Indoco Remedies Ltd
INDOCOIndoco Remedies Ltd is strength at full price. The numbers are improving — and a P/E at the 98th percentile of its own range says the market knows.
The sharpest disagreement: the engine is strong, but at the 98th percentile of its own range you are paying full price for it.
The price is in a downtrend (37 weeks in) while the P/E sits at the 98th percentile of its own 9-year range. Underneath, the last four quarters read improving, and 129% of the last 3 years' profit arrived as cash. What settles it: whether the earnings grow into the multiple.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Indoco Remedies Ltd trades at ₹247, in a downtrend and 37 weeks into that stage. That is +5.9% against its own 200-day average. It sits at 58% of a 52-week range of ₹173 to ₹302. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 13 straight weeks.
Today the stock is in a downtrend — week 37 of stage 4, confirmed. At ₹247 it trades +5.9% versus its 200-day average and sits at 58% of its 52-week range (₹173–₹302).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −12% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 13 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 98th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Indoco Remedies Ltd trades at 125.3× P/E, about the priciest it has ever traded. Its long-run median P/E is 31.8×, measured across 8.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 125.3× is about the priciest it has ever traded, against a long-run median of 31.8× measured over 8.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
The price move, decomposed: over 5y, of the −11.0%/yr price move, ~−1.5%/yr came from earnings growth and ~−9.5 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 7.8% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Indoco Remedies Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +10.8% | +3.4% | +8.2% | +6.3% |
| Share price | −23.5% | −8.5% | −11.0% | −1.7% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
39.5/100 — rank 35 of 43 in Pharma - Formulators · 56% evidence confidence
Indoco Remedies Ltd scores 39.5 out of 100 against the 43 companies it is compared with in Pharma - Formulators, ranking 35. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
The four contributions add to the total exactly: 20.1 + 4.5 + 10 + 4.9 = 39.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Indoco Remedies Ltd reported ₹476 Cr of revenue in the Mar 26 quarter, +22.1% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.3% a year. The last full year, FY26, came in at ₹1,845 Cr. The last four reported quarters add to ₹1,846 Cr.
Indoco Remedies Ltd reported ₹476 Cr of revenue in the Mar 26 quarter, +22.1% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 6.3% a year. The last full year, FY26, came in at ₹1,845 Cr. The last four reported quarters add to ₹1,846 Cr.
FY26 revenue came in at ₹1,845 Cr (+10.8% on the year), capping 10 years at 6.3% compound. The latest quarter (Mar 26) printed ₹476 Cr, +22.1% year on year — the 4th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +11.1% growth against the decade's 6.3% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +10.9% over the last 4 quarters against +0.8%/yr over the last 8 — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 10.0% this quarter (+10.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Indoco Remedies Ltd's operating margin is 10.0% in the Mar 26 quarter, +10.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 21.0%. The current quarter sits inside that band.
Indoco Remedies Ltd's operating margin is 10.0% in the Mar 26 quarter, +10.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 21.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 10.0%, +10.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0%–21.0%.
Why the margin moved: operating margin went +10.6 pp year on year while gross margin went −2.5 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Indoco Remedies Ltd posted a net loss of ₹24.0 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹99.0 Cr. That loss is 5.0% of the quarter's revenue. The same quarter a year earlier lost ₹41.0 Cr. 7 of the last 12 reported quarters were loss-making.
Indoco Remedies Ltd posted a net loss of ₹24.0 Cr in the Mar 26 quarter. The full FY26 year was a loss of ₹99.0 Cr. That loss is 5.0% of the quarter's revenue. The same quarter a year earlier lost ₹41.0 Cr. 7 of the last 12 reported quarters were loss-making.
Mar 26 profit was ₹−24.0 Cr, null year on year. On the full year, FY26 printed ₹−99.0 Cr (null).
→ Profit rose — but did the cash follow? Next: 129% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 129% of Indoco Remedies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹192 Cr of operating cash against ₹−99.0 Cr of profit. After ₹91.0 Cr of capital spending, ₹101 Cr was left as free cash.
FY26: operating cash of ₹192 Cr against reported profit of ₹−99.0 Cr, leaving free cash of ₹101 Cr after ₹91.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 129% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 129%: the cash cycle tightened 35 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 2.5× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹823 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Indoco Remedies Ltd's cash conversion cycle runs 162 days in FY26, down from 197 days in FY21. Capital spending ran ₹823 Cr over the last 3 years. At FY26 sales of ₹1,845 Cr each day of that cycle holds about ₹5.1 Cr, so roughly ₹819 Cr sits inside the business at any moment.
FY26: debtors at 97 days, inventory at 273 days — roughly 9.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 162 days, tighter than FY21's 197.
The full loop: cash goes out to suppliers and production on day 0; stock waits 273 days to sell; customers pay about 97 days after that; and suppliers themselves are paid at 208 days — netting out to the 162-day cycle.
In money terms: at FY26 sales of ₹1,845 Cr, each day of the cycle holds about ₹5.1 Cr — so the 162-day loop keeps roughly ₹819 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹823 Cr over the last 3 fiscal years against ₹332 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹28.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 1%.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Indoco Remedies Ltd earns a ROCE of 1% in FY26. That is up from a trough of 0% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −5.4% net margin on 0.71× asset turns.
FY26 ROCE is 1%, recovered from a FY25 trough of 0% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): −5.4% net margin × 0.71× asset turns × 2.76× balance-sheet leverage ≈ −10.6% on equity. Margin does its share; leverage is a meaningful part of the equation.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 7.8% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.16.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Indoco Remedies Ltd carries ₹1,090 Cr of borrowings against ₹939 Cr of equity in FY26, a debt-to-equity of 1.16. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹267 Cr to ₹1,090 Cr. Capital spending ran ₹823 Cr across the last 3 of those years.
FY26: borrowings of ₹1,090 Cr against equity of ₹939 Cr — a debt-to-equity of 1.16. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹267 Cr to ₹1,090 Cr while capital spending ran ₹823 Cr in just the last 3 — part of the build-out is riding on borrowed money.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 7.8% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 1.0 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions cut 1.0 points of Indoco Remedies Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 17.7% of the company. Foreign institutions moved −0.2 points over the same window, to 1.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −1.0 points over 8 quarters to 17.7%; Foreign institutions: −0.2 points over 8 quarters to 1.3%; Promoters: +0.1 points over 8 quarters to 58.9%.
🚨 Why the register moved: domestic institutions drove it (−1.0 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Indoco Remedies Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Indoco Remedies Ltd this page | 125.3× | ₹2,247 Cr | No read | |||
| Sun Pharmaceutical Industries Ltd | 37.5× | ₹4.7L Cr | Improving | |||
| Torrent Pharmaceuticals Ltd | 86.1× | ₹1.9L Cr | Consistent | |||
| Cipla Ltd | 31.8× | ₹1.1L Cr | Deteriorating | |||
| Zydus Lifesciences Ltd | 20.4× | ₹1.1L Cr | Consistent | |||
| Lupin Ltd | 19.1× | ₹1.1L Cr | Consistent | |||
| Mankind Pharma Ltd | 51.4× | ₹1L Cr | Turning around | |||
| Dr Reddys Laboratories Ltd | 29.8× | ₹96,130 Cr | Deteriorating | |||
| Aurobindo Pharma Ltd | 25.1× | ₹88,979 Cr | Mixed | |||
| Biocon Ltd | 182.0× | ₹70,672 Cr | Deteriorating | |||
| Alkem Laboratories Ltd | 27.6× | ₹67,357 Cr | Mixed | |||
| Glenmark Pharmaceuticals Ltd | 21.0× | ₹61,858 Cr | No read | |||
| Ipca Laboratories Ltd | 37.9× | ₹44,720 Cr | Consistent | |||
| Ajanta Pharma Ltd | 37.3× | ₹42,097 Cr | Consistent | |||
| J B Chemicals & Pharmaceuticals Ltd | 53.8× | ₹38,677 Cr | Topping out | |||
| Emcure Pharmaceuticals Ltd | 37.7× | ₹35,679 Cr | Mixed | |||
| Wockhardt Ltd | 106.0× | ₹30,048 Cr | No read | |||
| Rubicon Research Ltd | 102.0× | ₹25,141 Cr | No read | |||
| ERIS Lifesciences Ltd | 30.7× | ₹19,409 Cr | Turning around | |||
| Caplin Point Laboratories Ltd | 29.2× | ₹18,753 Cr | Consistent | |||
| Natco Pharma Ltd | 11.6× | ₹16,504 Cr | Topping out | |||
| Alembic Pharmaceuticals Ltd | 21.4× | ₹15,678 Cr | Turning around | |||
| Corona Remedies Ltd | 64.7× | ₹12,923 Cr | No read | |||
| Marksans Pharma Ltd | 26.7× | ₹11,161 Cr | Consistent | |||
| Akums Drugs & Pharmaceuticals Ltd | 40.3× | ₹10,818 Cr | No read | |||
| Strides Pharma Science Ltd | 16.6× | ₹9,402 Cr | No read | |||
| Suven Life Sciences Ltd | — | ₹8,929 Cr | No read | |||
| FDC Ltd | 22.6× | ₹6,723 Cr | Turning around | |||
| Bliss GVS Pharma Ltd | 37.4× | ₹4,927 Cr | Turning around | |||
| RPG Life Sciences Ltd | 44.3× | ₹4,858 Cr | — | — | — | — |
| Gufic BioSciences Ltd | 59.2× | ₹3,799 Cr | No read | |||
| Kwality Pharmaceuticals Ltd | 42.5× | ₹2,886 Cr | Consistent | |||
| Kwality Pharmaceuticals Ltd | 36.6× | ₹2,483 Cr | Consistent | |||
| Sai Parenterals Ltd | 166.0× | ₹2,366 Cr | — | — | — | — |
| Fredun Pharmaceuticals Ltd | 45.4× | ₹1,480 Cr | — | No read | ||
| Amrutanjan Health Care Ltd | 22.8× | ₹1,472 Cr | Mixed | |||
| Accent Microcell Ltd | 27.1× | ₹1,187 Cr | No read | |||
| Lincoln Pharmaceuticals Ltd | 13.2× | ₹1,162 Cr | Turning around | |||
| Bajaj Healthcare Ltd | 19.3× | ₹1,088 Cr | No read | |||
| Bharat Parenterals Ltd | — | ₹990 Cr | No read |
Frequently asked questions
What is Indoco Remedies Ltd's share price today?
Indoco Remedies Ltd trades at ₹247, −23.5% over the past year. The company is valued at ₹2,247 Cr. The stock sits at 58% of its 52-week range of ₹173–₹302, +5.9% versus its 200-day average. On the tape, the price is in a downtrend, 37 weeks in. — as of 24 July 2026.
What were Indoco Remedies Ltd's latest quarterly results?
Indoco Remedies Ltd reported revenue of ₹476 Cr and a net loss of ₹24.0 Cr for the Mar 26 quarter. Earnings per share were ₹−2.34. The operating margin was 10.0%, 10.0 pp higher than a year earlier. — as of 24 July 2026.
What is Indoco Remedies Ltd's revenue?
Indoco Remedies Ltd reported revenue of ₹476 Cr in the Mar 26 quarter, +22.1% year on year. For the full FY26 fiscal year, revenue was ₹1,845 Cr (+10.8%). Over the last 10 years revenue compounded at 6.3% a year. — as of 24 July 2026.
What is Indoco Remedies Ltd's profit?
Indoco Remedies Ltd earned ₹−24.0 Cr of net profit in the Mar 26 quarter. Full-year FY26 profit was ₹−99.0 Cr. The operating margin ran 10.0% in the latest quarter. — as of 24 July 2026.
What is Indoco Remedies Ltd's market cap?
Indoco Remedies Ltd's market capitalisation is ₹2,247 Cr at a share price of ₹247. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Indoco Remedies Ltd's P/E ratio?
Indoco Remedies Ltd trades at a P/E of 125.3×, at the 98th percentile of its own 9-year range, against a long-run median of 31.8×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Indoco Remedies Ltd pay a dividend?
Not in its latest year — Indoco Remedies Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 10 of its last 13 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Indoco Remedies Ltd overvalued?
On its own history, Indoco Remedies Ltd looks expensive against its own history: its P/E of 125.3× sits at the 98th percentile of its 9-year range (long-run median 31.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
How is Indoco Remedies Ltd performing?
Indoco Remedies Ltd is in a downtrend, 37 weeks in. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 13 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
Is Indoco Remedies Ltd in an uptrend?
No — the price is in a downtrend (week 37 of stage 4), trading +5.9% versus its 200-day average and at 58% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Indoco Remedies Ltd beating the market?
On recent form, yes — Indoco Remedies Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 13 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved −12% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will Indoco Remedies Ltd's share price go up?
This page publishes no price forecast for Indoco Remedies Ltd. What it measures instead: the share price is ₹247, the price is in a downtrend 37 weeks in. Its P/E of 125.3× sits at the 98th percentile of its own 9-year range. — as of 24 July 2026.
Who owns Indoco Remedies Ltd?
Promoters hold 58.9% of Indoco Remedies Ltd, foreign institutions 1.3%, domestic institutions 17.7% and the public 22.0% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 1.0 points over 8 quarters. — as of 24 July 2026.
Does Indoco Remedies Ltd have too much debt?
It carries real leverage — Indoco Remedies Ltd's debt-to-equity is 1.16, and operating profit covers the interest bill 1×. FY26 borrowings were ₹1,090 Cr against equity of ₹939 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Indoco Remedies Ltd's capex?
Indoco Remedies Ltd spent ₹823 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹91.0 Cr, with ₹28.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Indoco Remedies Ltd's cash flow?
Indoco Remedies Ltd generated ₹192 Cr of operating cash flow in FY26 and ₹101 Cr of free cash flow after ₹91.0 Cr of capital spending. Reported profit that year was ₹−99.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Indoco Remedies Ltd's profit real cash?
Yes — over the last 3 fiscal years, 129% of Indoco Remedies Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹192 Cr against reported profit of ₹−99.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Indoco Remedies Ltd in its business cycle?
Indoco Remedies Ltd's FY26 operating margin was 8.0%, against a 13-year band of 6.0%–21.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 10.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Indoco Remedies Ltd story?
The sharpest disagreement: the engine is strong, but at the 98th percentile of its own range you are paying full price for it. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Indoco Remedies Ltd a stock worth studying right now?
This is not investment advice. The machine read: Indoco Remedies Ltd is strength at full price. The numbers are improving — and a P/E at the 98th percentile of its own range says the market knows. The sharpest open question: whether the earnings grow into the multiple. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.