Indoco Remedies Ltd(INDOCO)

NSE: INDOCOBSE: 532612

₹ 220.25-3.10%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,033 crNext results: 27 Oct 2026Website: www.indoco.comUpdated: 27 Oct 2026

About

Indoco Remedies Ltd is an Indian integrated pharmaceutical company that manufactures branded generic formulations for the domestic market, exports finished dose forms to regulated markets (US, Europe) and emerging markets, and produces APIs through its Patalganga and Warren Remedies subsidiaries. Revenue was Rs 1845.32 Cr in FY26. Exports account for 45.10% of standalone revenue, with products sold in 55+ countries.^[1]

Business segments

Indoco reports a single pharmaceutical segment; by geography, India revenue was Rs 894.13 Cr and outside-India revenue Rs 739.4 Cr in FY26.^[2]
India domestic formulations (branded generics): revenue INR2,040M in Q1 FY27 vs INR2,028M in Q1 FY26; largest segment, covering acute and chronic therapies sold through a field-force-driven prescription model.^[3]
International formulations: US INR459M (+62.2% YoY), Europe INR650M (+2.5% YoY), emerging markets INR317M in Q1 FY27.^[3]
API segment: INR521M in Q1 FY27, +42.4% YoY; provides backward integration for formulations and sells externally to regulated markets.^[3]
Services (AnaCipher CRO and Indoco Analytical Solutions): grew 65.3% YoY to INR895M in Q4 FY26.^[4]
Warren Remedies OTC (subsidiary): revenue INR120 Cr in FY26, up from ~INR92 Cr in FY25; led by Sensodent-KF toothpaste brand.^[4]

Products and brands

Branded Generics division has a total product range of 182 products across anti-diabetic, analgesic, anti-hypertensive, multivitamin, antibiotic and other categories (FY26).^[2]
40 Indoco products rank among the top 5 in their respective domestic sub-segments (FY26).^[2]
Cyclopam ranks No. 1 in the Gastro-Intestinal segment with 51% market share in its sub-segment; Karvol Plus leads nasal decongestants with 69.2% market share (FY26).^[2]
Rexidin M Forte Gel is the No. 1 dentist-prescribed oral care brand; Ninaf holds No. 1 in the Naftifine market with 49.2% unit market share (FY26).^[2]
123 cumulative patent applications globally, with 54 patents granted (30 APIs, 24 FDFs); 5 new applications filed in FY26.^[2]
Launched Allopurinol 200 mg tablets in the US as the second generic entrant (FY26).^[2]

Manufacturing and R&D facilities

Goa Plant I: capacity utilisation 70-80% (single shift) in Q1 FY27; cleared Malta Medicines Authority audit in Q1 FY27.^[3]
Baddi Unit I: capacity utilisation 70-80% (single shift) in Q1 FY27; passed Malta Medicines Authority audit in Q1 FY27.^[3]
Baddi Unit III: capacity utilisation 70-75% (single shift) in Q1 FY27; received EU-GMP certification from German Health Authority (Berlin) in Q1 FY27.^[3]
Patalganga API plant: received USFDA EIR with zero 483s in Q3 FY26 after a Q2 FY26 inspection with zero observations.^[5]
Stability Testing Centre at Chhatrapati Sambhaji Nagar: nine chambers, ~22 lakh litres operational capacity, 3.64 lakh litres backup; USFDA pre-approval inspection with zero observations in Q1 FY27.^[2]
R&D centre at Rabale, Navi Mumbai spans 100,000 sq. ft.; R&D spend below 5% of revenue in Q1 FY27.^[2]

Key operating metrics

IPM prescription volume rank: 20th as of MAT May 2026, with 10.94 crore prescriptions recorded in FY26.^[3]
SPADE division ranked 12th in its covered market with 3.9% market share and 2.72 crore prescriptions in FY26.^[2]
Indoco Pharma division supported by 1.46 lakh active prescribers, generating 4.25 crore total prescriptions in FY26.^[2]
Workforce rationalisation of ~900 headcount and 26% fewer batch counts for equivalent sales by Q1 FY27.^[3]
Exports: 45.10% of standalone revenue in FY26, with products sold in 55+ countries.^[2]

Customers and distribution

Europe order book exceeds INR250 Cr as of Q1 FY27; customers include the largest UK/Europe buyer (tech-transfer approvals received in Q2 FY26).^[3]
US front-end operated through FPP Holdings subsidiary; sterile products supplied from Goa Plant-2 (pending USFDA audit resolution) and alternate CMO sites (Q2 FY26).^[6]
Emerging markets field force active in Kenya, Tanzania, Zambia and 8 countries in French West Africa (Q4 FY26).^[4]
Operations span USA, UK, Europe, SAANZ, LATAM, Africa, Middle East, Southeast Asia and CIS (FY26).^[2]
New INSTA division created an exclusive channel into corporate hospitals, reaching 100+ hospitals in six months (FY25).^[7]
Clarity Pharma UK partnership: 4-5 products introduced from a 15-product pipeline as of Q2 FY26.^[6]

Expansion and capex

FY27 capex capped at INR40-50 Cr (maintenance only); debt repayment of INR110 Cr targeted in FY27 and INR150 Cr in FY28.^[3]
Warren Remedies Auric API site: CEP logged, USFDA approval expected within 6-7 months of the Q1 FY27 call; regulated-market supply ramp targeted from Q4 FY27.^[3]
Two oral solid products planned for launch in Europe by Q4 FY27; US launches to follow pending USFDA audit clearance.^[3]
Land parcel (book value INR23 Cr) held for sale; expected to close above book value by September 2026.^[3]
Generation-2 sterile manufacturing investment (INR200 Cr planned) under review; may be replaced by a CMO alternate-site strategy (Q2 FY26).^[6]

Recent developments

26 Sep 2026: incorporated wholly owned subsidiary Warren Lifesciences Private Limited.^[8]
Q4 FY26: agreed to hive off India and Africa ophthalmic business (INR37 Cr India primary sales in FY26) to Sunway.^[4]
Q1 FY27: Baddi Unit III received EU-GMP certification; Aurangabad testing centre cleared USFDA pre-approval inspection with zero observations.^[3]
Q4 FY26: ANDA approvals for Brivaracetam and Lacosamide liquid orals; Rivaroxaban final approval in Q2 FY26; Canagliflozin tentative approval.^[4]
Q3 FY26: Auric API site began supplying KSMs to Patalganga to free capacity for finished API.^[5]
FY26 annual report names price-control caps, global quality standards and reliance on China for APIs as risks.^[2]

Market Cap

₹2,033 Cr

High / Low

₹289 / 164

Stock P/E

377.1

Price / Book

2.3

Book Value

₹102

EPS

₹-10.3

No. of Shares

9.23 Cr

ROCE

0.9%

ROE

-9.7%

OPM

1.0%

Debt / Equity

1.10

Sales

₹1,845 Cr

Net Profit

₹-99 Cr

Promoter holding

58.9%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials