-54100
Interest81012141816182625264628
Depreciation212426282929293032323235
Profit before tax4623337-5-31-46-37-14-31-2578
Tax %24%31%33%74%107%-8%-9%-1%-32%-6%-5%16%
Net Profit3516222-10-28-41-36-9-29-2465
EPS in Rs3.811.772.460.28-1.04-2.86-4.38-3.88-0.86-3.23-2.347.04
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,0051,0711,0419681,1071,2421,5411,6691,8171,6651,8451,873
Expenses8349149068929831,0171,2131,3811,5721,5651,7031,708
Operating Profit17115713577123225328288245100142165
OPM %17%15%13%8%11%18%21%17%13%6%8%9%
Other Income14562321206-098
Interest1262421262214253866122124
Depreciation616368727173797192114126131
Profit before tax999148-929132237193136-74-1068
Tax %17%15%15%-69%16%30%35%26%29%5%-7%
Net Profit827741-3249315514297-78-993
EPS in Rs8.898.364.47-0.312.6210.1016.8015.4410.68-7.99-10.310.61
Dividend Payout %18%19%22%-95%11%15%13%15%14%-2%-2%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth6%8%3%12%
Compounded Profit Growth%%%33%
Stock Price CAGR-2%-10%-7%-7%
Return on Equity5%5%-2%-9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital181818181818181818181818
Reserves5005586336576426617518861,0101,0911,004921
Borrowings971402802822962622672573336729941,090
Other Liabilities230224266281301330279325297363414564
Total Liabilities8469411,1971,2381,2581,2721,3151,4861,6582,1452,4302,593
Fixed Assets3403744404894685905705556789549971,193
CWIP635591136185516812211412532190
Investments0160000002911
Other Assets4434966666136056316778098641,0571,1111,309
Total Assets8469411,1971,2381,2581,2721,3151,4861,6582,1452,4302,593
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity109112891231321238217417915795192
Cash from Investing Activity-88-111-171-135-104-56-67-121-208-433-339-102
Cash from Financing Activity-20-2132-39-16-64-30-4423280241-77
Net Cash Flow1-050-51123-148-74-314
Free Cash Flow2015-100-153964649-27-269-25791
CFO/OP81%82%72%98%177%103%45%66%84%76%112%139%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days666974737469697077827797
Inventory Days181174189203209230245248228230307273
Days Payable14613716615719518311710786100152208
Cash Conversion Cycle1021059711988116197212219212232162
Working Capital Days464841382122597882623921
ROCE %21%17%12%7%1%6%16%23%17%10%-0%1%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters58.75%58.75%58.72%58.76%58.76%58.80%58.90%58.90%58.90%58.90%58.86%58.86%
FIIs1.59%1.69%1.92%1.48%1.70%1.25%1.24%1.22%1.25%1.10%0.94%1.27%
DIIs17.79%19.56%19.41%18.67%18.25%18.91%18.75%18.96%18.16%18.15%18.15%17.68%
Public21.87%20.00%19.92%21.07%21.27%21.02%21.02%20.82%21.60%21.76%21.90%22.04%
Others0.00%0.00%0.03%0.03%0.03%0.03%0.09%0.09%0.09%0.09%0.14%0.14%
No. of Shareholders36,58832,60033,20134,51134,41634,67634,49733,12933,31932,65932,27632,457

Fundamentals

Market Cap₹ 2,484 Cr.
Current Price₹ 269
Book Value₹ 102
ROCE0.96 %
ROE-9.36 %
Dividend Yield0.07 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)12%
Compounded Profit Growth (TTM)33%
Consolidated figures.
Valuation
Market capRs 2,324 Cr
Enterprise valueRs 3,380 Cr
P/E (TTM)412.74x
Price to book2.47x
Price to sales1.24x
EV / EBITDA12.83x
EV / EBIT25.55x
EV / sales1.80x
Price to cash flow12.09x
Earnings yield0.24%
Dividend yield0.08%
P/E, 3-year average30.77x
P/B, 3-year average2.15x
P/E, 5-year average24.76x
P/B, 5-year average2.64x
Profitability
Operating margin (excl. other income)7.72%
Operating margin (incl. other income)7.71%
EBITDA margin14.07%
Pre-tax margin0.42%
Net profit margin0.30%
Net margin, latest quarter13.90%
ROE-9.70%
ROCE0.78%
ROA-3.79%
ROE, 3-year average-2.47%
ROCE, 3-year average3.80%
ROA, 3-year average-0.61%
ROE, 5-year average5.16%
ROCE, 5-year average10.30%
ROA, 5-year average3.65%
ROIC (approx.)6.14%
Tax rate7.33%
Other income / net worth-0.03%
Growth
Sales growth (latest year)10.84%
Sales CAGR, 3 years3.41%
Sales CAGR, 5 years8.25%
Sales growth QoQ-1.71%
Sales growth YoY (latest quarter)6.33%
Per share
EPS (TTM)Rs 0.61
EPS (latest year)Rs -10.31
EPS (latest quarter)Rs 7.04
EPS, 3-year averageRs -2.54
EPS, 5-year averageRs 4.92
Book value per shareRs 101.76
Sales per shareRs 202.93
Cash flow per shareRs 20.83
Free cash flow per shareRs 9.86
Dividend per share (latest year)Rs 0.20
Dividend per share, 3-year averageRs 0.63
Dividend per share, 5-year averageRs 1.28
Dividends
Dividend payout, 3-year average14.05%
Dividend payout, 5-year average14.00%
Efficiency
Asset turnover0.71x
Fixed asset turnover1.55x
Inventory turnover1.81x
Inventory days202 days
Debtor days97 days
Debtors turnover3.77x
Creditor days208 days
Cash conversion cycle162 days
Working capital days21 days
Leverage
Total debtRs 1,090 Cr
Cash and bankRs 33 Cr
Net debtRs 1,057 Cr
Debt to equity1.16x
Net debt / EBITDA4.01x
Interest coverage1.06x
Current ratio (filing 2026-03-31)1.13x
Quick ratio (filing 2026-03-31)0.75x
Trade payables (filing 2026-03-31)Rs 309 Cr
Owners' fund to total sources36.22%
Debt to assets42.02%
Cash flow
Cash from Operating Activity (latest year)Rs 192 Cr
Cash from Investing Activity (latest year)Rs -102 Cr
Cash from Financing Activity (latest year)Rs -77 Cr
Net Cash Flow (latest year)Rs 14 Cr
Free cash flow (latest year)Rs 91 Cr
FCFE (approx.: FCF + change in debt)Rs 187 Cr
Cash from ops / profit, 5 years3.67x
Sales to cash flow9.60x
Statement figures
Net sales (TTM)Rs 1,873 Cr
Net sales (latest year)Rs 1,845 Cr
Sales (latest quarter)Rs 468 Cr
Operating profit excl. other income (latest year)Rs 142 Cr
Operating profit (latest quarter)Rs 41 Cr
Other income (TTM)Rs 98 Cr
EBITDA (TTM)Rs 264 Cr
PBDT (TTM)Rs 139 Cr
Profit before tax (TTM)Rs 8 Cr
Tax (latest year)Rs -8 Cr
Net profit (TTM)Rs 6 Cr
Net profit (latest year)Rs -95 Cr
Net profit (latest quarter)Rs 65 Cr
Depreciation (TTM)Rs 131 Cr
Depreciation (latest quarter)Rs 35 Cr
Interest (TTM)Rs 124 Cr
Cost of goods sold (latest year)Rs 732 Cr
Total expenditure (latest year)Rs 1,703 Cr
Total income (latest year)Rs 1,845 Cr
Share capitalRs 18 Cr
ReservesRs 921 Cr
Shareholders' fundsRs 939 Cr
Total assetsRs 2,593 Cr
Net blockRs 1,193 Cr
Capital work in progressRs 90 Cr
InvestmentsRs 1 Cr
ReceivablesRs 489 Cr
InventoryRs 405 Cr
Other liabilitiesRs 564 Cr
Shares outstanding (crore)9.23
Ownership
Promoter holding58.86% (-0.04 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 2.47 is at the 20th percentile (median 2.94).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodINDOCONifty 50Difference
1 week+0.6%-2.8% +3.4 pts
1 month+3.2%-6.8% +10.0 pts
3 months+3.2%-7.6% +10.8 pts
6 months+53.5%+0.4% +53.1 pts
1 year-16.6%-9.9% -6.7 pts
2 years-33.0%-13.6% -19.4 pts
3 years-25.7%+14.2% -39.9 pts
5 years-43.7%+27.9% -71.6 pts
10 mutual fund schemes hold about ₹385 Cr. Over three months 1 bought more and 6 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Quant Small Cap Fund0.29%102 -9%
DSP Healthcare Fund2.06%79 -10%
Nippon India Small Cap Fund0.08%63 -7%
Nippon India Pharma Fund0.47%45 -6%
ICICI Pru Healthcare Fund-0.58%40 -7%
HDFC Value Fund0.45%37 -9%
DSP Multi Cap Fund0.61%19 -5%
ICICI Pru Balanced Hybrid Fund0.06%0 +100%
Bandhan BSE Healthcare Index Fund0.06%0 -5%
Motilal Oswal BSE 1000 Index Fund0.00%0

Red flags

F-score 5 of 8
explainReceivables outrunning sales Receivables grew 39% vs sales +11% in 2026
lookRepeated losses Net loss in each of the last two years
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹468 Cr +6.4% vs Jun 2025. Net profit ₹65 Cr +280.6%.
Against our estimate for Jun 2026: sales -7.6%, profit +322.0% big beat. Our estimate for Sep 2026: sales Rs 554 Cr, profit Rs -19 Cr (how).

Activity

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DateClientSideQtyPrice
2026-09-29Nk Securities Research Private LimitedSELL691,564273.27
2026-09-29Nk Securities Research Private LimitedBUY691,564273.14
2026-09-29Microcurves Trading Private LimitedSELL969,889273.45
2026-09-29Microcurves Trading Private LimitedBUY969,889273.04
2026-09-29Junomoneta Finsol Private LimitedSELL664,724274.86
2026-09-29Junomoneta Finsol Private LimitedBUY663,827274.60
2026-09-29Blitzquant Research LlpSELL464,497277.88
2026-09-29Blitzquant Research LlpBUY464,497277.74
Ex-dateActionFactor
2026-09-10Dividend - Re 0.20 Per Share
2025-09-04Dividend - Re 0.20 Per Share
2024-09-19Annual General Meeting/Dividend - Rs 1.50 Per Share
2023-09-18Annual General Meeting/Dividend - Rs 2.25 Per Share
2022-09-14Annual General Meeting/Dividend - Rs 1.50 Per Share/Special Dividend- Rs 0.75 Per Share
2021-09-17 Annual General Meeting/Dividend - Rs 1.50 Per Share
2020-09-18 Annual General Meeting/Dividend - Re 0.30 Per Sh
2019-08-22 Annual General Meeting/Dividend - Rs 0.30 Per Share
2018-08-31 Annual General Meeting/Dividend- Re 1 Per Share
2017-07-31 Annual General Meeting/ Dividend - Rs 1.60 Per Share
2016-07-20 Annual General Meeting/Dividend Re 0.20 Per Share
2016-03-17 Interim Dividend - Rs 1.40/- Per Share
2015-07-21Annual General Meeting/Final Dividend Rs 1.60/- Per Share
2014-07-21Annual General Meeting / Final Dividend - Rs 1.40/- Per Share
2013-07-19Annual General Meeting/Dividend Rs 1.10 Per Share
2012-07-20Annual General Meeting And Dividend - Rs.1.10 Per Share
2012-05-17Bonus 1:2 And Face Value Split From Rs.10 To Rs.20.1333
2011-07-19Dividend-Rs.8/- Per Share
2010-07-13Dividend-Rs.7/- Per Share
2009-09-09Dividend-Rs.2/- Per Share
2008-12-11Interim Dividend - 32.5%
2008-09-19Agm/Dividend - 50%
2007-12-13Agm/Dividend-65%
2006-11-01Agm/Dividend-62.5%
DateTypeWhat it says
2026-09-29General UpdatesIntimation to shareholders holding shares in physical mode regarding mandatory furnishing of PAN KYC and Bank details as per SEBI Master Circular No. ...
2026-09-28AcquisitionThe incorporation of Wholly Owned subsidiary of the Company in the name and style of "Warren Lifesciences Private Limited .
2026-09-24General UpdatesIntimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ESG rating
2026-09-18AcquisitionApproval of the Committee of Executive DIrectors for incorporation of the wholly owned subsidiary Warren Lifesciences Private Limited
2026-09-18Shareholder meetingVoting results.
2026-09-17Shareholder meetingProceedings of Annual General Meeting held on September 17, 2026
2026-09-10UpdatesDisclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 UK MHRA inspection at Companys manufacturi...
2026-09-05UpdatesDisclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015- USFDA Inspection at Companys manufacturing...
2026-08-27AgreementsExecution of Deed of Conveyance for Sale of Companys plot of land.
2026-08-21UpdatesBusiness Responsibility & Sustainability report for the financial year 2025-2026.
2026-08-21Shareholder meetingNotice of Annual General Meeting to be held on September 17, 2026
2026-08-21Record DateRecord date for the purpose of Dividend is 10-Sep-2026.
2026-08-04Concall / analyst meetTranscript
2026-07-28Concall / analyst meetLink of Recording
2026-07-28AppointmentAppointment of Mr SUDHIR KADAM as SENIOR MANAGEMENT PERSONNEL DESIGNATED AS SR. VICE PRESIDENT (HUMAN CAPITAL) of the company w.e.f. July 28, 2026.
2026-07-28AppointmentReappointment of Mrs ADITI PANANDIKAR as Managing Director of the company w.e.f. February 15, 2027.
2026-07-28Board meeting outcomeIndoco Remedies Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-17Concall / analyst meetSchedule of meet
2026-06-26Press ReleaseA press release dated Jun 26, 2026, titled "Indoco Remedies Goa Plant successfully clears Malta Medicines Authority audit".
2026-05-28Press ReleaseA press release dated May 28, 2026, titled "Indocos formulation plant at Baddi (Plant III) receives EU GMP Certification".
2026-05-18AgreementsCompletion of transfer of its Ophthalmic Division to Sunways (India) Private Limited
2026-05-15DemiseDemise of Mr Anand Nadkarni , Non- Executive Director of the company on May 15, 2026.
2026-05-14Press ReleaseA press release dated May 14, 2026, titled "Indoco Remedies successfully clears Malta Medicines Authority audit".
2026-05-11Concall / analyst meetTranscript
2026-05-07Concall / analyst meetLink of Recording
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Indoco Remedies Ltd?

Indoco Remedies Ltd (INDOCO) has a market capitalisation of Rs 2,484 Cr. at the 2026-10-01 close.

What were Indoco Remedies Ltd's latest quarterly results?

In the Jun 2026 quarter, Indoco Remedies Ltd sales was Rs 468 Cr (+6.4% vs Jun 2025) and net profit was Rs 65 Cr.

What is the 52-week high and low of Indoco Remedies Ltd?

The 52-week high is Rs 317.35 and the 52-week low is Rs 162.19.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03