Ind-Swift Laboratories Ltd

₹ 137 3.80%

01 Apr 2:49 p.m.

indswiftlabs.com BSE: 532305 NSE: INDSWFTLAB

About

Incorporated in 1995, Ind-Swift Laboratories Ltd is in the business of Bulk Drugs & Pharmaceuticals^[1]

Key Points

Business Overview:^[1]
ISLL is a global manufacture of APIs, Intermediates and formulation (through group collaboration). It caters to the API needs of regulated markets including USFDA, EDQM, PMDA, ANVISA, EU-GMP, KFDA, NMO, ANSM, Cofepris, TGA, WHO, ROW. ISLL is present in all stages of drug substance/product including new chemical/molecular research to formulation development.
Company manufactures APIs towards Cardiovascular health, Antihistamine, Antidiabetic, Antipsychotic, Antimigraine, Parkinson’s Disease, Antineoplastic, ADHD Symptoms, Analgesics, Alcohol Abstinence and Bone Resorption Inhibitor. It also holds global leadership positions in the Macrolide Antibiotic segment.

Website BSE NSE

Market Cap ₹ 1,115 Cr.
Current Price ₹ 137
High / Low ₹ 152 / 67.2
Stock P/E 24.9
Book Value ₹ 159
Dividend Yield 0.00 %
ROCE 1.37 %
ROE 0.82 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.88 times its book value
Company has delivered good profit growth of 19.0% CAGR over last 5 years
Promoter holding has increased by 3.56% over last quarter.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor sales growth of -6.07% over past five years.
Company has a low return on equity of 8.86% over last 3 years.
Earnings include an other income of Rs.274 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	302	270	299	270	276	517	30	3	122	145	148	150	149
	246	207	239	207	222	430	35	15	122	158	145	148	144
Operating Profit	56	63	60	63	54	87	-5	-12	-1	-13	3	2	5
OPM %	18%	23%	20%	23%	20%	17%	-15%	-443%	-1%	-9%	2%	1%	4%
	8	7	6	7	7	458	11	13	16	220	15	18	22
Interest	22	21	20	21	21	3	0	0	10	-27	1	2	1
Depreciation	15	13	14	13	14	20	0	0	6	7	7	7	9
Profit before tax	26	36	31	36	27	523	6	0	-1	226	10	11	18
Tax %	-10%	17%	45%	17%	19%	6%	0%	0%	0%	4%	17%	21%	39%
	29	30	17	30	22	491	6	0	-1	218	8	9	11
EPS in Rs	4.95	5.09	2.89	5.09	3.66	83.05	1.05	0.05	-0.15	35.98	1.34	1.07	1.32
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	941	646	639	694	731	724	752	857	988	1,152	1,673	550	593
	882	557	532	589	604	599	610	676	788	930	1,371	563	595
Operating Profit	59	89	107	105	127	125	142	180	200	222	302	-13	-3
OPM %	6%	14%	17%	15%	17%	17%	19%	21%	20%	19%	18%	-2%	-0%
	-19	-31	1	15	16	130	36	23	34	7	476	304	274
Interest	117	117	106	88	28	92	107	100	96	92	104	3	-23
Depreciation	66	84	85	88	87	104	90	87	131	57	80	24	30
Profit before tax	-143	-143	-83	-56	29	59	-20	16	8	79	594	264	265
Tax %	-14%	-17%	-29%	-29%	38%	35%	6%	127%	171%	46%	10%	3%
	-123	-119	-59	-40	18	39	-21	-4	-6	42	536	256	246
EPS in Rs	-29.96	-29.09	-14.37	-8.88	3.89	8.11	-3.52	-0.74	-0.97	7.19	90.74	42.25	39.71
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-2%
5 Years:	-6%
3 Years:	-18%
TTM:	-12%

Compounded Profit Growth
10 Years:	8%
5 Years:	19%
3 Years:	72%
TTM:	-68%

Stock Price CAGR
10 Years:	11%
5 Years:	12%
3 Years:	34%
1 Year:	45%

Return on Equity
10 Years:	1%
5 Years:	6%
3 Years:	9%
Last Year:	1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	41	42	42	45	46	48	60	60	60	60	67	69	82
Reserves	682	551	473	480	497	542	585	579	573	616	731	1,095	1,217
	1,355	1,413	1,457	1,242	1,083	1,148	1,031	996	944	854	214	37	22
	252	233	238	353	371	174	184	182	226	259	396	221	210
Total Liabilities	2,330	2,238	2,210	2,121	1,997	1,913	1,860	1,817	1,803	1,788	1,408	1,422	1,530
	1,173	1,114	1,095	1,042	934	913	843	752	630	587	192	273	285
CWIP	78	115	82	70	69	20	11	19	10	8	51	0	0
Investments	27	26	26	26	26	26	26	55	111	85	167	269	368
	1,052	983	1,007	982	968	953	979	991	1,052	1,108	998	880	877
Total Assets	2,330	2,238	2,210	2,121	1,997	1,913	1,860	1,817	1,803	1,788	1,408	1,422	1,530

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	0	100	80	93	71	-75	123	135	136	183	-166	-39
	0	-37	-30	-31	-17	-2	-10	-10	3	-14	-28	-110
	0	-64	-48	-69	-62	100	-133	-124	-140	-168	658	74
Net Cash Flow	0	-0	3	-7	-8	23	-20	1	-1	1	464	-75
Free Cash Flow	0	60	50	61	50	-90	112	131	123	170	-229	-65
CFO/OP	0%	112%	75%	88%	56%	-60%	87%	75%	68%	82%	-55%	303%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	166	212	205	179	191	168	187	171	158	149	56	106
Inventory Days	187	319	377	317	305	302	330	304	303	253	28	137
Days Payable	102	119	137	88	112	110	122	106	120	114	114	141
Cash Conversion Cycle	250	412	445	409	384	359	395	368	342	287	-30	102
Working Capital Days	128	32	-35	-106	-59	225	256	243	249	226	-7	83
ROCE %	0%	1%	2%	2%	3%	4%	5%	7%	7%	13%	21%	1%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Dec 2025

R&D Expenditure as percentage of Sales
%

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Total Team Size / Employees
Number

DMFs Filed
Number

Installed Capacity (Bulk Drug/API)
Metric Tonnes (MT)

Production Volume
Metric Tonnes (MT)

Sales Volume
Metric Tonnes (MT)

Global Presence (Countries)
Number

Capacity Utilization
%

Global Product Approvals / Registrations
Number

Installed Capsule Capacity
Million/Annum

Installed Sachet Capacity
Million/Annum

Installed Tablet Capacity
Million/Annum

Total Dossiers Filed
Number

R&D Expenditure (Percentage of Turnover)
%

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Feb 2026
	42.01%	42.01%	42.01%	42.01%	42.01%	42.01%	42.01%	40.94%	40.94%	39.49%	39.49%	43.05%
	0.08%	0.17%	0.31%	0.26%	1.27%	0.65%	0.46%	3.07%	4.27%	14.80%	14.33%	13.80%
	19.49%	19.49%	18.73%	8.03%	0.94%	0.94%	0.94%	0.91%	0.91%	0.68%	0.68%	0.16%
	38.44%	38.34%	38.96%	49.72%	55.81%	56.41%	56.61%	55.08%	53.88%	45.02%	45.50%	42.99%
No. of Shareholders	22,962	25,405	24,633	22,439	25,461	28,883	28,752	28,117	28,709	43,780	42,121	40,404

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Feb 2026
	55.46%	54.80%	52.16%	42.00%	42.00%	42.00%	42.01%	42.01%	40.94%	43.05%
	2.27%	0.77%	0.60%	0.28%	0.17%	0.06%	0.00%	0.26%	3.07%	13.80%
	0.00%	0.00%	3.78%	19.50%	19.49%	19.49%	19.49%	8.03%	0.91%	0.16%
	0.00%	0.00%	0.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	42.26%	44.43%	43.13%	38.23%	38.34%	38.44%	38.52%	49.72%	55.08%	42.99%
No. of Shareholders	18,970	15,511	14,652	14,578	15,859	25,342	23,397	22,439	28,117	40,404

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Ind-Swift Laboratories Ltd

Ind-Swift Laboratories Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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