Indoco Remedies Limited (IN:INDOCO)
:INDOCO
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Indoco Remedies Limited
(INDOCO)
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Rating:49Neutral
Price Target:
₹196.00
▼(-14.17% Downside)
Action:ReiteratedDate:02/04/26
The score is held down primarily by weak financial performance (declining revenue, negative profitability, rising leverage, and negative free cash flow). Technicals are mixed with some near-term support but bearish longer-term trend signals. Valuation is supported by a high dividend yield, though losses (negative P/E) increase risk.
Positive Factors
Diversified business model
Indoco’s mix of formulations, API sales and contract development/manufacturing provides multiple durable revenue channels. This diversification reduces exposure to single-market pricing pressure, supports steadier demand across geographies, and enables cross-subsidization of investment in products over the medium term.
Negative Factors
Declining revenue & negative earnings
A falling top line coupled with negative net income is a structural concern: it reduces reinvestment capacity, pressures R&D and marketing budgets, and can trigger renegotiation risk with partners. Persisting declines undermine long-term competitiveness and ability to scale higher-margin products.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business model
Indoco’s mix of formulations, API sales and contract development/manufacturing provides multiple durable revenue channels. This diversification reduces exposure to single-market pricing pressure, supports steadier demand across geographies, and enables cross-subsidization of investment in products over the medium term.
Read all positive factors
Indoco Remedies Limited (INDOCO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹18.20B
Dividend Yield0.08%
Average Volume (3M)38.33K
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue Growth-2.81%
EPS Growth-444.69%
CountryIN
Employees6,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-3.20
Shares Outstanding92,303,604
10 Day Avg. Volume7,145
30 Day Avg. Volume38,334
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)2.05
Price to Sales (P/S)1.26
P/FCF Ratio-6.38
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)9
Revenue Forecast (FY)₹20.48B
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 through a mix of domestic and international channels. Key revenue streams include: (1) Formulations sales: revenue from selling finished dosage medicines...
Indoco Remedies Limited Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
50
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.94B | 16.65B | 17.88B | 16.40B | 15.04B | 12.19B |
| Gross Profit | 10.58B | 6.59B | 6.03B | 11.01B | 10.24B | 8.59B |
| EBITDA | 775.50M | 1.06B | 2.67B | 2.88B | 3.25B | 2.27B |
| Net Income | -1.10B | -737.40M | 984.60M | 1.42B | 1.55B | 930.46M |
Balance Sheet | ||||||
| Total Assets | 25.08B | 24.30B | 21.45B | 16.58B | 14.86B | 13.15B |
| Cash, Cash Equivalents and Short-Term Investments | 231.50M | 153.17M | 221.00M | 119.25M | 416.17M | 115.18M |
| Total Debt | 9.99B | 9.94B | 6.72B | 3.33B | 2.57B | 2.67B |
| Total Liabilities | 15.34B | 14.12B | 10.34B | 6.30B | 5.81B | 5.46B |
| Stockholders Equity | 9.80B | 10.22B | 11.10B | 10.28B | 9.05B | 7.69B |
Cash Flow | ||||||
| Free Cash Flow | 540.40M | -3.28B | -2.71B | -284.30M | 485.05M | 53.73M |
| Operating Cash Flow | 1.58B | 278.90M | 1.55B | 1.79B | 1.74B | 822.22M |
| Investing Cash Flow | -595.60M | -3.44B | -4.38B | -2.08B | -1.21B | -666.93M |
| Financing Cash Flow | -976.70M | 3.09B | 3.19B | 228.10M | -443.72M | -298.73M |
Indoco Remedies Limited Technical Analysis
Neutral
228.35
Price Trends
200.53
Negative
220.87
Negative
258.11
Negative
Market Momentum
-3.41
Negative
53.86
Neutral
82.21
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOCO, the sentiment is Neutral. The current price of 228.35 is above the 20-day moving average (MA) of 189.09, above the 50-day MA of 200.53, and below the 200-day MA of 258.11, indicating a neutral trend. The MACD of -3.41 indicates Negative momentum. The RSI at 53.86 is Neutral, neither overbought nor oversold. The STOCH value of 82.21 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹21.94B | 10.80 | ― | 2.36% | 16.53% | 4.37% | |
70 Outperform | ₹37.32B | 29.96 | ― | 0.13% | 11.91% | 36.92% | |
65 Neutral | ₹32.77B | 19.90 | ― | 1.70% | 14.11% | 7.47% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | ₹20.31B | 144.78 | ― | ― | 9.78% | 50.78% | |
49 Neutral | ₹18.20B | -18.14 | ― | 0.08% | -2.81% | -444.69% | |
41 Neutral | ₹37.12B | -40.91 | ― | 0.06% | 82.58% | -63.05% |
* Healthcare Sector Average
IN:INDOCO
Indoco Remedies Limited
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Indoco Remedies Limited Corporate Events
Indoco Remedies Releases Q3 FY26 Earnings Call Transcript
Feb 9, 2026
Indoco Remedies Limited has released the transcript of its Q3 FY26 earnings conference call, held on February 3, 2026, covering unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The di...
Indoco Remedies Posts Quarterly Loss Amid One-Time Labour Code Impact and Higher Costs
Feb 3, 2026
Indoco Remedies reported unaudited standalone financial results for the quarter and nine months ended 31 December 2025, showing net revenue from operations of ₹38,957 lakh for the quarter and ₹1,20,448 lakh for the nine-month period, w...
Indoco Remedies Schedules Earnings Call for Q3 and Nine-Month FY26 Results
Jan 20, 2026
Indoco Remedies Limited has announced that it will host an earnings conference call to discuss its unaudited financial results for the quarter and nine months ended 31 December 2025. The call, organized in association with Nirmal Bang Institutiona...
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.