India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,673 Suresh G Kare ₹1,100 Cr
Market Cap
₹2,037 Cr
INDOCO · NSE
Share Price
₹213.75
-3.13% today
Revenue
₹1,845 Cr
FY 2025-26 · +10.8% YoY
EBITDA
₹135 Cr
Margin 7.3%
Net Profit
−₹91.69 Cr
FY 2025-26 · -22.4% YoY
ROE
-10.1%
ROCE 0.8%
Debt / Equity
1.06
Interest cover 1,364.4x
Authorised capital
₹25 Cr
Registered with MCA
About Indoco Remedies Limited
Data last updated:
Indoco Remedies Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 23 August 1947 and has been in existence for over 79 years.
Its director Suresh G Kare is #1,673 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L85190MH1947PLC005913. Its GSTIN is 27AAACI0380C1Z3 (Maharashtra). The company holds 28 GST registrations, of which 21 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 532612 and NSE: INDOCO.
The company has an authorised share capital of ₹25 Cr and a paid-up capital of ₹18.46 Cr. It is led by directors including Sundeep Vasant Bambolkar (Managing Director) and Aditi Milind Panandikar (Managing Director).
Its last annual general meeting (AGM) was held on 11 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Indoco House 166 Cst Roadvidyanagari Marg Kalina Santacruz East, Mumbai, Maharashtra, India – 400098.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹1,845.32 Cr, a growth of 10.8% compared to the previous year. For the same year it recorded a net loss of ₹91.69 Cr (net margin -5%) and EBITDA of ₹135.41 Cr (EBITDA margin 7.3%). The net worth stands at ₹939.28 Cr (down 8.1% YoY). Total assets are valued at ₹2,067.75 Cr (up 0.4% YoY).
The company has about 6,460 employees on its provident fund (EPFO) records. Its group structure includes 2 subsidiaries.
The company is associated with 2 brands: AnaCipher CRO and Indoco Remedies. As per MCA filings, the company has open charges of ₹787.06 Cr and satisfied charges of ₹717.82 Cr on record. Court records list 224 cases involving the company, including 154 filed by the company and 71 filed against it; 47 cases are pending. The company has 31 deals on record (27 market trades, 3 secondary share transfers, 1 funding round), with disclosed funding of ₹46.5 Lakh; the latest was in June 2026. Its 5 peer companies in the Pharma industry (API Manufacturers, Contract Research, Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 3 larger and 2 smaller; the largest is Leeford Healthcare Limited with revenue of ₹1,730.47 Cr. The company has 19 MSME Form 1 returns on record between 2016 and 2024, listing 86 overdue payments to 45 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website indoco.com.
Company details
CIN L85190MH1947PLC005913
Registration Number 005913
Incorporation Date 23 August 1947
ROC Mumbai
Listing Status Listed - Listed on NSE (INDOCO); Listed on BSE (532612)
Company Status Active
Date of Last AGM 11 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
CIN history
Indoco Remedies has one previous CIN (Corporate Identification Number): U85190MH1947PTC005913. The current CIN is L85190MH1947PLC005913, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L85190MH1947PLC005913 | Current |
| U85190MH1947PTC005913 | Previous |
Key People
Sundeep Vasant Bambolkar Managing Director Aditi Milind Panandikar Managing Director Suresh Govind Kare Director Recognitions & Rankings of Indoco Remedies
Contact details
Indoco Remedies Limited's registered office is in Mumbai, Maharashtra. Its website is indoco.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressIndoco House 166 Cst Roadvidyanagari Marg Kalina Santacruz East, Mumbai, Maharashtra, India – 400098
- IndustryPharma, Drug Formulation & Development, API Manufacturers, Pharma Contract R&D
To see the full contact details of Indoco Remedies Limited, buy the company report.
Comprehensive company report
Indoco Remedies Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Indoco Remedies operates two associated brands: AnaCipher CRO and Indoco Remedies. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provides clinical research and bioequivalence studies for pharmaceutical partners. | anaciphercro.com | |
| APIs manufacturing and formulation services are provided in therapeutic segments. | indoco.com |
Business activity
The main business activity of Indoco Remedies is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products |
To see the full business activity and turnover split of Indoco Remedies Limited, buy the company report.
Financials of Indoco Remedies Limited
FY 2025-26 filings availableIndoco Remedies Limited reported revenue of ₹1,845.32 Cr (up 10.8% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹1,845 Cr
+10.8% YoY
EBITDA
₹135 Cr
+36.4% YoY
Profit After Tax
−₹91.69 Cr
-22.4% YoY
Net Worth
₹939 Cr
-8.1% YoY
Total Assets
₹2,068 Cr
+0.4% YoY
Total Debt
₹1,090 Cr
+9.7% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,845 | 1,665 | 1,817 | 1,669 | 1,541 | 1,242 | 1,107 |
| Revenue growth | +10.8% | -8.4% | +8.9% | +8.3% | +24.1% | +12.2% | - |
| EBITDA | 135 | 99.26 | 236 | 286 | 327 | 224 | 123 |
| EBITDA margin | +7.3% | +6.0% | +13.0% | +17.2% | +21.3% | +18.1% | +11.1% |
| Profit before tax | (106) | (74.36) | 136 | 193 | 237 | 132 | 28.57 |
| Net profit | (91.69) | (74.94) | 90.51 | 143 | 155 | 93.23 | 24.30 |
| Net profit margin | -5.0% | -4.5% | +5.0% | +8.6% | +10.1% | +7.5% | +2.2% |
| EPS (₹) | (10.31) | (7.99) | 10.68 | 15.44 | 16.80 | 10.10 | 2.62 |
| Balance sheet | |||||||
| Total assets | 2,068 | 2,060 | 1,828 | 1,402 | 1,200 | 1,071 | 977 |
| Net worth | 939 | 1,022 | 1,110 | 1,028 | 905 | 769 | 680 |
| Total debt | 1,090 | 994 | 672 | 333 | 257 | 267 | 262 |
| Cash & bank | 32.99 | 17.08 | 24.32 | 13.34 | 19.77 | 14.34 | 37.93 |
| Net working capital | 672 | 644 | 643 | 562 | 499 | 378 | 269 |
| Cash flow | |||||||
| Cash from operations | 192 | 94.94 | 157 | 179 | 174 | 82.22 | 123 |
| Cash from investing | (102) | (339) | (433) | (208) | (121) | (66.69) | (55.93) |
| Cash from financing | (76.79) | 241 | 280 | 22.80 | (44.37) | (29.87) | (63.95) |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 520 | 468 | 476 | 445 | 485 | 440 | 390 | 411 |
| Revenue growth (YoY) | +7.3% | +6.3% | +21.9% | +8.5% | +12.0% | +1.9% | - | - |
| Other income | 39.11 | 99.52 | 3.70 | 0.98 | 0.76 | 1.63 | 2.02 | 1.84 |
| EBITDA | 46.43 | 41.02 | 49.71 | 25.36 | 42.52 | 17.53 | (0.78) | 12.03 |
| EBITDA margin | +9.2% | +8.8% | +10.9% | +5.8% | +9.0% | +4.1% | -0.2% | +3.0% |
| Depreciation | 34.44 | 34.53 | 32.49 | 32.01 | 32.25 | 29.70 | 28.78 | 28.72 |
| Interest | 26.91 | 28.29 | 45.92 | 25.64 | 24.56 | 26.12 | 17.98 | 16.11 |
| Profit before tax | 24.19 | 77.72 | (25.00) | (31.31) | (13.53) | (36.66) | (45.52) | (30.96) |
| Tax | 4.72 | 12.28 | (1.32) | (1.86) | (4.32) | (0.31) | (4.18) | (2.56) |
| Net profit | 19.47 | 65.44 | (23.68) | (29.45) | (9.21) | (36.35) | (41.34) | (28.40) |
| EPS (₹) | 2.11 | 7.09 | (2.56) | (3.19) | (1.00) | (3.94) | (4.48) | (3.08) |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 1,686 | 1,518 | 1,791 | 1,667 | 1,540 | 1,240 | 1,106 |
| Revenue growth | +11.1% | -15.2% | +7.5% | +8.3% | +24.1% | +12.1% | - |
| EBITDA | 151 | 128 | 250 | 285 | 327 | 224 | 123 |
| EBITDA margin | +9.0% | +8.4% | +14.0% | +17.1% | +21.2% | +18.0% | +11.2% |
| Profit before tax | (11.46) | (7.36) | 153 | 192 | 236 | 131 | 28.70 |
| Net profit | (3.07) | (10.08) | 108 | 142 | 155 | 92.56 | 24.43 |
| Net profit margin | -0.2% | -0.7% | +6.0% | +8.5% | +10.1% | +7.5% | +2.2% |
| EPS (₹) | (0.61) | (0.95) | 12.65 | 15.34 | 16.77 | 10.03 | 2.63 |
| Balance sheet | |||||||
| Total assets | 1,904 | 1,904 | 1,686 | 1,401 | 1,200 | 1,069 | 978 |
| Net worth | 1,099 | 1,103 | 1,127 | 1,027 | 904 | 769 | 680 |
| Total debt | 760 | 754 | 514 | 333 | 257 | 258 | 262 |
| Cash & bank | 20.00 | 12.03 | 16.94 | 12.40 | 19.21 | 14.05 | 37.65 |
| Net working capital | 654 | 651 | 628 | 559 | 496 | 375 | 267 |
| Cash flow | |||||||
| Cash from operations | 226 | 107 | 177 | 179 | 174 | 82.17 | 123 |
| Cash from investing | (87.38) | (276) | (302) | (209) | (121) | (66.70) | (55.95) |
| Cash from financing | (133) | 169 | 122 | 22.81 | (44.37) | (29.83) | (63.95) |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 452 | 409 | 449 | 401 | 442 | 394 | 347 | 373 |
| Revenue growth (YoY) | +2.1% | +3.7% | +29.3% | +7.4% | +11.5% | -1.8% | - | - |
| Other income | 42.16 | 102 | 14.03 | 7.17 | 6.54 | 5.58 | 6.50 | 5.25 |
| Total expenses | 411 | 367 | 386 | 381 | 389 | 379 | 344 | 353 |
| EBITDA | 40.27 | 42.21 | 63.03 | 19.89 | 52.86 | 14.82 | 3.46 | 20.14 |
| EBITDA margin | +9.2% | +10.3% | +14.7% | +5.1% | +12.3% | +3.8% | +1.0% | +5.5% |
| Depreciation | 27.86 | 28.05 | 26.71 | 27.36 | 27.63 | 25.20 | 24.88 | 24.75 |
| Interest | 19.87 | 22.75 | 22.73 | 20.15 | 22.01 | 23.61 | 15.98 | 14.00 |
| Profit before tax | 34.70 | 93.22 | 27.62 | (20.45) | 9.76 | (28.41) | (30.90) | (13.36) |
| Tax | 4.07 | 10.90 | 0.27 | (0.45) | (5.29) | (0.34) | (4.66) | (3.13) |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 28 Oct 2026
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 520 | 468 | 476 | 445 | 485 | 440 | 390 | 411 |
| Revenue growth (YoY) | +7.3% | +6.3% | +21.9% | +8.5% | +12.0% | +1.9% | - | - |
| Other income | 39.11 | 99.52 | 3.70 | 0.98 | 0.76 | 1.63 | 2.02 | 1.84 |
| EBITDA | 46.43 | 41.02 | 49.71 | 25.36 | 42.52 | 17.53 | (0.78) | 12.03 |
| EBITDA margin | +9.2% | +8.8% | +10.9% | +5.8% | +9.0% | +4.1% | -0.2% | +3.0% |
| Depreciation | 34.44 | 34.53 | 32.49 | 32.01 | 32.25 | 29.70 | 28.78 | 28.72 |
| Interest | 26.91 | 28.29 | 45.92 | 25.64 | 24.56 | 26.12 | 17.98 | 16.11 |
| Profit before tax | 24.19 | 77.72 | (25.00) | (31.31) | (13.53) | (36.66) | (45.52) | (30.96) |
| Tax | 4.72 | 12.28 | (1.32) | (1.86) | (4.32) | (0.31) | (4.18) | (2.56) |
| Net profit | 19.47 | 65.44 | (23.68) | (29.45) | (9.21) | (36.35) | (41.34) | (28.40) |
| EPS (₹) | 2.11 | 7.09 | (2.56) | (3.19) | (1.00) | (3.94) | (4.48) | (3.08) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,845 | 1,665 | 1,817 | 1,669 | 1,541 | 1,242 | 1,107 |
| Revenue growth | +10.8% | -8.4% | +8.9% | +8.3% | +24.1% | +12.2% | - |
| Other income | 6.79 | 6.45 | 29.58 | 2.34 | 2.33 | 3.12 | 2.44 |
| Total expenses | 1,710 | 1,566 | 1,581 | 1,383 | 1,213 | 1,017 | 983 |
| Employee cost | 426 | 394 | 362 | 323 | 296 | 274 | 257 |
| EBITDA | 135 | 99.26 | 236 | 286 | 327 | 224 | 123 |
| EBITDA margin | +7.3% | +6.0% | +13.0% | +17.2% | +21.3% | +18.1% | +11.1% |
| Depreciation | 126 | 114 | 91.87 | 70.61 | 78.96 | 73.13 | 70.82 |
| Interest | 122 | 66.23 | 38.02 | 25.03 | 14.14 | 22.26 | 26.25 |
| Profit before tax | (106) | (74.36) | 136 | 193 | 237 | 132 | 28.57 |
| Tax | (7.81) | 3.58 | 38.79 | 50.55 | 81.77 | 38.95 | 4.46 |
| Net profit | (91.69) | (74.94) | 90.51 | 143 | 155 | 93.23 | 24.30 |
| Net profit margin | -5.0% | -4.5% | +5.0% | +8.6% | +10.1% | +7.5% | +2.2% |
| EPS (₹) | (10.31) | (7.99) | 10.68 | 15.44 | 16.80 | 10.10 | 2.62 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 18.46 | 18.45 | 18.44 | 18.43 | 18.43 | 18.43 | 18.43 |
| Reserves & surplus | 921 | 1,004 | 1,091 | 1,010 | 886 | 751 | 661 |
| Shareholders' funds (net worth) | 939 | 1,022 | 1,110 | 1,028 | 905 | 769 | 680 |
| Minority interest | (7.17) | (3.62) | 0.60 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 866 | 785 | 498 | 267 | 177 | 176 | 194 |
| Unsecured loans | 224 | 208 | 174 | 66.14 | 79.87 | 90.99 | 67.54 |
| Total debt | 1,090 | 994 | 672 | 333 | 257 | 267 | 262 |
| Total liabilities | 2,068 | 2,060 | 1,828 | 1,402 | 1,200 | 1,071 | 977 |
| Assets | |||||||
| Gross block | 2,232 | 1,928 | 1,781 | 1,423 | 1,236 | 1,178 | 1,127 |
| Net block | 1,193 | 997 | 954 | 678 | 555 | 570 | 590 |
| Capital work in progress | 90.01 | 321 | 125 | 114 | 122 | 68.10 | 50.70 |
| Investments | 1.46 | 1.46 | 8.71 | 2.46 | 0.02 | 0.02 | 0.02 |
| Inventories | 405 | 419 | 353 | 326 | 311 | 238 | 208 |
| Sundry debtors | 489 | 352 | 406 | 351 | 297 | 234 | 210 |
| Cash & bank balances | 32.99 | 17.08 | 24.32 | 13.34 | 19.77 | 14.34 | 37.93 |
| Loans & advances | 266 | 212 | 164 | 122 | 146 | 137 | 107 |
| Total current assets | 1,193 | 1,001 | 947 | 813 | 774 | 623 | 563 |
| Total current liabilities | 521 | 357 | 305 | 250 | 275 | 244 | 294 |
| Net working capital | 672 | 644 | 643 | 562 | 499 | 378 | 269 |
| Total assets | 2,068 | 2,060 | 1,828 | 1,402 | 1,200 | 1,071 | 977 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 12.11 | 14.86 | 10.92 | 17.47 | 9.42 | 23.76 | 20.80 |
| Net cash from operating activities | 192 | 94.94 | 157 | 179 | 174 | 82.22 | 123 |
| Net cash from investing activities | (102) | (339) | (433) | (208) | (121) | (66.69) | (55.93) |
| Net cash from financing activities | (76.79) | 241 | 280 | 22.80 | (44.37) | (29.87) | (63.95) |
| Net change in cash | 13.82 | (2.75) | 3.93 | (6.54) | 8.05 | (14.34) | 2.97 |
| Closing cash | 32.99 | 17.08 | 24.32 | 13.34 | 19.77 | 14.34 | 37.93 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +10.8% | -8.4% | +8.9% | +8.3% | +24.1% | +12.2% | - |
| EBITDA growth | +36.4% | -58.0% | -17.5% | -12.6% | +46.0% | +82.1% | - |
| PBT growth | -43.2% | - | -29.6% | -18.5% | +79.2% | +362.1% | +9998.0% |
| Net income growth | -22.4% | -182.8% | -36.8% | -7.7% | +66.4% | +283.7% | - |
| Revenue CAGR (3Y) | +3.4% | +2.6% | +13.5% | +14.7% | +16.7% | +6.0% | +1.0% |
| EBITDA CAGR (3Y) | -22.1% | -32.8% | +1.7% | +32.4% | +62.3% | +18.5% | -7.7% |
| Profitability & leverage | |||||||
| Net income margin | -5.4% | -4.7% | +5.3% | +8.5% | +10.1% | +7.5% | +2.2% |
| Return on capital employed | +0.8% | -0.4% | +10.8% | +16.7% | +22.1% | +15.1% | +5.6% |
| Return on net worth | -10.1% | -7.3% | +9.1% | +14.7% | +18.5% | +12.9% | +3.6% |
| Debt / equity | 1.06 | 0.78 | 0.47 | 0.30 | 0.31 | 0.36 | 0.42 |
| Long-term debt / equity | 0.63 | 0.48 | 0.28 | 0.16 | 0.13 | 0.14 | 0.17 |
| Interest cover | 1,364.40 | -454.25 | 26.36 | 11.62 | 5.69 | 14.73 | 50.11 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.89 | 0.90 | 1.13 | 1.26 | 1.28 | 1.08 | 1.07 |
| Inventory turnover | 4.48 | 4.31 | 5.35 | 5.24 | 5.62 | 5.57 | 5.65 |
| Debtors turnover | 4.39 | 4.39 | 4.80 | 5.15 | 5.80 | 5.59 | 5.45 |
| EPS (₹) | (10.31) | (7.99) | 10.68 | 15.44 | 16.80 | 10.10 | 2.62 |
| Dividend per share (₹) | 0.20 | 0.20 | 1.50 | 2.25 | 2.25 | 1.50 | 0.30 |
| Book value per share (₹) | 101.76 | 110.79 | 120.40 | 111.58 | 98.17 | 83.45 | 73.75 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 452 | 409 | 449 | 401 | 442 | 394 | 347 | 373 |
| Revenue growth (YoY) | +2.1% | +3.7% | +29.3% | +7.4% | +11.5% | -1.8% | - | - |
| Other income | 42.16 | 102 | 14.03 | 7.17 | 6.54 | 5.58 | 6.50 | 5.25 |
| Total expenses | 411 | 367 | 386 | 381 | 389 | 379 | 344 | 353 |
| EBITDA | 40.27 | 42.21 | 63.03 | 19.89 | 52.86 | 14.82 | 3.46 | 20.14 |
| EBITDA margin | +9.2% | +10.3% | +14.7% | +5.1% | +12.3% | +3.8% | +1.0% | +5.5% |
| Depreciation | 27.86 | 28.05 | 26.71 | 27.36 | 27.63 | 25.20 | 24.88 | 24.75 |
| Interest | 19.87 | 22.75 | 22.73 | 20.15 | 22.01 | 23.61 | 15.98 | 14.00 |
| Profit before tax | 34.70 | 93.22 | 27.62 | (20.45) | 9.76 | (28.41) | (30.90) | (13.36) |
| Tax | 4.07 | 10.90 | 0.27 | (0.45) | (5.29) | (0.34) | (4.66) | (3.13) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,686 | 1,518 | 1,791 | 1,667 | 1,540 | 1,240 | 1,106 |
| Revenue growth | +11.1% | -15.2% | +7.5% | +8.3% | +24.1% | +12.1% | - |
| Other income | 33.10 | 19.48 | 28.24 | 2.33 | 2.32 | 3.11 | 2.43 |
| Total expenses | 1,535 | 1,390 | 1,541 | 1,382 | 1,213 | 1,017 | 983 |
| Employee cost | 394 | 369 | 351 | 321 | 295 | 273 | 255 |
| EBITDA | 151 | 128 | 250 | 285 | 327 | 224 | 123 |
| EBITDA margin | +9.0% | +8.4% | +14.0% | +17.1% | +21.2% | +18.0% | +11.2% |
| Depreciation | 107 | 98.25 | 87.98 | 70.60 | 78.95 | 73.12 | 70.81 |
| Interest | 88.50 | 56.63 | 36.81 | 25.03 | 14.14 | 22.22 | 26.25 |
| Profit before tax | (11.46) | (7.36) | 153 | 192 | 236 | 131 | 28.70 |
| Tax | (5.81) | 1.36 | 36.58 | 50.23 | 81.71 | 38.95 | 4.46 |
| Net profit | (3.07) | (10.08) | 108 | 142 | 155 | 92.56 | 24.43 |
| Net profit margin | -0.2% | -0.7% | +6.0% | +8.5% | +10.1% | +7.5% | +2.2% |
| EPS (₹) | (0.61) | (0.95) | 12.65 | 15.34 | 16.77 | 10.03 | 2.63 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 18.46 | 18.45 | 18.44 | 18.43 | 18.43 | 18.43 | 18.43 |
| Reserves & surplus | 1,081 | 1,085 | 1,108 | 1,009 | 886 | 750 | 662 |
| Shareholders' funds (net worth) | 1,099 | 1,103 | 1,127 | 1,027 | 904 | 769 | 680 |
| Secured loans | 522 | 508 | 328 | 267 | 177 | 165 | 184 |
| Unsecured loans | 238 | 246 | 186 | 66.14 | 79.87 | 93.44 | 77.54 |
| Total debt | 760 | 754 | 514 | 333 | 257 | 258 | 262 |
| Total liabilities | 1,904 | 1,904 | 1,686 | 1,401 | 1,200 | 1,069 | 978 |
| Assets | |||||||
| Gross block | 1,851 | 1,666 | 1,555 | 1,406 | 1,236 | 1,178 | 1,127 |
| Net block | 851 | 754 | 732 | 661 | 555 | 570 | 590 |
| Capital work in progress | 85.21 | 226 | 114 | 113 | 122 | 68.10 | 50.70 |
| Investments | 160 | 51.96 | 59.20 | 19.90 | 2.46 | 2.45 | 2.45 |
| Inventories | 322 | 363 | 310 | 326 | 311 | 238 | 208 |
| Sundry debtors | 541 | 374 | 408 | 351 | 297 | 234 | 209 |
| Cash & bank balances | 20.00 | 12.03 | 16.94 | 12.40 | 19.21 | 14.05 | 37.65 |
| Loans & advances | 231 | 190 | 158 | 122 | 146 | 136 | 107 |
| Total current assets | 1,114 | 939 | 893 | 811 | 773 | 622 | 562 |
| Total current liabilities | 460 | 288 | 265 | 253 | 277 | 247 | 294 |
| Net working capital | 654 | 651 | 628 | 559 | 496 | 375 | 267 |
| Total assets | 1,904 | 1,904 | 1,686 | 1,401 | 1,200 | 1,069 | 978 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 7.06 | 7.47 | 9.99 | 16.90 | 9.13 | 23.48 | 20.72 |
| Net cash from operating activities | 226 | 107 | 177 | 179 | 174 | 82.17 | 123 |
| Net cash from investing activities | (87.38) | (276) | (302) | (209) | (121) | (66.70) | (55.95) |
| Net cash from financing activities | (133) | 169 | 122 | 22.81 | (44.37) | (29.83) | (63.95) |
| Net change in cash | 5.87 | (0.41) | (2.52) | (6.91) | 7.77 | (14.35) | 2.76 |
| Closing cash | 20.00 | 12.03 | 16.94 | 12.40 | 19.21 | 14.05 | 37.65 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +11.1% | -15.2% | +7.5% | +8.3% | +24.1% | +12.1% | - |
| EBITDA growth | +17.8% | -48.7% | -12.3% | -12.9% | +46.3% | +81.3% | - |
| PBT growth | -55.7% | - | -20.0% | -18.9% | +79.9% | +357.6% | +9998.0% |
| Net income growth | +69.5% | -109.3% | -24.0% | -8.1% | +67.3% | +278.9% | - |
| Revenue CAGR (3Y) | +0.4% | -0.5% | +13.0% | +14.7% | +16.7% | +6.1% | +1.0% |
| EBITDA CAGR (3Y) | -19.1% | -26.8% | +3.8% | +32.2% | +62.1% | +18.4% | -7.7% |
| Profitability & leverage | |||||||
| Net income margin | -0.3% | -0.6% | +6.5% | +8.5% | +10.0% | +7.5% | +2.2% |
| Return on capital employed | +4.2% | +2.7% | +12.3% | +16.7% | +22.1% | +15.0% | +5.6% |
| Return on net worth | -0.3% | -0.9% | +10.8% | +14.6% | +18.5% | +12.8% | +3.6% |
| Debt / equity | 0.69 | 0.57 | 0.39 | 0.31 | 0.31 | 0.36 | 0.42 |
| Long-term debt / equity | 0.31 | 0.25 | 0.19 | 0.14 | 0.12 | 0.13 | 0.17 |
| Interest cover | 201.41 | 190.10 | 22.75 | 11.68 | 5.70 | 14.77 | 49.98 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.96 | 0.94 | 1.21 | 1.26 | 1.28 | 1.08 | 1.07 |
| Inventory turnover | 4.93 | 4.51 | 5.63 | 5.24 | 5.62 | 5.56 | 5.65 |
| Debtors turnover | 3.68 | 3.88 | 4.72 | 5.15 | 5.80 | 5.60 | 5.48 |
| EPS (₹) | (0.61) | (0.95) | 12.65 | 15.34 | 16.77 | 10.03 | 2.63 |
| Dividend per share (₹) | 0.20 | 0.20 | 1.50 | 2.25 | 2.25 | 1.50 | 0.30 |
| Book value per share (₹) | 119.08 | 119.61 | 122.22 | 111.45 | 98.13 | 83.44 | 73.81 |
To see the full year-wise statements and ratios of Indoco Remedies Limited, buy the company report.
Board of directors of Indoco Remedies Limited
Indoco Remedies has 7 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Suresh Govind Kare Also directs: Spa Holdings Private Limited, Warren Remedies Private Limited, Shanteri Investment Private Limited and 1 more | Director | 02 Jul 1963 | 63 Years 3 Months | Current |
| Sundeep Vasant Bambolkar | Managing Director | 27 Mar 2004 | 22 Years 7 Months | Current |
| Aditi Milind Panandikar | Managing Director | 27 Mar 2004 | 22 Years 7 Months | Current |
| Vasudha Vasant Kamat | Director | 27 Mar 2020 | 6 Years 7 Months | Current |
| Abhijit Yashawant Gore | Director | 03 Oct 2020 | 6 Years 0 Months | Current |
| Satish Madhav Shenoy Also directs: Paramount Speciality Forgings Limited, Kataline Limited | Director | 01 Apr 2024 | 2 Years 6 Months | Current |
Showing 6 of 7 current directors. View all directors
Peer comparison
Indoco Remedies Limited is compared with the 5 companies closest to it by revenue in the Pharma industry (API Manufacturers, Contract Research, Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Indoco Remedies Limitedthis company | ₹1,845.32 Cr (FY 2026) | -₹91.69 Cr | -5% | 10.8% | 6,460 | Mumbai, Maharashtra, India |
| Leeford Healthcare Limited | ₹1,730.47 Cr (FY 2025) | 5.0% | Ludhiana, Punjab, India | |||
| MSN Pharmachem Private Limited | ₹1,716.51 Cr (FY 2024) | 40.0% | Hyderabad, Telangana, India | |||
| Bharat Biotech International Limited | ₹1,699.59 Cr (FY 2025) | 4.0% | Hyderabad, Telangana, India | |||
| Dishman Pharmaceuticals and Chemicals Limited | ₹1,622.59 Cr (FY 2016) | -3.0% | Ahmedabad, Gujarat, India | |||
| Viyash Scientific Limited | ₹1,566.06 Cr (FY 2025) | 13.0% | Hyderabad, Telangana, India |
To see the full peer comparison of Indoco Remedies Limited, buy the company report.
Auditor
Indoco Remedies Limited is audited by Gokhale & Sathe for the financial year 2025.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Gokhale & Sathe | FY 2025 | 103264W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 58.90%, foreign institutional investors hold 1.30%, domestic institutional investors hold 17.70% and retail and other public shareholders hold 22.10%.
Sep 2026
QUARTER
58.90% Promoters
17.70% DII (Domestic Institutional)
1.30% FII (Foreign Institutional)
22.10% Retail & Others
Promoter holding - history
Now 58.90% · Sep 2026High 58.90% · Dec 2025Low 58.90% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 58.90% | 58.90% | 58.90% | 58.90% |
| Public | 41.10% | 41.10% | 41.10% | 41.10% |
Charges & borrowings
Open charges
₹787.06 Cr
Satisfied charges
₹717.82 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 29 Jun 2026 | 101317151 | Hdfc Bank Limited | ₹13 Cr | Open | |
| 10 Jun 2026 | 101309850 | Others | ₹50 Cr | Open | |
| 23 Mar 2026 | 101262410 | Others | ₹15 Cr | Open | |
| 23 Mar 2026 | 101262453 | Others | ₹25 Cr | Open | |
| 20 Apr 2025 | 101090244 | Hdfc Bank Limited | ₹244 Cr | Open |
To see the full charge records of Indoco Remedies Limited, buy the company report.
Total charge records: 84 View all charges
Deals & funding
Indoco Remedies Limited has 31 deals on record (27 market trades, 3 secondary share transfers, 1 funding round), with disclosed funding of ₹46.5 Lakh; the latest was in June 2026.
Total deals
31
Market trades
27
Secondary share transfers
3
Funding round
1
Disclosed funding
₹46.5 Lakh
Deals on record (5 of 31)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2026 | Market trade | ₹13.25 Cr | Buyer: NK Securities Research Private Limited Seller: NK Securities Research Private Limited |
| May 2026 | Market trade | ₹13.35 Cr | Buyer: Icici Prudential Mutual Fund |
| May 2026 | Market trade | ₹13.53 Cr | Buyer: Icici Prudential Mutual Fund |
| Aug 2021 | Market trade | ₹24.5 Cr | Buyer: XTX Markets LLP Seller: XTX Markets LLP |
| Mar 2009 | Market trade | ₹6.58 Cr | Buyer: Spa Holdings Private Limited Seller: Narsinh Investment And Fin Pvt Ltd |
To see the full deal history of Indoco Remedies Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Indoco Remedies Limited has 224 court cases on record: 154 filed by Indoco Remedies, 71 filed against it. 47 cases are pending and 177 are disposed.
Total cases
224
Filed by the company
154
Filed against the company
71
Pending
47
Disposed
177
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 117 | 36 | 31 |
| High courts | 103 | 32 | 16 |
| Supreme Court | 4 | 3 | 0 |
Cases on record (5 of 224)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Delhi | Commercial suit | Filed against the company by Cedar Properties and Trading LLP & Ors. | Pending |
| Bombay High Court | Court case (CARAP) | Filed against the company by Sentiss Pharma Private Limited Through Its Authorised Signatory Ashish Lakhotia | Disposed |
| High Court | Court case (CARAP) | Filed against the company by Sentiss Pharma Private Limited | Disposed |
| High Court, MAHARASHTRA | Court case (CRR) | Filed by the company against Endoco Healthcare Private Limited and Ors | Disposed |
| High Court | Court case (COMIP) | Filed by the company against Endoco Healthcare Private Limited and 5 others | Disposed |
To see the full case history of Indoco Remedies Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Indoco Remedies Limited was last rated by Icra on 23 Jul 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 23 Jul 2021 |
To see the full credit ratings and regulatory alerts of Indoco Remedies Limited, buy the company report.
MSME payment delays
Indoco Remedies Limited has 19 MSME Form 1 returns on record between 2016 and 2024, listing 86 overdue payments to 45 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 45)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Simplisol Technologies Private Limited | |||
| NDS Infotech Limited | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Indoco Remedies Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Indoco Remedies has 2 subsidiary companies and 2 associated companies. This group structure data is as of FY 2025. The table lists each entity with its relationship and holding.
2
Subsidiary companies
2
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Warren Remedies Private Limited | U24304MH2022PTC384184 | |
| Xtend Industrial Designers and Engineers Private Limited | U93000MH1995PTC086174 |
To see the full group structure of Indoco Remedies Limited, buy the company report.
Employees & EPFO
Indoco Remedies Limited has a workforce of 6,460 employees on its EPFO records as of Sep 24, 2025, across 7 active EPFO establishments.
Employee count
6,460
Active EPFO establishments
7
Employee growth
2.25%
GST
Indoco Remedies has 28 GST registrations: 21 active and 7 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
28
Active
21
Cancelled / inactive
7
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACI0380C1Z3 | Maharashtra | Active | 01 Jul 2017 |
| 27AAACI0380C2Z2 | Maharashtra | Active | 07 Sep 2017 |
| 02AAACI0380C1ZF | Himachal Pradesh | Active | 01 Jul 2017 |
| 03AAACI0380C1ZD | Punjab | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Indoco Remedies Limited, buy the company report.
Recent activity
Indoco Remedies Limited has 35 board changes on record since 1963: 22 appointments and 13 cessations. The latest: Ajay Prasan Mulgaokar was appointed as Director on 01 Apr 2024.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 13.00 Cr with Charge ID 101317151 was registered on 29 Jun 2026.
Charges
A charge with Others amounted to Rs. 50.00 Cr with Charge ID 101309850 was registered on 10 Jun 2026.
Filing
Indoco Remedies Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Charges
A charge with Others amounted to Rs. 15.00 Cr with Charge ID 101262410 was registered on 23 Mar 2026.
Charges
A charge with Others amounted to Rs. 25.00 Cr with Charge ID 101262453 was registered on 23 Mar 2026.
AGM
Indoco Remedies Limited last Annual general meeting of members was held on 11 Sep 2025 as per latest MCA records.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 244.00 Cr with Charge ID 101090244 was registered on 20 Apr 2025.
Charges
A charge with Others amounted to Rs. 50.00 Cr with Charge ID 101059602 was registered on 27 Feb 2025.
Charges
A charge registered on 14 Dec 2017 via Charge ID 100141258 with Others was fully satisfied on 17 Feb 2025.
Charges
A charge registered on 20 Aug 2021 via Charge ID 100478315 with Others was fully satisfied on 12 Jul 2024.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 42.00 Cr with Charge ID 100950241 was registered on 27 Jun 2024.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 28.00 Cr with Charge ID 100937442 was registered on 30 May 2024.
189 earlier events are in the company report.
News
INDOCO: Q2 EBITDA 464M RUPEES VS 431M (YOY); Q2 EBITDA MARGIN 8.9% VS 8.9% (YOY)
INDOCO: Q2 CONS NET PROFIT 184M RUPEES VS LOSS 79M (YOY); EST LOSS 93M
INDOCO: Q2 REVENUE 5.2B RUPEES VS 4.8B (YOY)
Indoco Remedies: Launches Fully-Owned Subsidiary Warren Lifesciences For Pharma Production
Frequently asked questions
Indoco Remedies is an active public limited company based in Mumbai, Maharashtra, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 23 August 1947 (79+ years old) and is registered under CIN L85190MH1947PLC005913. Listed on BSE: 532612 and NSE: INDOCO.
Indoco Remedies reported revenue of ₹1,845.32 Cr for FY 2025-26 (up 10.8% YoY) based on consolidated financials.
Indoco Remedies has 7 current directors:
- Sundeep Vasant Bambolkar - Managing Director
- Aditi Milind Panandikar - Managing Director
- Suresh Govind Kare - Director
- Vasudha Vasant Kamat - Director
- Abhijit Yashawant Gore - Director
- Satish Madhav Shenoy - Director
- Ajay Prasan Mulgaokar - Director
The latest financial statements of Indoco Remedies on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 11 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Indoco Remedies is 27AAACI0380C1Z3, registered in Maharashtra. The company has 28 GST registrations in all, of which 21 are active and 7 are cancelled or inactive. Other active GSTINs include 27AAACI0380C2Z2 (Maharashtra), 02AAACI0380C1ZF (Himachal Pradesh), 03AAACI0380C1ZD (Punjab).
The CIN (Corporate Identification Number) of Indoco Remedies is L85190MH1947PLC005913. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Indoco Remedies is a listed company as per MCA records. Its shares are listed on both BSE (code: 532612) and NSE (symbol: INDOCO).
Indoco Remedies has 224 court cases on record: 154 filed by the company and 71 filed against it. 47 are pending. Most are in the district courts.
Indoco Remedies was incorporated on 23 August 1947, making it 79+ years old. It is registered with the Registrar of Companies, Mumbai.
Indoco Remedies has 31 deals on record (27 market trades, 3 secondary share transfers, 1 funding round), with disclosed funding of ₹46.5 Lakh; the latest was in June 2026.
The peers of Indoco Remedies by revenue are Leeford Healthcare Limited, MSN Pharmachem Private Limited, Bharat Biotech International Limited, Dishman Pharmaceuticals and Chemicals Limited, Viyash Scientific Limited, all in the Pharma industry (API Manufacturers, Contract Research, Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).
Ajay Prasan Mulgaokar was appointed as Director on 01 Apr 2024. Satish Madhav Shenoy was appointed as Director on 01 Apr 2024. Divakar Madhusudan Gavaskar ceased to be Director on 31 Mar 2024. Indoco Remedies has 35 board changes on record in total.