INDOCO

Indoco Remedies Limited

Formulations and APIs pharmaceuticals company with contract research services

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

indoco.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹245.65
Market cap
2,267 Cr
Stock P/E
402.7
P/B
2.43
Dividend yield
0.1%
ROE (FY26)
-10.2%
ROCE (FY26)
0.8%
Operating margin (FY26)
0.8%
Debt / equity (FY26)
1.11
OCF / EBITDA (FY26)
135.6%
OCF / EBITDA (3Y)
91.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Indoco Remedies makes and sells pharmaceutical formulations, active ingredients (APIs) and contract research services, with a branded prescription business in India and exports to regulated and emerging markets.

Company snapshot

73rdBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓91% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales482 Cr459 Cr450 Cr431 Cr433 Cr411 Cr390 Cr438 Cr485 Cr445 Cr476 Cr468 Cr
Operating expenses (approx.)410 Cr397 Cr401 Cr384 Cr392 Cr399 Cr391 Cr420 Cr442 Cr414 Cr426 Cr426 Cr
EBITDA71 Cr63 Cr49 Cr48 Cr40 Cr12 Cr-0.78 Cr18 Cr43 Cr32 Cr50 Cr41 Cr
OPM %14.8%13.7%10.9%11.1%9.3%2.9%-0.2%4.0%8.9%7.1%10.5%8.8%
Other income4 Cr2 Cr3 Cr1 Cr2 Cr0.85 Cr2 Cr2 Cr0.76 Cr0.98 Cr-0.04 Cr2 Cr
Interest8 Cr10 Cr12 Cr14 Cr18 Cr16 Cr18 Cr26 Cr25 Cr26 Cr46 Cr28 Cr
Depreciation21 Cr24 Cr26 Cr28 Cr29 Cr29 Cr29 Cr30 Cr32 Cr32 Cr32 Cr35 Cr
Profit before tax46 Cr23 Cr33 Cr7 Cr-5 Cr-31 Cr-46 Cr-37 Cr-14 Cr-31 Cr-25 Cr78 Cr
Tax %23.9%31.2%33.2%73.9%-106.8%8.3%9.2%0.8%31.9%5.9%5.3%15.8%
Net profit35 Cr16 Cr22 Cr2 Cr-10 Cr-28 Cr-41 Cr-36 Cr-9 Cr-29 Cr-24 Cr65 Cr
EPS (₹)₹3.82₹1.69₹2.39₹0.20₹-1.09₹-3.08₹-4.48₹-3.94₹-1.00₹-3.20₹-2.57₹7.09

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,097 Cr1,045 Cr968 Cr1,107 Cr1,242 Cr1,541 Cr1,669 Cr1,817 Cr1,665 Cr1,845 CrSign in free for the trailing twelve months
Operating expenses (approx.)940 Cr910 Cr892 Cr983 Cr1,017 Cr1,213 Cr1,383 Cr1,573 Cr1,566 Cr1,704 CrSign in free for the trailing twelve months
EBITDA156 Cr135 Cr77 Cr123 Cr224 Cr327 Cr286 Cr244 Cr99 Cr142 CrSign in free for the trailing twelve months
OPM %14.3%12.9%7.9%11.1%18.1%21.2%17.1%13.4%6.0%7.7%Sign in free for the trailing twelve months
Other income4 Cr5 Cr6 Cr2 Cr3 Cr2 Cr2 Cr10 Cr5 Cr3 CrSign in free for the trailing twelve months
Interest6 Cr24 Cr21 Cr26 Cr22 Cr14 Cr25 Cr38 Cr66 Cr122 CrSign in free for the trailing twelve months
Depreciation63 Cr68 Cr72 Cr71 Cr73 Cr79 Cr71 Cr92 Cr114 Cr126 CrSign in free for the trailing twelve months
Profit before tax91 Cr48 Cr-9 Cr29 Cr132 Cr237 Cr193 Cr136 Cr-74 Cr-107 CrSign in free for the trailing twelve months
Tax %15.3%15.0%68.8%15.6%29.5%34.6%26.2%28.6%-4.8%7.3%Sign in free for the trailing twelve months
Net profit77 Cr41 Cr-3 Cr24 Cr93 Cr155 Cr142 Cr97 Cr-78 Cr-99 CrSign in free for the trailing twelve months
EPS (₹)₹8.36₹4.47₹-0.32₹2.62₹10.10₹16.80₹15.44₹10.53₹-8.46₹-10.70Sign in free for the trailing twelve months
Dividend payout %————3.0%8.9%14.6%21.3%——Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr18 Cr
Reserves633 Cr657 Cr642 Cr661 Cr751 Cr886 Cr1,010 Cr1,091 Cr1,004 Cr921 Cr
Borrowings251 Cr233 Cr242 Cr203 Cr213 Cr244 Cr333 Cr672 Cr994 Cr1,036 Cr
Other liabilities295 Cr328 Cr355 Cr389 Cr333 Cr337 Cr297 Cr362 Cr418 Cr625 Cr
Total liabilities1,197 Cr1,236 Cr1,258 Cr1,272 Cr1,315 Cr1,486 Cr1,658 Cr2,145 Cr2,430 Cr2,593 Cr
Fixed assets (net)393 Cr441 Cr417 Cr542 Cr528 Cr532 Cr612 Cr788 Cr849 Cr970 Cr
CWIP40 Cr76 Cr141 Cr7 Cr25 Cr53 Cr55 Cr103 Cr276 Cr28 Cr
Investments0.02 Cr0.02 Cr0.02 Cr0.02 Cr0.02 Cr0.02 Cr2 Cr9 Cr1 Cr1 Cr
Loans & advances———0.39 Cr0.40 Cr0.54 Cr0.69 Cr1 Cr3 Cr5 Cr
Inventories187 Cr193 Cr183 Cr208 Cr238 Cr311 Cr326 Cr353 Cr419 Cr405 Cr
Trade receivables216 Cr208 Cr196 Cr210 Cr234 Cr297 Cr351 Cr406 Cr352 Cr489 Cr
Cash & bank60 Cr8 Cr21 Cr24 Cr9 Cr17 Cr11 Cr15 Cr12 Cr26 Cr
Other assets301 Cr310 Cr300 Cr280 Cr280 Cr276 Cr300 Cr469 Cr516 Cr669 Cr
Total assets1,197 Cr1,236 Cr1,258 Cr1,272 Cr1,315 Cr1,486 Cr1,658 Cr2,145 Cr2,430 Cr2,593 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity89 Cr123 Cr132 Cr123 Cr82 Cr174 Cr179 Cr157 Cr95 Cr192 Cr
Cash from investing-171 Cr-136 Cr-104 Cr-56 Cr-67 Cr-121 Cr-208 Cr-434 Cr-339 Cr-102 Cr
Cash from financing132 Cr-39 Cr-16 Cr-64 Cr-30 Cr-44 Cr23 Cr280 Cr241 Cr-77 Cr
Net cash flow50 Cr-52 Cr12 Cr3 Cr-14 Cr8 Cr-7 Cr3 Cr-3 Cr14 Cr
Free cash flow (OCF − Capex)-101 Cr-17 Cr35 Cr64 Cr5 Cr49 Cr-28 Cr-271 Cr-261 Cr45 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.8%7.9%1.2%6.2%15.7%21.8%16.0%9.8%-0.4%0.8%
ROE %11.8%6.1%-0.4%3.5%12.1%17.1%13.8%8.9%-7.7%-10.2%
Debtor days72727469697077827796
Inventory days241251278289286287288266385347
Days payable211194259230136123109116191264
Cash conversion cycle10112993129218234255232271179
OCF / EBITDA %56.7%90.9%172.4%99.7%36.7%53.1%62.5%64.1%95.6%135.6%
OCF / EBITDA % (3 years)——93.3%112.8%79.5%56.1%51.9%59.4%68.4%91.4%
Debt / equity0.380.350.370.300.280.270.320.610.981.11
Current ratio1.471.291.211.231.531.821.901.561.241.13
Net debt / EBITDA1.221.672.891.450.910.691.132.699.897.12