Indoco Remedies Q3 FY26 Revenue Up 7% to ₹389.6 Crore, EBITDA Grows 29%
Indoco Remedies reported Q3 FY26 revenue of ₹389.6 crore, up 7% YoY. EBITDA grew 29% to ₹25.9 crore. The company cited strong performance in Export Formulations and API businesses. Standalone net loss was ₹20 crore, and consolidated net loss was ₹29.45 crore for the quarter.
The reported financial results include net losses, which could be a concern for investors. However, the revenue and EBITDA growth, along with the company's explanation, provide some positive aspects. The auditor's note on subsidiaries adds a layer of risk.
While revenue and EBITDA showed positive growth, the company reported net losses on both standalone and consolidated bases. The auditor's report also highlighted potential going concern issues for subsidiaries, introducing a cautionary element.
Indoco Remedies Limited announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved these results along with the Limited Review Report with an unmodified opinion.
The Board Meeting commenced at 11:05 a.m. and concluded at 11:50 a.m. on February 3, 2026.
For the third quarter of FY 2025-26, revenues stood at ₹3,896 million (₹389.6 crore), a 7% increase year-on-year from ₹3,649 million in the same quarter last year. EBITDA for the quarter grew by 29% to ₹259 million, compared to ₹201 million in the previous year's corresponding quarter. The company attributed this revenue growth primarily to its Export Formulations business and API business.
The company's standalone results showed a total income from operations of ₹40,051 lakhs for the quarter ended December 31, 2025. Total expenses were ₹39,159 lakhs, leading to a profit before exceptional items and tax of ₹892 lakhs. After considering exceptional items of ₹(601) lakhs and tax expenses, the profit for the period was ₹(2,000) lakhs. The standalone earnings per share (basic and diluted) were ₹(217) for the quarter.
Consolidated results indicated total income from operations of ₹44,536 lakhs for the quarter. Total expenses amounted to ₹47,150 lakhs, resulting in a profit before exceptional items and tax of ₹(2,516) lakhs. After accounting for exceptional items of ₹(615) lakhs and tax expenses, the profit for the period was ₹(2,945) lakhs. Consolidated earnings per share (basic and diluted) were ₹(320) for the quarter.
The limited review report highlighted potential material uncertainty concerning the going concern ability of two subsidiaries, FPP Holding LLC and Warren Remedies Private Limited, due to their negative net worth. However, the auditors noted that based on impairment testing, no impairment provision was deemed necessary at this stage, and their opinion was not modified in respect of this matter.
Indoco Remedies Limited is an integrated pharmaceutical company with a turnover of US$180 million and over 6000 employees. It operates 10 manufacturing facilities approved by major regulatory authorities like USFDA and UK-MHRA.
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