Indoco Remedies Ltd.
NSE: INDOCO · Pharmaceuticals · sector
₹219.50NSE close 2026-10-26
Key numbers
Market cap₹2,026 cr
Price₹219.50
52w high / low₹291 / ₹162
P/E685.9xSector median 27.9x
P/B2.2xSector median 2.9x
Book value₹101.8
Dividend yield0.09%Sector median 0.48%
ROE0.6%Sector median 11.7%
ROCE6.7%Sector median 12.3%
OPM13.9%Sector median 14.0%
Debt / equity1.10xSector median 0.16x
EV/EBITDA11.7xSector median 18.6x
Interest cover1.1x
Current ratio1.13x
Sales growth 3y+3.4%Sector median +9.6%
Profit growth 3y–Sector median +13.3%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 185 companies in Pharmaceuticals (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹33 cr vs borrowings ₹1,036 cr (FY26): borrowings are higher by ₹1,003 cr.
- Borrowings rose in each of the last 3 years (₹333 cr → ₹1,036 cr).
- Operating profit covered interest 1.1x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Net loss in 7 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 69% of net profit in the last 12 months.
- Debtor days went from 82 (FY24) to 97 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹219.50 on 2026-10-26: -24.6% from the 52-week high, +35.3% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹375.50 · low ₹182.93
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 433 | 411 | 390 | 438 | 485 | 445 | 476 | 468 |
| EBITDA | 40 | 13 | -1 | 18 | 43 | 25 | 53 | 138 |
| OPM % | 9.3% | 3.2% | -0.2% | 4.0% | 8.8% | 5.7% | 11.2% | 29.6% |
| Other income | 2 | 1 | 2 | 2 | 1 | 1 | -0 | 2 |
| Net profit | -10 | -26 | -40 | -36 | -8 | -30 | -22 | 65 |
| EPS (₹) | -1.09 | -3.08 | -4.48 | -3.94 | -1.00 | -3.20 | -2.57 | 7.09 |
| Revenue YoY | +12.0% | +8.5% | +21.9% | +6.8% | ||||
| Profit YoY | – | – | – | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,541 | 1,669 | 1,817 | 1,665 | 1,845 | 1,873 |
| EBITDA | 327 | 286 | 256 | 100 | 139 | 260 |
| Net profit | 155 | 142 | 98 | -74 | -95 | 6 |
| EPS (₹) | 16.80 | 15.44 | 10.53 | 8.46 | -10.70 | 0.32 |
| Revenue growth | +8.3% | +8.9% | -8.4% | +10.8% | +12.1% | |
| Profit growth | -8.1% | -30.8% | -174.9% | – | – | |
| Dividend / share (₹) | 1.50 | 1.50 | 2.25 | 1.50 | 0.20 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +3.4% | +8.2% | +12.1% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | -16.8% (2y) | -19.6% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,028 | 1,110 | 1,022 | 939 |
| Borrowings | – | 333 | 672 | 994 | 1,036 |
| Cash & equivalents | – | 14 | 32 | 17 | 33 |
| Total assets | – | 1,658 | 2,145 | 2,430 | 2,593 |
| Fixed assets | – | 612 | 788 | 849 | 970 |
| Capital work in progress | – | 55 | 103 | 276 | 28 |
| Investments | – | 1 | 1 | 1 | 1 |
| Receivables | – | 351 | 406 | 352 | 489 |
| Inventory | – | 326 | 353 | 419 | 405 |
| Payables | – | 123 | 154 | 208 | 309 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 174 | 179 | 157 | 95 | 192 |
| Cash from investing | -121 | -208 | -434 | -339 | -102 |
| Cash from financing | -44 | 23 | 280 | 241 | -77 |
| Capex | 125 | 207 | 427 | 356 | 148 |
| Free cash flow | 49 | -28 | -271 | -261 | 45 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 13.8% | 8.9% | -7.2% | -10.1% |
| ROCE % | – | 16.0% | 9.8% | -0.4% | 0.8% |
| Debtor days | – | 77 | 82 | 77 | 97 |
| Inventory days | – | 228 | 230 | 307 | 273 |
| Payable days | – | 86 | 100 | 152 | 208 |
| Cash conversion cycle (days) | – | 219 | 212 | 232 | 162 |
| Working capital days | – | 84 | 69 | 42 | 28 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 58.92% |
| FIIs | 1.64% |
| DIIs | 16.64% |
| of which Mutual funds | 16.44% |
| Public (non-institutions) | 22.66% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 58.80% | 58.90% | 58.90% | 58.90% | 58.90% | 58.86% | 58.86% | 58.92% |
| Promoter group | % |
|---|---|
| SPA Holdings PVT Ltd | 19.86% |
| Shanteri Investment PVT Ltd | 17.18% |
| Kare Family Private Trust | 14.19% |
| Panandikar Aditi Milind | 3.17% |
| Madhura Suresh Kare | 2.70% |
| Kare Suresh Govind | 1.42% |
| SURESH GOVIND KARE HUF (Karta- Suresh Govind Kare) | 0.30% |
| Sharda Ramnath Kare | 0.04% |
| Pratima Ajit Vaidya | 0.03% |
| Kare Aruna Suresh | 0.02% |
| Pooja Rajendra PAI | 0.01% |
| Milind S Panandikar | 0.01% |
| Ramanath Govind Kare | 0.00% |
| Megh Milind Panandikar | 0.00% |
| Mahika Milind Panandikar | 0.00% |
| Public holders above 1% | % |
|---|---|
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund | 4.63% |
| Quant Mutual Fund - Quant Small Cap Fund | 4.55% |
| Dsp Healthcare Fund | 4.34% |
| Hdfc Value Fund | 1.66% |
| Mangeshi Investment Private Limited | 1.26% |
| Icici Prudential Healthcare Fund | 1.25% |
34,098 shareholders. Pledged: 0.00% of promoter shares.
Peers in Pharmaceuticals
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | ₹4,17,478 cr | 34.5x | 5.0x | 15.5% | 18.7% | 28.6% | +10.0% | 0.94% |
| DIVISLAB | ₹2,39,825 cr | 82.1x | 14.3x | 18.4% | 23.0% | 34.7% | +10.8% | 0.34% |
| TORNTPHARM | ₹1,53,999 cr | 72.7x | 18.4x | 27.3% | 15.1% | 32.3% | +13.3% | 0.84% |
| ZYDUSLIFE | ₹1,15,808 cr | 25.9x | 4.3x | 17.7% | 16.8% | 27.2% | +16.4% | 0.95% |
| LAURUSLABS | ₹1,11,232 cr | 101.6x | 21.0x | 22.4% | 20.8% | 28.0% | +4.1% | 0.08% |
| CIPLA | ₹1,09,464 cr | 32.5x | 3.2x | 10.3% | 13.2% | 17.7% | +7.4% | 1.18% |
| DRREDDY | ₹1,09,460 cr | 33.9x | 2.9x | 9.0% | 10.1% | 15.5% | +11.0% | 0.61% |
| MANKIND | ₹95,486 cr | 46.7x | 5.9x | 13.4% | 13.8% | 25.1% | +17.7% | 0.04% |
| AUROPHARMA | ₹91,489 cr | 24.9x | 2.4x | 10.5% | 12.8% | 20.0% | +10.6% | 0.26% |
| INDOCO | ₹2,026 cr | 685.9x | 2.2x | 0.6% | 6.7% | 13.9% | +3.4% | 0.09% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-10 | Dividend | Dividend - Re 0.20 Per Share |
| 2025-09-04 | Dividend | Dividend - Re 0.20 Per Share |
| 2024-09-19 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2023-09-18 | Dividend | Annual General Meeting/Dividend - Rs 2.25 Per Share |
| 2022-09-14 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share/Special Dividend- Rs 0.75 Per Share |
| 2021-09-17 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2020-09-18 | Dividend | Annual General Meeting/Dividend - Re 0.30 Per Sh |
| 2019-08-22 | Dividend | Annual General Meeting/Dividend - Rs 0.30 Per Share |
| 2018-08-31 | Dividend | Annual General Meeting/Dividend- Re 1 Per Share |
| 2017-07-31 | Dividend | Annual General Meeting/ Dividend - Rs 1.60 Per Share |
| 2016-07-20 | Dividend | Annual General Meeting/Dividend Re 0.20 Per Share |
| 2016-03-17 | Dividend | Interim Dividend - Rs 1.40/- Per Share |
| 2015-07-21 | Dividend | Annual General Meeting/Final Dividend Rs 1.60/- Per Share |
| 2014-07-21 | Dividend | Annual General Meeting / Final Dividend - Rs 1.40/- Per Share |
| 2013-07-19 | Dividend | Annual General Meeting/Dividend Rs 1.10 Per Share |
| 2012-07-20 | Dividend | Annual General Meeting And Dividend - Rs.1.10 Per Share |
| 2012-05-17 | Split | Bonus 1:2 And Face Value Split From Rs.10 To Rs.2 |
| 2011-07-19 | Dividend | Dividend-Rs.8/- Per Share |
| 2010-07-13 | Dividend | Dividend-Rs.7/- Per Share |
| 2009-09-09 | Dividend | Dividend-Rs.2/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacture of Formulation Pharmaceuticals: Manufacturing and Sales of Formulation Pharmaceuticals
| Sector | Healthcare |
| Industry | Pharmaceuticals |
| Sub-industry | Pharmaceuticals |
| Symbol | INDOCO |
| BSE code | 532612 |
| ISIN | INE873D01024 |
| Face value | ₹2.0 |
| Incorporated | 1947-08-23 |
| Website | www.indoco.com |
| Plants (India / abroad) | 8 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.