Ind-Swift Laboratories LimitedPharmaceuticals & HealthcareINDSWFTLAB
Q1 FY27 earnings callInd-Swift Laboratories Limited
The company delivered strong financial performance driven by its transformation into a focused FDF manufacturer, with new CDMO partnerships commercialized and sharp margin expansion.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Operating Income | ₹186.08 crore | 21.16% | |
| Operating EBITDA | ₹33.32 crore | 2.85x | |
| Operating EBITDA Margin | 17.91% | 1258 bps | |
| PAT (excluding exceptional item) | ₹24.68 crore | 2.04x | |
| PAT Margin | 13.26% | 827 bps | |
| Export Business Contribution | 57.20% | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹8.66 Cr-97% YoY-27.6% QoQ | ₹0.01 Cr-99.9% YoY-97.6% QoQ | ₹0.00-100% YoY-100% QoQ |
| Q2 FY25 | ₹11.96 Cr-95.9% YoY-63.9% QoQ | ₹0.41 Cr-98.7% YoY-56.4% QoQ | ₹0.07-98.7% YoY-56.2% QoQ |
| Q1 FY25 | ₹33.17 Cr-89.3% YoY-91.6% QoQ | ₹0.94 Cr-94.5% YoY-99.6% QoQ | ₹0.16-94.5% YoY-99.6% QoQ |
| Q4 FY24 | ₹393.33 Cr+29.3% YoY+36.8% QoQ | ₹238.87 CrTurned profitable YoY+1130% QoQ | ₹40.42Turned positive YoY+1128.6% QoQ |
| Q3 FY24 | ₹287.51 Cr-8.1% YoY-0.8% QoQ | ₹19.42 Cr-29.4% YoY-38.7% QoQ | ₹3.29-29.2% YoY-38.6% QoQ |
TL;DR
- Operating income grew 21.16% YoY to ₹186.08 crore.
- Operating EBITDA improved 2.85x YoY to ₹33.32 crore with margin expanding 1258 bps to 17.91%.
- PAT excluding exceptional item jumped 2.04x YoY to ₹24.68 crore.
- Export business contributed 57.20% of quarterly sales, up from 48% in Q1 FY26.
- New CDMO partnerships with Viatris, Manx, and Arrotex commercialized, expected to add ₹200-220 crore revenue over two years.
- Dossiers filed increased to 2,100+ from 1,915+; global registrations rose to 850+ from 750+.
Said on the call
“We were saying this to lot of investors that minimum 18 to 20% EBITDA margins are there in this business and now it has been clearly depicted.”
From the Q&A
| Topic | What management said |
|---|---|
| CDMO Partnership Contribution | The newly commercialized CDMO partnerships contributed only ₹5-6 crores in Q1, with an expected ₹100-130 crores from the two Viatris products in year one, and a total of ₹200-220 crore over two years. |
| Margins in Export Business | Gross margins in the export business are approximately 55%. |
| Cash Utilization and Capex | The ₹250 crore cash on books will be deployed in capex over approximately 2.5 years, including upgrading the Jammu facility, building a new warehouse, and capacity enhancement. |
| EBITDA Margin Sustainability | Management stated the 18% EBITDA margin is fully sustainable and could increase to 21-22% with sales growth. |
| Revenue Guidance and Growth Drivers | The FY29 revenue target is ₹1200 crore, with FY27 expected to be around ₹900 crore. Growth drivers include new molecule launches like Macrogol in Q2 and Ibuprofen & Clarithromycin granules in H2. |
| Capacity Utilization and Expansion | Capacity utilization in Q1 was approximately 70%, with headroom for growth. Capex for new CDMO partnerships could be ₹50-75 crores, generating ₹150+ crore revenue. |
| Product Selection Criteria | Products are selected based on a minimum 50-55% gross margin and are developed in collaboration with customers, with development costs often borne by the customer. |
| Synthimed Stake | There are no current plans to divest the 7.8% stake in Synthimed; the company has a tag-along right and may consider exit when the private equity partner does. |
Guidance
- Expect incremental revenue of ₹200-220 crore from new CDMO partnerships over two years.
- Target export sales of ₹750 crore in FY27, with 45% from CDMO business.
- Expect EBITDA margins to be sustainable at 18% and potentially increase to 21-22% with sales growth.
- Revenue target of ₹1200 crore by FY29.
- Long-term vision for FY30 is revenue of ₹1500 crore and net profit of approx. ₹200+ crore.
- Capex of ₹250 crore to be deployed over 2.5 years.
- Dossiers filed expected to increase from 2,100+ to 2,500+ by Q4 FY27.
Source
Summary written from the transcript filed by Ind-Swift Laboratories Limited for the call held on 20 Aug 2026; published 20 Aug 2026, 19:56 IST.