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Revenue
₹476 Cr
verified against source
Revenue YoY
18.8%
reported change
EBITDA
₹49.7 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Indoco Remedies reported a strong Q4 FY26 with consolidated revenue of ₹456 crore, up 18.8% YoY, driven by a 94.6% surge in international formulations, particularly in regulated markets (US +77.5%, Europe +68.7%) and emerging markets (+134%). Domestic formulation revenue declined 6% due to muted seasonal demand for anti-infectives and respiratory products, though prescription growth remained healthy. EBITDA margin improved to 10.9% (vs -0.2% last year) on operating leverage. Management guided for continued international momentum, with US liquid oral approvals and European contract manufacturing scaling up. Key risks include elevated debt (₹960 crore consolidated), stretched receivables from export growth, and the unresolved sterile plant issue limiting future US approvals.
Colored figures show movement against the previous available record.
Guidance to track
- Management committed to repaying approximately ₹140 crore each year for the next three years, with potential prepayment.
- Management stated no major capital expenditure is planned for the next two years, focusing on cash flow improvement.
- Management expects continued traction in international markets, with US liquid oral launches and European contract manufacturing scaling up.
- Management expects Warren Remedies' API business to improve once regulatory approvals and validations are completed, likely in a couple of quarters.
Risks flagged
- Consolidated debt stands at ~₹960 crore, with receivables growing 45% YoY due to longer credit periods in emerging markets, straining cash flow.
- The sterile plant at Pataganda remains unresolved, limiting future US approvals and requiring ongoing investment without immediate returns.
- A €10 million ECB loan caused a ₹24 crore exchange loss in Q4, impacting finance costs; further currency fluctuations could hurt profitability.
- Domestic formulation revenue declined 6% YoY due to weak seasonal demand for anti-infectives and respiratory products, with recovery uncertain.
Key quotes
- It gives me great joy to announce that after almost six quarters we are in positive in this quarter for performance.
- We have a decent order book right now and I'm sure our team will work very hard to continue this kind of performance.
- We do have a very impressive basket and a portfolio and we are mainly operating in eastern Africa... the confidence level is pretty high for next two to three years on this business.
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