Indoco Remedies Limited (INDOCO) AI Stock Analysis

• Market Cap: ₹26.33B
• Dividend Yield: 0.07%
• Average Volume (3M): 37.17K
• Price to Earnings (P/E): 96.2
• Beta (1Y): 1.27
• Revenue Growth: -8.28%
• EPS Growth: -246.17%
• Country: IN
• Employees: 6,000
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -3.90
• Shares Outstanding: 92,247,900
• 10 Day Avg. Volume: 10,510
• 30 Day Avg. Volume: 37,166
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹303.00
• Price Target Upside: 6.15% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 46 Neutral
• Price Target: ₹303.00 ▲(6.15% Upside)

Indoco Remedies Limited's overall stock score is primarily impacted by its poor financial performance, characterized by declining revenue, negative profitability, and cash flow issues. The technical analysis shows weak momentum, and the valuation indicates potential overvaluation concerns. The absence of earnings call data and corporate events means these factors did not influence the score.

Indoco Remedies Limited Business Overview & Revenue Model

Company Description

Indoco Remedies Limited manufactures and sells formulations and active pharmaceutical ingredients in India and internationally. The company offers respiratory products, such as Karvol Plus, Febrex Plus, and Tuspel; stomatologicals products that include Sensodent-K, Sensoform Toothpaste, Sensoform Gum Paint, Rexidin M, Rexidin SRS, RR Sensoform Dental, Snowdent, Kidodent, Rexidin Plus, and Dentogel; gastrointestinal products, such as Carmicide, Cyclopam, Cyclomeff, and Nosic; pain/analgesics products that include Lignox and T-lac; and ophthal/otologicals products, such as Renolen, Homide, Dexoren – S, Zincoren, Otorex, Mofloren-D, and Mofloren LP. It also provides vitamins/minerals/nutrients that include Methycal, Cital UTI, SM Fibro, Cal Aid, SM Fibro, MCBM DHA, and Apispur; urology products, such as Carmicide and Cital; Cloben G and Scabex for dermatology; ATM for anti-infectives; Hemsyl for blood related; MCBM 69 and D Chiro for gynecological; and Spear for anti-haemorrhoidal. In addition, the company provides analytical services, such as impurity profile, particle size analysis, heavy metal analysis, polymorphism and compatibility studies, extractables and leachables studies, lyophilization studies, reference and working standards, forced degradation studies, and chromatographic method development and validation services. Further, it offers services that include architectural design, lighting, mechanical and utility engineering, project and construction management, electrical, control system, piping, structural design, data transfer system, and process engineering. The company serves general practitioners, pediatricians, consultant physicians, dentists, cardiologists, diabetologists, endocrinologists, gynaecologists, and ophthalmologists. The company was formerly known as Indo Continental Trading Company. Indoco Remedies Limited was founded in 1945 and is based in Mumbai, India.

How the Company Makes Money

Indoco Remedies Limited generates revenue primarily through the sale of its pharmaceutical products. The company's revenue streams include domestic sales within India and international sales, with exports to several countries. Its product portfolio comprises generic and branded generic drugs, which are sold to healthcare institutions, pharmacies, and distributors. Additionally, Indoco earns income from its active pharmaceutical ingredients (API) business, supplying these critical components to other pharmaceutical manufacturers. The company also leverages strategic partnerships and collaborations for research, development, and marketing of its products, enhancing its market reach and contributing to its earnings.

Indoco Remedies Limited Financial Statement Overview

Summary

Indoco Remedies Limited has faced significant financial challenges in 2025, with declining revenue, negative profitability, and cash flow constraints. The increase in debt levels poses a risk to financial stability, while operational struggles are evident in the income statement. The company needs to address these issues to improve its financial health and return to a positive growth trajectory.

Income Statement

The company experienced a decrease in revenue from 2024 to 2025 and reported a negative net income in 2025, indicating challenges in maintaining profitability. Gross profit margin decreased significantly in 2025, and both EBIT and EBITDA margins were negative, highlighting operational struggles. Prior years showed better profitability, but the recent performance suggests a downward trajectory.

Balance Sheet

The debt-to-equity ratio increased due to rising debt levels, indicating higher financial leverage. The equity ratio remained stable, suggesting moderate balance sheet stability. However, return on equity dropped significantly due to negative net income in 2025, reflecting inefficiencies in generating returns for shareholders.

Cash Flow

The company reported negative free cash flow in 2025, indicating cash outflows exceeding inflows. Operating cash flow to net income ratio worsened, reflecting challenges in converting earnings to actual cash. The free cash flow to net income ratio was negative, further emphasizing cash management issues.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.16B	16.65B	17.88B	16.40B	15.04B	12.19B
Gross Profit	8.22B	6.59B	6.03B	11.19B	5.92B	8.59B
EBITDA	1.76B	1.06B	2.65B	2.88B	3.25B	2.27B
Net Income	-106.40M	-737.40M	984.60M	1.42B	1.55B	930.46M
Balance Sheet
Total Assets	0.00	24.30B	21.45B	16.58B	14.86B	13.15B
Cash, Cash Equivalents and Short-Term Investments	417.30M	170.70M	221.00M	119.25M	416.17M	115.18M
Total Debt	0.00	9.94B	6.72B	3.33B	2.57B	2.67B
Total Liabilities	-10.89B	14.12B	10.34B	6.30B	5.81B	5.46B
Stockholders Equity	10.89B	10.22B	11.10B	10.28B	9.05B	7.69B
Cash Flow
Free Cash Flow	0.00	-3.28B	-2.71B	-284.30M	485.05M	53.73M
Operating Cash Flow	0.00	278.90M	1.57B	1.79B	1.74B	822.22M
Investing Cash Flow	0.00	-3.44B	-4.38B	-2.08B	-1.21B	-666.93M
Financing Cash Flow	0.00	3.09B	3.19B	228.10M	-443.72M	-298.73M

Indoco Remedies Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 285.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOCO, the sentiment is Negative. The current price of 285.45 is below the 20-day moving average (MA) of 290.05, below the 50-day MA of 295.27, and above the 200-day MA of 279.58, indicating a neutral trend. The MACD of 2.47 indicates Negative momentum. The RSI at 45.06 is Neutral, neither overbought nor oversold. The STOCH value of 18.95 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDOCO.

Indoco Remedies Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ADVENZYMES	69 Neutral	₹35.80B	26.74	9.23%	1.64%	5.89%	-1.30%
ALEMBICLTD	68 Neutral	₹25.59B	8.37	13.28%	2.41%	28.84%	13.01%
SMSPHARMA	55 Neutral	₹22.40B	32.10	10.81%	0.16%	10.29%	25.18%
ZOTA	51 Neutral	₹43.05B	-68.54	-25.21%	0.07%	71.72%	-125.44%
PANACEABIO	47 Neutral	₹24.78B	215.84	-1.00%	―	11.80%	―
INDOCO	46 Neutral	₹26.33B	96.22	―	0.07%	-8.28%	-246.17%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Indoco Remedies Limited Corporate Events

Indoco Remedies Executes Sale and Leaseback Agreement for Strategic Asset Management

Indoco Remedies Limited has entered into a sale and leaseback agreement for part of its movable properties at the Waluj Facility and AnaCipher Clinical Research Organisation. This strategic move, involving OPC Asset Solution Pvt. Ltd, allows Indoco to continue using these assets without impacting its manufacturing or business operations, ensuring operational continuity while optimizing financial resources.