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Swing Capital

Indoco Remedies Ltd

NSE: INDOCO BSE: 532612Pharma

Indoco Remedies (Indoco) is a Mumbai-based pharmaceutical company that focuses on formulations with a presence in contract manufacturing and research. The Company is engaged in the manufacturing and marketing of pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).[1]

₹215
52W: ₹162 — ₹350
PE 0 · Book ₹119 · +81% vs book
Market Cap₹1,981 Cr
Stock P/E—Price to Earnings
ROCE4.3%Return on Capital
ROE0.32%Return on Equity
Div. Yield0.09%Face Value ₹2

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 6.33% over past five years.
  • −Company has a low return on equity of 2.88% over last 3 years.
  • −Debtor days have increased from 96.8 to 117 days.

Shareholding Pattern

Promoters58.86%
FIIs0.94%
DIIs18.15%
Public21.9%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.76%58.76%58.8%▲0.058.9%▲0.158.9%58.9%58.9%58.86%▼0.0
FIIs1.48%1.7%▲0.21.25%▼0.41.24%▼0.01.22%▼0.01.25%▲0.01.1%▼0.10.94%▼0.2
DIIs18.67%18.25%▼0.418.91%▲0.718.75%▼0.218.96%▲0.218.16%▼0.818.15%▼0.018.15%
Public21.07%21.27%▲0.221.02%▼0.321.02%20.82%▼0.221.6%▲0.821.76%▲0.221.9%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales449445401397373347393442401449
Expenses384388350344353344378389375386
Operating Profit6557525320315532663
OPM %15%13%13%13%5%1%4%12%6%14%
Net Profit20381513-10-26-2815-2027
EPS ₹2.174.071.621.39-1.11-2.84-3.041.63-2.172.96

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,686Cr, up 11.1% YoY. OPM at 9%.

Debt Position

Borrowings at ₹760Cr. Debt-to-equity ratio: 0.70x. Moderate leverage.

Capex Cycle

CWIP at ₹23Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 18.15% (+0.22pp change). FIIs: 0.94% (-0.64pp change). Promoters hold 58.86%.

Margin & Efficiency

ROCE declining from 21% (Mar 2015) to 4% (Mar 2026). Working capital days: 47.

Recent Announcements