IRIndoco Remedies532612Earnings call transcript

Q2 FY27 call: consolidated revenue crosses Rs. 500 crore; Goa Plant-1 clears MHRA audit

Consolidated net revenue up 7.4% to Rs. 5,069 million — first quarter above the Rs. 500 crore mark.

By ScoutQuest · Thu 29 Oct 2026, 4:20 PM IST · 2 min read

Consolidated Net Revenue

up 7.4% to Rs. 5,069 million — first quarter above the Rs. 500 crore mark

Standalone EBITDA Margin

9.2% vs 12.4% a year ago

Cyclopam Sales

Rs. 206 crore

The numbers

• Consolidated net revenue grew 7.4% to Rs. 5,069 million in Q2 FY27 from Rs. 4,718 million in the same quarter last year. Management said this is the first time quarterly consolidated revenue has crossed the Rs. 500 crore mark.
• Standalone net revenue grew 2% to Rs. 4,381 million from Rs. 4,293 million.
• Consolidated EBITDA was 9.2% of net sales at Rs. 464 million, against 9.1% at Rs. 431 million a year earlier and 8.8% at Rs. 410 million in the immediately preceding quarter.
• Standalone EBITDA was 9.2% of net sales at Rs. 403 million, against 12.4% at Rs. 534 million a year earlier and 10.3% at Rs. 422 million in the immediately preceding quarter.

Brand and portfolio performance

• Cyclopam crossed the Rs. 200 crore threshold and is now at sales of Rs. 206 crore, holding the number two position in the antispasmodics and anticholinergics market.
• The gastrointestinal portfolio grew 30.3% during the quarter and the stomatological business grew 34.8%.
• Management acknowledged near-term challenges in the domestic formulations business and said more work is needed on domestic performance, with focus on field force productivity, brand investments and high-potential therapeutic segments.

Regulatory and international operations

• Plant-1 at Goa had what management described as a very successful MHRA audit.
• AnaCipher, the company's contract research organisation, cleared an ANVISA inspection.
• International formulations saw momentum in regulated markets, particularly the United Kingdom and Europe, along with growth in the USA and Latin America.
• The API business and allied services businesses (Indoco Analytical Solutions and AnaCipher) continued on a growth trajectory.

Cost pressure

• Margin expansion was partly offset by an increase in material costs and elevated freight costs, which management linked to ongoing geopolitical conflict. The company said it remains focused on operational efficiencies and cost management.

What management said about the road ahead

• For the second half of FY27 the stated priorities are strengthening domestic brand performance, accelerating international growth and improving operational efficiency, while building capabilities that support sustainable profitability.
• Management spoke of disciplined execution, prudent resource allocation and investments that create long-term value.
• The company said it remains optimistic about long-term growth prospects on the back of international formulations, API and allied services, improving operating metrics and core brand strength.

What a retail investor can take away

• Revenue growth was led by the consolidated (including international) business, while the standalone business grew 2%.
• Operating margin at the standalone level was lower than a year earlier, while the consolidated margin was broadly flat year on year and slightly better than the immediately preceding quarter.
• Two favourable regulatory outcomes at Goa Plant-1 and AnaCipher were reported during the call.

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