Indoco Remedies Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,931 Cr
- ROE
- -9.36%
- Price to sales
- 1.04
- Debt to equity
- 1.16
- 52W high / low
- ₹281 / ₹164
- Sales growth (5Y)
- 8.25%
- EBITDA margin
- 8.82%
- Net profit margin
- -5.16%
- Promoter holding
- 58.86%
- Sales (last year)
- ₹1,873 Cr
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]
Guidance scorecard · Q2 FY27 call
What Indoco Remedies Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
RevenueQ2 FY27 call
10–20%- Domestic business expected to achieve high single-digit to double-digit growth in FY27, driven by improved sales predictability and strong performance of key products like Cyclopam and Cital (both growing ~30%).
- Emerging markets, including LATAM and French West Africa, seen as fastest growing with potential for sustained high double-digit growth; emerging business expected to recover by Q3 FY27.
- International red markets (Europe, UK, US) targeting healthy double-digit growth; Europe/UK aiming for 20%+ growth over next 1-2 years.
- Exports overall grew 12% in the latest quarter with 20% growth in regulated markets.
- Capacity can support up to 4x current international revenues at peak utilization.
2 more points from Indoco Remedies Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Indoco Remedies Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
None planned- Current CAPEX is at a bare minimum; actual land and physical CAPEX for the year is less than Rs. 25 crores.
- Around Rs. 60 crores CAPEX seen in H1 mostly relates to capitalized intangibles (e.g., ANDAs, dossiers) rather than physical assets.
- No major CAPEX is expected in the second half of the current year or the next year.
- Some CAPEX was completed recently on Warren API and finished product sites.
- The company aims to control CAPEX tightly while focusing on R&D projects limited to within 5% of topline.
2 more points from Indoco Remedies Ltd's call on capex
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FundraisingQ2 FY27 call
See what Indoco Remedies Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Rising- The management expressed confidence in growth, especially in emerging markets and regulated markets like Europe, UK, and US.
- Europe and UK markets are showing steady order positions with good offtake and targeted to grow 20%+ in the next 1-2 years.
- Emerging markets had a slow start but are expected to improve by Q3.
- US market operations are being scaled up with second sites planned to ensure steady supply and market share.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingFinancials of Indoco Remedies Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Indoco Remedies Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 58.75% | 58.72% | 58.76% | 58.76% | 58.80% | 58.90% | 58.90% | 58.90% | 58.90% | 58.86% | 58.86% | 58.92% |
| FIIs + | 1.69% | 1.92% | 1.48% | 1.70% | 1.25% | 1.24% | 1.22% | 1.25% | 1.10% | 0.94% | 1.27% | 1.64% |
| DIIs + | 19.56% | 19.41% | 18.67% | 18.25% | 18.91% | 18.75% | 18.96% | 18.16% | 18.15% | 18.15% | 17.68% | 16.64% |
| Public + | 20.00% | 19.92% | 21.07% | 21.27% | 21.02% | 21.02% | 20.82% | 21.60% | 21.76% | 21.90% | 22.04% | 22.66% |
| Others + | 0.00% | 0.03% | 0.03% | 0.03% | 0.03% | 0.09% | 0.09% | 0.09% | 0.09% | 0.14% | 0.14% | 0.14% |
| No. of Shareholders | 32,600 | 33,201 | 34,511 | 34,416 | 34,676 | 34,497 | 33,129 | 33,319 | 32,659 | 32,276 | 32,457 | 34,098 |
Financials of Indoco Remedies Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 482 | 459 | 450 | 431 | 433 | 411 | 390 | 440 | 485 | 445 | 476 | 468 | 520 |
| Expenses + | 410 | 397 | 401 | 384 | 392 | 399 | 391 | 422 | 442 | 414 | 426 | 426 | 474 |
| Operating Profit | 71 | 63 | 49 | 48 | 40 | 12 | -1 | 18 | 43 | 32 | 50 | 41 | 46 |
| OPM % | 15% | 14% | 11% | 11% | 9% | 2.9% | -0.2% | 4.0% | 9% | 7% | 10% | 9% | 9% |
| Other Income + | 4 | -6 | 22 | 1 | 2 | 2 | 2 | 2 | 0 | -5 | 4 | 100 | 39 |
| Interest | 8 | 10 | 12 | 14 | 18 | 16 | 18 | 26 | 25 | 26 | 46 | 28 | 27 |
| Depreciation | 21 | 24 | 26 | 28 | 29 | 29 | 29 | 30 | 32 | 32 | 32 | 35 | 34 |
| Profit before tax | 46 | 23 | 33 | 7 | -5 | -31 | -46 | -37 | -14 | -31 | -25 | 78 | 24 |
| Tax % | 24% | 31% | 33% | 74% | 107% | -8% | -9% | -1% | -32% | -6% | -5% | 16% | 20% |
| Net Profit + | 35 | 16 | 22 | 2 | -10 | -28 | -41 | -36 | -9 | -29 | -24 | 65 | 19 |
| EPS in Rs | 3.81 | 1.77 | 2.46 | 0.28 | -1.04 | -2.86 | -4.38 | -3.88 | -0.86 | -3.23 | -2.34 | 7.04 | 1.99 |
Financials of Indoco Remedies Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 854 | 1,005 | 1,071 | 1,041 | 968 | 1,107 | 1,242 | 1,541 | 1,669 | 1,817 | 1,665 | 1,845 | 1,909 |
| Expenses + | 689 | 834 | 914 | 906 | 892 | 983 | 1,017 | 1,213 | 1,381 | 1,572 | 1,565 | 1,703 | 1,740 |
| Operating Profit | 166 | 171 | 157 | 135 | 77 | 123 | 225 | 328 | 288 | 245 | 100 | 142 | 169 |
| OPM % | 19% | 17% | 15% | 13% | 8% | 11% | 18% | 21% | 17% | 13% | 6% | 8% | 9% |
| Other Income + | 2 | 1 | 4 | 5 | 6 | 2 | 3 | 2 | 1 | 20 | 6 | -0 | 137 |
| Interest | 11 | 12 | 6 | 24 | 21 | 26 | 22 | 14 | 25 | 38 | 66 | 122 | 127 |
| Depreciation | 47 | 61 | 63 | 68 | 72 | 71 | 73 | 79 | 71 | 92 | 114 | 126 | 133 |
| Profit before tax | 110 | 99 | 91 | 48 | -9 | 29 | 132 | 237 | 193 | 136 | -74 | -106 | 46 |
| Tax % | 24% | 17% | 15% | 15% | -69% | 16% | 30% | 35% | 26% | 29% | 5% | -7% | |
| Net Profit + | 83 | 82 | 77 | 41 | -3 | 24 | 93 | 155 | 142 | 97 | -78 | -99 | 32 |
| EPS in Rs | 8.99 | 8.89 | 8.36 | 4.47 | -0.31 | 2.62 | 10.10 | 16.80 | 15.44 | 10.68 | -7.99 | -10.31 | 3.46 |
| Dividend Payout % | 18% | 18% | 19% | 22% | -95% | 11% | 15% | 13% | 15% | 14% | -2% | -2% |
Financials of Indoco Remedies Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 500 | 558 | 633 | 657 | 642 | 661 | 751 | 886 | 1,010 | 1,091 | 1,004 | 921 | 1,003 |
| Borrowings + | 97 | 140 | 280 | 282 | 296 | 262 | 267 | 257 | 333 | 672 | 994 | 1,090 | 1,059 |
| Other Liabilities + | 230 | 224 | 266 | 281 | 301 | 330 | 279 | 325 | 297 | 363 | 414 | 564 | 532 |
| Total Liabilities | 846 | 941 | 1,197 | 1,238 | 1,258 | 1,272 | 1,315 | 1,486 | 1,658 | 2,145 | 2,430 | 2,593 | 2,613 |
| Fixed Assets + | 340 | 374 | 440 | 489 | 468 | 590 | 570 | 555 | 678 | 954 | 997 | 1,193 | 1,240 |
| CWIP | 63 | 55 | 91 | 136 | 185 | 51 | 68 | 122 | 114 | 125 | 321 | 90 | 27 |
| Investments | 0 | 16 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 9 | 1 | 1 | 15 |
| Other Assets + | 443 | 496 | 666 | 613 | 605 | 631 | 677 | 809 | 864 | 1,057 | 1,111 | 1,309 | 1,331 |
| Total Assets | 846 | 941 | 1,197 | 1,238 | 1,258 | 1,272 | 1,315 | 1,486 | 1,658 | 2,145 | 2,430 | 2,593 | 2,613 |
Financials of Indoco Remedies Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 109 | 112 | 89 | 123 | 132 | 123 | 82 | 174 | 179 | 157 | 95 | 192 |
| Cash from Investing Activity + | -88 | -111 | -171 | -135 | -104 | -56 | -67 | -121 | -208 | -433 | -339 | -102 |
| Cash from Financing Activity + | -20 | -2 | 132 | -39 | -16 | -64 | -30 | -44 | 23 | 280 | 241 | -77 |
| Net Cash Flow | 1 | -0 | 50 | -51 | 12 | 3 | -14 | 8 | -7 | 4 | -3 | 14 |
| Free Cash Flow | 20 | 15 | -100 | -15 | 39 | 64 | 6 | 49 | -27 | -269 | -257 | 91 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 81% | 82% | 72% | 98% | 177% | 103% | 45% | 66% | 84% | 76% | 112% | 139% |
Financials of Indoco Remedies Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 66 | 69 | 74 | 73 | 74 | 69 | 69 | 70 | 77 | 82 | 77 | 97 |
| Inventory Days | 181 | 174 | 189 | 203 | 209 | 230 | 245 | 248 | 228 | 230 | 307 | 273 |
| Days Payable | 146 | 137 | 166 | 157 | 195 | 183 | 117 | 107 | 86 | 100 | 152 | 208 |
| Cash Conversion Cycle | 102 | 105 | 97 | 119 | 88 | 116 | 197 | 212 | 219 | 212 | 232 | 162 |
| Working Capital Days | 46 | 48 | 41 | 38 | 21 | 22 | 59 | 78 | 82 | 62 | 39 | 21 |
| ROCE % | 21% | 17% | 12% | 7% | 1% | 6% | 16% | 23% | 17% | 10% | -0% | 1% |
Guidance history
How Indoco Remedies Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | None planned | — | Rising |
| Q1 FY27 call → | 10–20% | Up 0–2% | None planned | None planned | Rising |
| Q4 FY26 call → | 10–20% | Flat | None planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | None planned | None planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
23 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −23.9% | 32% |
| Last 6 months | +0.0% | 53% |
| Last 3 months | −3.3% | 58% |
The price is 56.5% below its all-time high of ₹481.45 (17 Sept 2021). Stocks more than 20% below their peak have their score halved, so 46 became 23.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indoco Remedies Ltd: 0.4 × 32 + 0.4 × 53 + 0.2 × 58 = 46, halved to 23 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Indoco Remedies Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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