Accumulate Indoco Remedies; target of Rs 480: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Indoco Remedies

Indoco Remedies’ (INDR) Q2FY22 performance was muted in regulated market, but should recover with pick up in profit share from Brinzolamide in US and settling of logistics issues in EU markets. The domestic market continued to witnessed strong growth in therapies like anti-infective, GI, VMN and Opthal. We remain structurally positive on INDR on account of 1) MR productivity enhancement and higher penetration in North and East markets 2) new launches in US and 3) higher tender business in EU market. This will continue to sustain current margin trajectory at ~20%.

Outlook

We recommend ‘Accumulate’ with TP of Rs480 based on 20x Sept 2023E earnings.

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