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Indoco Remedies (INDOCO) investor relations material
Indoco Remedies Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Standalone Q2 FY26 revenue grew 8.8% year-over-year to INR 4,293 million, with EBITDA at INR 534 million, slightly up from last year.
USFDA completed inspection of API facility with zero observations; final ANDA approval received for Rivaroxaban tablets in the US.
Q2 FY26 marks a recovery after a challenging prior half-year due to plant shutdowns, with management confident of sustained improvement.
International formulation and API businesses showed strong growth, while India formulation was impacted by GST rate revisions.
Consolidated Q2 revenue reached INR 4,718 million, but the group reported a consolidated net loss of INR 921 lakhs for the quarter.
Financial highlights
Standalone net revenues for Q2 FY26 were INR 4,293 million, up 8.8% year-over-year and 11.3% sequentially.
Consolidated net revenues reached INR 4,718 million, up 9.6% year-over-year and 9.5% sequentially.
Standalone EBITDA margin was 12.4% (INR 534 million), slightly down from 13.4% last year but up from 3.8% in the previous quarter.
Consolidated EBITDA margin was 9.1% (INR 431 million), up from 4.1% in the previous quarter.
Standalone profit after tax for Q2 was INR 1,505 lakhs, up from INR 1,279 lakhs in Q2 last year.
Outlook and guidance
Double-digit growth expected in Europe-UK business from Q3 onwards, with margin improvements anticipated.
Management expressed confidence in regaining momentum in the India formulation business in upcoming quarters.
CapEx for the next three years expected to be maintenance-focused, around INR 50 crore annually.
Management targets INR 3,500 crore revenue in three years, with INR 5,000 crore target delayed by 18 months beyond 2027.
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