By: IPP Bureau
Last updated : August 21, 2026 9:43 am
Operating income rises 21.2% to Rs. 186.1 crore as EBITDA margin expands to 17.9%; company targets Rs. 1,500 crore revenue and Rs. 200 crore+ net profit by FY30
Ind-Swift Laboratories has reported a strong performance for Q1 FY27, with operating income rising 21.16 percent year-on-year to Rs. 186.08 crore and operating EBITDA increasing nearly threefold to Rs. 33.32 crore, according to the company's earnings call transcript.
The company's EBITDA margin expanded sharply to 17.91 percent from 5.33 percent, a 1,258-basis-point improvement. Profit after tax, excluding exceptional items, more than doubled to Rs. 24.68 crore from Rs. 8.12 crore, while PAT margin increased to 13.26 percent from 4.99 percent.
The quarter reflects Ind-Swift's ongoing transition from an API manufacturer to a focused finished dosage formulations business. During the quarter, the company commercialised CDMO partnerships with Viatris, Manx in the UK and Arrotex in Australia, which are expected to generate incremental revenue of Rs. 200-220 crore in FY27.
Management said only around Rs. 5-6 crore from Viatris products was booked in Q1, with revenues expected to build through FY28 and FY29.
Ind-Swift also commercialised Ibuprofen Sachet for Europe and Macrogol Sachet for the UK and Australian markets. Its regulatory pipeline expanded to more than 2,100 dossiers, while global product registrations crossed 850.
Exports accounted for 57.2 percent of Q1 sales, up from 48 percent in Q1 FY26. Ezetimibe + Atorvastatin was among the fastest-growing molecules, with FY26 revenue more than tripling to Rs. 80.78 crore, while Atorvastatin remained the largest contributor at Rs. 85.50 crore.
The company has around Rs. 250 crore in cash, which management plans to deploy over approximately 2.5 years towards capacity expansion, a new warehouse and upgrades at its Jammu facility.
Ind-Swift maintained its medium-term revenue target of Rs. 1,200 crore by FY29, while outlining a longer-term FY30 aspiration of at least Rs. 1,500 crore in revenue and more than Rs. 200 crore in net profit. Management expects EBITDA margins to cross 20 percent by Q3 FY27 and potentially reach 21-22 percent as the business scales.
The company also holds an approximately 7.8 percent stake in Synthimed, which acquired its former API business in FY24 for around Rs. 2,000-2,100 crore. Management said there are currently no plans to divest the holding, although Ind-Swift retains a tag-along right in the event of an exit by Synthimed's private equity investors.