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INDOCO Share Price Target

Indoco Remedies Ltd.
NSE: INDOCO | BSE: 532612 | ISIN: INE873D01024 | Sector: Pharmaceuticals and health care

INDOCO Rating

4.6/5 (7 Ratings)
INDOCO Share Price *
259.45 +7.25 (2.87%)
* (quote may be delayed)

10 INDOCO share price target reports by brokerages below. See what is analyst's view on INDOCO share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.


You can also find INDOCO share price target tomorrow or next week from INDOCO discussion forum.

INDOCO Share Price Forecast - Consensus
No. of reports in last year
10
No. of analysts
6
Average Consensus Forecast
219.80
Consensus Potential
-28.87%

INDOCO Share Price Target - Broker Reports - 2020

28-Jan-20
Price @ Call: 221.69
Target: 240
HOLD
Strong growth in 9MFY20 was due to a recovery in both domestic and export markets (albeit on lower base) and strong gross margins. After going through a rough patch in FY18-19, where the company faced headwinds on the domestic (structural issues) and exports front (regulatory setbacks), the situation is returning to normalcy. On the domestic front, the management has maintained double digit domestic growth guidance for FY21 and is looking for field force productivity improvement from Rs 2.4 lakh to Rs 4 lakh per annum. Good traction is also expected on the exports front with regulatory overhangs (except WL to Goa I) waning. Normalisation of exports dispatches is likely to improve operating leverage as well. Improvement in fortunes notwithstanding, we will wait for consistency in coming quarters for a further upgrade. We arrive at a target price of Rs 240 based on ~16x FY22 EPS of Rs 15.0.
... Read more

27-Jan-20
Price @ Call: 223.16
Target: 239
ACCUMULATE
With regulatory woes largely corrected, the company’s regulated market sales is back on growth track, led by strong recovery in Europe, which is now back to its base run rate of Rs450mn per quarter. The EU revenue growth will sustain, and the US and other regulated markets should also start meaningfully contributing FY21 onwards. Assuming no differentiated limited competition launches, the US business can incrementally add Rs1000mn to FY21 sales. The sales growth will happen with no incremental investment in employee or any other fixed cost and hence the margin contribution should be much higher. Considering the recent run-up in the stock price we revise our rating on IRL to Accumulate from Buy and maintain our target price of Rs239 based on risk adjusted 16x P/E to September FY21 EPS.
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22-Jan-20
Price @ Call: 228.92
Target: 239
ACCUMULATE
With regulatory woes largely corrected, the company’s regulated market sales is back on growth track, led by strong recovery in Europe, which is now back to its base run rate of Rs450mn per quarter. The EU revenue growth will sustain, and the US and other regulated markets should also start meaningfully contributing FY21 onwards. Assuming no differentiated limited competition launches, the US business can incrementally add Rs1000mn to FY21 sales. The sales growth will happen with no incremental investment in employee or any other fixed cost and hence the margin contribution should be much higher. Considering the recent run-up in the stock price we revise our rating on IRL to Accumulate from Buy and maintain our target price of Rs239 based on risk adjusted 16x P/E to September FY21 EPS.
... Read more

INDOCO Share Price Target - Broker Reports - 2019

31-Oct-19
Price @ Call: 161.95
Target: 189
BUY
We downgrade our revenues for FY20E/FY21E by 6.4%/4.7% due to downgrade in Regulated markets and API revenues. We downgrade our EBDITAM for FY20E by 30bps on account of lower gross margins and higher other expenses while we upgrade our EBDITAM by 90 bps for FY21E due to better gross margins, lower staff cost and R & D expenses. We downgrade our FY20E EPS by 10 % to Rs 4.5 while we upgrade our EPS by 1.7 % to Rs 13.5 for FY21E. We revise our price target to Rs 189 based on 14x FY 21E and maintain our BUY on the stock.
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30-Oct-19
Price @ Call: 167.42
Target: 100
SELL
Indoco’s export business in regulated markets is largely CRAMS-based with higher dependency on partners, but it remains confident of capitalizing its relationship with its partners for sales ramp up. We believe this could be a slow process as contracts get renewed with both existing and new partners, and supply resumes at levels prior to the warning letter stage. We expect sales to register a 13% CAGR over FY19–21E, with EBITDA margin improving to 11.5–13.8% on a lower base until the capacity utilization for exports plays out. Although the past few months have seen favourable progress in the compliance situation, we believe the company still needs about two years to regain the peak levels of business performance. At the CMP, the stock trades at 20.5x FY21E EPS of Rs8. Maintain SELL.
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30-Oct-19
Price @ Call: 167.42
Target: 191
BUY
We believe Indoco’s FY20 to be a year of stablisation after a few hiccups regarding its plants catering to the US. Also, its domestic business has resumed normal growth and EU supply is expected to improve. Post- normalisation of its businesses, we expect a gradual step-up in earnings. We retain our Buy recommendation, at a lower target of Rs191.
... Read more

14-Aug-19
Price @ Call: 153.69
Target: 290
BUY
The company is hopeful of renewal of full cGMP status for its Unit I facility in Goa by EU authorities, which should allow reinstatement of the lost business. Even without reinstatement of EU cGMP status, it expects to regain its base revenue it was generating prior to getting a restricted GMP status, as the Baddi facility is now operational and a large client has resumed uptake. The Unit II facility, which manufactures sterile formulations and was successfully inspected, has received an EIR status. EBITDA margin which currently stand depressed should return to high teen levels by FY21. The company is guiding its return to 18% EBITDA margin if the regulatory situation unfolds as expected. We have a Buy on IRL with a target price (TP) of Rs290.
... Read more

14-Aug-19
Price @ Call: 151.15
Target: 130
REDUCE
Q1:Gap remains between guidance, achievement
INDR trades at PER of 19.7x FY20E and 13.5x FY21E earnings. INDR has guided for seasonal benefits in India formulations and early resolution in Goa Unit-I from UK MHRA. With structural degradation in the sector valuation, there are sizable gap between guidance and achievement of key targets in INDR. The US market prospects changed signnificantly with approved products being highly competitive and hardly having any economic feasibility to re-enter in those products. Teva planned to return some of its ophthal ANDAs due to indistinct economic prospects. With challenging comparative valuations in comparison to its growth and peers, we assign 12x PE of FY21E earnings as it reflects unfavorable risk-return matrix. We downgrade to‘Reduce’ and decrease TP to Rs130 (from Rs.137).
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19-Jul-19
Price @ Call: 160
Target: 290
BUY
Assuming the EU GMP status is restored anytime now, we expect company to clock anything between RS 170cr to RS 200cr in EBITDA) and RS 250cr in FY-21 in base case. At CMP stock trades at 7x FY21 EBITDA. We value Indoco at 12x FY21 EBITDA to arrive at a Target price of RS 290.
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31-May-19
Price @ Call: 186.74
Target: 290
BUY
The domestic business continues to be impacted by channel inventory reduction. During the quarter secondary sales for IRL as reported by AIOCD AWACS grew 12.5%, however, IRL reported sales dropped 4% YoY. With the commercialization of the new facility at Patalganga, API segment has delivered good growth with a rise in sales at 8.3% QoQ and 45% YoY.
... Read more

2-Feb-19
Price @ Call: 181.63
Target: 273
BUY

1-Feb-19
Price @ Call: 181.63
Target: 195
HOLD

31-Jan-19
Price @ Call: 186.9
Target: 111
REDUCE

INDOCO Share Price Target - Broker Reports - 2018

14-Nov-18
Price @ Call: 178.55
Target: 100
REDUCE

25-Jan-18
Price @ Call: 297.03
Target: 203
REDUCE

INDOCO Share Price Target - Broker Reports - 2017

28-Nov-17
Price @ Call: 284.6
Target: 151
REDUCE

24-Nov-17
Price @ Call: 296.23
Target: 136
SELL

5-Sep-17
Price @ Call: 193
Target: 250
BUY

17-Aug-17
Price @ Call: 194.05
Target: 153
SELL

10-Aug-17
Price @ Call: 188.55
Target: 207
BUY

30-Jan-17
Price @ Call: 275
Target: 315
BUY

1-Feb-17
Price @ Call: 265.8
Target: 240
SELL

INDOCO Share Price Target - Broker Reports - 2016

4-Nov-16
Price @ Call: 277
Target: 377
HOLD

10-Nov-16
Price @ Call: 277
Target: 240
REDUCE

  • INDOCO - Share Price Target Potential

    keyboard_arrow_down
    BrokerageTargetPotential
    ICICIdirect.com240-5.08%
    Nirmal Bang239-5.52%
    Karvy Stock Broking189-33.44%
    India Nivesh100-152.20%
    AnandRathi191-32.04%
  • INDOCO Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3288.37
    Upside Target 2277.18
    Upside Target 1268.32
    Pivot257.13
    Downside Target 1248.27
    Downside Target 2237.08
    Downside Target 3228.22
  • INDOCO Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3297.67
    Upside Target 2276.83
    Upside Target 1263.77
    Pivot242.93
    Downside Target 1229.87
    Downside Target 2209.03
    Downside Target 3195.97
  • INDOCO Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3324.07
    Upside Target 2284.53
    Upside Target 1253.02
    Pivot213.48
    Downside Target 1181.97
    Downside Target 2142.43
    Downside Target 3110.92
  • INDOCO Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3277.18
    Upside Target 2269.52
    Upside Target 1264.79
    Pivot257.13
    Downside Target 1249.47
    Downside Target 2244.74
    Downside Target 3237.08
  • INDOCO Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3276.83
    Upside Target 2263.88
    Upside Target 1255.88
    Pivot242.93
    Downside Target 1229.98
    Downside Target 2221.98
    Downside Target 3209.03
  • INDOCO Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3284.53
    Upside Target 2257.39
    Upside Target 1240.62
    Pivot213.48
    Downside Target 1186.34
    Downside Target 2169.57
    Downside Target 3142.43
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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