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Indoco Remedies (INDOCO) investor relations material
Indoco Remedies Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Standalone revenue for Q1 FY26 was ₹38,383 lakhs, up 12.5% sequentially; consolidated revenue reached ₹42,908 lakhs, both showing improvement despite a weak Q4 FY25.
Marginal improvement in EBITDA for both standalone and consolidated results, despite mark-to-market losses.
Both standalone and consolidated results received unmodified opinions from statutory auditors.
OTC business grew over 46% sequentially, and international business solid oral exports increased by more than 26% in Q1 FY26.
Phase one of the master manufacturing program rolled out, with three out of four plants operational; full rollout expected by end of Q2 FY26.
Financial highlights
Standalone net revenues for Q1 FY26 were INR 3,838 million, down YoY but up 12.5% sequentially; consolidated net revenues were INR 4,291 million, up YoY and sequentially.
Standalone net loss for Q1 FY26 was ₹2,806 lakhs, compared to a net loss of ₹2,624 lakhs in the previous quarter and a profit of ₹1,495 lakhs in Q1 FY25.
Consolidated net loss for Q1 FY26 was ₹3,635 lakhs, compared to a net loss of ₹4,134 lakhs in the previous quarter and a profit of ₹182 lakhs in Q1 FY25.
Standalone EBITDA margin was 3.9% (vs. 13.1% YoY, 1% previous quarter); consolidated EBITDA margin was 4.1% (vs. 11.3% YoY, negative previous quarter).
Domestic formulation revenues were INR 2,028 million, flat YoY; OTC revenue was INR 316 million.
Outlook and guidance
Full master manufacturing program rollout expected by Q3 FY26, with efficiency gains anticipated in Phase 2.
Remediation at Goa Plant 2 expected to complete by August, with FDA inspection request likely from September; full compliance updates to continue through December.
Europe business expected to bounce back to regular supply levels by Q3 FY26.
Management expressed confidence in sustaining revenue growth momentum and achieving a turnaround in profitability.
Quarter-on-quarter improvement in EBITDA expected, aiming to return to historical 11–13% EBITDA margin levels.
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