Inodoco Remedies' Q1 FY26 revenue was above estimate, while Ebitda came below estimates due to lower-than-expected gross margin and higher-than-expected staff cost.
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Dolat Capital Report
We believe Indoco Remedies Ltd.'s domestic business will recover with major brands recovering and focusing on chronic traction. However, recovery in the US will be gradual, due to the ongoing remediation activity in the Goa II plant and the associated costs coupled with subsidiary losses, which will likely delay margin recovery.
Maintain our โSell' rating with revised target price of Rs 208 at 15x FY27E P/E.
Key Upsides: U.S. FDA Clearance of Goa plant II will give scope for rerating on the stock.
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