NewsIndoco Remedies FY26 Results: Q4 Standalone Revenue Surges 26%, Newspaper Publication ConfirmedIndoco Remedies FY26 Results: Q4 Standalone Revenue Surges 26%, Newspaper Publication Confirmed
Indoco Remedies reported audited FY26 results with Q4 standalone revenue surging 26% to ₹4,291 mn and EBITDA improving sharply to ₹630 mn (14.7% margin). On a consolidated basis, the Q4 net loss narrowed to ₹2,368 lakhs from ₹4,134 lakhs YoY, while the full-year consolidated net loss widened to ₹9,870 lakhs. The Board recommended a dividend of ₹0.20 per equity share, and results were published in Business Standard and Mumbai Lakshadeep on May 8, 2026, pursuant to SEBI Regulations 30 and 47.
*this image is generated using AI for illustrative purposes only.
Indoco Remedies Limited announced its audited financial results for the quarter and year ended March 31, 2026, following a Board Meeting held on May 7, 2026. Pursuant to Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the results were subsequently published in Business Standard (All India Editions) and Mumbai Lakshadeep (Marathi Newspaper) on May 8, 2026. The company reported a significant improvement in its standalone financial performance for the fourth quarter, with standalone revenue reaching ₹4,291 mn, a 26% increase compared to ₹3,411 mn in the corresponding quarter of the previous year. For the full fiscal year 2025-26, standalone revenue stood at ₹16,335 mn, up from ₹14,948 mn in the prior year. The Board of Directors recommended a dividend of ₹0.20 per equity share on a face value of ₹2/- each for the financial year 2025-2026, subject to shareholder approval at the ensuing 79th Annual General Meeting. The statutory auditors, M/s. Gokhale & Sathe, Chartered Accountants, issued an audit report with an unmodified opinion on both the standalone and consolidated financial results.
Standalone Financial Performance
The company's standalone EBITDA for the quarter ended March 31, 2026, was reported at ₹630 mn, representing an EBITDA margin of 14.7% on net sales — a substantial improvement from the EBITDA of ₹35 mn and a margin of 1.0% reported in the same quarter of the previous year. For the full year, EBITDA was ₹1,572 mn with a margin of 9.6%, compared to ₹1,280 mn and a margin of 8.6% in the previous year. The following table summarises the key standalone financial metrics (Rs. in Lakhs):
| Particulars: | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Total Income from Operations | 44,913 | 40,051 | 34,725 | 1,68,607 | 1,51,819 |
| Net Profit / (Loss) Before Tax & Exceptional Items | 2,394 | (1,444) | (3,090) | (861) | (836) |
| Net Profit / (Loss) Before Tax (After Exceptional Items) | 2,762 | (2,045) | (3,090) | (1,147) | (737) |
| Net Profit / (Loss) After Tax | 2,735 | (2,000) | (2,624) | (566) | (873) |
| Total Comprehensive Income | 2,785 | (2,015) | (3,006) | (433) | (1,322) |
| Equity Share Capital | 1,846 | 1,845 | 1,845 | 1,846 | 1,845 |
| Reserves (excl. Revaluation Reserves) | — | — | — | 1,08,073 | 1,08,491 |
| Basic EPS (₹) | 2.96 | (2.17) | (2.85) | (0.61) | (0.95) |
| Diluted EPS (₹) | 2.96 | (2.17) | (2.84) | (0.61) | (0.95) |
The standalone geographical segment data shows that for the quarter, revenue from Outside India was ₹23,543 lakhs compared to ₹19,363 lakhs from India. For the full year, revenue from Outside India stood at ₹73,941 lakhs versus ₹89,413 lakhs from India.
Standalone Balance Sheet Highlights
The following table presents key standalone balance sheet figures (Rs. in Lakhs):
| Particulars: | As at 31.03.2026 | As at 31.03.2025 |
|---|---|---|
| Total Non-Current Assets | 1,25,138 | 1,26,228 |
| Total Current Assets | 1,11,372 | 93,888 |
| Total Assets | 2,36,510 | 2,20,116 |
| Equity Share Capital | 1,846 | 1,845 |
| Other Equity | 1,08,073 | 1,08,491 |
| Total Equity | 1,09,919 | 1,10,336 |
| Total Non-Current Liabilities | 39,044 | 40,279 |
| Total Current Liabilities | 87,547 | 69,501 |
| Total Liabilities | 1,26,591 | 1,09,780 |
| Total Equity and Liabilities | 2,36,510 | 2,20,116 |
Standalone Cash Flow Highlights
The following table presents key standalone cash flow figures (Rs. in Lakhs):
| Particulars: | Year ended 31.03.2026 | Year ended 31.03.2025 |
|---|---|---|
| Net Cash from Operating Activities | 22,635 | 9,076 |
| Net Cash used in Investing Activities | (8,738) | (25,979) |
| Net Cash from / (used in) Financing Activities | (13,309) | 16,862 |
| Net Increase / (Decrease) in Cash & Cash Equivalents | 588 | (41) |
| Cash and Cash Equivalents – Opening | 706 | 747 |
| Cash and Cash Equivalents – Closing | 1,294 | 706 |
Consolidated Results
On a consolidated basis, the company reported a net loss of ₹2,368 lakhs for the quarter ended March 31, 2026, a notable improvement compared to a net loss of ₹4,134 lakhs in the same quarter of the previous year. Consolidated revenue from operations for the quarter stood at ₹45,590 lakhs, compared to ₹38,389 lakhs in the same period last year. The consolidated EBITDA for the quarter swung to a gain of ₹497 mn compared to a loss of ₹7.8 mn in the same quarter of the previous year, with the consolidated EBITDA margin improving to 10.45%. For the full year ended March 31, 2026, consolidated total income was ₹1,84,865 lakhs, up from ₹1,67,037 lakhs in the previous year, while the consolidated net loss for the full year widened to ₹9,870 lakhs from ₹7,795 lakhs in the prior year. The following table presents the key consolidated financial metrics (Rs. in Lakhs):
| Particulars: | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Total Income from Operations | 47,561 | 44,536 | 39,021 | 1,84,532 | 1,66,492 |
| Net Profit / (Loss) Before Tax & Exceptional Items | (2,874) | (2,516) | (4,552) | (10,357) | (7,536) |
| Net Profit / (Loss) Before Tax (After Exceptional Items) | (2,500) | (3,131) | (4,552) | (10,651) | (7,437) |
| Net Loss After Tax | (2,368) | (2,945) | (4,134) | (9,870) | (7,795) |
| Net Loss Attributable to Shareholders | (2,164) | (2,979) | (4,039) | (9,515) | (7,374) |
| Total Comprehensive Income | (1,224) | (3,071) | (4,427) | (8,608) | (8,208) |
| Equity Share Capital | 1,846 | 1,845 | 1,845 | 1,846 | 1,845 |
| Reserves (excl. Revaluation Reserves) | — | — | — | 92,082 | 1,00,355 |
| Basic EPS (₹) | (2.57) | (3.20) | (4.48) | (10.70) | (8.46) |
| Diluted EPS (₹) | (2.56) | (3.19) | (4.48) | (10.69) | (8.45) |
The consolidated geographical segment data shows that for the quarter, revenue from India was ₹24,714 lakhs and from Outside India was ₹20,876 lakhs. For the full year, India contributed ₹1,12,412 lakhs and Outside India contributed ₹66,882 lakhs.
Consolidated Balance Sheet Highlights
The following table presents key consolidated balance sheet figures (Rs. in Lakhs):
| Particulars: | As at 31.03.2026 | As at 31.03.2025 |
|---|---|---|
| Total Non-Current Assets | 1,39,991 | 1,42,856 |
| Total Current Assets | 1,19,335 | 1,00,135 |
| Total Assets | 2,59,327 | 2,42,991 |
| Equity Share Capital | 1,846 | 1,845 |
| Other Equity | 92,082 | 1,00,355 |
| Non-Controlling Interest | (717) | (362) |
| Total Equity (attributable to equity holders) | 93,211 | 1,01,838 |
| Total Non-Current Liabilities | 60,861 | 60,354 |
| Total Current Liabilities | 1,05,254 | 80,799 |
| Total Liabilities | 1,66,116 | 1,41,153 |
| Total Equity and Liabilities | 2,59,327 | 2,42,991 |
Consolidated Cash Flow Highlights
The following table presents key consolidated cash flow figures (Rs. in Lakhs):
| Particulars: | Year ended 31.03.2026 | Year ended 31.03.2025 |
|---|---|---|
| Net Cash from Operating Activities | 19,223 | 9,494 |
| Net Cash used in Investing Activities | (10,161) | (33,911) |
| Net Cash from / (used in) Financing Activities | (7,680) | 24,142 |
| Net Increase / (Decrease) in Cash & Cash Equivalents | 1,382 | (275) |
| Cash and Cash Equivalents – Opening | 1,211 | 1,486 |
| Cash and Cash Equivalents – Closing | 2,593 | 1,211 |
Subsidiaries Included in Consolidation
The consolidated financial results include the following subsidiaries:
| Name of the Company: | % of Shareholding | Consolidated as |
|---|---|---|
| Xtend Industrial Designers & Engineers Pvt. Ltd. | 100 | Subsidiary |
| Indoco Remedies Czech S R O | 100 | Subsidiary |
| Indoco Remedies UK Ltd. | 100 | Subsidiary |
| Warren Remedies Private Limited | 100 | Subsidiary |
| PPP Holding Company, LLC | 85 | Subsidiary |
Operational Highlights
Revenue growth for the quarter and year was primarily driven by a good performance in the International Formulations Business, supported by steady growth in the API & Services Businesses. Commenting on the results, Ms. Aditi Panandikar, Managing Director, Indoco Remedies Ltd., said, "Revenue growth for the quarter and year was mainly driven by a good performance in the International Formulations Business, supported by a steady growth in the API & Services Businesses."
During the year, the company allotted 55,700 equity shares to the Indoco Employees Welfare Trust under the Indoco Remedies Limited Employee Stock Option Plan-2022. Exceptional items during the year included consideration received of ₹346 lakhs for grant of exclusive, perpetual and irrevocable trademark license rights, a loss of ₹213 lakhs on sale and leaseback of non-current assets, and an impact of ₹419 lakhs (standalone) / ₹427 lakhs (consolidated) from past period employee benefit liability due to the implementation of the New Labour Codes effective November 21, 2025.
Auditor Emphasis of Matter
The auditors drew attention to the financial position of FPP Holding LLC, a subsidiary, which incurred a net loss of ₹2,365.21 lakhs during the year ended March 31, 2026, and had a negative net worth of ₹8,225.11 lakhs on a consolidated basis. These conditions indicate a material uncertainty that may cast significant doubt on the subsidiary's ability to continue as a going concern. However, based on management's impairment assessment — including review of long-term business plans and cash flow forecasts — no impairment provision was considered necessary. The auditors' opinion was not modified in respect of this matter.
About Indoco Remedies Limited
Indoco is a fully integrated, research-oriented pharmaceutical company with a strong global presence. The company's turnover is US$ 175 million with human capital of over 6,000 employees, including over 300 skilled scientists and field staff. The company has 10 manufacturing facilities — 6 for FDFs and 4 for APIs — supported by a state-of-the-art R&D Centre and a CRO facility, approved by regulatory authorities including USFDA and UK-MHRA. Indoco generates more than 109 million prescriptions annually from over 2,50,000 doctors across various specialties and maintains 10 domestic marketing divisions with a strong brand portfolio spanning therapeutic segments including Gastro-intestinal, Respiratory, Anti-Infectives, Cardiovascular, Anti-Diabetics, and others.
Source: Company/INE873D01024
Historical Stock Returns for Indoco Remedies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -9.07% | +8.79% | +18.16% | -12.66% | -8.24% | -36.50% |
Given the going concern uncertainty around FPP Holding LLC with a negative net worth of ₹8,225 lakhs, what restructuring or divestiture options is Indoco Remedies considering to address this subsidiary's financial distress?
With the International Formulations Business being the primary revenue driver, how might potential regulatory changes in key export markets like the US and UK impact Indoco's growth trajectory in FY27?
Despite strong standalone Q4 performance, the consolidated net loss widened to ₹9,870 lakhs for FY26 — what specific operational improvements or cost rationalization measures are planned to achieve consolidated profitability?
15
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
