Indoco Remedies Ltd.revenue tops ₹500 Cr, freight hits margin, FDA verdict due

Indoco Remedies' Q2 FY27 call, held on 27 October 2026, reported consolidated revenue of ₹5,069 million, up 7.4% and above ₹500 crore a quarter for the first time, with standalone revenue up 2%.

Consolidated EBITDA was ₹464 million at a 9.2% margin, while standalone EBITDA margin fell to 9.2% from 12.4% a year ago because of an extra freight cost of about ₹13 crore and an almost 30% rise in material, packing, freight and solvent costs. Domestic formulations fell to ₹2,128 million as acute brands like Febrex Plus and Oxipod de-grew on a missing monsoon, though Cyclopam reached ₹206 crore and gastrointestinal and dental brands grew about 30%.

International formulations rose 12.1%, led by regulated markets up 21.1%. The Goa plant passed an MHRA audit, but the USFDA outcome on seven observations will not be known before the first week of December. Management kept its high single-digit domestic growth guide, expects decent double-digit international growth, plans minimal capex and R&D below 5% of sales, and is separating Warren Remedies' API and toothpaste businesses.