Indoco Remedies says Maharashtra GST inspection completed, operations unaffected

Drug firm Indoco Remedies Ltd on Monday (February 9) said the Maharashtra State Goods & Services Tax (GST) Department concluded its inspection/search on February 8, 2026, at 20:15 hours (IST).

The inspection was conducted under the Maharashtra Goods & Services Tax Act, 2017. The company submitted all requested documents, clarifications, and details, and no official notice or document has been issued by the authority.

"...we hereby notify that the Goods & Service Tax Department, Maharashtra have concluded their Inspection/Search on 08th February, 2026," according to a stock exchange filing.

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The company stated that the inspection/search has no material impact on its financials, operations, or other activities.

Third Quarter Results

Indoco Remedies Ltd. reported a wider net loss for the December quarter. The company posted a net loss of ₹29.8 crore for the quarter, compared with a loss of ₹26.4 crore in the corresponding period last year.

Revenue rose 8.5% year-on-year to ₹445.4 crore from ₹410.6 crore. Operating performance strengthened, with EBITDA coming in at ₹31.5 crore, nearly tripling from ₹12 crore a year ago. EBITDA margins expanded to 7.1% from 2.9% in the year-ago quarter.

Also Read: Indoco Remedies shares gain after Q2 net loss improves, revenue rises 12%

Shares of Indoco Remedies Ltd ended at ₹205.10, down by ₹8.65, or 4.05%, on the BSE.