MarketFriction

Ind-Swift Laboratories Ltd

NSE INDSWFTLAB · BSE 532305 · Pharmaceuticals
₹395.15 +1.65%
NSE close2026-10-01
52 week range87.15 - 424.75
Market cap₹3,591 Cr.
P/E55.2
ASM long-term Price band 20% Delivery 31.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2902885293312129138153153151170191
Expenses2242364374324135147149151147149158
Operating Profit665291-10-12-7-94142133
OPM %23%18%17%-29%-99%-5%-7%2.4%1.0%2.8%12%17%
Other Income77458111316220151822-37
Interest212130010-27121-21
Depreciation131420006777988
Profit before tax392452711-72301010161233
Tax %18%19%6%-3%31%-16%4%17%22%42%-26%25%
Net Profit321949410-522298101525
EPS in Rs5.363.2983.550.160.07-0.9336.671.450.981.171.742.84
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6537167657577808911,0391,2071,281574649665
Expenses5466106316306357098379781,029581602605
Operating Profit107106134126144183202229252-74760
OPM %16%15%18%17%19%21%19%19%20%-1.2%7%9%
Other Income1151612033233774342923644
Interest106882892107100969251311
Depreciation85888710490871315753243132
Profit before tax-83-553650-201813875822585171
Tax %-29%-29%39%42%7%117%117%45%28%3%15%
Net Profit-59-392229-21-3-2484212504357
EPS in Rs-14.33-8.754.856.09-3.59-0.53-0.368.0671.2441.324.976.73
Dividend Payout %-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth0%-6%-19%54%
Compounded Profit Growth12%79%-6%195%
Stock Price CAGR27%45%66%330%
Return on Equity3%6%7%4%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital424245464860606060596987
Reserves5534764865075405815445416228721,1041,297
Borrowings1,4131,4571,2421,0831,1481,0311,005953862173318
Other Liabilities236240364387188198210247280217232271
Total Liabilities2,2442,2152,1382,0231,9241,8701,8181,8011,8241,1651,4381,673
Fixed Assets1,1171,0991,0429349148437536305878273304
CWIP113787069201119108-0-012
Investments181818181917362930111213248
Other Assets9971,0201,0071,0029729981,0111,1311,1991,0479521,110
Total Assets2,2442,2152,1382,0231,9241,8701,8181,8011,8241,1651,4381,673
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity98799673-64125135150195-163-29-68
Cash from Investing Activity-35-29-31-17-12-9-105-13-104-113-69
Cash from Financing Activity-64-48-69-62100-133-124-141-18669972142
Net Cash Flow-13-4-623-17114-4431-695
Free Cash Flow59496352-79114131137182-205-54-155
CFO/OP111%74%90%54%-51%87%73%74%85%-65%323%-131%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days21520818219416918617716015348105112
Inventory Days3123683052912843133012882426145187
Days Payable1201379111811412311111811352140185
Cash Conversion Cycle4074393963673393753673302822110114
Working Capital Days141-26-97-492172482532532342115156
ROCE %1%2%2%4%4%5%7%7%13%20%3%5%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters42.01%42.01%42.01%42.01%42.01%40.94%40.94%39.49%39.49%43.00%42.93%42.93%
FIIs0.31%0.26%1.27%0.65%0.46%3.07%4.27%14.80%14.33%13.88%10.70%10.90%
DIIs18.73%8.03%0.94%0.94%0.94%0.91%0.91%0.68%0.68%0.00%0.17%0.15%
Public38.96%49.72%55.81%56.41%56.61%55.08%53.88%45.02%45.50%43.14%46.19%46.01%
No. of Shareholders24,63322,43925,46128,88328,75228,11728,70943,78042,12139,22240,88142,112

Fundamentals

Market Cap₹ 3,591 Cr.
Current Price₹ 413
Stock P/E55.2
Book Value₹ 159
ROCE4.86 %
ROE4.02 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)54%
Compounded Profit Growth (TTM)195%
Consolidated figures.
Valuation
Market capRs 3,431 Cr
Enterprise valueRs 3,019 Cr
P/E (TTM)59.86x
Price to book2.48x
Price to sales5.16x
EV / EBITDA29.11x
EV / EBIT41.82x
EV / sales4.54x
Earnings yield1.67%
P/E, 3-year average10.08x
P/B, 3-year average0.65x
P/E, 5-year average9.28x
P/B, 5-year average0.62x
Profitability
Operating margin (excl. other income)7.24%
Operating margin (incl. other income)12.75%
EBITDA margin15.60%
Pre-tax margin10.72%
Net profit margin8.62%
Net margin, latest quarter12.89%
ROE3.37%
ROCE4.00%
ROA2.77%
ROE, 3-year average26.45%
ROCE, 3-year average26.33%
ROA, 3-year average16.73%
ROE, 5-year average17.28%
ROCE, 5-year average19.47%
ROA, 5-year average10.54%
ROIC (approx.)6.30%
Tax rate15.23%
Other income / net worth2.59%
Growth
Sales growth (latest year)13.04%
Profit growth (latest year)-82.79%
Sales CAGR, 3 years-18.68%
Sales CAGR, 5 years-6.14%
Profit CAGR, 3 years-3.24%
Sales growth QoQ12.76%
Profit growth QoQ63.34%
Sales growth YoY (latest quarter)25.35%
Profit growth YoY (latest quarter)181.41%
Per share
EPS (TTM)Rs 6.60
EPS (latest year)Rs 4.97
EPS (latest quarter)Rs 2.84
EPS, 3-year averageRs 37.28
EPS, 5-year averageRs 23.90
Book value per shareRs 159.38
Sales per shareRs 76.55
Cash flow per shareRs -7.85
Free cash flow per shareRs -17.85
Efficiency
Asset turnover0.39x
Fixed asset turnover2.14x
Inventory turnover2.35x
Inventory days155 days
Debtor days112 days
Debtors turnover3.27x
Creditor days185 days
Cash conversion cycle114 days
Working capital days156 days
Leverage
Total debtRs 18 Cr
Cash and bankRs 430 Cr
Net debtRs -412 Cr
Debt to equity0.01x
Net debt / EBITDA-3.97x
Interest coverage75.21x
Current ratio (filing 2026-03-31)3.83x
Quick ratio (filing 2026-03-31)3.25x
Trade payables (filing 2026-03-31)Rs 146 Cr
Owners' fund to total sources82.71%
Debt to assets1.07%
Cash flow
Cash from Operating Activity (latest year)Rs -68 Cr
Cash from Investing Activity (latest year)Rs -69 Cr
Cash from Financing Activity (latest year)Rs 142 Cr
Net Cash Flow (latest year)Rs 5 Cr
Free cash flow (latest year)Rs -155 Cr
FCFE (approx.: FCF + change in debt)Rs -170 Cr
Cash from ops / profit, 5 years0.11x
Statement figures
Net sales (TTM)Rs 665 Cr
Net sales (latest year)Rs 649 Cr
Sales (latest quarter)Rs 191 Cr
Operating profit excl. other income (latest year)Rs 47 Cr
Operating profit (latest quarter)Rs 33 Cr
Other income (TTM)Rs 44 Cr
EBITDA (TTM)Rs 104 Cr
PBDT (TTM)Rs 103 Cr
Profit before tax (TTM)Rs 71 Cr
Tax (latest year)Rs 8 Cr
Net profit (TTM)Rs 57 Cr
Net profit (latest year)Rs 43 Cr
Net profit (latest quarter)Rs 25 Cr
Depreciation (TTM)Rs 32 Cr
Depreciation (latest quarter)Rs 8 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 347 Cr
Total expenditure (latest year)Rs 602 Cr
Total income (latest year)Rs 685 Cr
Share capitalRs 87 Cr
ReservesRs 1,297 Cr
Shareholders' fundsRs 1,384 Cr
Total assetsRs 1,673 Cr
Net blockRs 304 Cr
Capital work in progressRs 12 Cr
InvestmentsRs 248 Cr
ReceivablesRs 199 Cr
InventoryRs 148 Cr
Other liabilitiesRs 271 Cr
Shares outstanding (crore)8.68
Ownership
Promoter holding42.93% (+3.44 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 59.9 is at the 98th percentile of its own 5.4-year range (median 10.3, low 1.3, high 59.9).
P/B 2.48 is at the 99th percentile (median 0.93).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodINDSWFTLABNifty 50Difference
1 week-1.5%-2.8% +1.3 pts
1 month+7.3%-6.8% +14.1 pts
3 months+84.5%-7.6% +92.1 pts
6 months+200.7%+0.4% +200.2 pts
1 year+282.8%-9.9% +292.7 pts
2 years+192.1%-13.6% +205.7 pts
3 years+337.4%+14.2% +323.2 pts
5 years+518.4%+27.9% +490.5 pts

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -36% of net profit over the last 3 years
lookShare dilution Share count up 43% in a year
lookProfit leans on other income Other income was 71% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-17Essix Biosciences LimitedPromoter groupotherSAST Preferential Allotm
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹191 Cr +24.8% vs Jun 2025. Net profit ₹25 Cr +177.8%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Sun Pharmaceutical Industries Ltd447,47635.420.5 %
Divis Laboratories Ltd250,36384.022.0 %
Torrent Pharmaceuticals Ltd186,15283.415.2 %
Zydus Lifesciences Ltd119,75024.621.1 %
Cipla Ltd111,43031.115.5 %
Laurus Labs Ltd106,92897.817.8 %
Mankind Pharma Ltd105,12049.313.5 %
Dr Reddys Laboratories Ltd104,49432.413.0 %
Aurobindo Pharma Ltd97,68225.812.9 %
Lupin Ltd93,84015.829.9 %
Glenmark Pharmaceuticals Ltd68,90522.139.8 %
Alkem Laboratories Ltd62,77227.621.2 %
Biocon Ltd61,43984.53.61 %
Abbott India Ltd57,94935.944.8 %
Gland Pharma Ltd49,33343.115.1 %
No bulk or block deals on record.
Ex-dateActionFactor
2024-09-24Annual General Meeting
2023-09-22Annual General Meeting
2022-09-22Annual General Meeting
2021-09-23 Annual General Meeting
2020-09-23 Annual General Meeting
2019-09-24 Annual General Meeting
2018-09-19 Annual General Meeting
2017-09-14 Annual General Meeting
2016-09-20 Annual General Meeting
2015-09-18 Annual General Meeting
2014-09-18Annual General Meeting
2013-09-24Annual General Meeting
2012-09-21Annual General Meeting
2011-09-20Annual General Meeting And Dividend Re.1/- Per Share
2010-09-16Annual General Meeting And Dividend Re.1/- Per Share
2009-09-17Agm/Div-Rs.1/- Per Share
2008-09-18Agm/Dividend - 10%
2007-09-21Agm/Dividend-10%
2006-09-22Agm/Dividend-15%
DateTypeWhat it says
2026-09-30Shareholder meetingProceedings of 31st Annual General Meeting held on September 30, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03