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Indoco Remedies Limited
(INDOCO)
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Rating:39Underperform
Price Target:
₹216.00
▼(-10.74% Downside)
Action:Downgraded
Date:07/29/26
The score is held down primarily by deteriorating financial performance—two straight years of losses, rising leverage, and persistently negative free cash flow. Technicals are mixed with the stock trading below key short-term and long-term averages, and valuation is constrained by a negative P/E with only a negligible dividend yield.
Positive Factors
Diversified revenue streams
A multi-pronged business model (branded domestic formulations, API sales, exports to regulated markets and CDMO services) provides durable revenue diversification. This reduces single-market dependence and supports resilience from product-cycle and geographic mix shifts over 2–6 months.
Negative Factors
Consecutive net losses
Two straight years of net losses erode retained earnings and investor capital and drive negative ROE (~-10.5%). Persistent negative profitability undermines reinvestment ability, reduces buffer for downturns, and makes sustainable recovery dependent on meaningful margin or revenue inflection.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue streams
A multi-pronged business model (branded domestic formulations, API sales, exports to regulated markets and CDMO services) provides durable revenue diversification. This reduces single-market dependence and supports resilience from product-cycle and geographic mix shifts over 2–6 months.
Read all positive factors
Indoco Remedies Limited (INDOCO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹20.27B
Dividend Yield0.09%
Average Volume (3M)38.33K
Price to Earnings (P/E)756.9
Beta (1Y)1.11
Revenue Growth12.08%
EPS GrowthN/A
CountryIN
Employees6,000
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-10.74
Shares Outstanding92,303,604
10 Day Avg. Volume7,145
30 Day Avg. Volume38,334
Financial Highlights & Ratios
PEG Ratio-0.63
Price to Book (P/B)1.55
Price to Sales (P/S)0.79
P/FCF Ratio-12.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.83
Revenue Forecast (FY)₹20.63B
Indoco Remedies Limited Business Overview & Revenue Model
Company Description
Indoco Remedies Limited, an Indian pharmaceutical company founded in Mumbai in 1945 (originally known as Indo Continental Trading Company), operates globally, manufacturing and distributing a broad spectrum of finished drug formulations and active...
How the Company Makes Money
Indoco Remedies makes money primarily by selling pharmaceutical products and related supplies across two main categories: (1) finished dosage formulations (e.g., tablets, capsules, injectables, topical and other dosage forms) and (2) APIs that are...
Indoco Remedies Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
42
Neutral
Cash Flow
27
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 18.45B | 16.65B | 17.88B | 16.40B | 15.04B |
| Gross Profit | 7.51B | 6.59B | 6.03B | 11.01B | 10.24B |
| EBITDA | 1.42B | 1.06B | 2.67B | 2.88B | 3.25B |
| Net Income | -987.00M | -737.40M | 984.60M | 1.42B | 1.55B |
Balance Sheet | |||||
| Total Assets | 25.93B | 24.30B | 21.45B | 16.58B | 14.86B |
| Cash, Cash Equivalents and Short-Term Investments | 329.90M | 153.17M | 221.00M | 119.25M | 416.17M |
| Total Debt | 10.90B | 9.94B | 6.72B | 3.33B | 2.57B |
| Total Liabilities | 16.61B | 14.12B | 10.34B | 6.30B | 5.81B |
| Stockholders Equity | 9.39B | 10.22B | 11.10B | 10.28B | 9.05B |
Cash Flow | |||||
| Free Cash Flow | -1.15B | -3.28B | -2.71B | -284.30M | 485.05M |
| Operating Cash Flow | 324.30M | 278.90M | 1.55B | 1.79B | 1.74B |
| Investing Cash Flow | -1.03B | -3.44B | -4.38B | -2.08B | -1.21B |
| Financing Cash Flow | 952.20M | 3.09B | 3.19B | 228.10M | -443.72M |
Indoco Remedies Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹156.67B | 23.22 | ― | 1.38% | 10.08% | 15.66% | |
58 Neutral | ₹31.23B | 32.97 | ― | 0.49% | -0.32% | -22.18% | |
57 Neutral | ₹36.18B | 14.30 | ― | ― | 8.53% | 67.93% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹24.50B | -917.05 | ― | ― | 15.49% | -108.86% | |
50 Neutral | ₹27.31B | -55.89 | ― | 0.46% | -7.91% | -153.72% | |
39 Underperform | ₹20.27B | 756.86 | ― | 0.08% | 12.08% | ― |
* General Sector Average
IN:INDOCO
Indoco Remedies Limited
223.40
-67.09
-23.10%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.