Indoco Remedies Limited (IN:INDOCO)
:INDOCO
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Indoco Remedies Limited
(INDOCO)
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Rating:49Neutral
Price Target:
₹227.00
▼(-0.59% Downside)
Action:Reiterated
Date:05/10/26
The score is primarily weighed down by weak financial performance—two years of net losses, higher leverage, and persistently negative free cash flow. Technicals are moderately supportive with the stock trading above key moving averages and positive momentum, but valuation remains constrained by loss-making earnings and a low dividend yield.
Positive Factors
Diversified business model
Indoco’s mix of branded generics, generic formulations, APIs and CDMO services creates multiple durable revenue channels. This diversification reduces reliance on any single market or product, supports cross‑selling, and smooths demand swings across domestic and international markets over months.
Negative Factors
Two years of net losses
Consecutive annual losses signal enduring profitability issues, eroding retained earnings and return metrics. Persistent net losses constrain reinvestment, limit buffer against shocks, and make recovery dependent on sustained margin improvement or structural cost reductions over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
Indoco’s mix of branded generics, generic formulations, APIs and CDMO services creates multiple durable revenue channels. This diversification reduces reliance on any single market or product, supports cross‑selling, and smooths demand swings across domestic and international markets over months.
Read all positive factors
Indoco Remedies Limited (INDOCO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹19.50B
Dividend Yield0.08%
Average Volume (3M)38.33K
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth10.73%
EPS Growth-31.79%
CountryIN
Employees6,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-12.73
Shares Outstanding92,303,604
10 Day Avg. Volume7,145
30 Day Avg. Volume38,334
Financial Highlights & Ratios
PEG Ratio-0.61
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)7.08
Revenue Forecast (FY)₹20.55B
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 in...
How the Company Makes Money
Indoco Remedies makes money primarily by selling pharmaceutical products and related services across two broad buckets: (1) finished dosage formulations (branded generics and generics) and (2) APIs. A major revenue stream comes from the sale of fo...
Indoco Remedies Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
42
Neutral
Cash Flow
27
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.94B | 18.45B | 16.65B | 17.88B | 16.40B | 15.04B |
| Gross Profit | 10.58B | 7.51B | 6.59B | 6.03B | 11.01B | 10.24B |
| EBITDA | 775.50M | 1.42B | 1.06B | 2.67B | 2.88B | 3.25B |
| Net Income | -1.10B | -987.00M | -737.40M | 984.60M | 1.42B | 1.55B |
Balance Sheet | ||||||
| Total Assets | 25.08B | 25.93B | 24.30B | 21.45B | 16.58B | 14.86B |
| Cash, Cash Equivalents and Short-Term Investments | 231.50M | 329.90M | 153.17M | 221.00M | 119.25M | 416.17M |
| Total Debt | 9.99B | 10.90B | 9.94B | 6.72B | 3.33B | 2.57B |
| Total Liabilities | 15.34B | 16.61B | 14.12B | 10.34B | 6.30B | 5.81B |
| Stockholders Equity | 9.80B | 9.39B | 10.22B | 11.10B | 10.28B | 9.05B |
Cash Flow | ||||||
| Free Cash Flow | 540.40M | -1.15B | -3.28B | -2.71B | -284.30M | 485.05M |
| Operating Cash Flow | 1.58B | 324.30M | 278.90M | 1.55B | 1.79B | 1.74B |
| Investing Cash Flow | -595.60M | -1.03B | -3.44B | -4.38B | -2.08B | -1.21B |
| Financing Cash Flow | -976.70M | 952.20M | 3.09B | 3.19B | 228.10M | -443.72M |
Indoco Remedies Limited Technical Analysis
Negative
228.35
Price Trends
204.68
Positive
210.31
Positive
244.58
Negative
Market Momentum
3.19
Positive
47.50
Neutral
8.78
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 228.35 is above the 20-day moving average (MA) of 218.13, above the 50-day MA of 204.68, and below the 200-day MA of 244.58, indicating a neutral trend. The MACD of 3.19 indicates Positive momentum. The RSI at 47.50 is Neutral, neither overbought nor oversold. The STOCH value of 8.78 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | ₹147.95B | 19.32 | ― | 1.28% | 10.08% | 15.65% | |
61 Neutral | ₹26.43B | 2.94 | ― | ― | 18.18% | ― | |
57 Neutral | ₹23.39B | 20.54 | ― | 0.49% | 1.02% | -24.31% | |
55 Neutral | ₹25.23B | -118.51 | ― | 0.58% | -4.17% | -117.43% | |
53 Neutral | ₹27.69B | -253.30 | ― | ― | 6.64% | -177.19% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | ₹19.50B | -14.78 | ― | 0.08% | 10.73% | -31.79% |
* Healthcare Sector Average
IN:INDOCO
Indoco Remedies Limited
211.30
-49.16
-18.87%
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IN:SOLARA
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IN:UNICHEMLAB
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-233.85
-38.39%
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.