Indoco Remedies Limited (532612) Fair Value & Analysis

Healthcare · IN · Market cap ₹23.0B

Below-average quality, and screening another 56% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (₹135.14). The favourable scenario is already priced in.
• Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts.
• The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
• A fairly wide model range (₹58.43 to ₹135.14) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹164.85 – ₹512.74 · fair‑value band ₹58.43 – ₹135.14 · the ₹220.60 price screens above the ₹96.79 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Indoco Remedies Limited (532612) currently trades at ₹220.60, while our model-based Fair Value estimate is ₹96.79, implying the stock looks roughly 56.1% overvalued today. The Quality Score stands at 35/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Indoco Remedies Limited generated revenue of ₹11.7B at a net margin of 4.9%. Revenue grew 12.0% year over year. It earns a return on equity of 8.3%. The stock trades on a trailing P/E of 36.3. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹58.43 (bear case) to ₹135.14 (bull case); at ₹220.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 37% below its 52-week high and 35% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -33% fair-value upside, at -56%, 532612 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (₹96.79) versus Dividend Discount (₹23.72). Highest evidence: Gordon GGM (70).

Key figures & financial health

Quality Score breakdown

About the company

Indoco Remedies Limited manufactures and sells formulations and active pharmaceutical ingredients in India and internationally.

Full company description

Indoco Remedies Limited manufactures and sells formulations and active pharmaceutical ingredients in India and internationally. The company offers respiratory products, such as Karvol Plus, Febrex Plus, and Tuspel; stomatologicals products that include Sensodent-K, Sensoform, Sensodent-KF, Snowdent, Kidodent, Rexidin Plus, and Dentogel; gastro intestinal products, such as Carmicide, Cyclopam, Carmicide Drops, Cyclomeff, and Nosic; pain/analgesics products that include Lignox and T-lac; and opthalmological products, such as Renolen, Homide, Tobaren DM, and Mofloren-D. It also provides vitamins/minerals/nutrients that include Methycal, MCBM 69, SM Fibro, Durashape, Trucharge, and Apispur; Urology products, such as Cital, Cital UTI, and Cital-H; Cloben-G and Scabex for derma; ATM for anti-invectives; Otorex for otologicals; Obi X and KG-Low for anti-obesity; Hemsyl for blood related; Dexoren for Opthal/Otologicals; and Vepan, bactogard, and Oxipod for anti-infectives. In addition, the company offers PGVISC eye drops; Aziltence for cardiac therapy; and D-Chiro for gynaec therapy. Further, it provides analytical services, such as impurity profile, particle size analysis, heavy metal analysis, polymorphism, compatibility, extractables and leachables studies, lyophilization studies, reference and working standards, forced degradation studies, and chromatographic method development and validation services. Additionally, the company offers services that include architectural design, lighting, mechanical and utility engineering, project and construction management, electrical, control system, piping, structural design, data transfer system, and process engineering. It serves general practitioners, pediatricians, consultant physicians, dentists, cardiologists, diabetologists, endocrinologists, and nephrologists. The company was formerly known as Indo Continental Trading Company. Indoco Remedies Limited was founded in 1945 and is based in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Indoco Remedies Limited reported revenue of ₹16.6B in FY2025 versus ₹12.4B in FY2021, a compound +7.6%/yr. Reported net income was −₹737M in FY2025.

532612 screens 56% overvalued. Compare with Anuh Pharma Limited →

Peer Group

Health Care · 2285 stocks

How this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Drugs - Generic” was too small, so the broader sector is used.)

Valuation Multiples vs Health Care median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.