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Indoco Remedies Limited
(INDOCO)
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Rating:47Neutral
Price Target:
₹265.00
▲(10.95% Upside)
Action:Reiterated
Date:09/30/26
The score is held down primarily by weak financial performance—two years of net losses, higher leverage, and persistently negative free cash flow. Technicals are supportive with a clear uptrend and positive momentum, but valuation is a major headwind due to the extremely high P/E, only partially offset by the dividend yield.
Positive Factors
Revenue Growth
Positive revenue growth indicates that product demand and commercial reach remain intact despite recent profitability pressure. Continued expansion in sales can provide a foundation for recovery if management improves cost control and converts the existing top-line momentum into stronger operating earnings.
Negative Factors
Sustained Losses
Two consecutive years of net losses show that revenue growth is not currently translating into sustainable shareholder earnings. The negative net margin reduces internal funding capacity and leaves the business more exposed to execution problems until operating performance and cost absorption improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Positive revenue growth indicates that product demand and commercial reach remain intact despite recent profitability pressure. Continued expansion in sales can provide a foundation for recovery if management improves cost control and converts the existing top-line momentum into stronger operating earnings.
Read all positive factors
Indoco Remedies Limited (INDOCO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹23.23B
Dividend Yield0.08%
Average Volume (3M)67.79K
Price to Earnings (P/E)862.2
Beta (1Y)1.09
Revenue Growth12.08%
EPS GrowthN/A
CountryIN
Employees6,000
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.29
Shares Outstanding92,303,604
10 Day Avg. Volume78,449
30 Day Avg. Volume67,794
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)6.48
Revenue Forecast (FY)₹20.51B
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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.59B | 18.45B | 16.65B | 17.88B | 16.40B | 15.04B |
| Gross Profit | 10.14B | 7.51B | 6.59B | 6.03B | 11.01B | 10.24B |
| EBITDA | 2.69B | 1.42B | 1.06B | 2.67B | 2.88B | 3.25B |
| Net Income | 35.90M | -987.00M | -737.40M | 984.60M | 1.42B | 1.55B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 25.93B | 24.30B | 21.45B | 16.58B | 14.86B |
| Cash, Cash Equivalents and Short-Term Investments | 329.90M | 329.90M | 153.17M | 221.00M | 119.25M | 416.17M |
| Total Debt | 0.00 | 10.90B | 9.94B | 6.72B | 3.33B | 2.57B |
| Total Liabilities | -9.32B | 16.61B | 14.12B | 10.34B | 6.30B | 5.81B |
| Stockholders Equity | 9.32B | 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
Neutral
238.85
Price Trends
238.76
Positive
233.50
Positive
222.61
Positive
Market Momentum
4.76
Positive
50.96
Neutral
42.13
Neutral
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 238.85 is below the 20-day moving average (MA) of 253.91, above the 50-day MA of 238.76, and above the 200-day MA of 222.61, indicating a neutral trend. The MACD of 4.76 indicates Positive momentum. The RSI at 50.96 is Neutral, neither overbought nor oversold. The STOCH value of 42.13 is Neutral, 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹160.20B | 23.22 | ― | 1.47% | 14.12% | 14.98% | |
61 Neutral | ₹73.26B | 52.19 | ― | 0.15% | 9.48% | 50.50% | |
57 Neutral | ₹37.70B | 12.29 | ― | 1.34% | 9.43% | 132.94% | |
56 Neutral | ₹26.90B | -79.74 | ― | 0.27% | -5.37% | -153.40% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹34.42B | -1,276.79 | ― | 0.45% | 15.49% | -112.78% | |
47 Neutral | ₹23.23B | 862.24 | ― | 0.08% | 12.08% | ― |
* General Sector Average
IN:INDOCO
Indoco Remedies Limited
251.70
-38.80
-13.36%
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Indoco Remedies Limited Corporate Events
Indoco Remedies Sells Mumbai Industrial Plot for Rs 64 Crore, Says Operations Unaffected
Aug 27, 2026
Indoco Remedies Limited has executed a deed of conveyance to sell a company-owned plot of land measuring about 2,876 square meters of built-up area in the Mahal Industrial Estate in Mumbai to Kalpataru Townships Private Limited for a total conside...
Indoco Remedies Files Q1 FY27 Earnings Call Transcript with Exchanges
Aug 4, 2026
Indoco Remedies Limited has released the transcript of its Q1 FY27 earnings conference call discussing unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The call, hosted on July 28, 2026, featured the man...
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.