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

₹ 378 3.94%
17 Sep - 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 ₹ 3,285 Cr.
  • Current Price ₹ 378
  • High / Low ₹ 404 / 87.0
  • Stock P/E 50.5
  • Book Value ₹ 159
  • Dividend Yield 0.00 %
  • ROCE 4.70 %
  • ROE 3.87 %
  • 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 -6.37% over past five years.
  • Company has a low return on equity of 6.11% over last 3 years.
  • Earnings include an other income of Rs.44.1 Cr.
  • Debtor days have increased from 89.4 to 113 days.
  • Working capital days have increased from 94.1 days to 165 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

Consolidated Figures in Rs. Crores / View Standalone

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
310 290 288 529 33 12 129 138 153 153 151 170 191
250 224 236 437 43 24 135 147 149 151 147 149 158
Operating Profit 60 66 52 91 -10 -12 -7 -9 4 1 4 21 33
OPM % 19% 23% 18% 17% -29% -99% -5% -7% 2.4% 1.0% 2.8% 12% 17%
6 7 7 458 11 13 16 220 15 18 22 -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 32 39 24 527 1 1 -7 230 10 10 16 12 33
Tax % 45% 18% 19% 6% -3% 31% -16% 4% 17% 22% 42% -26% 25%
17 32 19 494 1 0 -5 222 9 8 10 15 25
EPS in Rs 2.92 5.36 3.29 83.55 0.16 0.07 -0.93 36.67 1.45 0.98 1.17 1.74 2.84
Raw PDF

Profit & Loss

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 Mar 2026 TTM
660 653 716 765 757 780 891 1,039 1,207 1,281 562 641 665
571 546 610 631 630 635 709 837 978 1,029 581 596 605
Operating Profit 89 107 106 134 126 144 183 202 229 252 -19 45 60
OPM % 13% 16% 15% 18% 17% 19% 21% 19% 19% 20% -3.5% 7% 9%
-31 1 15 16 120 33 23 37 7 434 305 36 44
Interest 117 106 88 28 92 107 100 96 92 51 3 1 1
Depreciation 84 85 88 87 104 90 87 131 57 53 24 31 32
Profit before tax -143 -83 -55 36 50 -20 18 13 87 582 258 49 71
Tax % -17% -29% -29% 39% 42% 7% 117% 117% 45% 28% 3% 16%
-119 -59 -39 22 29 -21 -3 -2 48 421 250 41 57
EPS in Rs -29.14 -14.33 -8.75 4.85 6.09 -3.59 -0.53 -0.36 8.06 71.24 41.32 4.77 6.73
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: -19%
TTM: 54%
Compounded Profit Growth
10 Years: 12%
5 Years: 78%
3 Years: -7%
TTM: 195%
Stock Price CAGR
10 Years: 26%
5 Years: 41%
3 Years: 62%
1 Year: 259%
Return on Equity
10 Years: 3%
5 Years: 6%
3 Years: 6%
Last Year: 4%

Balance Sheet

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 Mar 2026
Equity Capital 42 42 45 46 48 60 60 60 60 59 69 87
Reserves 553 476 486 507 540 581 544 541 622 872 1,104 1,297
1,413 1,457 1,242 1,083 1,148 1,031 1,005 953 862 17 41 18
236 240 364 387 188 198 210 247 280 217 224 271
Total Liabilities 2,244 2,215 2,138 2,023 1,924 1,870 1,818 1,801 1,824 1,165 1,438 1,673
1,117 1,099 1,042 934 914 843 753 630 587 8 273 306
CWIP 113 78 70 69 20 11 19 10 8 0 0 10
Investments 18 18 18 18 19 17 36 29 30 111 213 248
997 1,020 1,007 1,002 972 998 1,011 1,131 1,199 1,047 952 1,110
Total Assets 2,244 2,215 2,138 2,023 1,924 1,870 1,818 1,801 1,824 1,165 1,438 1,673

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 Mar 2026
98 79 96 73 -64 125 135 150 195 -163 -25 -70
-35 -29 -31 -17 -12 -9 -10 5 -13 -104 -110 -73
-64 -48 -69 -62 100 -133 -124 -141 -186 699 69 142
Net Cash Flow -1 3 -4 -6 23 -17 1 14 -4 431 -66 -1
Free Cash Flow 59 49 63 52 -79 114 131 137 182 -205 -51 -156
CFO/OP 111% 74% 90% 54% -51% 87% 73% 74% 85% -65% 131% -140%

Ratios

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 Mar 2026
Debtor Days 215 208 182 194 169 186 177 160 153 48 107 113
Inventory Days 312 368 305 291 284 313 301 288 242 6 145 191
Days Payable 120 137 91 118 114 123 111 118 113 52 140 188
Cash Conversion Cycle 407 439 396 367 339 375 367 330 282 2 112 116
Working Capital Days 141 -26 -97 -49 217 248 253 253 234 2 115 165
ROCE % 1% 2% 2% 4% 4% 5% 7% 7% 13% 20% 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 ・Standalone data
DIFOT (Delivered in Full, On Time)
% ・Standalone data
Global Product Approvals (cumulative)
count ・Standalone data
Manufacturing Capacity - Tablets
Mn/Annum ・Standalone data
Top Product Revenue Share
% ・Standalone data
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

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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