Ind-Swift Laboratories Ltd(INDSWFTLAB)

NSE: INDSWFTLABBSE: 532305

₹ 327.8-5.31%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,851 crNext results: 29 Oct 2026Website: www.indswiftlabs.comUpdated: 24 Oct 2026

About

Ind-Swift Laboratories Ltd (ISLL) is an Indian pharmaceutical company focused entirely on finished dosage formulations (FDF), having divested its API and CRAMS business in a ₹1,650 crore slump sale to Synthimed Labs. The company reported revenue of ₹641.29 crore in FY26 and operates manufacturing facilities in Jammu & Kashmir and Himachal Pradesh, serving export markets across 85+ countries as well as a domestic branded generics business. Post-merger of Ind-Swift Limited into ISLL (effective August 2025), the company operates as a single listed, net debt-free entity.^[1][2][3]

Business mix

Export own-brands contributed 57.20% of quarterly sales in Q1 FY27, up from 48% in Q1 FY26, reflecting deepening proprietary-label penetration in international markets.^[4]
CDMO/contract manufacturing within exports contributed 26.64% of Q1 FY27 sales, down from 29% in Q1 FY26, as own-brand mix expanded.^[4]
Domestic branded generics contributed 6.41% of Q1 FY27 sales (vs 10% in Q1 FY26); domestic ethical division 6.14% (vs 7%); domestic CMO 3.61% (vs 6%).^[4]
The company operates as a single business segment (Pharmaceutical Products), having shifted focus from API manufacturing to formulations as its key business driver.^[3]

Products and therapeutic portfolio

As of Q1 FY27, the company has filed 2,100+ dossiers across 85+ countries, up from 1,915+ previously, with 850+ global product registrations, up from 750+ previously.^[4]
Ezetimibe + Atorvastatin is a flagship molecule: grew 246.97% YoY in FY26 to ₹80.78 crore from ₹23.28 crore in FY25, and contributed approximately ₹25 crore in Q1 FY27 alone.^[4]
Active formulation pipeline targets high-growth therapeutic areas including Cardiac, Anti-diabetic, and CNS; R&D includes 30+ non-infringing generic products for USA, EU, TGA, Canada, and ROW.^[1][3]
Therapy diversification into gynaecology and paediatrics is underway; 3 - 5 products progressing through regulatory validation expected to launch over 18 - 24 months from FY25.^[3]

Manufacturing operations

GBU tablet capacity stands at 9 billion tablets per annum as of Q3 FY26, with capacity utilisation at approximately 70% in Q1 FY27.^[1][4]
The Samba (J&K) manufacturing facility is being upgraded to EU-GMP and PIC/S standards, progressing as planned as of Q1 FY27.^[4]
Unit-III Baddi plant was sold to ANG Lifesciences for ₹3,840.42 lakhs; Unit-IV Baddi Land & Building sale was in progress with ₹210 lakhs balance receivable as of FY25.^[3]
A greenfield facility at Mohali, Punjab, engineered to meet USFDA and ANVISA standards, is under development as of FY25.^[3]

Key operating numbers

Operating EBITDA margin reached 17.91% in Q1 FY27, up 1,258 bps year-on-year from 5.33% in Q1 FY26; operating EBITDA grew 2.85x to ₹33.32 crore from ₹8.66 crore.^[4]
Export gross margin was approximately 55% in Q1 FY27; domestic ethical division gross margin was 76%; CMO gross margin was 42%.^[4][1]
Finance costs fell sharply to ₹3.84 crore in 9M FY26 from ₹29.68 crore in 9M FY25, reflecting elimination of external debt post API/CRAMS divestment.^[1]

Customers and distribution

CDMO partnerships with Viatris (Ireland/Europe), Manx (UK), and Arrotex (Australia) were commercialised during Q1 FY27; initial quarter contribution from Ibuprofen and Clarithromycin granules was ₹5 - 6 crore.^[4]
Ezetimibe + Atorvastatin is supplied to Tiffen-Becker under a profit-sharing arrangement where ISL retains 43% of the margin differential.^[4]
The company has 125+ medical reps deployed in emerging markets (Uzbekistan, East Africa, Myanmar) for own-brand direct marketing; UAE has 38 registered products and a wholly-owned distribution setup.^[1]
Products are registered and distributed across 85+ countries as of Q3 FY26, with 520+ global approvals received at that date.^[1]

Expansion and capex

₹250 crore capex is planned over approximately 2.5 years covering a new warehouse near the factory, existing facility capacity enhancement, and the Jammu division; funded entirely from internal cash and investments.^[4]
Two additional CDMO customers are in discussions; their onboarding would require ₹50 - 75 crore capex and is targeted to generate ₹150+ crore in revenue.^[4]
Clarithromycin Dry Suspension with Viatris in Europe is expected to launch in FY27; Esomeprazole Capsules/Tablets with Viatris and Arrotex in Europe/Australia are expected to launch in FY28 at a projected revenue of USD 10 million.^[4][1]
400+ new product registrations are targeted in FY27; pipeline includes high-barrier molecules Rosuvastatin, Mirabegron, and Dapagliflozin.^[4]

Recent developments

Merger of Ind-Swift Limited into ISLL (appointed date 31 March 2024) became effective 8 August 2025 upon NCLT approval; Ind-Swift Limited shareholders received 15 equity shares of ₹10 for every 100 equity shares of ₹2 held.^[3]
API and CRAMS business was sold to Synthimed Labs for ₹1,650 crore (slump sale); ISLL retains 7.80% equity in Synthimed, currently valued at ₹8,000 - 9,000 crore as of Q3 FY26.^[1]
Preferential allotment of 2,44,68,000 convertible warrants at ₹121 per warrant was completed in FY25; 25% received upfront with the balance due on or before 28 February 2026.^[3]
New Independent Director Sh. Amit Mathur (DIN 11916517) was appointed for a five-year term from 3 September 2026 to 2 September 2031.^[5]
ISLL Middle East LLC-FZ (UAE subsidiary) was incorporated in FY2024-25 but had not yet started operations as of FY25; a wholly owned subsidiary in Kenya was incorporated in FY2022-23 and was also not yet operational.^[3]

Market Cap

₹2,851 Cr

High / Low

₹425 / 87

Stock P/E

48.7

Price / Book

2.1

Book Value

₹159

EPS

₹4.8

No. of Shares

8.68 Cr

ROCE

4.7%

ROE

3.2%

OPM

8.9%

Debt / Equity

0.01

Sales

₹641 Cr

Net Profit

₹41 Cr

Promoter holding

42.9%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials