Ind-Swift Laboratories Limited (INDSWFTLAB)
₹359.25 +0.36% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)Ind-Swift Laboratories Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Ind-Swift Laboratories' revenue was ₹191 Cr (+32.3% year on year, +12.6% on the previous quarter), and net profit ₹24.7 Cr (-88.7% year on year); the operating margin was 17.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹191 | +32.3% | +12.6% |
| Operating profit | ₹33.4 | from loss | +59.2% |
| Net profit | ₹24.7 | -88.7% | +64.6% |
| EPS (₹) | 2.84 | -91.2% | +63.2% |
| Operating margin | 17.5% | — | — |
INDSWFTLAB delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.93% of the INDSWFTLAB shares traded on NSE were taken to delivery, against the stock's own 20-session average of 41.4%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 40.6% · 44.6% · 51.4% · 45.0% · 40.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Essix Biosciences Limited, a promoter group entity of Ind-Swift Laboratories Limited, converted 14,00,000 fully convertible warrants into equity shares on October 08, 2026. This conversion increases Essix Biosciences' shareholding from 37.81% to 38.80%, taking the total promoter and PAC voting shareholding from 42.93% to 43.84%. Following the allotment, the company's paid-up equity share capital expanded from Rs 86.96 Cr to Rs 88.36 Cr. Essix Biosciences still holds 56,00,000 warrants remaining to be converted into equity shares.
- Conversion of 14,00,000 fully convertible warrants into equity shares by promoter entity Essix Biosciences Limited
- Promoter and PAC voting share capital increased from 42.93% to 43.84%
- Paid-up voting equity capital expanded from Rs 86,96,15,580 to Rs 88,36,15,580
- Remaining unconverted warrants held by Essix Biosciences stand at 56,00,000 (diluted impact of 5.96%)
- Total fully diluted share capital of the company stands at 9,39,61,558 equity shares (Rs 93.96 Cr)
Ind-Swift Laboratories has allotted 14,00,000 equity shares upon the conversion of an equivalent number of convertible warrants to promoter entity Essix Biosciences Limited. The conversion occurred at an issue price of ₹196 per warrant, following receipt of the balance 75% consideration aggregating to ₹20.58 crore. This represents partial conversion of the 70,00,000 warrants allotted on September 17, 2026. Consequently, the company's paid-up share capital increased from ₹86.71 crore to ₹86.96 crore.
- Allotted 14,00,000 equity shares at ₹196 per warrant to promoter entity Essix Biosciences Limited
- Received balance 75% consideration of ₹147 per warrant, amounting to ₹20.58 crore in cash
- Conversion is part of 70,00,000 warrants originally issued on September 17, 2026
- Paid-up share capital expanded to ₹86.96 crore (8,69,61,558 equity shares of ₹10 face value)
Ind-Swift Laboratories Limited announced the voting results and Scrutinizer's Report for its 31st Annual General Meeting held on September 30, 2026. A total of 4 resolutions (3 ordinary and 1 special) were passed with overwhelming shareholder approval of over 99.85% each. Key approvals include the adoption of FY26 financial statements, the reappointment of Chairman Sh. Navrattan Munjal, remuneration for cost auditors, and the appointment of Sh. Amit Mathur as an Independent Director. Overall turnout saw 41,398,203 votes polled, representing 47.61% of outstanding shares.
- All 4 AGM resolutions passed with >99.85% votes in favor
- Total of 41,398,203 votes polled representing 47.6052% of total 86,961,558 outstanding shares
- Approval of FY26 audited financial statements with 99.9987% votes in favor
- Reappointment of Chairman Sh. Navrattan Munjal passed with 99.8548% votes in favor
- Appointment of Sh. Amit Mathur as Independent Director approved by 99.9987% votes
Ind-Swift Laboratories Limited successfully concluded its 31st Annual General Meeting held via video conferencing on September 30, 2026. A total of 47 shareholders attended the meeting, which lasted 24 minutes. All four agenda items were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements, the reappointment of Chairman Navrattan Munjal, cost auditor remuneration ratification, and the appointment of Amit Mathur as an Independent Director.
- AGM held on September 30, 2026, commencing at 03:05 P.M. and concluding at 03:29 P.M. IST
- 47 shareholders attended the meeting through video conferencing/OAVM
- All 4 ordinary and special resolutions were passed with the requisite majority
- Remote e-voting window was open from September 27 to September 29, 2026
Ind-Swift Laboratories received a disclosure under SEBI SAST Regulations regarding the preferential allotment of 70,00,000 fully convertible warrants to promoter entity Essix Biosciences Limited. The warrants were allotted for cash on September 17, 2026, and are convertible into an equivalent number of equity shares of face value Rs 10 each. Post-conversion, the promoter group's diluted stake will rise to 47.18% (4,43,34,278 shares) of the expanded diluted base of 9,39,61,558 shares, up from 43.06% prior to allotment. The price per warrant was not disclosed in the filing.
- 70,00,000 fully convertible warrants allotted to promoter group entity Essix Biosciences Limited on a preferential basis
- Diluted promoter & PAC shareholding will rise from 43.06% to 47.18% upon full conversion
- Total diluted share capital to increase from 8,67,11,558 shares to 9,39,61,558 equity shares of Rs 10 face value
- Allotment of warrants occurred on September 17, 2026, following cash subscription
Ind-Swift Laboratories has allotted 70,00,000 fully convertible warrants on a preferential basis to promoter group entity Essix Biosciences Limited. The issue price is ₹196 per warrant (including a ₹186 premium), representing a total proposed infusion of ₹137.20 crore. The company has collected the upfront 25% subscription money of ₹49 per warrant, aggregating to ₹34.30 crore. The total potential issue of ₹137.20 crore represents approximately 4.3% of the company's current market capitalization of ₹3,206 crore.
- 70,00,000 fully convertible warrants allotted on a preferential basis
- Issue price set at ₹196 per warrant (including premium of ₹186 per warrant)
- Upfront receipt of 25% warrant subscription price amounting to ₹34.30 crore (₹49 per warrant)
- Total capital to be raised upon full conversion is ₹137.20 crore
- Allottee is Essix Biosciences Limited, belonging to the Promoter & Promoter Group
Ind-Swift Laboratories Limited has issued the notice for its 31st Annual General Meeting (AGM) scheduled for September 30, 2026, via Video Conferencing. Key agenda items include adopting the FY26 audited financial statements, re-appointing Chairman Navrattan Munjal who retires by rotation, and appointing Amit Mathur as an Independent Director for a five-year term ending September 2, 2031. The cut-off date to determine shareholder eligibility for remote e-voting is September 23, 2026. Shareholders will also vote on ratifying a remuneration of up to ₹2,00,000 per annum for the cost auditors.
- 31st AGM scheduled for September 30, 2026 at 03:00 P.M. IST via VC/OAVM
- Shareholder cut-off date for remote e-voting set for September 23, 2026
- Proposed appointment of Amit Mathur as Independent Director for a 5-year term through September 2, 2031
- Ratification of cost auditor remuneration of up to ₹2,00,000 plus applicable taxes for FY27
Ind-Swift Laboratories Limited updated its preferential warrant issue pricing following deliberations with the National Stock Exchange (NSE) and a revised independent valuation report. Under SEBI ICDR regulations, the minimum floor price was determined at ₹195.98, based on the 10-day VWAP (higher than the 90-day VWAP of ₹154.48 and valuer price of ₹189.46). Consequently, the Board's Preferential Issue Committee finalized the warrant issue price at ₹196.00 per warrant.
- Preferential warrant issue price finalized at ₹196.00 each against a minimum floor price of ₹195.98
- 10-day VWAP established at ₹195.98 versus 90-day VWAP of ₹154.48 preceding the relevant date of July 06, 2026
- Independent valuer Corporate Professionals Valuation Services assessed fair value at ₹189.46 per share
- Issue accounts for more than 5% of post-issue fully diluted equity capital, triggering Regulation 166A valuation norms
Ind-Swift Laboratories announced the outcome of its board meeting held on September 2, 2026. The board approved the appointment of Mr. Amit Mathur as an Additional Non-Executive Independent Director for a 5-year term effective September 3, 2026, subject to shareholder approval. The 31st Annual General Meeting (AGM) is scheduled for September 30, 2026, with the e-voting cut-off date set as September 23, 2026. Additionally, Care Ratings Limited was appointed as the monitoring agency for proceeds raised via the previously approved preferential issue.
- Appointed Mr. Amit Mathur as Independent Director for a period of 5 consecutive years effective September 3, 2026
- 31st AGM scheduled for September 30, 2026 via Video Conferencing
- Cut-off date for AGM e-voting fixed as September 23, 2026
- Appointed Care Ratings Limited as Monitoring Agency for preferential issue proceeds
- Audit Committee reconstituted effective September 3, 2026 with 4 members
Ind-Swift Laboratories Limited responded on August 27, 2026, to an NSE query dated August 26, 2026, regarding a significant increase in trading volume. The company clarified that all material events and information have been duly disclosed under Regulation 30 of the SEBI LODR Regulations within the stipulated timelines. Management stated it is unaware of any specific undisclosed reason behind the sudden volume or price movement and affirmed that the movement appears purely market-driven.
- NSE query received on August 26, 2026 regarding volume increase
- Company issued clarification response dated August 27, 2026
- Management confirmed no undisclosed material information under SEBI Regulation 30
- Stated that volume and price movements appear purely market-driven
Ind-Swift Laboratories Limited submitted a clarification to the National Stock Exchange on August 27, 2026, in response to an exchange query dated August 26, 2026, regarding a sudden increase in share trading volume. The company confirmed that it has complied with all disclosure requirements under Regulation 30 of SEBI LODR Regulations and has no undisclosed price-sensitive information. Management stated that the surge in trading volume and price is purely market-driven.
- Responded to NSE surveillance query dated August 26, 2026 regarding trading volume spurt
- Confirmed full compliance with Regulation 30 disclosures under SEBI LODR
- Stated that management is unaware of any specific event and price/volume movement is market-driven
Ind-Swift Laboratories released its Q1 FY27 earnings call transcript, highlighting strong operational performance following its transition to a finished dosage formulation (FDF) player. Q1 operating revenue grew 21.16% YoY to ₹186.08 crore with EBITDA expanding 2.85x YoY to ₹33.32 crore (17.91% margin). Management guided for ~₹900 crore revenue in FY27 and ₹1,200 crore by FY29, supported by ₹200–220 crore incremental contribution over two years from CDMO tie-ups with Viatris, Manx, and Arrotex. The company has also outlined a ₹250 crore capex plan over 2–2.5 years for facility upgrades and capacity expansion.
- Q1 FY27 operating revenue rose 21.16% YoY to ₹186.08 cr, with EBITDA jumping 2.85x to ₹33.32 cr (17.91% margin).
- Commercialised CDMO partnerships with Viatris, Manx, and Arrotex, expected to add ₹200 to ₹220 cr over two years.
- Management guided for ~₹900 cr revenue in FY27 and targeted ₹1,200 cr by FY29.
- Outlined ₹250 cr capex over 2–2.5 years (~18.2% of net worth) for Samba EU-GMP upgrade, warehouse, and Jammu division.
Ind-Swift Laboratories announced a ₹45 crore planned investment to upgrade its Jammu manufacturing plant to EU-GMP and PIC/S standards by early 2028. The facility, spanning 14,700 sq meters of built-up area for Oral Solid Dosage (OSD) and Ointments, currently serves domestic and soft-regulated markets. The company targets generating an additional ₹100 crore in annual revenue (~15% of TTM revenue of ₹665 crore) from European and other regulated markets starting in FY2029-30. The upgraded plant will support both its CDMO and branded formulation businesses.
- Planned capex of ~₹45 crore for upgrading the Jammu formulation facility to EU-GMP and PIC/S compliance.
- Targeting ₹100 crore in incremental revenue from European and regulated markets starting FY2029-30.
- Facility covers 14,700 sq meters with installed capacity for Oral Solid Dosages (OSD) and Ointments.
- EU-GMP compliance and regulatory audit approval targeted by early 2028.
- Q1 FY27 operating income grew 21.16% YoY to ₹186.08 crore with EBITDA margins at 17.91%.
Ind-Swift Laboratories Limited has published the audio recording of its Q1 FY 26-27 earnings conference call conducted on August 17, 2026. The call reviewed the company's financial results for the quarter ended June 30, 2026, during which it generated revenue of ₹191.45 Cr and net profit of ₹24.68 Cr. The company stated that the formal written transcript will be submitted to stock exchanges and uploaded to its website in due course.
- Audio recording of Q1 FY 26-27 earnings conference call held on August 17, 2026 made available online
- Earnings call discussed results for the quarter ended June 30, 2026
- Written transcript will be filed with the exchanges and uploaded online in due course
Ind-Swift Laboratories released its Q1 investor presentation outlining its post-merger transformation into a pure-play Finished Dosage Formulation (FDF) player. Standalone operating EBITDA rose 2.85x YoY (up 78.3% QoQ) to ₹33.32 crore with operating margins expanding to 17.91% (+1,258 bps YoY). The company announced the commercialization of CDMO partnerships with Viatris, Manx, and Arrotex, which are projected to contribute an incremental ₹200-220 crore in revenue during FY27 (~30-33% of TTM revenue). Management guided for over 50% revenue growth in FY27 alongside medium-term revenue CAGR of 20-25% and 600-800 bps EBITDA margin expansion.
- Q1 Standalone operating EBITDA grew 2.85x YoY to ₹33.32 crore, with EBITDA margin expanding 1,258 bps YoY to 17.91%
- Standalone PAT (excl. exceptional items) rose 2.04x YoY to ₹24.68 crore with a 13.26% margin
- Commercialized Viatris, Manx, and Arrotex partnerships expected to deliver incremental ₹200-220 crore in FY27 revenue
- Management targets >50% FY27 revenue growth and a medium-term CAGR of 20-25%
- Balance sheet remains net debt-free following the ₹1,650 crore API slump sale, holding ₹414.99 crore in cash and equivalents as of FY26
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY25 was INR 549.65 Cr, representing a 55.2% decrease from INR 1,227.32 Cr in FY24. Standalone turnover dropped 67.1% from INR 1,672.57 Cr to INR 549.65 Cr. These figures are not directly comparable due to the slump sale of the API and CRAMS business in March 2024 and the subsequent merger with Ind-Swift Limited (formulations).
Geographic Revenue Split
Exports contributed INR 399.23 Cr, accounting for 72.6% of total revenue in FY25. This is a significant decrease from INR 1,339.29 Cr in FY24, following the divestment of the API business which was export-heavy.
Profitability Margins
The company reported a Net Profit of INR 256.09 Cr in FY25, a 52.2% decrease from INR 536.18 Cr in FY24. The Net Profit margin for FY25 stood at 46.6%, though this is impacted by the structural changes from the slump sale and merger. Return on Equity (ROE) was 32.06%.
EBITDA Margin
Return on Capital Employed (ROCE) was reported at 22.00% for FY25. Core profitability metrics were significantly altered by the transition from an API-focused model to a formulations-focused model post-merger.
Capital Expenditure
R&D capital expenditure was INR 0.05 Cr out of a total R&D spend of INR 14.79 Cr in FY25. Standalone Property, Plant, and Equipment (PPE) increased from INR 258.84 Cr in March 2025 to INR 270.21 Cr by September 2025.
Credit Rating & Borrowing
CARE Ratings placed the company on 'Rating Watch with Developing Implications' following the slump sale. The rating is supported by improved solvency but constrained by high debt repayment obligations in the medium term and significant intergroup transactions.
Operational Drivers
Capacity Expansion
The company is expanding its product pipeline with new instruments and world-class technologies, though specific capacity figures in MT or units were not disclosed.
Manufacturing Efficiency
Manufacturing facilities are GMP compliant and ISO 9001:2008 certified, ensuring adherence to international quality standards for export markets.
Strategic Growth
Growth Strategy
The company is pursuing a new business model by integrating Ind-Swift Limited (formulations) with Ind-Swift Laboratories Limited. This strategy aims to capture higher margins in the finished dosage forms market and leverage established client relations from the promoters' 30+ years of industry experience.
Products & Services
Pharmaceutical formulations, medicines, and off-patent products. Previously included APIs and CRAMS services prior to the March 2024 slump sale.
Brand Portfolio
Ind-Swift.
New Products/Services
The company is developing non-infringing formulations and processes, with a focus on off-patent products to build a robust pipeline post-expansion.
Market Expansion
Targeting regulated and semi-regulated markets through its US subsidiary, Ind-Swift Laboratories Inc., which recorded sales of INR 23.76 Cr in FY25.
Strategic Alliances
Maintains a Joint Venture, Indis Healthcare LLP, which achieved a turnover of INR 13.71 Cr in FY25. The company also focuses on collaborative research and strategic alliances to enhance its R&D network.
External Factors
Industry Trends
The pharmaceutical industry is shifting toward specialized formulations and off-patent products. Ind-Swift is positioning itself by divesting its commodity API business to focus on higher-value formulation manufacturing and R&D.
Competitive Landscape
Competes in the global formulations and generic drug market, facing pressure from both domestic Indian manufacturers and international pharmaceutical firms.
Competitive Moat
The company's moat is built on regulatory approvals (USFDA, KFDA, PMDA) and a 30-year track record. These are sustainable as long as GMP compliance is maintained and R&D continues to produce non-infringing processes.
Macro Economic Sensitivity
High sensitivity to foreign exchange fluctuations as 72.6% of revenue is export-based, while foreign exchange outgo was only INR 27.54 Cr in FY25.
Consumer Behavior
Increasing demand for affordable generic medicines and off-patent formulations globally supports the company's strategic shift.
Geopolitical Risks
Trade barriers or regulatory changes in the US, Korea, or Japan could disrupt export operations, which are critical to the company's current revenue structure.
Regulatory & Governance
Industry Regulations
Operations are governed by GMP (Good Manufacturing Practices), ISO 9001:2008, and international standards from the USFDA, KFDA (Korea), and PMDA (Japan). Compliance is mandatory for maintaining export market access.
Taxation Policy Impact
The company maintains a standalone Deferred Tax Asset of INR 44.63 Cr as of September 2025.
Legal Contingencies
The Secretarial Audit for FY25 confirmed compliance with the Companies Act 2013 and SEBI regulations. No specific pending court case values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the long-term margin sustainability of the new formulations-focused business model following the exit from the API segment. The US subsidiary's net loss of INR 5.88 Cr also presents a performance risk.
Geographic Concentration Risk
72.6% of revenue is concentrated in export markets, making the company vulnerable to international regulatory shifts.
Third Party Dependencies
Significant dependency on intergroup transactions as noted by credit rating agencies, which could impact fiscal transparency and operational independence.
Technology Obsolescence Risk
Risk of product obsolescence is mitigated by an R&D investment of 2.9% of turnover, focusing on new product pipelines and world-class technologies.
Credit & Counterparty Risk
Standalone trade receivables stood at INR 168.53 Cr as of September 30, 2025, representing approximately 30.6% of annual turnover, indicating significant credit exposure.
