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Nirmal Bang Remains Structurally Positive On Indoco Remedies; Maintains 'Hold' Rating — Check Target Price
Nirmal Bang values the company at 11x Jul-27E EV/Ebitda and maintain Hold rating on Indoco Remedies, resulting in a target price of Rs 310.
26 Aug 2025, 12:41 PM IST 
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Supply constraints are set to ease by Q2 FY26, with US FDA clearance enabling FY27 to be the first full year of uninterrupted operations, positioning Indoco Remedies for margin recovery and broadbased growth across geographies.
(Photo Source: Envato)
Indoco Remedies' revenue/Ebitda are expected to clock CAGR of 12.6%/~84% over FY25-FY27E, mainly on the back of resolution of the Goa facilities, which is expected by Q3 FY26-end and a rebound in growth in other markets, including India. The PAT is expected to reach to Rs 951 million by FY27E. ROCE/ROE are expected to remain decent at 10%/8.5% by FY27-end.
