Pharmaceuticals & Drugs · Founded 1995 · www.indswiftlabs.com · BSE 532305 · NSE IND-SWIFT LA · ISIN INE915B01019
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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.
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| #(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 |
| #(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 |
| # | 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% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 292% | 68% | 45% | 27% |
| ROE Average | 3% | 29% | 19% | 6% |
| ROCE Average | 4% | 28% | 21% | 12% |
| #(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 |
| #(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 |
| # | 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 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 42 | 42 | 42 | 42 | 40.94 | 40.94 | 39.5 | 39.5 | 42.99 | 42.93 |
| FII | 0.25 | 1.26 | 0.65 | 0.46 | 3.07 | 4.27 | 14.8 | 14.33 | 13.88 | 10.7 |
| DII | 8.03 | 0.94 | 0.94 | 0.94 | 0.91 | 0.91 | 0.68 | 0.68 | 0 | 0.17 |
| Public | 49.72 | 55.8 | 56.41 | 56.6 | 55.07 | 53.87 | 45.02 | 45.5 | 43.12 | 46.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.48 | 2.48 | 2.48 | 2.48 | 2.48 | 2.48 | 3.22 | 3.22 | 3.73 | 3.73 |
| FII | 0.01 | 0.07 | 0.04 | 0.03 | 0.19 | 0.26 | 1.21 | 1.17 | 1.21 | 0.93 |
| DII | 0.47 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0 | 0.01 |
| Public | 2.94 | 3.3 | 3.33 | 3.34 | 3.34 | 3.27 | 3.67 | 3.71 | 3.74 | 4.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.91 | 5.91 | 5.91 | 5.91 | 6.06 | 6.06 | 8.16 | 8.16 | 8.68 | 8.7 |
| # | 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% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 42 | 42 | 42 | 42 | 40.94 | 40.94 | 39.5 | 39.5 | 42.99 | 42.93 |
| FII | 0.25 | 1.26 | 0.65 | 0.46 | 3.07 | 4.27 | 14.8 | 14.33 | 13.88 | 10.7 |
| DII | 8.03 | 0.94 | 0.94 | 0.94 | 0.91 | 0.91 | 0.68 | 0.68 | 0 | 0.17 |
| Public | 49.72 | 55.8 | 56.41 | 56.6 | 55.07 | 53.87 | 45.02 | 45.5 | 43.12 | 46.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 2.48 | 2.48 | 2.48 | 2.48 | 2.48 | 2.48 | 3.22 | 3.22 | 3.73 | 3.73 |
| FII | 0.01 | 0.07 | 0.04 | 0.03 | 0.19 | 0.26 | 1.21 | 1.17 | 1.21 | 0.93 |
| DII | 0.47 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0 | 0.01 |
| Public | 2.94 | 3.3 | 3.33 | 3.34 | 3.34 | 3.27 | 3.67 | 3.71 | 3.74 | 4.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.91 | 5.91 | 5.91 | 5.91 | 6.06 | 6.06 | 8.16 | 8.16 | 8.68 | 8.7 |
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