ICICI Direct has given Buy recommendation for Indoco Remedies with a target price of Rs. 510 in its research report issued on May 18, 2022

ICICI Direct’s research report on Indoco Remedies

Indoco manufactures and markets branded formulations and APIs for the domestic and export markets. In domestic formulations, through its nine marketing divisions, the company serves a range of specialties. Domestic formulations accounted for 54% of revenues. Major therapies are: respiratory, anti-infectives, stomatologicals, gastrointestinals and vitamins • Formulation exports accounted for 41% (regulated markets:81%) of revenues while APIs contributed 4% with remaining coming from CRAMS.


We retain BUY rating on the stock due to steadiness in domestic business and outlook for inflows from exports amid better operating leverage. We value Indoco Remedies at Rs 510 i.e. 18x P/E on FY24E EPS of Rs 28.4.

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