INDSWFTLAB
Ind-Swift Laboratories Limited
Pharmaceutical API manufacturer with bulk drugs and intermediates for domestic and export markets
Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals
indswiftgroup.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹359.25
Market cap
3,122 Cr
Stock P/E
54.5
P/B
2.25
ROE (FY26)
3.0%
ROCE (FY26)
3.6%
Operating margin (FY26)
2.3%
Debt / equity (FY26)
0.01
OCF / EBITDA (FY26)
-140.1%
OCF / EBITDA (3Y)
-96.3%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Ind-Swift Laboratories (Ind-Swift Labs) makes finished pharmaceutical products for the Indian market and for export, sold under its own brands and through contract manufacturing for partners such as Viatris.
Company snapshot
70thBy market cap
Ranked among 119 companies in Pharmaceuticals.
What we see
Positives
- ✓Debt-to-equity of 0.01x — the company is largely funded by its own money, not borrowed funds.
Concerns
- ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
1 more signal from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 290 Cr | 288 Cr | 393 Cr | 33 Cr | 12 Cr | 9 Cr | 138 Cr | 153 Cr | 153 Cr | 151 Cr | 170 Cr | 191 Cr |
| Operating expenses (approx.) | 224 Cr | 236 Cr | 431 Cr | 43 Cr | 24 Cr | 23 Cr | 147 Cr | 149 Cr | 151 Cr | 147 Cr | 149 Cr | 158 Cr |
| EBITDA | 66 Cr | 51 Cr | -37 Cr | -10 Cr | -12 Cr | -15 Cr | -9 Cr | 4 Cr | 1 Cr | 4 Cr | 21 Cr | 33 Cr |
| OPM % | 22.7% | 17.8% | -9.5% | -29.4% | -98.6% | -167.7% | -6.7% | 2.4% | 1.0% | 2.8% | 12.1% | 17.5% |
| Other income | 7 Cr | 7 Cr | 25 Cr | 11 Cr | 13 Cr | 14 Cr | 4 Cr | 15 Cr | 18 Cr | 28 Cr | 2 Cr | 8 Cr |
| Interest | 21 Cr | 21 Cr | -11 Cr | 0.17 Cr | 0.41 Cr | 0.11 Cr | -27 Cr | 1 Cr | 2 Cr | 0.67 Cr | -2 Cr | 0.71 Cr |
| Depreciation | 13 Cr | 14 Cr | 13 Cr | 0.25 Cr | 0.22 Cr | 0.25 Cr | 7 Cr | 7 Cr | 7 Cr | 9 Cr | 8 Cr | 8 Cr |
| Profit before tax | 39 Cr | 24 Cr | 373 Cr | 0.91 Cr | 0.60 Cr | -1 Cr | 230 Cr | 10 Cr | 10 Cr | 14 Cr | 12 Cr | 33 Cr |
| Tax % | 18.0% | 17.9% | 36.0% | -3.2% | 30.9% | 100.6% | 3.6% | 16.3% | 22.4% | 29.5% | -26.3% | 24.5% |
| Net profit | 32 Cr | 19 Cr | 239 Cr | 0.94 Cr | 0.41 Cr | 0.0062 Cr | 222 Cr | 9 Cr | 8 Cr | 10 Cr | 15 Cr | 25 Cr |
| EPS (₹) | ₹5.36 | ₹3.29 | ₹40.42 | ₹0.16 | ₹0.07 | ₹0.00 | ₹32.96 | ₹1.28 | ₹1.00 | ₹1.17 | ₹1.81 | ₹2.84 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 716 Cr | 765 Cr | 757 Cr | 780 Cr | 891 Cr | 1,039 Cr | 1,207 Cr | 1,281 Cr | 562 Cr | 641 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 610 Cr | 632 Cr | 620 Cr | 635 Cr | 709 Cr | 842 Cr | 978 Cr | 1,027 Cr | 581 Cr | 596 Cr | Sign in free for the trailing twelve months |
| EBITDA | 106 Cr | 134 Cr | 136 Cr | 144 Cr | 183 Cr | 196 Cr | 229 Cr | 254 Cr | -19 Cr | 45 Cr | Sign in free for the trailing twelve months |
| OPM % | 14.8% | 17.5% | 18.0% | 18.5% | 20.5% | 18.9% | 19.0% | 19.8% | -3.5% | 7.0% | Sign in free for the trailing twelve months |
| Other income | 21 Cr | 18 Cr | 27 Cr | 33 Cr | 23 Cr | 43 Cr | 34 Cr | 45 Cr | 81 Cr | 47 Cr | Sign in free for the trailing twelve months |
| Interest | 88 Cr | 28 Cr | 83 Cr | 107 Cr | 100 Cr | 96 Cr | 92 Cr | 51 Cr | 3 Cr | 1 Cr | Sign in free for the trailing twelve months |
| Depreciation | 88 Cr | 87 Cr | 104 Cr | 90 Cr | 87 Cr | 131 Cr | 57 Cr | 53 Cr | 24 Cr | 31 Cr | Sign in free for the trailing twelve months |
| Profit before tax | -55 Cr | 36 Cr | 59 Cr | -20 Cr | 18 Cr | 13 Cr | 86 Cr | 573 Cr | 258 Cr | 49 Cr | Sign in free for the trailing twelve months |
| Tax % | 29.2% | 39.0% | 35.0% | -7.2% | 117.5% | 117.1% | 44.8% | 26.4% | 2.8% | 15.7% | Sign in free for the trailing twelve months |
| Net profit | -39 Cr | 22 Cr | 38 Cr | -21 Cr | -3 Cr | -2 Cr | 48 Cr | 421 Cr | 250 Cr | 41 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-9.20 | ₹4.86 | ₹10.28 | ₹-4.28 | ₹-0.53 | ₹-0.36 | ₹8.06 | ₹71.24 | ₹37.25 | ₹4.95 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 45 Cr | 46 Cr | 48 Cr | 60 Cr | 60 Cr | 60 Cr | 60 Cr | 59 Cr | 69 Cr | 87 Cr |
| Reserves | 486 Cr | 507 Cr | 556 Cr | 581 Cr | 544 Cr | 541 Cr | 622 Cr | 872 Cr | 1,104 Cr | 1,297 Cr |
| Borrowings | 998 Cr | 832 Cr | 1,058 Cr | 1,031 Cr | 1,005 Cr | 953 Cr | 862 Cr | 17 Cr | 41 Cr | 18 Cr |
| Other liabilities | 608 Cr | 638 Cr | 252 Cr | 199 Cr | 210 Cr | 247 Cr | 281 Cr | 217 Cr | 225 Cr | 271 Cr |
| Total liabilities | 2,138 Cr | 2,023 Cr | 1,914 Cr | 1,870 Cr | 1,818 Cr | 1,801 Cr | 1,824 Cr | 1,165 Cr | 1,438 Cr | 1,673 Cr |
| Fixed assets (net) | 832 Cr | 802 Cr | 832 Cr | 796 Cr | 735 Cr | 628 Cr | 583 Cr | 5 Cr | 260 Cr | 275 Cr |
| CWIP | 61 Cr | 62 Cr | 13 Cr | 4 Cr | 11 Cr | 9 Cr | 8 Cr | — | — | 10 Cr |
| Investments | 18 Cr | 18 Cr | 31 Cr | 30 Cr | 50 Cr | 32 Cr | 33 Cr | 113 Cr | 216 Cr | 250 Cr |
| Inventories | 344 Cr | 317 Cr | 329 Cr | 343 Cr | 376 Cr | 429 Cr | 439 Cr | 10 Cr | 114 Cr | 148 Cr |
| Trade receivables | 357 Cr | 408 Cr | 351 Cr | 396 Cr | 432 Cr | 455 Cr | 505 Cr | 169 Cr | 165 Cr | 199 Cr |
| Cash & bank | 16 Cr | 9 Cr | 30 Cr | 11 Cr | 12 Cr | 21 Cr | 18 Cr | 432 Cr | 428 Cr | 430 Cr |
| Other assets | 509 Cr | 406 Cr | 329 Cr | 291 Cr | 202 Cr | 227 Cr | 238 Cr | 435 Cr | 256 Cr | 362 Cr |
| Total assets | 2,138 Cr | 2,023 Cr | 1,914 Cr | 1,870 Cr | 1,818 Cr | 1,801 Cr | 1,824 Cr | 1,165 Cr | 1,438 Cr | 1,673 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 96 Cr | 73 Cr | -64 Cr | 125 Cr | 135 Cr | 150 Cr | 195 Cr | -181 Cr | -25 Cr | -63 Cr |
| Cash from investing | -31 Cr | -17 Cr | -13 Cr | -9 Cr | -10 Cr | 5 Cr | -13 Cr | -104 Cr | -110 Cr | -73 Cr |
| Cash from financing | -69 Cr | -62 Cr | 100 Cr | -133 Cr | -124 Cr | -141 Cr | -186 Cr | 699 Cr | 69 Cr | 142 Cr |
| Net cash flow | -4 Cr | -6 Cr | 23 Cr | -17 Cr | 1 Cr | 14 Cr | -4 Cr | 413 Cr | -66 Cr | 11 Cr |
| Free cash flow (OCF − Capex) | 63 Cr | 52 Cr | -80 Cr | 114 Cr | 131 Cr | 132 Cr | 182 Cr | -225 Cr | -90 Cr | -151 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 2.2% | 4.6% | 8.6% | 5.2% | 7.4% | 7.0% | 11.6% | 65.8% | 21.5% | 3.6% |
| ROE % | -7.4% | 4.0% | 6.4% | -3.3% | -0.5% | -0.4% | 7.0% | 45.2% | 21.4% | 3.0% |
| Debtor days | 182 | 194 | 169 | 186 | 177 | 159 | 152 | 48 | 107 | 113 |
| Inventory days | 334 | 311 | 288 | 306 | 301 | 276 | 243 | 6 | 185 | 198 |
| Days payable | 100 | 126 | 111 | 121 | 111 | 113 | 113 | 57 | 179 | 195 |
| Cash conversion cycle | 416 | 379 | 346 | 371 | 367 | 322 | 282 | -3 | 113 | 115 |
| OCF / EBITDA % | 90.2% | 54.7% | -47.2% | 86.7% | 73.8% | 76.5% | 84.9% | -71.1% | — | -140.1% |
| OCF / EBITDA % (3 years) | — | — | 27.8% | 32.4% | 42.3% | 78.4% | 78.9% | 24.1% | -2.5% | -96.3% |
| Debt / equity | 1.88 | 1.50 | 1.75 | 1.61 | 1.67 | 1.59 | 1.26 | 0.02 | 0.03 | 0.01 |
| Current ratio | — | — | 2.50 | 2.67 | 3.00 | 3.21 | 3.14 | 2.99 | 3.92 | 3.83 |
| Net debt / EBITDA | 9.27 | — | 7.55 | 7.07 | 5.43 | 4.74 | 3.68 | -1.63 | — | -9.13 |