Pharmaceuticals & Drugs · Founded 1994 · www.medicoremediesindia.com / www.medicoremediesindia.net / www.tabletandcapsules.com · BSE 540937 · NSE MEDICO · ISIN INE630Y01024
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Business
Medico Remedies Ltd. is an Indian pharmaceutical company primarily engaged in the manufacturing, marketing, and distribution of a range of pharmaceutical formulations. The company likely focuses on producing generic drugs across various therapeutic categories. Its core business model involves developing and manufacturing these formulations, obtaining necessary regulatory approvals, and then selling them to domestic and international markets through a network of distributors, wholesalers, and healthcare institutions. Revenue is generated from the sale of these finished pharmaceutical products.
Revenue Mix
Without specific financial data, the exact revenue mix cannot be determined. However, typical segments for Indian generic pharmaceutical companies include:
Domestic Formulations: Sales of branded and unbranded generic drugs within India.
International Formulations (Exports): Sales of pharmaceutical products to various regulated and semi-regulated markets globally.
Medico Remedies Ltd. likely derives the majority of its revenue from the sale of finished dosage forms in these two broad categories.
Industry
Medico Remedies operates within the highly competitive and fragmented Indian Pharmaceuticals & Drugs sector. The industry is characterized by a strong focus on generic drug manufacturing, cost-effective production, and increasing exports. India is a global leader in generic drug supply. Medico Remedies is likely a small to mid-sized player within this vast landscape, competing with numerous domestic and international companies. Its positioning would depend on its specific therapeutic focus, manufacturing capabilities, and market penetration, particularly in its chosen domestic and export geographies.
MOAT
Durable competitive advantages are challenging for generic pharmaceutical companies due to intense competition and product commoditization. Potential competitive advantages for Medico Remedies, if present, could include:
Cost-Efficiency in Manufacturing: Ability to produce formulations at a lower cost than competitors.
Specific Regulatory Approvals: Attaining approvals (e.g., WHO-GMP, specific country regulatory approvals) that allow market access.
Established Distribution Networks: Strong relationships and reach within specific domestic or international markets.
Niche Product Portfolio: Specialization in certain therapeutic areas or complex generics.
However, these are often operational strengths rather than strong, long-lasting moats that fundamentally protect market share or pricing power.
Growth Drivers
Key factors that could drive growth for Medico Remedies over the next 3-5 years include:
Increasing Demand for Generics: Global healthcare expenditure growth, aging populations, and rising prevalence of chronic diseases continue to fuel demand for affordable generic drugs.
New Product Launches: Introduction of new generic formulations or expanding into new therapeutic segments.
Market Expansion: Entering new geographical markets or strengthening presence in existing ones, particularly in export markets.
Capacity Utilization & Expansion: Optimizing existing manufacturing facilities or expanding capacity to meet growing demand.
Government Healthcare Initiatives: Growing healthcare access and expenditure in India can boost domestic sales.
Risks
Intense Competition & Pricing Pressure: The generic market is highly competitive, leading to constant pressure on product pricing and profit margins.
Regulatory Risks: Strict and evolving regulations in both domestic and international markets (e.g., product approvals, manufacturing standards, quality control) can impact operations and market access.
Raw Material Volatility: Fluctuations in the cost and availability of Active Pharmaceutical Ingredients (APIs) and other raw materials.
Foreign Exchange Fluctuations: For companies with significant export revenues, currency volatility can impact profitability.
Product Quality & Recalls: Manufacturing defects or quality control issues can lead to product recalls, reputational damage, and financial penalties.
Dependence on Key Markets/Products: Over-reliance on a few products or specific geographies can expose the company to concentrated risks.
Management & Ownership
Medico Remedies Ltd., like many Indian companies, is likely promoter-led, meaning the founding family or individuals hold a significant ownership stake and play a crucial role in management. Assessing management quality without specific information requires looking at historical performance, corporate governance practices, and strategic decisions, which are not provided here. Ownership is typically concentrated with the promoter group, often along with institutional and public shareholders.
Outlook
Medico Remedies operates in a resilient and growing pharmaceutical industry driven by increasing global healthcare needs and demand for affordable generics. The company's future hinges on its ability to effectively navigate the highly competitive landscape, maintain cost-efficient manufacturing, ensure robust quality control, and strategically expand its product portfolio and market reach. The Indian pharma sector offers growth opportunities, but Medico Remedies must consistently manage pricing pressures, regulatory complexities, and raw material risks to sustain profitability and scale operations. Its success will depend on disciplined execution, prudent capital allocation, and a focus on operational excellence in a sector where differentiation is often challenging.
Price goes above X
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 30 | 41 | 31 | 39 | 39 | 41 | 38 | 53 | 59 | 57 |
| Other Income | 0 | 1 | 0 | 1 | 1 | 0 | 1 | 2 | 1 | 3 |
| Total Income | 30 | 42 | 31 | 40 | 41 | 42 | 39 | 54 | 59 | 60 |
| Total Expenditure | 27 | 37 | 28 | 37 | 36 | 35 | 35 | 50 | 54 | 50 |
| Operating Profit | 3 | 5 | 3 | 3 | 5 | 7 | 3 | 4 | 5 | 10 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 4 | 2 | 2 | 3 | 6 | 2 | 3 | 4 | 8 |
| Provision for Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit After Tax | 1 | 3 | 2 | 2 | 3 | 4 | 2 | 3 | 3 | 6 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 1 | 3 | 2 | 2 | 3 | 4 | 2 | 3 | 3 | 6 |
| Adjusted Earnings Per Share | 0.2 | 0.4 | 0.2 | 0.2 | 0.3 | 0.5 | 0.2 | 0.3 | 0.3 | 0.7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 51 | 67 | 54 | 61 | 98 | 89 | 122 | 121 | 140 | 145 | 151 | 207 |
| Other Income | 0 | 0 | 0 | 1 | 2 | 2 | 1 | 2 | 4 | 2 | 3 | 7 |
| Total Income | 51 | 67 | 55 | 62 | 100 | 91 | 123 | 123 | 145 | 147 | 154 | 212 |
| Total Expenditure | 48 | 63 | 50 | 58 | 95 | 86 | 117 | 114 | 131 | 132 | 137 | 189 |
| Operating Profit | 3 | 4 | 4 | 4 | 5 | 5 | 6 | 9 | 14 | 15 | 18 | 22 |
| Interest | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 2 | 2 | 2 | 2 | 2 | 4 | 6 | 10 | 11 | 14 | 17 |
| Provision for Tax | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 2 | 3 | 3 | 3 | 5 |
| Profit After Tax | 1 | 1 | 2 | 1 | 2 | 2 | 3 | 5 | 7 | 8 | 10 | 14 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 2 | 1 | 2 | 2 | 3 | 5 | 7 | 8 | 10 | 14 |
| Adjusted Earnings Per Share | 0.1 | 0.2 | 0.3 | 0.1 | 0.2 | 0.2 | 0.3 | 0.6 | 0.9 | 1 | 1.2 | 1.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 4% | 8% | 11% | 11% |
| Operating Profit CAGR | 20% | 26% | 29% | 20% |
| PAT CAGR | 25% | 26% | 38% | 26% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -16% | -20% | 49% | NA% |
| ROE Average | 18% | 18% | 15% | 11% |
| ROCE Average | 22% | 22% | 18% | 13% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 14 | 15 | 16 | 27 | 28 | 30 | 32 | 37 | 44 | 52 | 62 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 4 | 11 | 2 | 2 | 5 | 5 | 1 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 1 | 0 |
| Total Current Liabilities | 22 | 26 | 21 | 30 | 45 | 40 | 38 | 40 | 43 | 45 | 59 |
| Total Liabilities | 36 | 46 | 48 | 59 | 76 | 75 | 76 | 79 | 89 | 98 | 122 |
| Fixed Assets | 8 | 7 | 7 | 7 | 12 | 13 | 15 | 18 | 22 | 21 | 21 |
| Other Non-Current Assets | 2 | 2 | 3 | 7 | 5 | 6 | 2 | 2 | 1 | 1 | 2 |
| Total Current Assets | 26 | 37 | 38 | 46 | 59 | 57 | 58 | 59 | 66 | 76 | 99 |
| Total Assets | 36 | 46 | 48 | 59 | 76 | 75 | 76 | 79 | 89 | 98 | 122 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 1 | 1 | 0 | 0 | 0 | 3 | 1 | 1 | 0 |
| Cash Flow from Operating Activities | -0 | -4 | -3 | 5 | 5 | 1 | -11 | 6 | 8 | 2 | 5 |
| Cash Flow from Investing Activities | -2 | 0 | -3 | -5 | -4 | -3 | -17 | -2 | -7 | -3 | -3 |
| Cash Flow from Financing Activities | 3 | 2 | 6 | -1 | -1 | 3 | 18 | -6 | -2 | -0 | -1 |
| Net Cash Inflow / Outflow | 0 | -1 | -0 | -0 | -0 | 0 | -10 | -2 | -0 | -1 | 1 |
| Closing Cash & Cash Equivalent | 2 | 1 | 0 | 0 | 0 | 1 | -10 | 1 | 1 | 0 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.12 | 0.18 | 0.25 | 0.15 | 0.19 | 0.2 | 0.31 | 0.58 | 0.87 | 1 | 1.22 |
| CEPS(Rs) | 0.29 | 0.36 | 0.42 | 0.27 | 0.37 | 0.4 | 0.51 | 0.85 | 1.2 | 1.35 | 1.58 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 2.13 | 2.3 | 2.56 | 3.21 | 3.4 | 3.6 | 3.91 | 4.41 | 5.28 | 6.31 | 7.53 |
| Core EBITDA Margin(%) | 5.69 | 5.49 | 7.01 | 5.64 | 2.83 | 3.21 | 4.28 | 6.06 | 6.75 | 8.91 | 9.55 |
| EBIT Margin(%) | 3.78 | 4.08 | 5.27 | 5.49 | 3.23 | 3.69 | 3.77 | 5.9 | 7.72 | 8.39 | 9.71 |
| Pre Tax Margin(%) | 2.16 | 2.81 | 2.95 | 3.03 | 2.23 | 2.5 | 3.02 | 5.36 | 7.19 | 7.82 | 8.95 |
| PAT Margin (%) | 1.55 | 1.69 | 2.85 | 1.98 | 1.61 | 1.84 | 2.12 | 3.98 | 5.16 | 5.72 | 6.69 |
| Cash Profit Margin (%) | 3.7 | 3.47 | 4.69 | 3.6 | 3.15 | 3.72 | 3.46 | 5.81 | 7.09 | 7.71 | 8.69 |
| ROA(%) | 2.36 | 2.78 | 3.47 | 2.26 | 2.31 | 2.15 | 3.43 | 6.24 | 8.63 | 8.85 | 9.18 |
| ROE(%) | 7.14 | 7.97 | 10.47 | 5.67 | 5.72 | 5.61 | 8.31 | 13.94 | 18.01 | 17.23 | 17.58 |
| ROCE(%) | 10.01 | 10.86 | 9.39 | 9.05 | 7.79 | 7.66 | 10.13 | 15.09 | 21.88 | 21.9 | 21.65 |
| Receivable days | 47.94 | 73.64 | 120.17 | 103.77 | 86.09 | 109.06 | 76.51 | 87.18 | 86.4 | 107.96 | 129.15 |
| Inventory Days | 56.52 | 47.46 | 61.63 | 74.02 | 57.88 | 70.69 | 48.92 | 49.25 | 49.13 | 45.38 | 52.07 |
| Payable days | 122.45 | 98.17 | 169.4 | 160.16 | 134.71 | 187.4 | 119 | 135.32 | 120.01 | 119.19 | 127.89 |
| PER(x) | 0 | 0 | 0 | 32.98 | 22.46 | 18.64 | 16.02 | 28.97 | 85.61 | 49.32 | 42.83 |
| Price/Book(x) | 0 | 0 | 0 | 1.51 | 1.25 | 1.02 | 1.28 | 3.81 | 14.14 | 7.81 | 6.92 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.15 | 0.22 | 0.4 | 0.85 | 0.49 | 0.48 | 0.44 | 1.22 | 4.47 | 2.87 | 2.95 |
| EV/Core EBITDA(x) | 2.54 | 3.78 | 5 | 11.83 | 10.33 | 8.68 | 8.57 | 15.77 | 46.22 | 27.63 | 25.16 |
| Net Sales Growth(%) | 13.67 | 30.78 | -18.39 | 12.14 | 60.08 | -9.27 | 38.08 | -1.12 | 16.04 | 3.19 | 4.15 |
| EBIT Growth(%) | 22.55 | 41.1 | 10.98 | 12.39 | -6.98 | 3.85 | 41.11 | 54.66 | 51.79 | 12.1 | 20.59 |
| PAT Growth(%) | 25.93 | 42.66 | 44.1 | -25.06 | 28.68 | 3.84 | 58.86 | 85.79 | 50.49 | 14.49 | 21.74 |
| EPS Growth(%) | -0.83 | 42.66 | 44.1 | -42.2 | 28.68 | 3.84 | 58.83 | 85.84 | 50.47 | 14.5 | 21.74 |
| Debt/Equity(x) | 0.58 | 0.94 | 1.18 | 0.47 | 0.48 | 0.46 | 0.46 | 0.29 | 0.18 | 0.13 | 0.22 |
| Current Ratio(x) | 1.22 | 1.39 | 1.81 | 1.51 | 1.3 | 1.4 | 1.54 | 1.49 | 1.53 | 1.7 | 1.68 |
| Quick Ratio(x) | 0.84 | 1.05 | 1.33 | 1.02 | 0.95 | 0.95 | 1.16 | 1.03 | 1.08 | 1.33 | 1.22 |
| Interest Cover(x) | 2.34 | 3.21 | 2.27 | 2.23 | 3.22 | 3.09 | 5.02 | 10.79 | 14.52 | 14.76 | 12.66 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.31 | 0.38 | 0.46 | 0.36 | 0.08 | 0.01 | 0.02 | 0.03 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.34 | 73.34 | 73.34 | 73.34 | 66.83 | 63.79 | 62.59 | 61.38 | 61.38 | 61.38 |
| FII | 1.29 | 0.29 | 0.23 | 0 | 0.39 | 0.12 | 0.07 | 0.3 | 0.49 | 0.03 |
| DII | 0 | 0.74 | 0.97 | 1.19 | 0.78 | 0.01 | 0.01 | 0.01 | 0 | 0 |
| Public | 25.37 | 25.63 | 25.47 | 25.47 | 32 | 36.08 | 37.33 | 38.3 | 38.13 | 38.59 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.09 | 6.09 | 6.09 | 6.09 | 5.55 | 5.29 | 5.19 | 5.09 | 5.09 | 5.09 |
| FII | 0.11 | 0.02 | 0.02 | 0 | 0.03 | 0.01 | 0.01 | 0.02 | 0.04 | 0 |
| DII | 0 | 0.06 | 0.08 | 0.1 | 0.06 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.11 | 2.13 | 2.11 | 2.11 | 2.66 | 2.99 | 3.1 | 3.18 | 3.16 | 3.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +4% | +8% | +11% | +11% |
| Operating Profit CAGR | +20% | +26% | +29% | +20% |
| PAT CAGR | +25% | +26% | +38% | +26% |
| Share Price CAGR | -16% | -20% | +49% | — |
| ROE Average | +18% | +18% | +15% | +11% |
| ROCE Average | +22% | +22% | +18% | +13% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.34 | 73.34 | 73.34 | 73.34 | 66.83 | 63.79 | 62.59 | 61.38 | 61.38 | 61.38 |
| FII | 1.29 | 0.29 | 0.23 | 0 | 0.39 | 0.12 | 0.07 | 0.3 | 0.49 | 0.03 |
| DII | 0 | 0.74 | 0.97 | 1.19 | 0.78 | 0.01 | 0.01 | 0.01 | 0 | 0 |
| Public | 26.66 | 26.66 | 26.66 | 26.66 | 33.17 | 36.21 | 37.41 | 38.62 | 38.62 | 38.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.09 | 6.09 | 6.09 | 6.09 | 5.55 | 5.29 | 5.19 | 5.09 | 5.09 | 5.09 |
| FII | 0.11 | 0.02 | 0.02 | 0 | 0.03 | 0.01 | 0.01 | 0.02 | 0.04 | 0 |
| DII | 0 | 0.06 | 0.08 | 0.1 | 0.06 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.21 | 2.21 | 2.21 | 2.21 | 2.75 | 3 | 3.1 | 3.2 | 3.2 | 3.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 |
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