TickerSutra

NSE: INDOCO · BSE: 532612 · ISIN INE873D01024

Indoco Remedies Limited stock analysis

Indoco Remedies Limited ranks #2315 in the TickerSutra evidence-ranked universe with a score of 47/100 and 95% data confidence. The latest captured fundamentals show ROCE of 1.0%, quarterly sales growth of 6.3% and quarterly profit growth of 45.6%.
Complete evidence gate pass governance reviewUpdated 29 Sept 2026
TICKERSUTRA SCORE47/100

Avoid / exit review

#2315 of 5,430 ranked equities
Market capitalisation₹2,250.03cr
ROCE1.0%
Quarterly sales growth6.3%
Quarterly profit growth45.6%
P/E ratio0.0×
Promoter pledge0.0%

INVESTMENT EVIDENCE

What supports—and challenges—the thesis

Evidence in favour

  • Strong CFO/EBITDA of 1.35×
  • CWIP indicates an active capacity pipeline
  • No promoter shares are reported as pledged

Risks and constraints

  • Debt/equity is above 0.5×

Still unresolved: Related-party exposure · Broad media sentiment

FINANCIAL TRAJECTORY

Recent operating history

PeriodRevenueOperating profitNet profitOperating margin
2022₹1,541cr₹328cr₹155cr21.0%
2023₹1,669cr₹288cr₹142cr17.0%
2024₹1,817cr₹245cr₹97cr13.0%
2025₹1,665cr₹100cr₹-78cr6.0%
2026₹1,845cr₹142cr₹-99cr8.0%
TTM₹1,873cr₹165cr₹3cr9.0%
Debt / equity1.16×
CFO / EBITDA1.35×
Operating margin9.0%
Free cash flow₹91cr
Sales CAGR · 3Y3.4%
Profit CAGR · 3YUnavailable

EXCHANGE EVENT TRIGGERS

Latest corporate disclosures

2 positive catalysts0 negative catalysts9 routine filings
RoutineGeneral UpdatesNSE · 29 Sept 2026

Indoco Remedies Limited has informed the Exchange about intimation to shareholders holding shares in physical mode regarding mandatory furnishing of PAN KYC and Bank details as per SEBI Master Circular No. HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 dated February 6, 2026

RoutineIndoco Remedies Ltd - 532612 - Intimation To Shareholders Holding Shares In Physical Mode Regarding Mandatory Furnishing Of PAN, KYC And Bank Details As Per SEBI Master Circular No. HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 Dated February 6, 2026BSE · 29 Sept 2026

Pursuant to Regulation 30 and Part A of Schedule III of SEBI (LODR) Regulations,2015, please find enclosed a copy of the letter dispatched to shareholders holding shares in physical mode, ....

RoutineAcquisition (including agreement to acquire)-XBRLNSE · 29 Sept 2026 · Structured filing

Indoco Remedies Limited has informed the Exchange regarding Acquisition (including agreement to acquire)

Readable disclosure summary

Indoco Remedies Limited has informed the Exchange regarding Acquisition (including agreement to acquire)

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Positive CatalystIndoco Remedies Ltd - 532612 - Announcement under Regulation 30 (LODR)-AcquisitionBSE · 29 Sept 2026

Pursuant to Regulation 30 of the SEBI (LODR) Regulations,2015, please note that the Company received intimation today that the Wholly Owned Subsidiary of the Company in the name and style ....

RoutineTrading WindowBSE · 28 Sept 2026

Indoco Remedies Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

MANAGEMENT COMMENTARY

Signals from filed documents

Regulatory observationHigh severity · 1 mention
Risk easing

External API sales increased primarily driven by higher demand for ophthalmic, anti-gout and anti- diabetic APIs, supported by new customer approvals, increased volumes from existing customers and a favourable product mix. During the year, Indoco’s API facility at Patalganga successfully completed USFDA inspection without any observations (No Form 483 issued). This milestone reinforces the Company’s commitment to wor

Capacity expansion plansHigh severity · 1 mention
Positive catalyst

The Master Manufacturing Plan has been implemented successfully in our manufacturing sites and we expect to get manufacturing efficiency, which will help us remain compititive in export market. Continued investments in automation, infrastructure upgrades and capacity expansion are expected to improve 171 productivity, enhance operational resilience and reinforce Indoco’s long-term cost competitiveness, supporting sca

Market share gainHigh severity · 2 mentions
Positive catalyst

Backed by resilient legacy brands, a growing portfolio of high-performance franchises and a robust pipeline of differentiated products, Indoco Pharma is well-positioned to sustain its growth momentum. The Division remains focused on expanding the market leadership, strengthening portfolio resilience and delivering sustainable long-term value creation for all stakeholders. 159 Indoco SPADE The Indoco SPADE division re

Product approvalsHigh severity · 4 mentions
Positive catalyst

Through its strategic partnerships, Indoco now holds a portfolio of 28 approved ANDAs in the U.S. Indoco has secured three new marketing authorizations in UK and four new marketing authorizations in EU for Group Companies, thereby strengthening its EU & UK business. Indoco secured new registrations in Emerging markets spread over countries of AFRICA, ASEAN, MENA, LATAM, CIS & FWA regions.

Niche productsHigh severity · 3 mentions
Positive catalyst

We also expanded our consumer healthcare footprint with the launch of toothpaste in South Africa. These achievements reflect our growing capability to deliver differentiated products across global markets while strengthening our international presence. Sustainability continues to be an integral part of our long- term growth strategy, guiding the way we create value for our stakeholders while fulfilling our responsibi

Backward integrationHigh severity · 1 mention
Positive catalyst

International formulations contributed 35% of the quarter 1 FY27 revenue at INR1,451 million, while our active pharmaceuticals business delivered a stellar performance this quarter, surging to 42% Y -o-Y and a turnover of INR522 million. With consistent growth, this platform provides crucial backward integration f or our formulations pipeline, ensuring both cost competitiveness and supply chain security. Looking ahea

Export market updatesHigh severity · 7 mentions
Constructive

This milestone reinforces the Company’s commitment to world-class quality systems and strengthens customer confidence, particularly in the regulated markets. Europe remained the division’s largest export market during the year, while demand from India and other emerging markets continued to strengthen. Growth was primarily driven by increased sales of ophthalmic, anti-gout and anti-diabetic APIs.

Regulatory updatesModerate severity · 57 mentions
Constructive

Hence, batch size of such products need to increase manufacturing scale as much as possible to reduce the number of batches as cost effective approach. This requires enhanced regulatory submissions, stability data, and validation to ensure product quality, safety, and efficacy remain unchanged. Improved flowability in Sterile gel formulation: Sterile gel formulation having criticality of flowability during travel thr

Margin expansionModerate severity · 1 mention
Positive catalyst

Baddi III, which is the large plant which makes paracetamol, again, in the range of 70%, 75%, if I'm not mistaken. So, all the incremental as we expand our quarterly exports to INR200 crores mark will lead to higher efficiency and margin expansion? So this is -- this quarter inability to supply has not resulted in the top line.

Regulatory approvalModerate severity · 17 mentions
Positive catalyst

This strategic initiative provides a clear roadmap for sustainable growth and operational excellence across all manufacturing sites. Quality And Compliance Focused Indoco's state-of-the-art manufacturing facilities are approved by some of the most respected regulatory agencies in the world, including the USFDA, UKMHRA, EDQM, TGA - Australia, WHO GMP , SAHPRA - South Africa, etc. Committed To Quality, Driven By Precis

Operating leverageModerate severity · 2 mentions
Positive catalyst

Sudarshan Padmanabhan: Sure, ma'am. One last question before I join the queue is one is, of course, operating leverage, but do you see any areas where we can reduce the costs, improve the efficiency given that we have seen challenges as far as growth is concerned? So you must have -- you remember, we must have spoken earlier about our Master Manufacturing Plan, whereby we increased efficiency in the plant, increased

Institutional interestLow severity · 5 mentions
Watch

Shareholders/Members are requested to participate on first come first serve basis as participation through VC/OAVM is limited and will be closed on expiry of 15 (fifteen) minutes from the scheduled time of the Annual General Meeting. Shareholders/Members with >2% shareholding, Promoters, Institutional Investors, Directors, KMPs, Chairman of Audit Committee, Nomination and Remuneration Committee and Stakeholders’ Rela

MANAGEMENT PROMISE LEDGER

Quantified statements on the clock

Market shareTracking

“Our focused portfolio, including SM Fibro, Rexidin - M, Oxipod CV and Dropizin recorded an aggregate growth of 86%, with Dropizin delivering a 3x breakout to reach INR14 crores. Furthermore, Indoco has established multi -brand market leadership in targeted subsegments, posting 4 distinct brands in the top 20 of the stomatological market. It is worthwhile to mention that the divestment of the Ophtha lmic Division in I”

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HOW TO READ THIS PAGE

Evidence, freshness and limitations

What does the TickerSutra score mean?

The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.

Which sources support this page?

Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.

Why can an item be unresolved?

Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.

Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer

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