NSE: INDSWFTLAB · BSE: 532305
IND SWIFT LABORATORIES LT
Manufactures pharmaceutical products, with FY26 revenue of Rs 641.29 crore. Operations are centred at a manufacturing site in Derabassi, Punjab, where a centralised warehouse with 11,000-pallet capacity is being built under an MOU worth about Rs 40 crore, adjoining the existing Global Business Unit. Overseas reach is supported through a Dubai subsidiary, identified as a recipient of fresh investment. The cost structure is materials-heavy, with raw materials at 42.4% of revenue and employees at 21.5%; other operating expenses add 27.4% and depreciation 4.8%. A Rs 137.20 crore preferential warrant issue to a promoter group entity is being put to shareholders, with Rs 53 crore earmarked for working capital, Rs 41.40 crore for further manufacturing and warehouse expansion, Rs 5 crore for the Dubai subsidiary, Rs 2 crore for R&D and Rs 1.5 crore for a technology upgrade. An earlier Rs 255.61 crore preferential warrant issue was deployed across business expansion, subsidiary investments, working capital and general corporate purposes. AR · MarketPing reader · 2026-08-02
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,039 | 1,207 | 1,281 | 562 | 641 |
| EBITDA (ex other income) | 196 | 203 | 641 | 204 | 34 |
| margin % | 18.9 | 16.8 | 50.0 | 36.3 | 5.3 |
| Owners' profit | (2) | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (0.36) | 8.06 | 71.24 | 37.25 | 4.95 |
| ROE % · ROCE % | (0.4) · 7.4 | 7.0 · 12.3 | 45.2 · 67.1 | 21.4 · 21.4 | 3.0 · 3.6 |
| Debt / equity (x) | 1.59 | 1.26 | 0.02 | 0.03 | 0.01 |
| Cash from operations | 150 | 195 | (181) | (25) | (63) |
| Capex | (18) | (13) | (45) | (64) | (88) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 9 | 138 | 153 | 153 | 151 | 170 | 191 |
| Profit before tax | 1 | (1) | 230 | 10 | 10 | 16 | 12 | 33 |
| Net profit | 0 | 0 | 222 | 9 | 8 | 10 | 15 | 25 |
| EPS (₹) | 0.07 | 0.00 | 32.96 | 1.28 | 1.00 | 1.17 | 1.81 | 2.84 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 55.3 | 30.8 | 121 of 158 | 24% |
| P/B | 2.4 | 3.1 | 65 of 163 | 61% |
| ROCE | 3.5 | 10.8 | 138 of 183 | 25% |
| ROE | 3.0 | 9.8 | 128 of 166 | 23% |
| Debt / Equity | 0.0 | 0.2 | 47 of 166 | 72% |
| EBITDA margin | 21.3 | 17.5 | 69 of 165 | 59% |
| Revenue growth | 25.4 | 16.3 | 58 of 161 | 64% |
| Profit growth | 181.3 | 30.9 | 26 of 158 | 84% |
| Market cap | 3280 | 806 | 67 of 181 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Board meeting on Oct 29, 2026 to consider Q2 FY26 results | results | low | — | — |
| 12 Oct 2026 · Promoter group acquires 14 lakh shares via warrant conversion at Ind-Swift Labs | ownership changes | medium | — | — |
| 12 Oct 2026 · Promoter Essix Biosciences converts 14 lakh warrants into equity shares | ownership changes | high | — | — |
| 8 Oct 2026 · Warrant conversion: 14 lakh shares allotted to promoter group firm Essix Biosciences | fund raising | high | — | — |
| 6 Oct 2026 · Newspaper ad on SEBI special window for physical share demat | compliance | minimal | — | — |
| 5 Oct 2026 · Ind-Swift Labs: All 4 AGM resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Compliance certificate for share dematerialization filed for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · 31st AGM proceedings of Ind Swift Laboratories held on 30 Sept 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Intimation to physical security holders for PAN, KYC and nomination update | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.