Indoco Remedies Limited (INDOCO)

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Indoco Remedies Limited (INDOCO) · mywealthgrid

About

Indoco Remedies Limited is a mid-cap generic pharmaceuticals company with market cap ₹2,026 Cr, operating in India's healthcare sector. Quarterly revenues range ₹400–₹484 Cr (standalone), positioning it as an established player in Indian generic pharma. Recent quarters show substantial volatility in profitability, with three loss-making quarters against isolated profitable periods.

Face value: ₹2

Market cap

₹2,324 Cr

P/E

412.7×

P/B

2.5×

Dividend yield

0.1%

ROE

-9.7%

ROCE

1.2%

Debt / equity

1.1

OPM

7.7%

EPS (TTM)

₹0.6

Book value

₹101.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Extreme PE of 359.87 coupled with negative ROE of -9.7% and recurring quarterly losses (Dec 2025 -₹29.45 Cr, Mar 2026 -₹23.68 Cr)—verify root causes and whether operational recovery is credible
Debt-to-equity of 1.1 limits financial flexibility if cash generation remains weak; verify refinancing needs and covenant headroom
One-year share decline of -22.72% against 52-week range ₹164–₹308.6 reflects investor skepticism; verify management track record and turnaround credibility
Operating margin volatility (6.47–14.03%) signals cost or demand instability; investigate whether this is structural or cyclical

Generated analysis · source review pending

Growth drivers

Jun 2026 quarter posted net profit ₹82.32 Cr on revenue ₹408.97 Cr with OPM 10.32%—verify whether this reflects operational stabilization or cyclical volatility
Operating margin ranged 6.47–14.03% across recent quarters; verify whether cost-control improvements can stabilize margins at higher levels
Quarterly revenue base of ₹400–₹484 Cr provides foundation for expansion; verify competitive position, new product pipeline, and pricing trends in core therapies

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹251.8-6.5%1Y

Quick read

rule-based

Pros

+Dividend payout of 32.8% of profit

Cons

−Low return on equity of -2.5% (3-yr avg)
−Thin operating margin of 7.7%
−Modest revenue growth of 8.2% a year over the last 5 years
−Weak interest coverage of 0.2×
−Expensive at 412.7× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

24/100

Business quality: 11
Growth: 26
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,008	1,097	1,045	968	1,107	1,242	1,541	1,669	1,817	1,665	1,845
COGS	350	361	348	320	330	354	457	521	559	498	542
Gross profit	658	735	697	648	776	887	1,084	1,147	1,258	1,167	1,304
	—	—	—	—	653	663	757	861	1,014	1,067	1,162
	—	—	—	—	123	224	327	286	244	99	142
OPM %	—	—	—	—	11.1%	18.1%	21.3%	17.2%	13.4%	6%	7.7%
Depreciation	61	63	68	—	71	73	79	71	92	114	126
Interest	12	6	24	21	26	22	14	25	38	66	122
	2	4	5	6	2	3	2	2	21	6	0
Profit before tax	99	91	48	-9	29	132	237	193	136	-74	-107
Tax	—	—	—	—	4	39	82	51	39	4	-8
Tax %	—	—	—	—	15.6%	29.5%	34.6%	26.2%	28.6%	4.8%	-7.3%
	82	77	41	-3	24	93	155	142	97	-78	-99
PAT margin %	8.1%	7%	3.9%	-0.3%	2.2%	7.5%	10.1%	8.5%	5.3%	-4.7%	-5.4%
EPS (₹)	8.9	8.4	4.5	-0.3	2.6	10.1	16.8	15.4	10.5	8.5	-10.7
EPS adjusted (₹)	8.9	8.4	4.5	-0.3	2.6	10.1	16.8	15.4	10.7	-8	-10.3
	18%	19.1%	22.4%	—	11.5%	14.9%	13.4%	14.6%	14.2%	2.4%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	18	18	18	18	18	18	18	18	18	18
Reserves	509	633	657	642	661	—	886	1,010	1,091	1,004	921
Minority interest	—	—	—	—	—	—	—	—	1	—	—
	88	251	233	242	203	—	244	333	672	994	1,036
	204	295	330	355	389	—	337	297	362	414	618
Total equity & liabilities	820	1,197	1,238	1,258	1,272	—	1,486	1,658	2,145	2,430	2,593
	356	440	489	468	584	570	555	678	954	997	1,193
CWIP	9	40	76	141	7	—	53	55	103	276	28
Investments	5	0	0	0	0	—	0	2	9	1	1
	451	717	673	649	680	—	878	922	1,079	1,155	1,370
Total assets	820	1,197	1,238	1,258	1,272	—	1,486	1,658	2,145	2,430	2,593

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	66.9%	70.1%	71.5%	70.4%	68.8%	69.2%	70.1%	70.6%
EBITDA margin %	—	11.1%	18.1%	21.3%	17.2%	13.4%	6%	7.7%
EBIT margin %	—	4.7%	12.2%	16.1%	12.9%	8.4%	-0.9%	0.8%
PAT margin %	-0.3%	2.2%	7.5%	10.1%	8.5%	5.3%	-4.7%	-5.4%
Working capital
Receivable days	74	69	—	70	77	82	77	97
Inventory days	209	230	—	248	228	230	307	273
Payable days	—	—	—	107	86	100	152	208
NWC days	—	—	—	212	219	212	232	162
Leverage
Current ratio	1.21	1.23	—	1.82	1.9	1.56	1.24	1.13
Debt to EBITDA	—	1.65	—	0.75	1.16	2.75	10.01	7.31
Debt to equity	0.37	0.3	—	0.27	0.32	0.61	0.97	1.1
Interest coverage	0.3	2.1	6.9	17.7	8.7	4.3	-0.1	0.2
Asset turnover	0.77	0.87	—	1.04	1.01	0.85	0.69	0.71
Return ratios
Return on assets %	-0.2%	1.9%	—	10.4%	8.6%	4.5%	-3.2%	-3.8%
Return on capital employed %	0.8%	6.7%	—	23.6%	19%	11.7%	-0.6%	1.2%
Return on equity %	-0.4%	3.5%	—	17.1%	13.8%	8.7%	-7.6%	-10.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.74%	58.74%	58.72%	58.75%	58.75%	58.8%	58.9%	58.9%	58.9%	58.9%	58.86%	58.86%
	1.59%	1.69%	1.91%	1.47%	1.7%	1.25%	1.24%	1.22%	1.25%	1.1%	0.94%	1.27%
	17.78%	19.56%	19.41%	18.67%	18.24%	18.9%	18.75%	18.96%	18.16%	18.15%	18.15%	17.68%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.89%	20.01%	19.92%	21.07%	21.27%	21.02%	21.02%	20.83%	21.6%	21.76%	21.91%	22.05%
No. of shareholders	—	—	—	—	—	—	—	—	33,319	32,659	32,276	32,457

Promoter holding up 0.12 percentage points since Sep 2023.

12 deals · 12 Aug 2021 – 2 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
2 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	9,82,902	₹275.49	₹27.08 Cr
2 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	9,61,463	₹275.40	₹26.48 Cr
2 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	9,09,179	₹275.97	₹25.09 Cr
2 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	9,09,179	₹275.73	₹25.07 Cr
2 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	7,63,047	₹275.76	₹21.04 Cr
2 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	7,63,047	₹275.58	₹21.03 Cr
11 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	5,64,025	₹234.85	₹13.25 Cr
11 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	5,63,501	₹234.72	₹13.23 Cr
27 May 2026	ICICI PRUDENTIAL MUTUAL FUND	Bulk	NSE	Buy	6,83,544	₹198.00	₹13.53 Cr
27 May 2026	ICICI PRUDENTIAL MUTUAL FUND	Bulk	BSE	Buy	6,74,458	₹198.00	₹13.35 Cr

1–10 of 12

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. SURESH GOVIND KARENon-Executive - Non Independent Director-Chairperson related to Promoter
Mrs. ADITI M PANANDIKARExecutive Director-MD
Mr. SUNDEEP VASANT BAMBOLKARExecutive Director-MD
Ms. VASUDHA VASANT KAMATNon-Executive - Independent Director
Mr. ABHIJIT YASHWANT GORENon-Executive - Independent Director
Mr. SATISH MADHAV SHENOYNon-Executive - Independent Director
Mr. AJAY PRASAN MULGAOKARNon-Executive - Independent Director
Mr. Pramod GhorpadeChief Financial Officer
Mr. Ramanathan HariharanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

10.94%

of the company's equity

All mutual funds

17.16%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
Healthcare Fund	DSP Mutual Fund	32.46 L	78.98	2.06%	3.516%	-0
SMALL CAP FUND	Nippon India Mutual Fund	25.95 L	63.14	0.08%	2.811%	-0
PHARMA FUND	Nippon India Mutual Fund	18.35 L	44.65	0.47%	1.988%	-0
Healthcare FundNEW	ICICI Prudential Mutual Fund	16.62 L	40.44	0.58%	1.801%	—
Multi Cap Fund (Ex DSP Multi Cap Fund)NEW	DSP Mutual Fund	7.62 L	18.55	0.61%	0.826%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1,013	0.02	0.05%	0.001%	+2
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	110	0	0%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026TranscriptAI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

23

Final dividend10 Sept 2026 · ex-date₹0.2
Final dividend4 Sept 2025 · ex-date₹0.2
Final dividend19 Sept 2024 · ex-date₹1.5
Final dividend18 Sept 2023 · ex-date₹2.25
Final dividend14 Sept 2022 · ex-date₹1.5
Special dividend14 Sept 2022 · ex-date₹0.75
Final dividend17 Sept 2021 · ex-date₹1.5
Dividend dividend18 Sept 2020 · ex-date₹0.3
Dividend dividend22 Aug 2019 · ex-date₹0.3
Final dividend31 Aug 2018 · ex-date₹1
Final dividend31 Jul 2017 · ex-date₹1.6
Final dividend20 Jul 2016 · ex-date₹0.2
Interim dividend17 Mar 2016 · ex-date₹1.4
Final dividend21 Jul 2015 · ex-date₹1.6
Final dividend21 Jul 2014 · ex-date₹1.4
Final dividend19 Jul 2013 · ex-date₹1.1
Dividend dividend20 Jul 2012 · ex-date₹1.1
Final dividend19 Jul 2011 · ex-date₹8
Final dividend13 Jul 2010 · ex-date₹7
Final dividend9 Sept 2009 · ex-date₹2
Interim dividend11 Dec 2008 · ex-date₹3.25
Dividend dividend19 Sept 2008 · ex-date₹5
Dividend dividend13 Dec 2007 · ex-date₹6.5

1

Board meeting to consider results28 Jul 2026

1

Face value ₹10 → ₹217 May 2012 · ex-date

1–3 of 4

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

29 Sept 2026, 3:57 pmCompany Update

Intimation To Shareholders Holding Shares In Physical Mode Regarding Mandatory Furnishing Of PAN, KYC And Bank Details As Per SEBI Master Circular No. HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 Dated February 6, 2026

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	66.9%	70.1%	71.5%	70.4%	68.8%	69.2%	70.1%	70.6%
EBITDA margin %	—	11.1%	18.1%	21.3%	17.2%	13.4%	6%	7.7%
EBIT margin %	—	4.7%	12.2%	16.1%	12.9%	8.4%	-0.9%	0.8%
PAT margin %	-0.3%	2.2%	7.5%	10.1%	8.5%	5.3%	-4.7%	-5.4%
Working capital
Receivable days	74	69	—	70	77	82	77	97
Inventory days	209	230	—	248	228	230	307	273
Payable days	—	—	—	107	86	100	152	208
NWC days	—	—	—	212	219	212	232	162
Leverage
Current ratio	1.21	1.23	—	1.82	1.9	1.56	1.24	1.13
Debt to EBITDA	—	1.65	—	0.75	1.16	2.75	10.01	7.31
Debt to equity	0.37	0.3	—	0.27	0.32	0.61	0.97	1.1
Interest coverage	0.3	2.1	6.9	17.7	8.7	4.3	-0.1	0.2
Asset turnover	0.77	0.87	—	1.04	1.01	0.85	0.69	0.71
Return ratios
Return on assets %	-0.2%	1.9%	—	10.4%	8.6%	4.5%	-3.2%	-3.8%
Return on capital employed %	0.8%	6.7%	—	23.6%	19%	11.7%	-0.6%	1.2%
Return on equity %	-0.4%	3.5%	—	17.1%	13.8%	8.7%	-7.6%	-10.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

Date	Category	Subject	Filing
29 Sept 2026, 3:57 pm	Company Update General	Intimation To Shareholders Holding Shares In Physical Mode Regarding Mandatory Furnishing Of PAN, KYC And Bank Details As Per SEBI Master Circular No. HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 Dated February 6, 2026	PDF
28 Sept 2026, 8:58 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
28 Sept 2026, 2:45 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 5:56 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
18 Sept 2026, 1:28 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
17 Sept 2026, 1:04 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
10 Sept 2026, 12:38 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI (LODR) Regulations,2015	PDF
10 Sept 2026, 9:35 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	113	123	132	123	82	174	179	157	95	192
	-112	-135	-104	-56	-67	-121	-208	-434	-339	-102
	-1	-39	-16	-64	-30	-44	23	280	241	-77
Net cash flow	—	—	—	—	-14	8	-7	3	-3	14
Free cash flow	—	—	—	—	5	49	-28	-271	-261	45
CFO / Operating profit %	—	—	—	99.7%	36.7%	53.1%	62.5%	64.1%	95.6%	135.6%

Indoco Remedies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends23

Board meetings1

Stock splits1

Announcements

Dividends23

Board meetings1

Stock splits1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

23

1

1

23

1

1