Ind-Swift Laboratories Limited (INDSWFTLAB) share price

₹391.10 on NSE as of 2026-10-07. -2.33% on the day. market cap ₹3,399 Cr. P/E 57.3. 52-week range ₹88.15 to ₹413.10. Healthcare.

www.indswiftgroup.com

Ind-Swift Laboratories Q1 FY27: ₹191 Cr Revenue, Operating Profit 9x YoY, and 2,100+ Dossiers Filed Across 85 Countries

At a glance

Ind-Swift Laboratories sells finished medicines, and sales for the three months to June 2026 came in at ₹191.45 crore. Operating profit was ₹33.44 crore, against ₹3.60 crore in the same quarter a year earlier. That line spent most of the year to March 2025 below zero, so the basement had become familiar. Net profit was ₹24.68 crore, up 183 per cent year-on-year on Screener's stated quarterly profit variation.

In accounting terms the company has been through a complete change of identity. Until the year to March 2024 it was the group's arm for active pharmaceutical ingredients and contract research. It sold that business, all three manufacturing sites included, to Synthimed Labs for ₹1,650 crore. It kept a 7.8 per cent stake, repaid the debt and absorbed the group's formulations company. Borrowings now stand at ₹17.91 crore, against cash and bank balances of ₹429.85 crore. Debt to equity is 0.01 on Screener's figure, a rounding error wearing a lanyard.

The June 2026 quarter is the fourth in a row of sequential revenue growth since the restructuring. The first two quarters sat close together, at ₹152.73 crore and ₹152.64 crore. A dip to ₹150.85 crore followed, then ₹169.79 crore, then the latest figure. Management's commentary describes the quarter as evidence of the shift from ingredients maker to finished dosage manufacturer.

An extraordinary general meeting on 5 August 2026 approved 70 lakh convertible warrants for the promoter group. A warrant is an instrument the holder can turn into a share later, on set terms. The company also signed a memorandum of understanding worth ₹40 crore for a warehouse. CARE, a credit-rating agency, flags a shortfall of ₹58.99 crore in a preferential issue in its monitoring report. A preferential issue is a sale of shares to chosen buyers rather than to the public.

Introduction

Ind-Swift Laboratories was incorporated in 1995 inside the Ind-Swift Group, built as its dedicated ingredients arm. It made active pharmaceutical ingredients, the chemicals that do the actual work inside a finished tablet. It also ran contract research and manufacturing for other drug companies, work the trade shortens to CRAMS. It ranked among India's largest standalone ingredient makers, with 481 drug master files filed across 33 molecules. A drug master file is the paperwork lodged with a regulator describing how a plant makes an ingredient. The company ran 26 manufacturing blocks and supplied more than 70 countries from them. Approvals came from the American, British and Japanese regulators, listed as USFDA, MHRA and PMDA. Brazil's ANVISA and Australia's TGA sit on the same list, which the investor presentation prints as a wall of acronyms.

Then the company sold the whole of it, including three sites approved by USFDA, PMDA and EDQM. The buyer was Synthimed Labs Pvt Ltd, a portfolio company of India Resurgence Fund. That fund is backed by Bain Capital and Piramal, and the price was ₹1,650 crore. The deal was a slump sale, which moves a business as one unit rather than asset by asset. Proceeds repaid the external debt of Ind-Swift Laboratories and of the group company Ind-Swift Ltd. Borrowings stood at ₹862.07 crore at the end of March 2023. By the end of March 2024 they stood at ₹16.63 crore, a balance sheet that shed most of its weight in twelve months.

Ind-Swift Ltd, the group's formulations entity, was then merged into the listed company. The National Company Law Tribunal sanctioned that merger on 17 July 2025. The result is one listed vehicle that no longer makes the ingredients and instead makes the tablets. Three decades of chemistry went out of the door, and the flask was swapped for the packing line.

What remains is described as a pure-play finished dosage company, meaning it sells medicines in their final form. It reports more than 850 product registrations and more than 2,100 dossiers filed. Approvals number more than 520, and the sales map covers more than 85 countries. Two facilities run the operation, and the company still holds 7.8 per cent of the business it sold.

Business model

The company makes tablets, capsules, ointments and injectables, and adds liquids and dry syrups to that. Therapy areas run across gynaecology, paediatrics, cardiology and diabetology, with dermatology alongside them. Those medicines reach their buyers through three quite different doors, and each door works on its own terms.

The first is the International Division, based at Derabassi in Punjab. It is a hundred per cent export-oriented unit spread over roughly 81,325 square metres. Annual capacity there runs to 9,000 million tablets and 120 million capsules. Nine thousand million tablets a year is more tablets than there are people on earth. The same site can fill 90 million sachets and 184 million sticks. It also lists 33 million dry-powder bottles and 6,000 kg of pellets. The unit manufactures under contract for global generic majors including Viatris, Chanelle and Wockhardt. It sells Ind-Swift's own brands through more than 125 medical representatives in Uzbekistan, East Africa and Myanmar. It also out-licenses dossiers to partners in the UK, the EU, Australia and Canada.

The second door is the Domestic Division at Samba in Jammu and Kashmir. The site covers 14,700 square metres and is accredited to WHO good manufacturing practice. An ethical vertical sells branded formulations to doctors, at a gross margin of 76 per cent per management. A generic vertical sits beside it, along with a residual bucket labelled Q-DEN and Nova. Contract manufacturing for Cipla, Lupin, Mankind and Concord runs on advance payment, with 39 active repeat clients. The domestic network reaches 2,400 stockists through eight carrying-and-forwarding points. The retailer count is 20,000 and the doctor count is above 25,000. More than 260 marketing teams work that network, an org chart shaped like a map of India with pins in it.

The third door is the dossier factory, a research centre at Panchkula with more than 60 scientists. In this trade a dossier is itself a product, developed and then sold as paperwork. More than 2,100 have been filed and more than 520 approved. About 100 products were site-transferred into Derabassi from Europe, Canada and Australia.

In the three months to June 2026 exports were 83.84 per cent of sales. Own brands made up 57.20 per cent and contract manufacturing 26.64 per cent. The domestic share was 16.16 per cent, with branded generics at 6.41 per cent and ethical at 6.14 per cent. P2P contract work accounted for the remaining 3.61 per cent. Europe takes 47 per cent of the portfolio and South East Asia 18 per cent. Australia takes 10 per cent, with single-digit shares across Africa, Canada, the Middle East and Latin America. In the year to March 2026 Atorvastatin led the product mix at 25.5 per cent. Ezetimibe with Atorvastatin followed at 24.09 per cent and Fexofenadine at 22.17 per cent. Those three molecules are 71.76 per cent of the top-product mix. Two of them are cholesterol drugs, so the portfolio serves arteries and cat allergies in roughly equal measure. Fexofenadine is the antihistamine of the three.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ind-Swift Laboratories Limited.

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