Indoco Remedies Limited (INDOCO) Fair Value & Analysis

Healthcare · IN · Market cap ₹22.5B

Below-average quality, and screening another 54% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (₹154.57). The favourable scenario is already priced in.
• Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
• The model range is unusually wide (₹46.88 to ₹154.57). The outcome hinges heavily on assumptions, so read the point estimate with caution.

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 ₹164.00 – ₹510.24 · fair‑value band ₹46.88 – ₹154.57 · the ₹218.74 price screens above the ₹100.73 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Indoco Remedies Limited (INDOCO) currently trades at ₹218.74, while our model-based Fair Value estimate is ₹100.73, implying the stock looks roughly 54.0% overvalued today. The Quality Score stands at 36/100 (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: medium).

Over the trailing twelve months, Indoco Remedies Limited generated revenue of ₹18.5B at a net margin of -5.2%. Revenue grew 21.9% year over year. It earns a return on equity of -10.1%. Net debt stands at ₹10.6B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹46.88 (bear case) to ₹154.57 (bull case); at ₹218.74, 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 -49% fair-value upside, at -54%, INDOCO 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 (₹162.97) versus Dividend Discount (₹3.34). Highest evidence: Gordon GGM (70).

Key figures & financial health

Quality Score breakdown

About the company

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

Full company description

Indoco Remedies Limited manufactures and markets formulations and active pharmaceutical ingredients in India and internationally. It offers products for gastrointestinal, anti-infectives, respiratory, stomatological, vitamins/minerals/nutrients, urological, ophthal/ontological, dermatology, pain/analgesic, cardiac, anti-diabetic, and gynaecological therapeutic areas. The company also provides branded generics comprising analgesic tablets and topical preparations; anti-hypertensive; protein supplements; multivitamin tablets and syrups; antibiotic tablets, syrups, and injectables; oral rehydration powders; antacids; and antihistaminic, anti-inflammatory drugs, etc. In addition, it provides analytical services, such as impurity profile, particle size analysis, polymorphism and compatibility studies, heavy metal analysis, extractables and leachables studies, lyophilization studies, reference and working standards, forced degradation studies, and chromatographic method development and validation services. Further, the company offers architectural design, lighting, mechanical and utility engineering, project and construction management, electrical, control system, piping, structural design, data transfer system, and process engineering. Additionally, it provides contract research services, such as custom chemical synthesis of molecules and intermediates; process chemistry research and development; non-infringing process designing and scale up; and analytical method development, validation, impurity characterization, and polymorphic studies, solutions, as well as intellectual property management. 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

FY2022 – FY2026 · reported fiscal years

Indoco Remedies Limited reported revenue of ₹18.5B in FY2026 versus ₹15.0B in FY2022, a compound +5.3%/yr. Reported net income was −₹987M in FY2026.

INDOCO screens 54% overvalued. Compare with Jiangsu Hengrui Pharmaceuticals Co →

Peer Group

Drug Manufacturers - Specialty & Generic · 625 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Drug Manufacturers - Specialty & Generic 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.