Ind-Swift Laboratories Q2 FY27 results: net profit ₹34.22 crore vs ₹7.99 crore, revenue up 57.5%

How did Ind-Swift Laboratories perform in Q2 FY27?

Ind-Swift Laboratories reported consolidated Q2 FY27 revenue of ₹240.46 crore, up 57.5% from ₹152.64 crore in Q2 FY26 and 25.6% from ₹191.45 crore in Q1 FY27. Total income was ₹248.06 crore, against ₹170.5 crore a year earlier and ₹199.11 crore in the previous quarter.

EBITDA was ₹45.46 crore, compared with ₹1.48 crore in Q2 FY26 and ₹33.43 crore in Q1 FY27. The EBITDA margin increased to 18.9% from 1.0% a year earlier and rose 1.4 percentage points from 17.5%.

Profit before tax rose to ₹43.38 crore from ₹10.34 crore a year earlier and ₹32.56 crore in the previous quarter. Net profit was ₹34.22 crore, against ₹7.99 crore and ₹24.68 crore, respectively, while basic EPS increased to ₹3.94 from ₹1.0 and ₹2.84. On a standalone basis, revenue was ₹234.89 crore and net profit was ₹31.03 crore.

What changed in Ind-Swift Laboratories' costs and profit?

Total expenses increased by ₹43.95 crore or 27.4% from Q2 FY26 to ₹204.11 crore, lower than the rise in revenue. Cost of materials was up ₹26.77 crore or 40.5% at ₹92.87 crore, while other expenses rose ₹13.26 crore or 35.6% to ₹50.51 crore.

Employee cost increased by ₹1.70 crore or 4.7% to ₹37.97 crore, depreciation rose ₹0.79 crore or 11.3% to ₹7.77 crore, and finance costs fell by ₹0.68 crore or 33.8% to ₹1.33 crore. Other income decreased by ₹10.26 crore or 57.4% to ₹7.60 crore. The filing gives no further explanation for these movements.

An exceptional charge of ₹0.58 crore was reported in Q2 FY27, against no exceptional item in Q2 FY26. Tax expense increased by ₹6.93 crore or 301.3% to ₹9.23 crore. EBITDA rose by ₹43.98 crore to ₹45.46 crore, while net profit increased by ₹26.23 crore to ₹34.22 crore.

How did the first half of FY27 go?

In H1 FY27, Ind-Swift Laboratories reported revenue of ₹431.92 crore, up 41.4% from ₹305.38 crore in H1 FY26. Total income increased 32.4% to ₹447.17 crore from ₹337.82 crore, while profit before tax rose 266.9% to ₹75.94 crore from ₹20.7 crore.

H1 FY27 net profit was ₹58.91 crore, compared with ₹16.77 crore in H1 FY26, an increase of ₹42.14 crore or 251.3%. Basic EPS increased to ₹6.77 from ₹2.1.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹1,771.22 crore, compared with ₹1,673.35 crore at 31 March 2026, while total equity rose to ₹1,474.33 crore from ₹1,383.97 crore. Borrowings were ₹19.57 crore against ₹17.91 crore, and cash fell to ₹340.35 crore from ₹429.85 crore.

Inventories increased to ₹170.08 crore from ₹147.93 crore and trade receivables to ₹245.07 crore from ₹198.55 crore. Trade payables declined to ₹135.52 crore from ₹145.86 crore. The filing does not provide a closing cash figure for the cash-flow statement.

H1 FY27 operating cash flow was negative ₹34.71 crore, compared with negative ₹20.25 crore in H1 FY26. Investing cash flow was negative ₹85.97 crore against negative ₹103.98 crore, while financing cash flow was positive ₹34.13 crore against ₹96.12 crore. Capital expenditure was ₹67.01 crore, compared with ₹27.04 crore.

How has Ind-Swift Laboratories done over the last 8 quarters?

Revenue rose in each of the last six quarters on a year-on-year basis, and profit rose year on year in each of the last two quarters. In the latest quarter, revenue reached ₹240.46 crore and EBITDA margin reached 18.9%, both the highest levels in the stated quarterly series.

The lowest revenue in the series was ₹8.66 crore in Q3 FY25, while the highest PAT was ₹222.27 crore in Q4 FY25 and the lowest EBITDA margin was negative 167.7% in Q3 FY25. The latest net profit was ₹34.22 crore, following ₹24.68 crore in Q1 FY27 and ₹15.11 crore in Q4 FY26.

What did Ind-Swift Laboratories' management say?

Management said it continued to expect FY27 revenue growth of more than 50%, a medium-term revenue CAGR of 20-25% and EBITDA margin expansion of 200-300 BPS. It also said the company would scale revenue from a ₹636 Cr base to ₹1,500+ Cr by FY30, with CDMO revenue of ₹200 to 220 Cr over two years and incremental revenue of ₹100-130 Cr in FY27 from commercialised CDMO and own-brand partnerships.

Management said growth was coming from core operations rather than other income and that raw-material cost had fallen as a share of revenue. It described the Samba EU-GMP and PIC/S upgrade as progressing as planned, and said a ₹250 crore capex programme would be funded entirely through internal accruals.

Management identified a need for a sharper H2 ramp to meet FY27 guidance, working-capital cash absorption, dependence on the Samba upgrade and regulatory approvals, export concentration in Europe, and the comparison with a weak prior-year profit base as risks. The presentation also described the company as net debt-free and net debt-free funding supported its capex programme.

How did Ind-Swift Laboratories shares react?

The stock rose 7.1% after five minutes, 7.5% after 15 minutes and 9.3% after 30 minutes from the price when the filing appeared. It closed the reaction day 10.3% above the previous close. By the next day's close, it was down 1.9% from the pre-results close, compared with a 0.6% decline for the Pharmaceuticals industry median.

The reaction-day move was 10.0 percentage points above the Pharmaceuticals industry's 0.4% median move. Earlier results-day moves were 19.1% on 10 August 2026 and 13.4% on 28 May 2026, following declines of 3.6% on 31 January 2026 and 4.4% on 14 November 2025.

How did other Pharmaceuticals companies do?

Among 60 other Pharmaceuticals companies that filed for the quarter, the median revenue growth was 18.9%. Of the peers with comparable revenue-growth data, 56 grew more slowly than Ind-Swift Laboratories and 4 grew faster.

Of the 54 peers for which profit was compared, 38 reported higher profit. Ind-Swift Laboratories therefore recorded revenue growth above the peer median, with fewer peers growing faster than the company.