INDOCO

Indoco Remedies share price & financials

Mumbai-based pharma manufacturer of finished dosages and APIs, exporting to 55+ countries.

Price: ₹247.45
Market cap: ₹2.1k Cr
Sector: Healthcare
Calls analysed: 6

Latest concall · Q1 FY27 · call held 28 Jul 2026

Indoco Remedies Limited Q1 FY27

Consolidated Revenue 4,662 million +8%Standalone EBITDA 422 million +185%Standalone EBITDA Margin 10.3%

What went well

Consolidated revenue grew by 8.2% year-on-year to INR4,662 million, demonstrating consistent growth trajectory.
Standalone EBITDA expanded to INR422 million, achieving a 10.3% margin, indicating strong operating momentum.
US business revenue grew significantly by 62.2% to INR459 million, highlighting traction in regulated markets.

What to watch

Gross margins were impacted by approximately 2 percentage points due to increased cost of goods, attributed to the 'war situation' and material shortages.
International formulations saw a modest 2.8% YoY growth, with Europe business growing only 2.5% and emerging markets showing a degrowth from INR461 million to INR317 million.

Read the full call →

What Indoco Remedies Limited does

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

Domestic Formulations
International Formulations
API
CRO & IAS

Manufacturing facilities: 10 (6 finished-dosage plants + 4 API plants)
Employee strength: >6,000
Country footprint: 55+ countries
R&D scientists: 300+
IPM prescription rank: 21st (IQVIA, Dec'25)
IPM market-share rank: 32nd (IQVIA MAT Dec'25)

Founded 1947Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 1 delivered 4 missed 14 open

API External Sales delivered said Q3 FY26 Promised: ramping up from INR25 crores base to INR40 crores-INR45 crores. Yes. Next year, I'm very confident. Q1 FY27: 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.
US FDA Audit of Goa Plant II went quiet said Q1 FY26 Promised: Reach out to FDA from September any time to ask them to come and audit us. Q1 FY27: 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.'
Warren Remedies EBITDA Breakeven at risk said Q2 FY26 Promised: At EBITDA levels, we should... maybe next year itself [FY27], we can surprise you a bit. Q1 FY27: Warren Remedies (including API and OTC) reported an EBITDA loss of INR 6 crore for the quarter, keeping the FY27 breakeven target at risk.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 6.4%, net profit up 280.6% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	433	411	390	440	485 +12%	445 +8%	476 +22%	468 +6%
Expenses	392	399	391	422	442	414	426	426
EBITDA	40	12	-1	18	43 +8%	32 +167%	50 +5100%	41 +128%
Margin	9%	3%	0%	4%	9%	7%	10%	9%
Other income	2	2	2	2	0	-5	4	100
Interest	18	16	18	26	25	26	46	28
Depreciation	29	29	29	30	32	32	32	35
Profit before tax	-5	-31	-46	-37	-14 −180%	-31 +0%	-25 +46%	78 +311%
Tax rate	107%	-8%	-9%	-1%	-32%	-6%	-5%	16%
Net profit	-10	-28	-41	-36	-9 +10%	-29 −4%	-24 +41%	65 +281%
EPS	-1.04	-2.86	-4.38	-3.88	-0.86	-3.23	-2.34	7.04

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −5.0% 1Y

1Y: ₹276.85 on 10 Sept 2025 → ₹263.02. High ₹308.6 (11 Sept 2025), low ₹164 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −8.1%; 28 Jul
Q4 FY26: +9.6%; 7 May
Q3 FY26: +10.7%; 3 Feb
Q2 FY26: −2.4%; 6 Nov

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.

Financials, as filed

Revenue grew 3.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.7%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹1.7k Cr	₹1.8k Cr	₹1.7k Cr	₹1.8k Cr
Operating profit	₹286 Cr	₹244 Cr	₹99 Cr	₹143 Cr
Operating margin	17.1%	13.4%	5.9%	7.7%
Interest	₹25 Cr	₹38 Cr	₹66 Cr	₹123 Cr
Depreciation	₹71 Cr	₹91 Cr	₹115 Cr	₹126 Cr
Net profit	₹143 Cr	₹97 Cr	₹-77 Cr	₹-98 Cr
Net margin	8.6%	5.3%	-4.6%	-5.3%
ROCE	17.0%	10.0%	0.0%	1.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹18 Cr	₹18 Cr	₹18 Cr	₹18 Cr	₹18 Cr	₹18 Cr
Reserves	₹751 Cr	₹886 Cr	₹1.0k Cr	₹1.1k Cr	₹961 Cr	₹921 Cr
Borrowings	₹267 Cr	₹257 Cr	₹333 Cr	₹672 Cr	₹999 Cr	₹1.1k Cr
Other liabilities	₹279 Cr	₹325 Cr	₹297 Cr	₹363 Cr	₹530 Cr	₹564 Cr
Total liabilities	₹1.3k Cr	₹1.5k Cr	₹1.7k Cr	₹2.1k Cr	₹2.5k Cr	₹2.6k Cr
Fixed assets	₹570 Cr	₹555 Cr	₹678 Cr	₹954 Cr	₹1.1k Cr	₹1.2k Cr
Capital work in progress	₹68 Cr	₹122 Cr	₹114 Cr	₹125 Cr	₹182 Cr	₹90 Cr
Investments	₹0 Cr	₹0 Cr	₹2 Cr	₹9 Cr	₹1 Cr	₹1 Cr
Other assets	₹677 Cr	₹809 Cr	₹864 Cr	₹1.1k Cr	₹1.2k Cr	₹1.3k Cr
Total assets	₹1.3k Cr	₹1.5k Cr	₹1.7k Cr	₹2.1k Cr	₹2.5k Cr	₹2.6k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Mutual funds in INDOCO

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds: ₹141 Cr; 3 schemes
Biggest holder: Nippon India Small Cap Fund; ₹63 Cr · 0.1% of that fund

Scheme	Holding	Last month	Held since
Nippon India Small Cap Fund Nippon India Mutual Fund	₹63 Cr	held	Jul '18
Nippon India Pharma Fund Nippon India Mutual Fund	₹45 Cr	held	Oct '17
HDFC Value Fund HDFC Mutual Fund	₹34 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 Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on: +9%; vs est. average cost
Held by funds: ₹141 Cr; 3 schemes · ≈ 7.2% of the company
Biggest holder: Nippon India Small Cap Fund; ₹63 Cr · 0.1% of that fund
Longest holder: Nippon India Pharma Fund; 8y 11m · since Oct '17

Shares held by these funds +16%

Aug '23 59.64 L shares Jul '26

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Indoco Remedies Limited

Guides on how to read this kind of business and the numbers that matter.