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Indoco Remedies Ltd (INDOCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532612 NSE: INDOCO Pharmaceuticals & Drugs | Small Cap | Indoco Remedies Share Price

₹254.35 -2.45 (-0.95%)

As on 22-Sep'26 16:59

Indoco Remedies Ltd (INDOCO)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532612 NSE: INDOCO Pharmaceuticals & Drugs | Small Cap | Indoco Remedies Share Price

₹254.35 -2.45 (-0.95%)

As on 22-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,348 Cr.
Current Price
₹254.4
52-Week Low / High
₹164 / 317
TTM EPS
₹0.6
TTM Sales
₹1,828 Cr.
Book Value per Share
₹108.2
P/E Ratio
417.01
Higher than its 5-year historical median
Industry PE
54.8
Price to Book (P/B)
2.35
Lower than its 5-year historical median
Price to Sales (P/S)
1.28
Lower than its 5-year historical median
EV/EBITDA
19.81
Higher than its 5-year historical median
Dividend Yield
0.08%
Profitability Efficiency
Return on Equity (ROE)
-10.13%
Underperforms industry median
Return on Capital Employed (ROCE)
0.79%
Underperforms industry median
Return on Assets (ROA)
-3.92%
Operating Profit Margin
7.5%
Net Profit Margin
-5.35%
Gross Profit Margin
1.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
11.06%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
38.23%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
58.86%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹980 Cr.
Equity
₹18.5 Cr.
Face Value
₹2
All Time Low / High
₹13.87 / 529.70

Indoco Remedies stock performance

Key Ratios
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Check Before You Invest

Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Undervalued

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Indoco Remedies Ltd a good quality company?
Indoco Remedies Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Indoco Remedies Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Indoco Remedies Ltd vs industry peers?
Indoco Remedies Ltd revenue CAGR is 8.25%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Indoco Remedies Ltd?
Promoters hold 58.86% of the Indoco Remedies Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Indoco Remedies Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -2.5% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indoco Remedies Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ11.8%7.6%1.2%5.8%15.6%23.3%17.4%12.9%2.8%4.2%-
Value Creation
Index ⓘ		-0.2-0.5-0.9-0.60.10.70.2-0.1-0.8-0.7-

Growth Parameters ⓘ
Sales ⓘ1,0721,0389681,1061,2401,5401,6671,7911,5181,6861,656
Sales YoY Gr.--3.2%-6.8%14.3%12.1%24.1%8.3%7.5%-15.2%11.1%-
Adj EPS ⓘ8.44.4-0.32.71016.615.411.7-1-0.811.4
YoY Gr.--47.9%-107.1%NA278.9%64.9%-6.9%-23.9%-108.8%NA-
BVPS (₹) ⓘ70.773.371.773.883.498.1111.4121.8119118.4127.3
Adj Net
Profit ⓘ		7740.2-2.924.492.6153142108-9.5-7.3105
Cash Flow from Ops. ⓘ87.812313212382.2174179177107226-
Debt/CF from Ops. ⓘ3.22.32.22.13.21.41.82.86.93.1-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ5.2%6.3%0.4%11.1%
Adj EPS ⓘ-176.9%-160.1%-137.1%NA
BVPSⓘ5.9%7.3%2.1%-0.5%
Share Price -2.9% -11.2% -9.3% -15.8%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		12.56.1-0.43.612.818.214.710-0.9-0.79.2
Op. Profit
Mgn % ⓘ		14.512.781117.621.217.2148.59.111.1
Net Profit
Mgn % ⓘ		7.23.9-0.32.27.59.98.56-0.6-0.46.3
Debt to
Equity ⓘ		0.40.40.50.40.30.30.30.40.70.7-
Working Cap
Days ⓘ		180205209180183185196202268259114
Cash Conv.
Cycle ⓘ		64747563768910311113812025

Valuation of Indoco Remedies - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,0751,0429681,1071,2421,5411,6691,8171,6651,845
Operating Expenses ⓘ + 9209108929861,0231,2151,3831,5811,5661,708
Manufacturing Costs120129136149167227247303274302
Material Costs361348320330354457521559498542
Employee Cost 217221232257274296323362394426
Other Costs ⓘ 223213204249228234292356400439
Operating Profit ⓘ 1541327712121832628623699137
Operating Profit Margin (%) 14.4%12.6%7.9%10.9%17.6%21.2%17.1%13.0%6.0%7.4%
Other Income ⓘ + 68759331958
Exceptional Items ⓘ 0000000121-3
Interest ⓘ 62421262214253966122
Depreciation ⓘ 6368727173797192114126
Profit Before Tax ⓘ 9148-929132237193136-74-106
Tax ⓘ 147-64398251394-8
Profit After Tax 7741-3249315514297-78-99
PAT Margin (%) 7.2%4.0%-0.3%2.2%7.5%10.1%8.5%5.3%-4.7%-5.4%
Adjusted EPS (₹)8.44.5-0.32.610.116.815.410.7-8.0-10.3
Dividend Payout Ratio (%)19.10%22.40%-95.20%11.50%14.90%13.40%14.60%14%-2.50%-1.90%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 6516756616807699051,0281,1061,016933
Share Capital ⓘ 18181818181818181818
Reserves ⓘ 6336576426617518861,0091,088998914
Debt +251233242203214200263612895890
Long Term Debt132123129979796144352533516
Short Term Debt118110113106117104119261362374
Minority Interest00000001-4-7
Trade Payables164150171166113133123154208309
Others Liabilities ⓘ 123160149191238342300305314478
Total Liabilities ⓘ 1,1891,2181,2231,2401,3341,5791,7142,1782,4302,603

Fixed Assets

Net Fixed Assets ⓘ +4404894685905705556789549971,193
Gross Block7708859351,1271,1781,2361,4231,7811,9282,232
Accumulated Depreciation3303964675376086817458269311,039
CWIP ⓘ 91136185516812211412532190
Investments ⓘ 0000002911
Inventories187193183208238311326353419405
Trade Receivables216210196210234297351406352489
Cash Equivalents 63123638142013241733
Others Assets ⓘ 193178154143210275230307323391
Total Assets ⓘ 1,1891,2181,2231,2401,3341,5791,7142,1782,4302,603
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 891231321238217417915595192
PBT ⓘ 9148-929132237193124-75-104
Adjustment ⓘ 65988910011087121138184250
Changes in Working Capital ⓘ -43-1356-1-140-109-73-88355
Tax Paid ⓘ -24-10-4-4-20-41-62-29-17-6
Cash Flow From Investing Activity ⓘ + -171-135-104-56-67-121-208-433-339-102
Capex -189-137-93-58-77-124-206-424-352-101
Net Investments 170-000-0-2-680
Others ⓘ 22-1121030-25-1
Cash Flow From Financing Activity ⓘ + 132-39-16-64-30-4423280241-77
Net Proceeds from Shares ⓘ -0000000121
Net Proceeds from Borrowing ⓘ 115713-31-14-05420222370
Interest Paid ⓘ -13-19-21-22-23-15-27-36-64-123
Dividend Paid ⓘ -2-18-11-3-3-14-21-21-14-2
Others ⓘ 32-93-710-151613495-23
Net Cash Flow ⓘ 50-51123-148-73-314
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)12.556.21-0.433.612.8518.514.729.09-7.34-10.13
ROCE (%)11.87.621.235.7815.6723.0317.511.25-0.430.79
Asset Turnover Ratio1.030.870.790.90.961.061.010.930.720.73
PAT to CFO Conversion(x)1.163N/A5.130.881.121.261.6N/AN/A
Working Capital Days
Receivable Days67.3074.2076.406765.3062.9070.907683.2083.20
Inventory Days58.8066.407164.6065.606569.6068.2084.7081.60
Payable Days141.60160.70182.50185.80143.7098.5089.9090.40132.50174.10

Top 5 Mutual Funds Holding

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Announcements

Indoco Remedies Ltd FAQs

The current trading price of Indoco Remedies on 22-Sep-2026 16:59 is ₹254.3.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Sep-2026 the market cap of Indoco Remedies stood at ₹2,347.7 Cr

The latest P/E ratio of Indoco Remedies as of 21-Sep-2026 is 22.42.

The latest P/B ratio of Indoco Remedies as of 21-Sep-2026 is 2.00.

The 52-week high of Indoco Remedies is ₹317.1 and the 52-week low is ₹163.7.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indoco Remedies is ₹1,656 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Indoco Remedies Ltd is a average quality company.

The key valuation ratios of Indoco Remedies Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Indoco Remedies Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Indoco Remedies Ltd

Indoco Remedies Limited is a Public Limited Company domiciled in India and incorporated under the provision of the Companies Act, VII of 1913. Its Shares are listed on two stock exchanges in India i.e Bombay Stock Exchange and National Stock Exchange. The company has decades of presence in the Indian Pharma market and a strong foothold in the international market.

Indoco has strengthened its wings in the international markets and offers complete solutions, including product development, manufacture and supply of Finished Dosages, APIs and Intermediates to generic companies worldwide. The company has a large basket of products backed by ANDAs / eCTD Dossiers and Drug Master Files (DMFs).

Expertise in Research & Development, backward integration in API in select products, own CRO set-up, excellence in Finished Dosages manufacturing and a strong customer base will ensure consistent growth in the Company’s Domestic, as well as International business.

Business area of the company

Indoco Remedies is engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs). The Company caters to both domestic and International markets.

Awards and Accolades

Patent Award

  • Indoco awarded with the IDMA Formulations Best Patent Award 2018-19 for 2 formulation patents - Diclofenac & Quetiapine
  • Indoco wins the IDMA Formulations Patent Award 2017-18 for 1 International and 2 Indian patents -Olopatadine, Gliclazide & Brinzolamide Ophthalmic Solution
  • Indoco receives the 'IDMA Best Patent Award' for four API Process Patents in 2017
  • Indoco Honoured with the 'IDMA Best Patent Award' for Three International Patents in 2016
  • Indoco honoured with the 'Best Patent Award' by PHARMEXCIL in the Bulk Drugs / API category in 2016
  • Indoco receives European Patent approval for Lacosamide
  • Indoco honoured with 'Certificate of Appreciation' (Bulk Drugs) in 2015
  • Indoco wins 'Patent Appreciation Award' at 52nd IDMA Award Function in 2014

Awards

  • Rajhans Pratisthan Award 2017 for Mr. Suresh G. Kare and Indoco for commendable CSR initiatives carried out under the banner 'SUMATI SANGOPAN'
  • Mr. Suresh G. Kare receives 'The Pride of Goa' Award 2016 by the Goa Chamber of Commerce & Industry
  • Mr. Suresh G. Kare honoured with 'Lifetime Achievement Award' at the hands of The Chief Minister of Goa in 2016
  • Mr. Suresh G. Kare honoured with Udyogshree Life Time Achievement Award by Hon'ble Defence Minister, Mr. Manohar Parrikar in 2013
  • Mr. Suresh G. Kare received the prestigious Excellence Award-2004 from Pharma Business And Technology.
  • Ms. Aditi Kare Panandikar receives the 'Leader of the Year' Award at the UBM India Pharma Awards in 2016
  • Ms. Aditi Kare Panandikar receives the 'Businesswoman of the Year' award at the Business Goa Awards for Corporate Excellence in 2016
  • Ms. Aditi Kare Panandikar received the 2015 Jack L. Beal Post-baccalaureate Alumni Award from 'The Ohio State University College of Pharmacy' in USA

Goa Plant I Award

  • The Solid Dosage Forms and Externals Facility received the IDMA Quality Excellence Awards 2008 - Silver Award, for the third time.
  • The Solid Dosage Forms and Externals Facility received the IDMA Quality Excellence Awards 2003 - Formulations - Gold Award, second time since commissioned in 1997.

Goa Plant II Award

  • The Sterile Facility received the IDMA Quality Excellence Awards 2008 - Gold Award, for the third time.
  • The Sterile Facility for Injectibles and Ophthalmics received the IDMA Quality Excellence Awards 2003 - Formulations - Silver Award.

Milestone

1993

  • R&D recognized by DSIR

1997

  • Commencement of production in Goa Plant I

1999

  • New Corporate Office at Indoco House
  • Acquisition of Warren. Indoco makes presence in Ophthalmic & Dental Segments
  • Turnover crosses Rs 100 crore

2002

  • State-of-the-art sterile facility, Plant II commissioned at Verna Goa

2003

  • UK-MHRA approval for the Solid Dosage facility at Plant I
  • Exports to regulated markets commence
  • First contract for Dossier Development with European company
  • Domestic Marketing makes a foray into the lifestyle segment

2004

  • First Contract for Development services with US Company
  • Karvol brand acquisition from Solvay Pharmaceuticals Pvt. Ltd
  • Four Patent applications filed
  • Company jumps five ranks in two years in the ORG-IMS Retail Audit

2005

  • First ANDA filed on the basis of Exhibit batches manufactured in our sterile facility in Goa
  • Development Contracts for injectable products signed with a US Company
  • Tablet capacity doubled by commissioning an extended facility in the existing UK-MHRA approved plant
  • Shares of the Company listed on BSE and NSE

2006

  • US-FDA approval for Ophthalmic facility, Plant-II in GOA
  • Contract signed for supply of 18 generic products to German Market
  • 2 ANDAs filed with USFDA
  • Commencement of liquid manufacturing facility at Baddi, Himachal Pradesh
  • New R&D Centre at Rabale, near Mumbai becomes functional
  • Solid Dosage facility at Goa Plant I re-inspected & approved by UK-MHRA
  • UK-MHRA approval for Creams & Ointments facility
  • Darmstadt-Germany approves our Goa facility for Solid Dosage manufacturing
  • Acquisition of LaNOVA Chem Pvt. Ltd. with its brand new API manufacturing facility of international standards
  • Launch of Surge - a specialty marketing division

2007

  • ANVISA (Brazil) approval for the Solid Dosage facility at GOA Plant I
  • Commencement of exports to the US markets
  • Launch of Warren-Excel and Spera - two specialty marketing divisions

2008

  • IDMA Quality Excellence Awards 2008 - The Sterile Facility at Goa Plant II received the Gold Award and the Solid Dosage Forms and Externals Facility at Goa Plant I received the Silver Award
  • TGA (Australia) approval for the Solid Dosage, Liquid Orals and Creams &Ointments Dosage forms at GOA Plant I
  • First shipment of Diclofenac Ophthalmic solution shipped to USA against an approved ANDA
  • Successfully faced Slovenia audit for the Solid Oral Dosage forms at Baddi Plant
  • MCC (South Africa) approval for the Solid Dosage facility at GOA Plant I and for the Sterile facility at Goa Plant II

2009

  • UK-MHRA approval for the Solid Oral Dosage forms at Baddi Plant
  • Export sales exceeded Rs. 1 Billion in the FY 08-09
  • Successfully faced Slovenia audit for the Sterile Facility at Goa Plant II for the Injections Area

2010

  • Indoco Remedies teams up with ASPEN, South Africa by licensing out intellectual property (dossiers) for marketing its products in emerging markets covering 30 countries, including SA, Brazil, Mexico, Venezuela, Russia & Australia
  • Indoco Remedies licenses out technology to Watson Pharmaceuticals Inc. USA. Under the terms of profit sharing agreement, Indoco will develop, manufacture and supply a basket of sterile products to Watson for the US market

2011

  • Indoco received the Silver Quality Excellence Award for Sterile Manufacturing Facility in Goa and Solid Dosages Facility in Baddi (HimachalPradesh) at IDMA's Golden Jubilee celebrations

2012

  • Indoco announced the signing of an agreement with DSM, a € 9 billion Company, for commercial cooperation for Active Pharmaceutical Ingredients (APIs). Indoco and DSM have formed a strategic alliance, wherein DSM shall be marketing and selling the APIs manufactured by INDOCO
  • Innovation in Quality Award at CPhI Pharma Awards

2014

  • Inauguration of New GLP Analytical facility for Formulation
  • US-FDA approves Sterile (Plant II) and Solid Dosages (Plant III) facilities in Goa
  • IDMA Best Patent Award for Tazarotene & Adapalene

2015

  • Indoco wins IDMA Patent Appreciation Award for Betaxolol
  • Indoco acquires Piramal's Clinical Research division

2016

  • Indoco Honoured with the IDMA Best Patent Award for Three International Patents
  • Indoco achieves a milestone of Rs1000 crore
  • Indoco acquires Oral Solid Dosage manufacturing facility in Baddi from Micro Labs Ltd., Bangalore
  • Indoco's Allopurinol ANDA gets USFDA approval
  • Indoco climbs 187 ranks up - Fortune India
  • Indoco receives USFDA approval for solid dosages Plant I in Goa
  • Indoco honoured with the 'Best Patent Award' by PHARMEXCIL in the Bulk Drugs / API category

2017

  • Indoco receives the Express Pharma Export Excellence Award 2017
  • Indoco receives UKMHRA approval for solid dosages Plant I in Goa
  • Indoco receives the IDMA Best Patent Award for four API Process Patents
  • Indoco receives patent grant for Linezolid & Brinzolamide (FDFs) from United States Patent and Trademark Office (USPTO)

2018

  • Indoco commissions New API manufacturing facility at Patalganga
  • Indoco's Goa Plant II & III clears USFDA inspection
  • Indoco's API manufacturing facilities at Patalganga and Rabale successfully clear USFDA inspection
  • Indoco's API Patalganga site receives Renewed Accreditation Certificate from The Pharmaceuticals and Medical Devices Agency (PMDA), Japan
  • Indoco receives the IDMA Best Indian Patent Award for five API Process Patents
  • Indoco's Goa plant III receives EU GMP certification

2019

  • Indoco's Clinical Research Organisation receives zero 483s from USFDA
  • Indoco's stalwart brand CYCLOPAM crosses Rs 100 crore sales (as per IMS)
  • Indoco successfully completes UK-MHRA inspection at Goa Plant II
  • UK-MHRA reinstates full GMP status for Indoco's Goa Plant I
  • USFDA clears Indoco's Goa Plant II & III
  • Indoco gets European Patent Grant for unique process of Brinzolamide Eye Drops
  • Indoco wins the IDMA Formulations Patent Award 2017-18 for 2 International and 1 Indian patent
  • Indoco's new solid dosages facility at Baddi receives UK-MHRA approva
  • Indoco's Sterile Manufacturing Facility (Plant II) Clears USFDA Inspection

2020

  • Indoco receives USFDA approval for Apixaban Tablets 2.5 mg & 5 mg
  • Indoco awarded with the IDMA Formulations Best Patent Award 2018-19 for 2 formulation patents - Diclofenac & Quetiapine
  • Olopatadine ANDA filed from Indoco's Goa Plant II receives USFDA approval
  • AnaCipher Clinical Research receives BE study approval from WHO
  • First consignment of Glycopyrrolate Injection dispatched from Goa Plant II for launch in USA
  • Indoco receives USFDA approval for Succinylcholine Chloride Injection USP
  • Indoco receives USFDA approval for Olanzapine Tablets
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