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Last Updated: April 2, 2026, 3:06 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532612 | NSE: INDOCO

Indoco Remedies Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹89.39Overvalued by 52.20%vs CMP ₹187.00

P/E (15.0) × ROE (7.0%) × BV (₹106.00) × DY (0.11%)

Defaults: P/E=15

₹132.22Overvalued by 29.29%vs CMP ₹187.00
MoS: -41.4% (Negative)Confidence: 40/100 (Low)Models: 1 Under, 1 Fair, 3 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹45.2333%Over (-75.8%)
Net Asset ValueAssets₹106.0120%Over (-43.3%)
EV/EBITDAEnterprise₹123.5516%Over (-33.9%)
ROCE CapitalReturns₹303.0616%Under (+62.1%)
Revenue MultipleRevenue₹180.2915%Fair (-3.6%)
Consensus (5 models)₹132.22100%Overvalued
Key Drivers: EPS CAGR -49.4% drags value — could be higher if earnings stabilize. | Wide model spread (₹45–₹303) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -49.4% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

48
Indoco Remedies Ltd scores 48/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health53/100 · Moderate
ROCE 0.5% WeakROE 7.0% AverageD/E 0.27 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money40/100 · Moderate
FII holding stable No changeDII holding down 0.60% MF sellingPromoter holding at 58.9% Stable
Earnings Quality50/100 · Moderate
OPM contracting (19% → 10%) DecliningWorking capital: 39 days (improving) Efficient
Quarterly Momentum60/100 · Moderate
Revenue (4Q): 2% YoY FlatOPM: 7.0% (up 4.0% YoY) Margin expansion
Industry Rank25/100 · Weak
ROCE 0.5% vs industry 16.4% Below peersROE 7.0% vs industry 15.2% Below peers3Y sales CAGR: 3% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:06 am

Market Cap 1,727 Cr.
Current Price 187
Intrinsic Value₹132.22
High / Low 350/162
Stock P/E
Book Value 106
Dividend Yield0.11 %
ROCE0.49 %
ROE7.02 %
Face Value 2.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Indoco Remedies Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Indoco Remedies Ltd 1,727 Cr. 187 350/162 1060.11 %0.49 %7.02 % 2.00
Hikal Ltd 1,972 Cr. 160 457/14678.9 96.90.88 %9.85 %7.38 % 2.00
Panacea Biotec Ltd 1,992 Cr. 325 582/292 1350.00 %4.57 %4.92 % 1.00
Kwality Pharmaceuticals Ltd 1,457 Cr. 1,404 1,740/66625.5 2810.00 %18.2 %16.2 % 10.0
Amrutanjan Health Care Ltd 1,444 Cr. 500 791/48625.0 1180.92 %22.4 %16.5 % 1.00
Industry Average19,815.15 Cr1,053.8453.84201.200.39%16.35%15.16%6.10

All Competitor Stocks of Indoco Remedies Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 399428426482459450431433411390440485445
Expenses 337363365410397401384392399391422442414
Operating Profit 626561716349484012-1184332
OPM % 16%15%14%15%14%11%11%9%3%-0%4%9%7%
Other Income 0004-622122220-5
Interest 7988101214181618262526
Depreciation 17182021242628292929303232
Profit before tax 3839344623337-5-31-46-37-14-31
Tax % 26%34%29%24%31%33%74%107%-8%-9%-1%-32%-6%
Net Profit 2826243516222-10-28-41-36-9-29
EPS in Rs 3.052.802.653.811.772.460.28-1.04-2.86-4.38-3.88-0.86-3.23

Last Updated: February 5, 2026, 1:09 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 1:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7318541,0051,0711,0419681,1071,2421,5411,6691,8171,6651,760
Expenses 6106898349149068929831,0171,2131,3811,5721,5651,669
Operating Profit 1201661711571357712322532828824510091
OPM % 16%19%17%15%13%8%11%18%21%17%13%6%5%
Other Income 2214562321206-1
Interest 1911126242126221425386694
Depreciation 3147616368727173797192114123
Profit before tax 72110999148-929132237193136-74-127
Tax % 20%24%17%15%15%-69%16%30%35%26%29%5%
Net Profit 5883827741-3249315514297-78-116
EPS in Rs 6.298.998.898.364.47-0.312.6210.1016.8015.4410.68-7.99-12.35
Dividend Payout % 22%18%18%19%22%-95%11%15%13%15%14%-2%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)43.10%-1.20%-6.10%-46.75%-107.32%900.00%287.50%66.67%-8.39%-31.69%-180.41%
Change in YoY Net Profit Growth (%)0.00%-44.31%-4.89%-40.66%-60.56%1007.32%-612.50%-220.83%-75.05%-23.30%-148.72%

Indoco Remedies Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:9%
3 Years:3%
TTM:-8%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-263%
Stock Price CAGR
10 Years:-2%
5 Years:5%
3 Years:-10%
1 Year:-28%
Return on Equity
10 Years:8%
5 Years:9%
3 Years:5%
Last Year:-7%

Last Updated: September 5, 2025, 7:25 am

Balance Sheet

Last Updated: December 4, 2025, 1:25 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 18181818181818181818181818
Reserves 4395005586336576426617518861,0101,0911,004961
Borrowings 9297140280282296262267257333672994999
Other Liabilities 180230224266281301330279325297363414530
Total Liabilities 7298469411,1971,2381,2581,2721,3151,4861,6582,1452,4302,508
Fixed Assets 3253403744404894685905705556789549971,143
CWIP 446355911361855168122114125321182
Investments 00160000002911
Other Assets 3604434966666136056316778098641,0571,1111,182
Total Assets 7298469411,1971,2381,2581,2721,3151,4861,6582,1452,4302,508

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 99109112891231321238217417915595
Cash from Investing Activity + -41-88-111-171-135-104-56-67-121-208-432-339
Cash from Financing Activity + -59-20-2132-39-16-64-30-4423280241
Net Cash Flow -11-050-51123-148-74-3
Free Cash Flow 572015-100-153964649-27-269-257
CFO/OP 94%81%82%72%98%177%103%45%66%84%75%112%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow28.0069.0031.00-123.00-147.00-219.00-139.00-42.0071.00-45.00-427.00-894.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 696669747374696970778277
Inventory Days 148181174189203209230245248228230307
Days Payable 9514613716615719518311710786100152
Cash Conversion Cycle 1221021059711988116197212219212232
Working Capital Days 444648413821225978826239
ROCE %17%21%17%12%7%1%6%16%23%17%10%-0%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 58.69%58.73%58.75%58.75%58.72%58.76%58.76%58.80%58.90%58.90%58.90%58.90%
FIIs 1.55%1.58%1.59%1.69%1.92%1.48%1.70%1.25%1.24%1.22%1.25%1.10%
DIIs 18.06%17.93%17.79%19.56%19.41%18.67%18.25%18.91%18.75%18.96%18.16%18.15%
Public 21.69%21.75%21.87%20.00%19.92%21.07%21.27%21.02%21.02%20.82%21.60%21.76%
Others 0.00%0.00%0.00%0.00%0.03%0.03%0.03%0.03%0.09%0.09%0.09%0.09%
No. of Shareholders 34,73135,43136,58832,60033,20134,51134,41634,67634,49733,12933,31932,659

Shareholding Pattern Chart

No. of Shareholders

Indoco Remedies Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund 4,199,230 0.33 91.344,199,2302025-04-22 17:25:310%
DSP Healthcare Fund 3,233,474 2.37 70.332,275,9542025-12-08 05:54:2642.07%
Nippon India Small Cap Fund 2,594,559 0.09 56.432,744,5592025-12-08 05:54:26-5.47%
Franklin India Small Cap Fund 2,025,592 0.35 44.06N/AN/AN/A
Nippon India Pharma Fund 1,834,924 0.51 39.911,834,9242025-04-22 17:25:310%
HDFC Value Fund 1,534,403 0.45 33.37N/AN/AN/A
DSP Multicap Fund 462,465 0.39 10.0660,5582025-12-08 05:54:26663.67%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) -8.4610.5315.4416.8010.10
Diluted EPS (Rs.) -8.4510.5115.4216.8010.10
Cash EPS (Rs.) 3.8920.4923.1025.3718.03
Book Value[Excl.RevalReserv]/Share (Rs.) 110.79120.47111.5898.1783.45
Book Value[Incl.RevalReserv]/Share (Rs.) 110.79120.47111.5898.1783.45
Revenue From Operations / Share (Rs.) 180.48197.14181.07167.20134.73
PBDIT / Share (Rs.) 11.3527.5731.3035.7724.68
PBIT / Share (Rs.) -0.9917.6123.6427.2116.74
PBT / Share (Rs.) -8.0614.7320.9225.6714.32
Net Profit / Share (Rs.) -8.4510.5215.4416.8010.10
NP After MI And SOA / Share (Rs.) -7.9910.6815.4416.8010.10
PBDIT Margin (%) 6.2813.9817.2821.3918.31
PBIT Margin (%) -0.548.9313.0516.2712.42
PBT Margin (%) -4.467.4711.5515.3510.63
Net Profit Margin (%) -4.685.338.5210.047.49
NP After MI And SOA Margin (%) -4.425.418.5210.047.49
Return on Networth / Equity (%) -7.218.8713.8317.1112.09
Return on Capital Employeed (%) -0.5610.5917.6523.6216.98
Return On Assets (%) -3.034.598.5710.417.07
Long Term Debt / Equity (X) 0.520.310.130.100.12
Total Debt / Equity (X) 0.950.590.300.260.27
Asset Turnover Ratio (%) 0.720.951.061.100.95
Current Ratio (X) 1.241.561.901.821.53
Quick Ratio (X) 0.720.981.141.090.94
Inventory Turnover Ratio (X) 4.311.431.291.441.36
Dividend Payout Ratio (NP) (%) -18.7521.0514.578.920.00
Dividend Payout Ratio (CP) (%) 34.4710.899.745.910.00
Earning Retention Ratio (%) 118.7578.9585.4391.080.00
Cash Earning Retention Ratio (%) 65.5389.1190.2694.090.00
Interest Coverage Ratio (X) 1.586.6811.5223.3110.21
Interest Coverage Ratio (Post Tax) (X) -0.193.256.6811.955.18
Enterprise Value (Cr.) 3109.493659.623301.123694.362857.47
EV / Net Operating Revenue (X) 1.872.011.982.402.30
EV / EBITDA (X) 29.7014.4011.4511.2112.57
MarketCap / Net Operating Revenue (X) 1.291.671.802.252.14
Retention Ratios (%) 118.7578.9485.4291.070.00
Price / BV (X) 2.112.732.923.843.46
Price / Net Operating Revenue (X) 1.291.671.802.252.14
EarningsYield -0.030.030.040.040.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Indoco Remedies Ltd. is a Public Limited Listed company incorporated on 23/08/1947 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L85190MH1947PLC005913 and registration number is 005913. Currently Company is involved in the business activities of Manufacture of allopathic pharmaceutical preparations. Company's Total Operating Revenue is Rs. 1518.19 Cr. and Equity Capital is Rs. 18.45 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
PharmaceuticalsIndoco House, 166, CST Road, Kalina, Mumbai Maharashtra 400098Contact not found
Management
NamePosition Held
Mr. Suresh G KareChairman
Ms. Aditi PanandikarManaging Director
Mr. Sundeep V BambolkarJoint Managing Director
Dr. Anand NadkarniNon Executive Director
Mr. Satish ShenoyIndependent Director
Mr. Ajay MulgaokarIndependent Director
Dr.(Ms.) Vasudha V KamatIndependent Director
Mr. Abhijit Y GoreIndependent Director

FAQ

What is the intrinsic value of Indoco Remedies Ltd and is it undervalued?

As of 19 April 2026, Indoco Remedies Ltd's intrinsic value is ₹132.22, which is 29.29% lower than the current market price of ₹187.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (7.02 %), book value (₹106), dividend yield (0.11 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Indoco Remedies Ltd?

Indoco Remedies Ltd is trading at ₹187.00 as of 19 April 2026, with a FY2026-2027 high of ₹350 and low of ₹162. The stock is currently near its 52-week low. Market cap stands at ₹1,727 Cr..

How does Indoco Remedies Ltd's P/E ratio compare to its industry?

Indoco Remedies Ltd has a P/E ratio of , which is below the industry average of 53.84. This is broadly in line with or below the industry average.

Is Indoco Remedies Ltd financially healthy?

Key indicators for Indoco Remedies Ltd: ROCE of 0.49 % is on the lower side compared to the industry average of 16.35%; ROE of 7.02 % is below ideal levels (industry average: 15.16%). Dividend yield is 0.11 %.

Is Indoco Remedies Ltd profitable and how is the profit trend?

Indoco Remedies Ltd reported a net profit of ₹-78 Cr in Mar 2025 on revenue of ₹1,665 Cr. Compared to ₹155 Cr in Mar 2022, the net profit shows a declining trend.

Does Indoco Remedies Ltd pay dividends?

Indoco Remedies Ltd has a dividend yield of 0.11 % at the current price of ₹187.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Indoco Remedies Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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