Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹3516 Cr.
Stock P/E
81.7
P/B
2.5
Current Price
₹404.4
Book Value
₹ 161.9
Face Value
10
52W High
₹419.1
52W Low
₹ 87
Dividend Yield
0%

Ind-Swift Labs. Overview

Business

Ind-Swift Laboratories Ltd. is an India-based pharmaceutical company primarily engaged in the manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) and intermediates. The company focuses on developing and producing complex APIs across various therapeutic segments. Its business model revolves around supplying these critical raw materials to pharmaceutical formulation companies, both domestically and internationally, which then use them to produce finished dosage forms (medicines). Revenue is generated through direct sales of these APIs to its clients.

Revenue Mix

The company's primary business segment is the manufacturing and sale of Active Pharmaceutical Ingredients (APIs). While specific revenue contribution breakdown for therapeutic areas or geographical markets is not detailed, the core focus remains on the API segment. It likely serves a diverse portfolio of therapeutic categories.

Industry

Ind-Swift Laboratories operates in the highly competitive and fragmented Indian Pharmaceuticals & Drugs industry, particularly within the API segment. India is a global hub for generic API manufacturing, known for cost-effectiveness and process chemistry expertise. The industry is characterized by stringent regulatory requirements, continuous R&D, and intense competition from numerous domestic and international players. Ind-Swift Laboratories positions itself as a quality-focused API manufacturer, leveraging its process chemistry capabilities to serve both regulated and semi-regulated markets. It competes with both large-scale API manufacturers and smaller, specialized players.

MOAT

For Ind-Swift Laboratories, competitive advantages are likely derived from:

Process Chemistry Expertise: Ability to develop and efficiently manufacture complex APIs through specialized chemical processes.

Regulatory Compliance: Adherence to global regulatory standards (e.g., US FDA, EU GMP) which allows access to regulated markets.

Customer Relationships: Long-standing relationships with formulation companies that rely on its APIs.

Cost-Effective Manufacturing: Leveraging India's cost advantage in R&D and manufacturing.

Niche Product Focus: Potential specialization in certain therapeutic categories or complex molecules where competition might be less intense.

Growth Drivers

Growing Demand for Generics: The global pharmaceutical market's shift towards generics and biosimilars will continue to drive demand for cost-effective APIs.

Increasing Healthcare Expenditure: Rising healthcare spending globally, particularly in emerging markets, fuels overall pharmaceutical demand.

Outsourcing Trends: Pharmaceutical companies increasingly outsource API manufacturing to specialized players like Ind-Swift for cost efficiency and focus on core R&D/marketing.

Product Pipeline Development: Successful development and commercialization of new, complex, or high-value APIs.

Market Diversification: Expanding presence in new geographical markets, especially regulated ones, can boost sales.

Risks

Intense Competition: The API market is highly competitive, leading to pricing pressure and margin erosion.

Regulatory Scrutiny: Continuous and evolving regulatory changes from authorities like US FDA, EMA, and CDSCO can impact manufacturing operations, product approvals, and costs.

Raw Material Price Volatility: Dependence on global supply chains for key starting materials can expose the company to price fluctuations and supply disruptions.

Technological Obsolescence: Failure to invest in R&D and upgrade manufacturing processes can lead to loss of competitiveness.

Currency Fluctuations: As an exporter, adverse movements in foreign exchange rates can impact profitability.

Environmental Regulations: Increasing environmental compliance costs and potential penalties.

Management & Ownership

Ind-Swift Laboratories Ltd. is likely a promoter-led company, a common structure in India. This typically implies strong management control by the founding family or group, providing long-term strategic vision but also potentially leading to concentrated decision-making. The ownership structure would likely show a significant stake held by the promoter group, along with institutional and public shareholders. Specific details on management quality or independent board oversight would require deeper analysis of corporate governance reports.

Outlook

Ind-Swift Laboratories operates in a fundamentally robust and growing pharmaceutical API sector, driven by global demand for generics and outsourcing. The company's focus on API manufacturing positions it well to capitalize on increasing healthcare expenditure and the cost advantages of Indian manufacturing. However, the outlook is tempered by intense competition, constant regulatory pressures, and the need for continuous R&D investment to stay relevant. Maintaining profitability will depend on its ability to effectively manage raw material costs, navigate complex regulatory environments, and consistently develop high-quality, in-demand APIs while expanding its customer base in regulated markets. Execution on new product development and operational efficiency will be key to navigating industry challenges and securing sustainable growth.

Ind-Swift Labs. Share Price

Live · BSE / NSE · Inception: 1995
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Ind-Swift Labs. Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 529 147 148 129 142 158 153 151 170 191
Other Income 71 43 17 17 -0 9 18 28 2 8
Total Income 600 190 166 145 142 167 171 178 172 199
Total Expenditure 437 153 145 135 147 149 151 147 149 158
Operating Profit 162 37 20 10 -5 18 19 32 23 41
Interest 3 10 10 10 -27 1 2 1 -2 1
Depreciation 20 6 6 6 7 7 7 9 8 8
Exceptional Income / Expenses 387 8 0 -1 216 0 0 -6 -5 -0
Profit Before Tax 527 29 5 -7 230 10 10 16 12 33
Provision for Tax 33 -0 0 -1 8 2 2 7 -3 8
Profit After Tax 494 29 5 -6 222 9 8 10 15 25
Adjustments -0 -0 0 0 -0 0 -0 0 0 0
Profit After Adjustments 494 29 5 -5 222 9 8 10 15 25
Adjusted Earnings Per Share 73.5 4.3 0.7 -0.9 32.3 1.3 1 1.2 1.7 2.8

Ind-Swift Labs. Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 653 697 763 757 780 891 1039 1207 1281 574 649 665
Other Income 16 23 26 37 33 23 43 34 45 69 57 56
Total Income 669 720 788 794 813 914 1082 1241 1326 643 706 720
Total Expenditure 546 591 628 630 636 709 843 978 1027 581 612 605
Operating Profit 123 129 160 163 177 206 239 263 300 62 94 115
Interest 106 90 35 92 107 100 96 92 51 3 1 2
Depreciation 85 88 87 104 90 87 131 57 53 24 31 32
Exceptional Income / Expenses -15 -5 -2 83 0 0 0 -27 387 223 -11 -11
Profit Before Tax -83 -55 36 50 -20 18 13 87 582 258 51 71
Provision for Tax -24 -16 14 21 1 21 15 39 160 7 8 14
Profit After Tax -59 -39 22 29 -21 -3 -2 48 421 251 43 58
Adjustments 0 0 0 0 0 0 0 -0 -0 -0 0 0
Profit After Adjustments -59 -39 22 29 -21 -3 -2 48 421 250 43 58
Adjusted Earnings Per Share -14.3 -8.7 4.9 6.1 -3.6 -0.5 -0.4 8.1 71.2 36.4 5 6.7

Ind-Swift Labs. Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 517 531 553 588 641 604 601 682 931 1173 1384
Minority's Interest 0 0 0 0 0 -0 -0 0 -0 -0 -0
Borrowings 746 592 520 966 891 884 848 753 11 26 12
Other Non-Current Liabilities -29 -97 -83 -64 -63 -44 -34 -11 -31 -26 -30
Total Current Liabilities 951 1005 936 356 323 315 334 371 221 221 257
Total Liabilities 2185 2031 1927 1845 1792 1758 1749 1794 1133 1394 1623
Fixed Assets 1099 1033 925 901 843 739 628 585 5 271 302
Other Non-Current Assets 165 170 163 108 86 75 46 45 467 258 345
Total Current Assets 922 829 839 836 863 942 1073 1163 661 865 977
Total Assets 2185 2031 1927 1845 1792 1758 1749 1794 1133 1394 1623

Ind-Swift Labs. Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 20 23 16 9 30 11 12 21 18 494 425
Cash Flow from Operating Activities 79 96 73 -64 125 135 150 195 -163 -29 -68
Cash Flow from Investing Activities -30 -31 -17 -12 -9 -10 5 -13 -104 -113 -73
Cash Flow from Financing Activities -48 -69 -62 100 -133 -124 -141 -186 681 72 142
Net Cash Inflow / Outflow 2 -4 -6 23 -17 1 14 -4 413 -69 1
Closing Cash & Cash Equivalent 22 16 9 30 11 12 26 18 432 425 430

Ind-Swift Labs. Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -14.33 -8.75 4.85 6.09 -3.59 -0.53 -0.36 8.06 71.24 36.44 4.97
CEPS(Rs) 6.36 10.98 23.98 27.96 11.66 14.24 21.81 17.8 80.35 40 8.48
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 56.78 58.08 65.58 73.01 70.21 66.35 68.33 84.25 157.64 159.86 159.28
Core EBITDA Margin(%) 15.94 14.79 17.41 16.6 18.32 20.35 18.66 18.9 19.71 -1.17 5.4
EBIT Margin(%) 3.51 4.88 9.26 18.68 11.09 13.16 10.31 14.74 49.07 44.47 7.67
Pre Tax Margin(%) -12.3 -7.72 4.67 6.54 -2.52 2.01 1.2 7.14 45.11 43.97 7.47
PAT Margin (%) -8.72 -5.46 2.85 3.81 -2.71 -0.35 -0.21 3.94 32.68 42.73 6.33
Cash Profit Margin (%) 3.87 6.86 14.1 17.5 8.79 9.37 12.3 8.68 36.81 46.91 10.83
ROA(%) -2.65 -1.86 1.11 1.53 -1.17 -0.18 -0.12 2.7 28.79 19.83 2.85
ROE(%) -23.11 -15.89 7.89 8.99 -5.56 -0.78 -0.54 10.61 58.97 24.68 3.47
ROCE(%) 1.4 2.19 4.59 9.25 5.97 8.31 7.88 13.25 55.13 24.24 4
Receivable days 206.44 185.94 181.25 182.19 174.12 168.41 154.46 144.51 95.44 103.86 97.45
Inventory Days 190.95 178.26 156.48 152.15 153.65 145.99 140.01 130.51 63.55 38.8 70.35
Payable days 137.79 109.26 107.94 115.52 120.5 110.78 106.89 105.77 82.21 129.43 162.26
PER(x) 0 0 11.81 6.45 0 0 0 6.86 1.38 2.3 26.5
Price/Book(x) 0.8 0.57 0.87 0.54 0.31 1.09 0.97 0.66 0.62 0.53 0.83
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 2.48 1.97 2.04 1.68 1.47 1.59 1.26 0.96 0.13 0.32 1.13
EV/Core EBITDA(x) 13.16 10.69 9.72 7.8 6.49 6.9 5.49 4.42 0.54 2.98 7.79
Net Sales Growth(%) -1.09 6.76 9.33 -0.78 3.05 14.33 16.54 16.23 6.1 -55.17 13.04
EBIT Growth(%) 190.68 47.94 104.1 98.86 -38.78 36.08 -8.58 65.33 254.17 -58.8 -79.99
PAT Growth(%) 50.83 33.32 156.15 31.72 -173.2 85.15 31.72 2325.72 781.13 -40.56 -82.83
EPS Growth(%) 50.83 38.95 155.49 25.37 -158.93 85.15 31.71 2314.85 784.43 -48.86 -86.37
Debt/Equity(x) 6.25 4.77 4.38 3.21 2.48 2.56 2.33 1.71 0.01 0.03 0.01
Current Ratio(x) 0.97 0.82 0.9 2.35 2.67 2.99 3.21 3.13 2.99 3.92 3.8
Quick Ratio(x) 0.59 0.48 0.56 1.46 1.61 1.8 1.93 1.95 2.94 3.41 3.22
Interest Cover(x) 0.22 0.39 2.02 1.54 0.81 1.18 1.13 1.94 12.38 89.31 37.13
Total Debt/Mcap(x) 7.79 8.39 5.03 5.97 8.04 2.36 2.4 2.61 0.02 0.06 0.02

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +13% -19% -6% 0%
Operating Profit CAGR +52% -29% -15% -3%
PAT CAGR -83% -4% — —
Share Price CAGR +292% +68% +45% +27%
ROE Average +3% +29% +19% +6%
ROCE Average +4% +28% +21% +12%

Ind-Swift Labs. Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 42.93 %
FII 10.7 %
DII (MF + Insurance) 0.17 %
Public (retail) 46.2 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 4242424240.9440.9439.539.542.9942.93
FII 0.251.260.650.463.074.2714.814.3313.8810.7
DII 8.030.940.940.940.910.910.680.6800.17
Public 49.7255.856.4156.655.0753.8745.0245.543.1246.2
Others 0000000000
Total 100100100100100100100100100100

Ind-Swift Labs. Peer Comparison

Pharmaceuticals & Drugs Edit Columns

Ind-Swift Labs. Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Ind-Swift Labs. Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 29%
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 42.93%.
  • Debtor days have increased from 129.43 to 162.26days.
Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

whatsapp