Ind-Swift Laboratories Ltd

₹ 136 8.29%

05 Mar 3:14 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 ₹ 1,114 Cr.
Current Price ₹ 136
High / Low ₹ 152 / 67.2
Stock P/E 23.5
Book Value ₹ 160
Dividend Yield 0.00 %
ROCE 0.78 %
ROE 0.18 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.79 times its book value
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 -6.35% over past five years.
Company has a low return on equity of 8.93% over last 3 years.
Earnings include an other income of Rs.275 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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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	312.69	304.25	310.34	289.71	287.51	528.57	33.17	11.96	128.80	138.24	152.73	152.64	150.85
	258.93	240.58	250.05	224.02	235.82	437.36	42.91	23.76	135.45	147.44	149.13	151.17	146.68
Operating Profit	53.76	63.67	60.29	65.69	51.69	91.21	-9.74	-11.80	-6.65	-9.20	3.60	1.47	4.17
OPM %	17.19%	20.93%	19.43%	22.67%	17.98%	17.26%	-29.36%	-98.66%	-5.16%	-6.66%	2.36%	0.96%	2.76%
	8.36	-16.44	5.61	7.40	7.11	458.23	11.14	13.01	15.91	220.34	14.58	17.86	21.73
Interest	22.38	21.82	20.38	21.14	21.05	2.96	0.17	0.41	10.03	-26.76	1.15	2.01	0.67
Depreciation	15.39	9.29	13.89	13.19	13.56	19.55	0.25	0.22	5.81	7.44	6.68	6.98	8.84
Profit before tax	24.35	16.12	31.63	38.76	24.19	526.93	0.98	0.58	-6.58	230.46	10.35	10.34	16.39
Tax %	-13.43%	255.40%	45.02%	17.88%	19.31%	6.29%	-3.06%	31.03%	-16.41%	3.55%	16.52%	22.24%	41.92%
	27.50	-25.12	17.24	31.66	19.42	493.68	0.94	0.41	-5.49	222.27	8.77	7.99	9.54
EPS in Rs	4.65	-4.25	2.92	5.36	3.29	83.55	0.16	0.07	-0.93	36.67	1.45	0.98	1.17
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	965	660	653	716	765	757	780	891	1,039	1,207	1,709	562	594
	906	571	546	610	631	630	635	709	837	978	1,403	581	594
Operating Profit	59	89	107	106	134	126	144	183	202	229	306	-19	0
OPM %	6%	13%	16%	15%	18%	17%	19%	21%	19%	19%	18%	-3%	0%
	-19	-31	1	15	16	120	33	23	37	7	476	305	275
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	-142	-143	-83	-55	36	50	-20	18	13	87	598	258	268
Tax %	-14%	-17%	-29%	-29%	39%	42%	7%	117%	117%	45%	10%	3%
	-122	-119	-59	-39	22	29	-21	-3	-2	48	539	250	249
EPS in Rs	-29.79	-29.14	-14.33	-8.75	4.85	6.09	-3.59	-0.53	-0.36	8.06	91.18	41.32	40.27
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:	-19%
TTM:	-15%

Compounded Profit Growth
10 Years:	7%
5 Years:	16%
3 Years:	11%
TTM:	-65%

Stock Price CAGR
10 Years:	12%
5 Years:	11%
3 Years:	26%
1 Year:	29%

Return on Equity
10 Years:	2%
5 Years:	6%
3 Years:	9%
Last Year:	0%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	684	553	476	486	507	540	581	544	541	622	745	1,104	1,226
	1,355	1,413	1,457	1,242	1,083	1,148	1,031	1,005	953	862	217	41	22
	258	236	240	364	387	188	198	210	247	280	432	224	215
Total Liabilities	2,339	2,244	2,215	2,138	2,023	1,924	1,870	1,818	1,801	1,824	1,460	1,438	1,544
	1,174	1,117	1,099	1,042	934	914	843	753	630	587	192	273	285
CWIP	78	113	78	70	69	20	11	19	10	8	51	0	0
Investments	17	18	18	18	18	19	17	36	29	30	112	213	312
	1,070	997	1,020	1,007	1,002	972	998	1,011	1,131	1,199	1,106	952	947
Total Assets	2,339	2,244	2,215	2,138	2,023	1,924	1,870	1,818	1,801	1,824	1,460	1,438	1,544

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	98	79	96	73	-64	125	135	150	195	-187	-25
	-35	-29	-31	-17	-12	-9	-10	5	-13	-28	-110
	-64	-48	-69	-62	100	-133	-124	-141	-186	657	69
Net Cash Flow	-1	3	-4	-6	23	-17	1	14	-4	443	-66

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	168	215	208	182	194	169	186	177	160	153	67	107
Inventory Days	182	312	368	305	291	284	315	301	288	242	31	145
Days Payable	103	120	137	91	118	114	124	111	118	113	122	140
Cash Conversion Cycle	247	407	439	396	367	339	377	367	330	282	-24	112
Working Capital Days	129	141	-26	-97	-49	217	248	253	253	234	7	115
ROCE %	0%	1%	2%	2%	4%	4%	5%	7%	7%	13%	21%	1%

Insights

In beta

Mar 2015

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Dec 2025

R&D Expenditure as percentage of Sales
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Total Team Size / Employees
Number ・Standalone data

DMFs Filed
Number ・Standalone data

Installed Capacity (Bulk Drug/API)
Metric Tonnes (MT) ・Standalone data

Production Volume
Metric Tonnes (MT) ・Standalone data

Sales Volume
Metric Tonnes (MT) ・Standalone data

Global Presence (Countries)
Number ・Standalone data

Capacity Utilization
% ・Standalone data

Global Product Approvals / Registrations
Number ・Standalone data

Installed Capsule Capacity
Million/Annum ・Standalone data

Installed Sachet Capacity
Million/Annum ・Standalone data

Installed Tablet Capacity
Million/Annum ・Standalone data

Total Dossiers Filed
Number ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Shareholding Pattern

Numbers in percentages

2 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	42.01%	42.01%	42.01%	42.01%	42.01%	42.01%	42.01%	42.01%	40.94%	40.94%	39.49%	39.49%
	0.00%	0.08%	0.17%	0.31%	0.26%	1.27%	0.65%	0.46%	3.07%	4.27%	14.80%	14.33%
	19.49%	19.49%	19.49%	18.73%	8.03%	0.94%	0.94%	0.94%	0.91%	0.91%	0.68%	0.68%
	38.52%	38.44%	38.34%	38.96%	49.72%	55.81%	56.41%	56.61%	55.08%	53.88%	45.02%	45.50%
No. of Shareholders	23,397	22,962	25,405	24,633	22,439	25,461	28,883	28,752	28,117	28,709	43,780	42,121

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	55.46%	54.80%	52.16%	42.00%	42.00%	42.00%	42.01%	42.01%	40.94%	39.49%
	2.27%	0.77%	0.60%	0.28%	0.17%	0.06%	0.00%	0.26%	3.07%	14.33%
	0.00%	0.00%	3.78%	19.50%	19.49%	19.49%	19.49%	8.03%	0.91%	0.68%
	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%	45.50%
No. of Shareholders	18,970	15,511	14,652	14,578	15,859	25,342	23,397	22,439	28,117	42,121

* 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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