INDOCOHealthcare

Indoco Remedies Limited

Pharmaceuticals · ISIN INE873D01024 · BSE 532612 · NSE EQ · FV ₹2
Last price
₹213
-0.84%today
What this company does

Indoco Remedies Limited operates in Pharmaceuticals, part of the Healthcare sector. It booked ₹520 cr of revenue in its latest quarter (Q2 FY27) and kept 3.5% of sales as profit.

45out of 100
Equitytale Health Score
Mixed

Healthier than 45% of companies in Healthcare, on all six measures of filed financials. Each measure is ranked against the 105–153 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
39

At close. Not part of the score.

Profitability & returns29

How much profit it earns on the money it employs

Balance sheet10

How much it owes, and whether earnings cover the interest

Cash quality57

Whether reported profit actually arrives as cash

Growth & consistency39

Whether sales and profit have grown, and how steadily

Valuation77

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Sales up 7% vs last year
✓ Promoters hold 59%
✓ No promoter shares pledged
✓ Turns profit into real cash
Watch-outs
! Thin 3.5% net margin
! Low 7.2% return on equity

What if I invest in INDOCO?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹213▼ -0.84%
latest close · 2026-11-04
1-year return
-52.6%
52-wk low ₹20552-wk high ₹514
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio25.3Average
LowAverageHigh
P/B ratio1.93Moderate
Below bookModerateHigh
EV / EBITDA8.5Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity7.2%Weak
WeakFairStrong ▸15%
Return on capital12.5%Fair
WeakFairStrong
Net margin3.5%Thin
ThinDecentStrong
EBITDA margin16.4%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.96Moderate
LowModerateHigh ▸1
Interest cover1.9×Risky
RiskyOkayStrong ▸5×
Current ratio1.26Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹1,970 cr
Book value
₹111
EPS
₹2.11
latest quarter
Net debt
₹941 cr
owes more than its cash
Enterprise value
₹2,911 cr
EBITDA
₹342 cr
annualised
EBIT
₹204 cr
annualised
Operating margin
9.8%
Return on assets
2.8%
Earnings yield
3.95%
P/S
0.95
Sales / share
₹225.4
Tax rate
19.5%
Face value
₹2
Shares
9.2 cr
Working capital
₹253 cr
Current assets
₹1,226 cr
Current liabilities
₹972 cr
Delivery %
44.2%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the exchange filings
not investment advice
Hard to value confidentlyLow confidence
The company's latest annual profit was negative, so we won't call it cheap off older profits.
Models span ₹158–₹158, midpoint ₹158

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹520 cr
Other Income₹2 cr
Total Income₹522 cr
Cost of Materials₹128 cr
Purchases of Stock-in-Trade₹56 cr
Inventory Change (±)₹-4 cr
Employee Benefit Expense₹105 cr
Finance Costs₹27 cr
Depreciation & Amortisation₹34 cr
Other Expenses₹189 cr
Total Expenses₹535 cr
Exceptional Items₹37 cr
Profit before Tax₹24 cr
Tax Expense₹5 cr
Net Profit₹19 cr
Net margin on total income3.7%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹180 cr32.2%
Employee benefit expense₹105 cr18.8%
Finance costs₹27 cr4.8%
Depreciation & amortisation₹34 cr6.2%
Other expenses₹189 cr33.8%
Tax expense₹5 cr0.8%
Profit for the period₹19 cr3.5%
Total income ₹522 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue476 cr468 cr520 cr
Total income476 cr470 cr522 cr
Expenses504 cr489 cr535 cr
Profit before tax-25 cr78 cr24 cr
Tax-1 cr12 cr5 cr
Net profit (owners' share)-22 cr65 cr18 cr
Net margin (owners' share, on revenue)-4.5%13.9%3.5%
EPS (₹)-2.577.092.11
YoY (latest quarter): total income +7.6% · net profit —
Balance sheet & cash flow · as of Sep 2026
Moderate debt
Total assets
₹2,613 cr
Shareholder equity
₹1,022 cr
parent shareholders
Total debt
₹976 cr
Cash
₹35 cr
Cash flow · H1 FY27
Operating
₹185 cr
Investing
₹-49 cr
Financing
₹-126 cr
Peer comparison
Pharmaceuticals · by market value
CompanyPriceMarket capP/E
Sun Pharmaceutical Industries Limited₹1,770₹4.25 L cr53.3
Divi's Laboratories Limited₹10,064₹2.67 L cr74.1
Torrent Pharmaceuticals Limited₹4,650₹1.77 L cr82.7
Laurus Labs Limited₹2,323₹1.26 L cr71.1
Zydus Lifesciences Limited₹1,241₹1.24 L cr33.2
Dr. Reddy's Laboratories Limited₹1,368₹1.14 L cr30.8
Cipla Limited₹1,397₹1.13 L cr32.2
Mankind Pharma Limited₹2,475₹1.02 L cr35.9
Aurobindo Pharma Limited₹1,695₹97,502 cr23.7
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.09%
trailing 12 months
Dividend / share (TTM)
₹0.2
Last dividend
₹0.2
ex 10 Sep 2026
ActionDetailEx-date
Dividend₹0.2 / share10 Sep 2026
Dividend₹0.2 / share4 Sep 2025
Dividend₹1.5 / share19 Sep 2024
Dividend₹2.25 / share18 Sep 2023
Dividend₹1.5 / share14 Sep 2022
Dividend₹0.75 / share14 Sep 2022
Who owns it · 2026-09-30
No pledge
Promoter
58.9%
FII / Foreign
1.6%
DII / Domestic
16.6%
Retail / others
22.7%
Promoter stake up 0.2% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtMADHURA SURESH KARE · Promoter4,004 · ₹8.4 L30 Oct 26
BoughtADITI M. PANANDIKAR · Promoter and Director4,000 · ₹8.4 L30 Oct 26
BoughtARUNA SURESH KARE · Promoter14,526 · ₹34.6 L8 Sep 26
Bulk / block deals
BoughtNK SECURITIES RESEARCH PRIVATE LIMITED · NSE6.92 L @ ₹273.1429 Sep 26
SoldNK SECURITIES RESEARCH PRIVATE LIMITED · NSE6.92 L @ ₹273.2729 Sep 26
BoughtMICROCURVES TRADING PRIVATE LIMITED · NSE9.70 L @ ₹273.0429 Sep 26
Stake changes
BoughtMadhura Suresh Kare · promoter→ 2.70% · 4,9009 Sep 26
BoughtAditi M. Panandikar · promoter→ 3.17% · 4,9709 Sep 26
BoughtSuresh G Kare · promoter→ 1.42% · 14,5349 Sep 26
Promoter pledges
ReleasedKotak Securities Ltd3,700 · 0.00% held15 Dec 17
PledgedKotak Mahindra Bank3,700 · 0.00% held30 Jun 16
What shareholders were asked to approve
2 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 17 Sep 2026
See the official result
1
To receive,consider and adopt the Audited Standalone Financial Statements of the Company for the financial year ended March 31,2026 and the Reports of the Board of Directors and the Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
2.06 cr votes for, 154 against · 0% of mutual funds and other big investors said no
2
To receive,consider and adopt the Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 and the Report of the Auditors thereon
Backed by 100% of shareholders other than promotersneeded 50%
2.06 cr votes for, 154 against · 0% of mutual funds and other big investors said no
3
To declare a final dividend of Rs.0.20 (Twenty Paise Only) per equity share for the financial year ended March 31, 2026
Backed by 100% of shareholders other than promotersneeded 50%
2.06 cr votes for, 1,204 against · 0% of mutual funds and other big investors said no
4
To appoint a Director in a place of Ms. Aditi Panandikar (DIN:00179113), who retires by rotation and being eligible, offers hereself for re-appointment
Backed by 100% of shareholders other than promotersneeded 50%
2.06 cr votes for, 3,360 against · 0% of mutual funds and other big investors said no
6
To reappoint Ms. Aditi Panandikar (DIN:00179113) as Managing Director of the Company
⚑ Passed only because promoters voted yes
Backed by 48% of shareholders other than promotersneeded 75%
98.93 L votes for, 1.07 cr against · 66% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 16 named members
owning 58.9% between them · as of 2026-09-30
SPA HOLDINGS PVT LTD19.86%
SHANTERI INVESTMENT PVT LTD17.18%
KARE FAMILY PRIVATE TRUST14.19%
PANANDIKAR ADITI MILIND3.17%
Madhura Suresh Kare2.70%
Kare Suresh Govind1.42%
SURESH GOVIND KARE HUF (Karta- Suresh Govind Kare)0.30%
SHARDA RAMNATH KARE0.04%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.