Mumbai-based pharma manufacturer of finished dosages and APIs, exporting to 55+ countries.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 520 | +7.2% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 9.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 19.0 | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | -7.55 | −2.4 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 4.93 | +20.4 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 10.60 | +19.2 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 5 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| API External Sales | ramping up from INR25 crores base to INR40 crores-INR45 crores. Yes. Next year, I'm very confident. | Q3 FY26 | API business revenue was INR 52.1 crore for the quarter alone, significantly exceeding the full-year target of INR 40-45 crore. The promise is already achieved. | Achieved |
| US FDA Audit of Goa Plant II | Reach out to FDA from September any time to ask them to come and audit us. | Q1 FY26 | Management states they have been ready for over 6 months and have stopped providing timelines, expressing frustration over the delay. 'at this point now, we stop saying it will happen now or it will happen next month and wait for it.' | Ghosted |
| Warren Remedies EBITDA Breakeven | At EBITDA levels, we should... maybe next year itself [FY27], we can surprise you a bit. | Q2 FY26 | Warren Remedies (including API and OTC) reported an EBITDA loss of INR 6 crore for the quarter, keeping the FY27 breakeven target at risk. | At Risk |
4 of Indoco Remedies Limited's 19 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹281.35 on 24 Oct 2025 → ₹220.65. High ₹281.35 (24 Oct 2025), low ₹164 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Indoco Remedies manufactures and markets pharmaceutical formulations (finished dosage forms) and Active Pharmaceutical Ingredients (APIs) across domestic and international markets. It runs 10 manufacturing facilities in India (6 for finished dosages, 4 for APIs) approved by USFDA, UK-MHRA and TGA-Australia, and for international markets offers full-solution services spanning product development, manufacture and supply of finished dosages, APIs and intermediates. The company also operates a Clinical Research Organisation (AnaCipher CRO) and an analytical/stability-testing services arm (Indoco Analytical Solutions).
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
1 of 5 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| API External Sales | ramping up from INR25 crores base to INR40 crores-INR45 crores. Yes. Next year, I'm very confident. | Q3 FY26 | API business revenue was INR 52.1 crore for the quarter alone, significantly exceeding the full-year target of INR 40-45 crore. The promise is already achieved. | Achieved |
| US FDA Audit of Goa Plant II | Reach out to FDA from September any time to ask them to come and audit us. | Q1 FY26 | Management states they have been ready for over 6 months and have stopped providing timelines, expressing frustration over the delay. 'at this point now, we stop saying it will happen now or it will happen next month and wait for it.' | Ghosted |
| Warren Remedies EBITDA Breakeven | At EBITDA levels, we should... maybe next year itself [FY27], we can surprise you a bit. | Q2 FY26 | Warren Remedies (including API and OTC) reported an EBITDA loss of INR 6 crore for the quarter, keeping the FY27 breakeven target at risk. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
Indoco Remedies Limited Q1 FY27
Indoco Remedies reported a robust Q1 FY27 with consolidated revenue up 8.2% YoY and standalone EBITDA margin at 10.3%. Strong performance in US and API segments drove growth, while domestic and emerging markets faced seasonal and temporary headwinds. Gross margins were pressured by raw material costs, and the pending USFDA audit for sterile products remains a key focus for future growth in regulated markets.
Read the full callIndoco Remedies Q4 FY26
Indoco Remedies reported a positive Q4 FY26 performance after six quarters, primarily driven by robust growth in international formulations and regulated markets. While the India business faced seasonal headwinds, the company achieved significant ANDA approvals and improved prescription rankings. Key concerns include elongated receivables, high debt, and macroeconomic pressures, alongside challenges in the API business due to ongoing product validations.
Read the full callIndoco Remedies Q3 FY26
Indoco Remedies delivered a strong Q3 FY26 with consolidated revenue growth of 7.9% YoY and significant EBITDA margin expansion, primarily driven by robust performance in International Formulations and API segments. The domestic business remained flat due to acute therapy challenges, while one-time costs for remediation and penalties impacted profitability. Management expressed confidence in future growth, particularly in Europe and API, with strategic initiatives in OTC and subchronic portfolios.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +311% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 411 | 390 | 440 | 485 | 445 | 476 | 468 | 520 |
| Expenses | 399 | 391 | 422 | 442 | 414 | 426 | 426 | 474 |
| Operating profit | 12 | -1 | 18 | 43 | 32 | 50 | 41 | 46 |
| Operating margin | 2.9% | −0.2% | 4.0% | 9.0% | 7.0% | 10.0% | 9.0% | 9.0% |
| Other income | 2 | 2 | 2 | 0 | -5 | 4 | 100 | 39 |
| Interest | 16 | 18 | 26 | 25 | 26 | 46 | 28 | 27 |
| Depreciation | 29 | 29 | 30 | 32 | 32 | 32 | 35 | 34 |
| Profit before tax | -31 | -46 | -37 | -14 | -31 | -25 | 78 | 24 |
| Tax rate | −8.0% | −9.0% | −1.0% | −32.0% | −6.0% | −5.0% | 16.0% | 20.0% |
| Net profit | -28 | -41 | -36 | -9 | -29 | -24 | 65 | 19 |
| EPS (₹ per share) | -2.86 | -4.38 | -3.88 | -0.86 | -3.23 | -2.34 | 7.04 | 1.99 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,668 | 1,817 | 1,665 | 1,846 |
| Expenses | 1,382 | 1,573 | 1,566 | 1,704 |
| Operating profit | 286 | 244 | 99 | 143 |
| Other income | 1 | 20 | 7 | 1 |
| Interest | 25 | 38 | 66 | 123 |
| Depreciation | 71 | 91 | 115 | 126 |
| Profit before tax | 192 | 136 | -75 | -107 |
| Net profit | 143 | 97 | -77 | -98 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 1,010 | 1,091 | 1,004 | 961 | 921 | 1,003 |
| Borrowings | 333 | 672 | 994 | 999 | 1,090 | 1,059 |
| Other liabilities | 297 | 363 | 414 | 530 | 564 | 532 |
| Total liabilities | 1,658 | 2,145 | 2,430 | 2,508 | 2,593 | 2,613 |
| Fixed assets | 678 | 954 | 997 | 1,143 | 1,193 | 1,240 |
| Capital work in progress | 114 | 125 | 321 | 182 | 90 | 27 |
| Investments | 2 | 9 | 1 | 1 | 1 | 15 |
| Other assets | 864 | 1,057 | 1,111 | 1,182 | 1,309 | 1,331 |
| Total assets | 1,658 | 2,145 | 2,430 | 2,508 | 2,593 | 2,613 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 69 | 70 | 77 | 82 | 77 | 97 |
| Inventory days | 245 | 248 | 228 | 230 | 307 | 273 |
| Days payable | 117 | 107 | 86 | 100 | 152 | 208 |
| Cash conversion cycle | 197 | 212 | 219 | 212 | 232 | 162 |
| Working capital days | 59 | 78 | 82 | 62 | 39 | 21 |
| Return on capital employed | 16.0% | 23.0% | 17.0% | 10.0% | 0.0% | 1.0% |
| Dividend payout | 15.0% | 13.0% | 15.0% | 14.0% | −2.0% | −2.0% |
Ownership
Promoters hold 58.92% as of Sept 2026; institutions cut 0.67 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Indoco Remedies Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 19.86% | unchanged | |
| 17.18% | unchanged | |
| 14.19% | unchanged | |
| Mutual fund | 4.63% | −0.17 pp |
| Mutual fund | 4.55% | unchanged |
| Mutual fund | 4.34% | unchanged |
| 3.17% | unchanged | |
| 2.70% | unchanged | |
| Mutual fund | 1.66% | unchanged |
| 1.42% | unchanged | |
| 1.26% | unchanged | |
| 1.25% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −1.55 L shares (−2.6%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹68 Cr | held | Jul '18 |
| Nippon India Pharma Fund Nippon India Mutual Fund | ₹44 Cr | −1.55 L | Oct '17 |
| HDFC Value Fund HDFC Mutual Fund | ₹40 Cr | held | Nov '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 1 trimmed — net −1.55 L shares (−2.6%)
Shares held by these funds +13%
Oct '23 58.09 L shares Sep '26
Your own record
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