Ind-Swift Laboratories Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,566 Cr
- P/E
- 54.78
- ROE
- 4.02%
- PEG
- -9.45
- Price to sales
- 5.39
- Debt to equity
- 0.01
- 52W high / low
- ₹413 / ₹88.2
- Sales growth (5Y)
- -6.14%
- EBITDA margin
- 8.97%
- Net profit margin
- 7.92%
- Promoter holding
- 42.93%
- Sales (last year)
- ₹665 Cr
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]
Guidance scorecard · Q1 FY27 call
What Ind-Swift Laboratories Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
20–40%- Expecting over 50% growth this year (FY27), targeting around ₹900 crore in revenue this year.
- Capex of ₹250 crore planned over 2-2.5 years to enhance capacity and build warehouse, supporting growth.
- CDMO partnerships with Viatris, Manx, Arrotex expected to contribute incremental revenue of ₹200-220 crore in FY27, scaling contract manufacturing.
- Own-brand export sales growing strongly; export business expected to be ~45% CDMO by FY27 with ₹750 crore in export sales total.
- New molecule launches expected in FY27-FY29 (e.g., Clarithromycin, Esomeprazole, Macrogol sachets) to strengthen portfolio and drive growth.
- Revenue guidance of ₹1200 crore by FY29, potentially conservative and may be revised upwards after FY27 results.
2 more points from Ind-Swift Laboratories Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Ind-Swift Laboratories Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Ind-Swift Laboratories plans a capex of approx. ₹250 crores over the next 2 to 2.5 years.
- Additional capex of ₹50 to 75 crores is expected if new CDMO partnerships materialize, potentially generating ₹150+ crores in revenue.
- The company intends to utilize ₹250 crores cash on the books gradually over 2.5 years for these investments.
- There are discussions underway for domestic brand acquisitions and inorganic growth through partnerships with existing overseas customers.
2 more points from Ind-Swift Laboratories Ltd's call on capex
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FundraisingQ1 FY27 call
See what Ind-Swift Laboratories Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company is actively engaged with two customers for signing deals on existing CDMO products.
- Capex of ₹250 crores is planned over ~2.5 years to support these expansions.
- Agreements are pending signature.
- The company anticipates incremental revenue of approx. ₹150 crores from new CDMO clients linked to ₹50-75 crores capex.
- Discussions with existing and potential customers ongoing; names will be disclosed post agreement.
- The Viatris partnership began contributing ₹5-6 crores in Q1 FY27 with expected growth to ₹100-130 crores over two years.
2 more points from Ind-Swift Laboratories Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingFinancials of Ind-Swift Laboratories Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Ind-Swift Laboratories Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 42.01% | 42.01% | 42.01% | 42.01% | 42.01% | 40.94% | 40.94% | 39.49% | 39.49% | 43.00% | 42.93% | 42.93% |
| FIIs + | 0.31% | 0.26% | 1.27% | 0.65% | 0.46% | 3.07% | 4.27% | 14.80% | 14.33% | 13.88% | 10.70% | 10.78% |
| DIIs + | 18.73% | 8.03% | 0.94% | 0.94% | 0.94% | 0.91% | 0.91% | 0.68% | 0.68% | 0.00% | 0.17% | 0.20% |
| Public + | 38.96% | 49.72% | 55.81% | 56.41% | 56.61% | 55.08% | 53.88% | 45.02% | 45.50% | 43.14% | 46.19% | 46.09% |
| No. of Shareholders | 24,633 | 22,439 | 25,461 | 28,883 | 28,752 | 28,117 | 28,709 | 43,780 | 42,121 | 39,222 | 40,881 | 42,667 |
Financials of Ind-Swift Laboratories Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 290 | 288 | 529 | 33 | 12 | 129 | 138 | 153 | 159 | 151 | 170 | 191 | 240 |
| Expenses + | 224 | 236 | 437 | 43 | 24 | 135 | 147 | 149 | 151 | 147 | 149 | 158 | 195 |
| Operating Profit | 66 | 52 | 91 | -10 | -12 | -7 | -9 | 4 | 7 | 4 | 21 | 33 | 45 |
| OPM % | 23% | 18% | 17% | -29% | -99% | -5% | -7% | 2.4% | 4.7% | 2.8% | 12% | 17% | 19% |
| Other Income + | 7 | 7 | 458 | 11 | 13 | 16 | 220 | 15 | 12 | 22 | -3 | 7 | 7 |
| Interest | 21 | 21 | 3 | 0 | 0 | 10 | -27 | 1 | 2 | 1 | -2 | 1 | 1 |
| Depreciation | 13 | 14 | 20 | 0 | 0 | 6 | 7 | 7 | 7 | 9 | 8 | 8 | 8 |
| Profit before tax | 39 | 24 | 527 | 1 | 1 | -7 | 230 | 10 | 10 | 16 | 12 | 33 | 43 |
| Tax % | 18% | 19% | 6% | -3% | 31% | -16% | 4% | 17% | 22% | 42% | -26% | 25% | 21% |
| Net Profit + | 32 | 19 | 494 | 1 | 0 | -5 | 222 | 9 | 8 | 10 | 15 | 25 | 34 |
| EPS in Rs | 5.36 | 3.29 | 83.55 | 0.16 | 0.07 | -0.93 | 36.67 | 1.45 | 0.98 | 1.17 | 1.74 | 2.84 | 3.94 |
Financials of Ind-Swift Laboratories Ltd
Profit & Loss
Annual income statement trend
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 660 | 653 | 716 | 765 | 757 | 780 | 891 | 1,039 | 1,207 | 1,281 | 574 | 649 | 753 |
| Expenses + | 571 | 546 | 610 | 631 | 630 | 635 | 709 | 837 | 978 | 1,029 | 581 | 602 | 649 |
| Operating Profit | 89 | 107 | 106 | 134 | 126 | 144 | 183 | 202 | 229 | 252 | -7 | 47 | 104 |
| OPM % | 13% | 16% | 15% | 18% | 17% | 19% | 21% | 19% | 19% | 20% | -1.2% | 7% | 14% |
| Other Income + | -31 | 1 | 15 | 16 | 120 | 33 | 23 | 37 | 7 | 434 | 292 | 36 | 33 |
| Interest | 117 | 106 | 88 | 28 | 92 | 107 | 100 | 96 | 92 | 51 | 3 | 1 | 0 |
| 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 | 51 | 104 |
| Tax % | -17% | -29% | -29% | 39% | 42% | 7% | 117% | 117% | 45% | 28% | 3% | 15% | |
| Net Profit + | -119 | -59 | -39 | 22 | 29 | -21 | -3 | -2 | 48 | 421 | 250 | 43 | 84 |
| 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 | 4.97 | 9.69 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Ind-Swift Laboratories Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 42 | 42 | 45 | 46 | 48 | 60 | 60 | 60 | 60 | 59 | 69 | 87 | 87 |
| Reserves | 553 | 476 | 486 | 507 | 540 | 581 | 544 | 541 | 622 | 872 | 1,104 | 1,297 | 1,387 |
| Borrowings + | 1,413 | 1,457 | 1,242 | 1,083 | 1,148 | 1,031 | 1,005 | 953 | 862 | 17 | 33 | 18 | 20 |
| Other Liabilities + | 236 | 240 | 364 | 387 | 188 | 198 | 210 | 247 | 280 | 217 | 232 | 271 | 277 |
| 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 | 1,771 |
| Fixed Assets + | 1,117 | 1,099 | 1,042 | 934 | 914 | 843 | 753 | 630 | 587 | 8 | 273 | 304 | 314 |
| CWIP | 113 | 78 | 70 | 69 | 20 | 11 | 19 | 10 | 8 | 0 | 0 | 12 | 40 |
| Investments | 18 | 18 | 18 | 18 | 19 | 17 | 36 | 29 | 30 | 111 | 213 | 248 | 281 |
| Other Assets + | 997 | 1,020 | 1,007 | 1,002 | 972 | 998 | 1,011 | 1,131 | 1,199 | 1,047 | 952 | 1,110 | 1,136 |
| 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 | 1,771 |
Financials of Ind-Swift Laboratories Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 98 | 79 | 96 | 73 | -64 | 125 | 135 | 150 | 195 | -163 | -29 | -68 |
| Cash from Investing Activity + | -35 | -29 | -31 | -17 | -12 | -9 | -10 | 5 | -13 | -104 | -113 | -69 |
| Cash from Financing Activity + | -64 | -48 | -69 | -62 | 100 | -133 | -124 | -141 | -186 | 699 | 72 | 142 |
| Net Cash Flow | -1 | 3 | -4 | -6 | 23 | -17 | 1 | 14 | -4 | 431 | -69 | 5 |
| Free Cash Flow | 59 | 49 | 63 | 52 | -79 | 114 | 131 | 137 | 182 | -205 | -54 | -155 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 111% | 74% | 90% | 54% | -51% | 87% | 73% | 74% | 85% | -65% | 323% | -131% |
Financials of Ind-Swift Laboratories Ltd
Ratios
Working capital efficiency and return ratios
| 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 | 105 | 112 |
| Inventory Days | 312 | 368 | 305 | 291 | 284 | 313 | 301 | 288 | 242 | 6 | 145 | 187 |
| Days Payable | 120 | 137 | 91 | 118 | 114 | 123 | 111 | 118 | 113 | 52 | 140 | 185 |
| Cash Conversion Cycle | 407 | 439 | 396 | 367 | 339 | 375 | 367 | 330 | 282 | 2 | 110 | 114 |
| Working Capital Days | 141 | -26 | -97 | -49 | 217 | 248 | 253 | 253 | 234 | 2 | 115 | 156 |
| ROCE % | 1% | 2% | 2% | 4% | 4% | 5% | 7% | 7% | 13% | 20% | 3% | 5% |
Momentum score · price trend
99 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +297.7% | 99% |
| Last 6 months | +197.9% | 99% |
| Last 3 months | +86.4% | 99% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ind-Swift Laboratories Ltd: 0.4 × 99 + 0.4 × 99 + 0.2 × 99 = 99.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
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