INDSWFTLAB
Ind-Swift Laboratories share price & financials
- Price
- ₹231.47
- Market cap
- ₹2.9k Cr
- Sector
- Healthcare
- Calls analysed
- 1
Ind-Swift Laboratories Limited Q1 FY27
What went well
- Operating income grew 21.16% year-on-year to ₹186.08 crore from ₹153.58 crore in Q1 FY26.
- Operating EBITDA improved 2.85x year-on-year to ₹33.32 crore from ₹8.66 crore in the corresponding quarter last year.
- Operating EBITDA margin expanded sharply by 1258 bps year-on-year to 17.91% from 5.33% in Q1 FY26.
What to watch
- Pace of inorganic growth/partnerships is slow due to 'war' (geopolitical events), delaying announcements.
- Domestic segments (branded generic, ethical, domestic contract manufacturing) showed slight decline in sales proportion compared to Q1 FY26.
What Ind-Swift Laboratories Limited does
Ind-Swift Laboratories is a Chandigarh-headquartered finished-dosage formulation manufacturer that divested its API & CRAMS business and merged with group company Ind-Swift Limited to become a pure-play formulations company. It manufactures tablets, capsules, injectables, liquids, dry syrups and sachets across plants at Derabassi, Parwanoo and Jammu, including a 100% export-oriented Global Business Unit (GBU) at Derabassi accredited by UK-MHRA, TGA, Health Canada and WHO-GMP. The company earns through contract manufacturing (CMO) for global generics majors, direct commercial export supply and out-licensing of its own dossiers in regulated markets, alongside a domestic business selling branded Ethical and trade-generic formulations through its own field force and stockist network.
Segments
- International Division (Global Business Unit / Export)
- Ethical Division (Domestic)
- Generics Division (Domestic)
- P2P Division (Contract Manufacturing, Domestic)
- Others (Q-DEN / NOVA)
- Manufacturing facilities
- 3 formulation plants (Derabassi, Parwanoo, Jammu) plus a dedicated R&D centre in Panchkula; a greenfield facility is under development in Mohali, Punjab
- Installed annual capacity
- 9,600 million tablets, 186 million capsules and 118 million sachets per annum
- Countries with market presence
- 85+
- Product registrations filed globally
- 750+
- Global regulatory approvals received
- 520+
- Dossiers filed globally
- 1,915+
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 0 delivered 0 missed 11 open- Incremental revenue from CDMO partnerships open said Q1 FY27 Promised: ₹200 to ₹220 crore Q1 FY27: Expected to contribute an incremental revenue of ₹200 to ₹220 crore in FY27 from Viatris, Manx, and Arrotex partnerships.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 24.8%, net profit up 177.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 129 | 138 | 153 | 153 +1175% | 151 +17% | 170 +23% | 191 +25% |
| EBITDA | -12 | -7 | -9 | 4 | 1 +108% | 4 +157% | 21 +333% | 33 +725% |
| Net profit | 0 | -5 | 222 | 9 | 8 | 10 +300% | 15 −93% | 25 +178% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +249.8% 1Y
1Y: ₹110.17 on 10 Sept 2025 → ₹385.35. High ₹388.55 (9 Sept 2026), low ₹88.15 (31 Dec 2025).
How the price took the results
close before → close after
- Q1 FY27
- +2.9%
- 17 Aug
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 19.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.4k Cr | ₹312 Cr | ₹627 Cr |
| Operating profit | ₹230 Cr | ₹269 Cr | ₹-38 Cr | ₹30 Cr |
| Operating margin | 19.0% | 19.0% | -12.2% | 4.8% |
| Interest | ₹92 Cr | ₹65 Cr | ₹-17 Cr | ₹2 Cr |
| Depreciation | ₹57 Cr | ₹61 Cr | ₹13 Cr | ₹31 Cr |
| Net profit | ₹48 Cr | ₹562 Cr | ₹218 Cr | ₹42 Cr |
| Net margin | 4.0% | 39.7% | 69.9% | 6.7% |
| Cash from operations | ₹195 Cr | ₹-163 Cr | ₹-25 Cr | ₹-70 Cr |
| Free cash flow | ₹182 Cr | ₹-205 Cr | ₹-51 Cr | ₹-156 Cr |
| ROCE | 13.0% | 20.0% | 1.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹60 Cr | ₹60 Cr | ₹60 Cr | ₹59 Cr | ₹82 Cr | ₹87 Cr |
| Reserves | ₹544 Cr | ₹541 Cr | ₹622 Cr | ₹952 Cr | ₹1.2k Cr | ₹1.3k Cr |
| Borrowings | ₹1.0k Cr | ₹953 Cr | ₹862 Cr | ₹16 Cr | ₹22 Cr | ₹18 Cr |
| Other liabilities | ₹210 Cr | ₹247 Cr | ₹280 Cr | ₹160 Cr | ₹215 Cr | ₹271 Cr |
| Total liabilities | ₹1.8k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.7k Cr |
| Fixed assets | ₹753 Cr | ₹630 Cr | ₹587 Cr | ₹7 Cr | ₹285 Cr | ₹306 Cr |
| Capital work in progress | ₹19 Cr | ₹10 Cr | ₹8 Cr | ₹0 Cr | ₹0 Cr | ₹10 Cr |
| Investments | ₹36 Cr | ₹29 Cr | ₹30 Cr | ₹192 Cr | ₹312 Cr | ₹248 Cr |
| Other assets | ₹1.0k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹989 Cr | ₹947 Cr | ₹1.1k Cr |
| Total assets | ₹1.8k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹1.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −7.69 pp while FIIs added +6.43 pp. The shareholder count grew 42% to 40,881.
- Promoters
- 42.9%
- FIIs
- 10.7%
- DIIs
- 0.2%
- Public
- 46.2%
Since Jun 2025
- Public −7.69 pp
- FIIs +6.43 pp
- Promoters +1.99 pp
How it drifted, 12 quarters
Over this window DIIs fell from 19.5% to 0.2% — −19.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 42.0%, FIIs 0.2%, DIIs 19.5%, Public 38.3%.Dec '23: Promoters 42.0%, FIIs 0.3%, DIIs 18.7%, Public 39.0%.Mar '24: Promoters 42.0%, FIIs 0.3%, DIIs 8.0%, Public 49.7%.Jun '24: Promoters 42.0%, FIIs 1.3%, DIIs 0.9%, Public 55.8%.Sep '24: Promoters 42.0%, FIIs 0.7%, DIIs 0.9%, Public 56.4%.Dec '24: Promoters 42.0%, FIIs 0.5%, DIIs 0.9%, Public 56.6%.Mar '25: Promoters 40.9%, FIIs 3.1%, DIIs 0.9%, Public 55.1%.Jun '25: Promoters 40.9%, FIIs 4.3%, DIIs 0.9%, Public 53.9%.Sep '25: Promoters 39.5%, FIIs 14.8%, DIIs 0.7%, Public 45.0%.Dec '25: Promoters 39.5%, FIIs 14.3%, DIIs 0.7%, Public 45.5%.Mar '26: Promoters 43.0%, FIIs 13.9%, Public 43.1%.Jun '26: Promoters 42.9%, FIIs 10.7%, DIIs 0.2%, Public 46.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nova Global Opportunities Fund Pcc - Touchstone FPI fund newly disclosed 2.96% held
- Navrattan Munjal newly disclosed 1.16% held
- Ark Global Emerging Companies, Lp FPI fund newly disclosed 1.13% held
- Nisarg Ajaykumar Vakharia newly disclosed 1.04% held
- Zaki Abbas Nasser +0.58 pp 2.11% held
- Rameshkumar Javerchand Jain +0.30 pp 1.38% held
- Sharwan Singh Guleria +0.05 pp 1.24% held
The same filing shows 2 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Ind-Swift Laboratories Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Essix Biosciences Limited | 37.81% | −0.06 pp |
| Zeal Global Opportunities Fund FPI fund | 4.62% | unchanged |
| Nova Global Opportunities Fund Pcc - Touchstone FPI fund | 2.96% | newly disclosed |
| Panchkula Finvest Private Limited | 2.41% | unchanged |
| Ashokkumar Chandak | 2.21% | −0.49 pp |
| Zaki Abbas Nasser | 2.11% | +0.58 pp |
| Pranav Joneja | 1.44% | unchanged |
| Rameshkumar Javerchand Jain | 1.38% | +0.30 pp |
| Sharwan Singh Guleria | 1.24% | +0.05 pp |
| Navrattan Munjal | 1.16% | newly disclosed |
| Ark Global Emerging Companies, Lp FPI fund | 1.13% | newly disclosed |
| Rishav Mehta | 1.10% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
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