Indoco Remedies Ltd is a fully integrated, research-oriented pharmaceutical company that focuses on formulations with a presence in contract manufacturing and research. Founded in 1945 and incorporated on August 23, 1947, the company is headquartered in Mumbai and has established itself as a prominent player in the Indian pharmaceutical industry over its seven-decade journey.
The company is a fully integrated, research-oriented pharmaceutical company with presence in 55 countries. As of June 23, 2025, Indoco Remedies has a market capitalization of $301 million, while the company's market cap in Indian rupees stands at Rs 2,550 crore. Promoter holding in the company has increased to 58.90% as of March 2025 from 58.75% as of June 2024.
The company is engaged in the manufacturing and marketing of pharmaceutical formulations (finished dosage forms) and active pharmaceutical ingredients (APIs). Indoco operates as a USD 212 million company with 11 manufacturing facilities, 7 of which are for formulations and 4 for APIs, supported by a state-of-the-art R&D Centre and a CRO facility.
The domestic formulations business accounts for 48% of FY24 revenue, with the company holding a strong foothold across various therapeutic categories including Gastroenterology, Dentistry & Stomatology, Respiratory, Diabetology, Women's Health, Nutritional Products, Cardiology, Metabolic Disorders, and Primary Care medicines. In FY24, the domestic business crossed Rs 1,280 crore, ranking 31st in India according to IQVIA MAT 2023-24.
The company enjoys prescription patronage from over 240,000 prescribers, with 106 million prescriptions annually, and ranks 22nd in the Indian Pharmaceutical Market according to IQVIA. Indoco has a well-built brand portfolio of 135 products in various therapeutic segments, including high growth lifestyle segments such as Anti-Diabetics, Cardiovascular, Central Nervous System, Musculo-Skeletal, Nutrition and Dental care.
Indoco has a strong international presence in both regulated and emerging markets. The company exports a variety of products to regulated and emerging markets, including the USA and EU, with branded formulations promoted and distributed across India and in emerging markets of South East Asia, Africa, Latin America and CIS.
In 2023, the company acquired 85% equity stake in the US-based FPP Holding Company, LLC for USD 4 million from Contract Pharmacal Corp (CPC). The company has commissioned a new cGMP compliant API manufacturing facility at Patalganga, which enhanced existing manufacturing capacity from 150 tons to 600 tons per annum, featuring solvent recovery system, automation, energy conservation and Zero Liquid Discharge Effluent Treatment facility.
The company's financial performance has shown recent challenges. Indoco Remedies' revenue declined 10.69% year-on-year to Rs 412.39 crore in Q3 2024-25, with a quarterly decline of 5.03% compared to the previous quarter. The company reported a net loss of Rs 26.39 crore in Q3 2024-25 compared to a profit in the same period last year, representing a 261.9% decline year-on-year and a 175.76% decline quarter-on-quarter.
On a nine-month basis, the company's standalone net profit declined 77.85% to Rs 17.51 crore on a 13.04% decrease in revenue to Rs 1,153.7 crore in 9M FY25 over 9M FY24. The trailing twelve-month revenue for Indoco Remedies stands at $194 million as of March 31, 2025.
• Market Cap: Rs 2,550 crore (as of June 2025)
• TTM Revenue: $194 million (as of March 31, 2025)
• EPS (TTM): -$0.10 for 12 months
• Q3 FY25 Revenue: Rs 412.39 crore
• Q3 FY25 Net Loss: Rs 26.39 crore
• Net Profit Margin Q3 FY25: -6.40%
• Promoter Holding: 58.90% (as of March 2025)
The company's Goa facility received a warning letter from the United States Food and Drug Administration (USFDA) on December 17, 2024, following an inspection conducted from July 16 to July 26, 2024. The company has committed to working closely with the USFDA to resolve these issues and continues to enhance its compliance on an ongoing basis, maintaining its commitment to CGMP quality standards across all facilities.
Indoco Remedies allotted 65,700 equity shares under ESOP on January 21, 2025, increasing the paid-up equity share capital to Rs 18,44,95,810 consisting of 9,22,47,905 equity shares of face value Rs 2 each.
Aditi Panandikar, MD of Indoco Remedies, noted that while the domestic formulation business continued to contribute to revenue growth, the export formulation business has been impacted by supply constraints from sites that underwent planned shutdowns for enhancement of capacities and productivity.
The company's R&D team develops non-infringing processes for APIs, formulations and various dosage forms including Immediate Release Tablets, Capsules, Multi-Unit Pellet Systems (MUPS), PDDS, ER Tablets and nano suspensions, as well as a range of injectable solutions, suspensions and depot-based long-acting injectables. The company received GCP & GLP Accreditation from the UK-MHRA for its Clinical Research Division - AnaCipher, located at Hyderabad in August 2021.
The company continues to focus on expanding its business strategically, strengthening manufacturing facilities, and enhancing organizational capabilities while exploring opportunities in untapped markets and forming associations with business partners in global markets to boost revenues. Despite recent regulatory setbacks and financial performance dips, the company is actively working to resolve issues and leverage its strong domestic presence and R&D capabilities for future growth.
