Ind-Swift Laboratories Ltd

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Ind-Swift Labs. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Ind-Swift Laboratories Ltd

₹ 327 -0.70%
24 Aug - close price
indswiftlabs.com BSE: 532305 NSE: INDSWFTLAB
About

Incorporated in 1995, Ind-Swift Laboratories
Ltd is a pharmaceutical company focused
on finished dosage formulations (FDF). Co. manufactures tablets, capsules, ointments, injectables, liquids and dry syrups across therapies including gynaecology, paediatrics, cardiology, diabetology and dermatology. Operations span domestic formulations
and international markets through own
brands, contract manufacturing and out-licensing.[1]

Key Points

Business Restructuring:[1][2]
Until FY24, Ind-Swift Laboratories primarily operated as API & CRAMS arm of Ind-Swift Group, while group company Ind-Swift Ltd
had presence in finished dosage formulations. As part of group restructuring, ISLL sold its
API & CRAMS business, including its three manufacturing sites, to Synthimed Labs Pvt
Ltd for Rs.1,650 Cr, retaining a 7.8%
equity stake in Synthimed.
ISLL used the sale proceeds to repay
its external debt and that of Ind-Swift
Ltd. Following API divestment and debt repayment, co. was amalgamated with
Ind-Swift Laboratories, bringing group formulations operations into listed
company. NCLT sanctioned the merger
on 17 July 2025.
Post restructuring, ISLLoperates as formulations-focused company with
net debt-free balance sheet. Current
business comprises International Div
(GBU) covering CMO, own brands and out-licensing, and Domestic Division comprising Ethical, Generics, P2P contract manufacturing and other formulation businesses. Company has 850+ product registrations, 2,100+ dossiers filed, 520+ approvals and presence across 85+ countries.[2]

Website BSE NSE
  • Market Cap ₹ 2,848 Cr.
  • Current Price ₹ 327
  • High / Low ₹ 351 / 87.0
  • Stock P/E 42.6
  • Book Value ₹ 158
  • Dividend Yield 0.00 %
  • ROCE 4.83 %
  • ROE 4.00 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of -5.78% over past five years.
  • Company has a low return on equity of 6.87% over last 3 years.
  • Earnings include an other income of Rs.40.4 Cr.
  • Working capital days have increased from 65.1 days to 120 days

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
299 270 276 517 30 3 122 150 148 150 153 173 186
239 207 222 430 35 15 122 158 145 148 144 152 153
Operating Profit 60 63 54 87 -5 -12 -1 -9 3 2 9 20 33
OPM % 20% 23% 20% 17% -15% -443% -0.8% -6% 2.1% 1.4% 6% 12% 18%
6 7 7 458 11 13 16 216 15 18 18 -3 7
Interest 20 21 21 3 0 0 10 -27 1 2 1 -2 1
Depreciation 14 13 14 20 0 0 6 7 7 7 9 8 8
Profit before tax 31 36 27 523 6 0 -1 226 10 11 18 12 32
Tax % 45% 17% 19% 6% 0% 0% 0% 4% 17% 21% 39% -27% 25%
17 30 22 491 6 0 -1 218 8 9 11 15 24
EPS in Rs 2.89 5.09 3.66 83.05 1.05 0.05 -0.15 35.98 1.34 1.07 1.32 1.72 2.81
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
646 639 694 731 724 752 857 988 1,152 1,673 550 636 662
557 532 589 604 599 610 676 788 930 1,371 563 590 598
Operating Profit 89 107 105 127 125 142 180 200 222 302 -13 46 65
OPM % 14% 17% 15% 17% 17% 19% 21% 20% 19% 18% -2.4% 7% 10%
-31 1 15 16 130 36 23 34 7 476 304 36 40
Interest 117 106 88 28 92 107 100 96 92 104 3 1 1
Depreciation 84 85 88 87 104 90 87 131 57 80 24 31 31
Profit before tax -143 -83 -56 29 59 -20 16 8 79 594 264 50 73
Tax % -17% -29% -29% 38% 35% 6% 127% 171% 46% 10% 3% 15%
-119 -59 -40 18 39 -21 -4 -6 42 536 256 43 59
EPS in Rs -29.09 -14.37 -8.88 3.89 8.11 -3.52 -0.74 -0.97 7.19 90.74 42.25 4.90 6.92
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 0%
5 Years: -6%
3 Years: -18%
TTM: 57%
Compounded Profit Growth
10 Years: 12%
5 Years: 68%
3 Years: -3%
TTM: 206%
Stock Price CAGR
10 Years: 24%
5 Years: 39%
3 Years: 45%
1 Year: 234%
Return on Equity
10 Years: 3%
5 Years: 6%
3 Years: 7%
Last Year: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 42 42 45 46 48 60 60 60 60 67 69 87
Reserves 551 473 480 497 542 585 579 573 616 731 1,095 1,284
1,413 1,457 1,242 1,083 1,148 1,031 996 944 854 214 37 20
233 238 353 371 174 184 182 226 259 396 221 263
Total Liabilities 2,238 2,210 2,121 1,997 1,913 1,860 1,817 1,803 1,788 1,408 1,422 1,654
1,114 1,095 1,042 934 913 843 752 630 587 192 273 306
CWIP 115 82 70 69 20 11 19 10 8 51 0 10
Investments 26 26 26 26 26 26 55 111 85 167 269 330
983 1,007 982 968 953 979 991 1,052 1,108 998 880 1,008
Total Assets 2,238 2,210 2,121 1,997 1,913 1,860 1,817 1,803 1,788 1,408 1,422 1,654

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
100 80 93 71 -75 123 135 136 183 -166 -39 -40
-37 -30 -31 -17 -2 -10 -10 3 -14 -28 -110 -100
-64 -48 -69 -62 100 -133 -124 -140 -168 658 74 145
Net Cash Flow -0 3 -7 -8 23 -20 1 -1 1 464 -75 5
Free Cash Flow 60 50 61 50 -90 112 131 123 170 -229 -65 -127
CFO/OP 112% 75% 88% 56% -60% 87% 75% 68% 82% -55% 303% -72%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 212 205 179 191 168 187 171 158 149 56 106 108
Inventory Days 319 377 317 305 302 330 304 303 253 28 137 184
Days Payable 119 137 88 112 110 122 106 120 114 114 141 185
Cash Conversion Cycle 412 445 409 384 359 395 368 342 287 -30 102 107
Working Capital Days 32 -35 -106 -59 225 256 243 249 226 -7 83 120
ROCE % 1% 2% 2% 3% 4% 5% 7% 7% 13% 21% 1% 5%

Insights

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Mar 2015 Mar 2016 Mar 2018 Mar 2020 Mar 2025
Country Presence
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Global Dossiers Filed (cumulative)
count
DIFOT (Delivered in Full, On Time)
%
Global Product Approvals (cumulative)
count
Manufacturing Capacity - Tablets
Mn/Annum
Top Product Revenue Share
%
R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
42.01% 42.01% 42.01% 42.01% 42.01% 42.01% 40.94% 40.94% 39.49% 39.49% 43.00% 42.93%
0.17% 0.31% 0.26% 1.27% 0.65% 0.46% 3.07% 4.27% 14.80% 14.33% 13.88% 10.70%
19.49% 18.73% 8.03% 0.94% 0.94% 0.94% 0.91% 0.91% 0.68% 0.68% 0.00% 0.17%
38.34% 38.96% 49.72% 55.81% 56.41% 56.61% 55.08% 53.88% 45.02% 45.50% 43.14% 46.19%
No. of Shareholders 25,40524,63322,43925,46128,88328,75228,11728,70943,78042,12139,22240,881

* 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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Documents

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  • Nov 2020
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