Indoco Remedies Limited (INDOCO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-262.3%

-₹348.56

vs ₹214.82 price

Levered DCF

-₹515.80

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.81

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-15.33×	-28.41×	31.77×	21.07×	22.44×	28.47×	80.31×	-641.56×
P/B	1.55×	2.05×	2.86×	2.91×	3.84×	3.45×	2.85×	2.82×
P/S	0.79×	1.26×	1.78×	1.83×	2.31×	2.17×	1.8×	1.98×
EV / EBITDA	17.79×	29.11×	14.39×	11.56×	11.44×	12.79×	17.75×	26.02×
Gross margin	40.7%	39.6%	33.7%	67.1%	68.1%	69.6%	69.0%	65.6%
Operating margin	0.8%	-0.9%	7.2%	12.1%	14.3%	10.6%	5.7%	-1.1%
Net margin	-5.3%	-4.4%	5.5%	8.7%	10.3%	7.6%	2.2%	-0.3%
Current ratio	1.13×	1.24×	1.56×	1.92×	1.82×	1.53×	1.23×	1.21×
Debt / equity	1.16×	0.97×	0.61×	0.32×	0.28×	0.35×	0.4×	0.45×
Interest coverage	0.13×	-0.22×	3.49×	7.97×	19.83×	5.86×	2.62×	-0.52×
Dividend yield	0.1%	0.7%	0.7%	0.7%	0.4%	0.1%	0.2%	0.6%
Payout ratio	-1.9%	-18.9%	21.0%	14.6%	8.9%	3.0%	13.9%	-382.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-10.5%	-7.2%	8.9%	13.8%	17.1%	12.1%	3.5%	-0.4%
Return on invested capital	0.7%	-0.7%	5.0%	10.3%	11.6%	8.5%	5.3%	-0.3%
Return on assets	-3.8%	-3.0%	4.6%	8.6%	10.4%	7.1%	1.9%	-0.2%
Free cash flow yield	-7.9%	-15.7%	-8.5%	-0.9%	1.4%	0.2%	3.3%	1.9%
Earnings yield	-6.8%	-3.5%	3.1%	4.7%	4.5%	3.5%	1.2%	-0.2%
Enterprise value	₹25.2B	₹30.8B	₹38.4B	₹33.2B	₹37.1B	₹29.1B	₹21.8B	₹21.4B
Net debt / EBITDA	7.5×	9.29×	2.46×	1.12×	0.74×	1.13×	1.99×	3.37×
Cash conversion cycle (days)	130	155	150	218	207	193	118	91