Ind-Swift Laboratories Ltd (INDSWFTLAB) — share price & stock analysis

Market cap

₹1,746 Cr

P/E

35.3×

ROE

3.9%

Book value / share

₹159

Revenue (FY26)

₹641 Cr

Profit after tax (FY26)

₹41 Cr

Weinstein stage

Stage 2 (21 weeks)

Data as of

1 July 2026

4 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 5% — weak; effectively no debt; margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

Stage 2: the trend is up, and has been for 21 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 21 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹131 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 30 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Out of the loss years — profitable again, still below its best

Over 12 years, sales went from ₹965 Cr to ₹641 Cr (about −3% a year), and profit from ₹−122 Cr to ₹41.0 Cr.revenuenet_profit

The books show real losses in FY14 and FY15 and FY16 and FY17 and FY20 and FY21 and FY22 (worst: ₹−122 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

Sales jumped 23% last quarter — the 4th straight quarter of growth

Mar 26 sales were ₹170 Cr, up 23% on the same quarter last year.revenue

That makes 4 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are widening — −7% → 12% in a year

Of every ₹100 of sales, the company keeps ₹12.1 as operating profit (a year ago it kept ₹−6.7).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at −3.4% in FY25 and has been rebuilt to 7.0% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (58% → 64%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit collapsed 93% — mostly from income from outside the core business

Mar 26 profit after tax was ₹15.0 Cr, down 93% year on year.net_profit

A caution: a meaningful slice of this jump came from income outside the core business — that is lower-quality profit and may not repeat.other_income

Profits on paper, cash lagging behind

Over the last 4 profitable years, the business reported ₹760 Cr of profit and collected ₹−63.0 Cr of operating cash — about -8% conversion (1 loss year excluded — a negative denominator would flatter the ratio).operating_cash_flownet_profit

The wrinkle is the latest year: FY26 collected ₹−70.0 Cr against ₹41.0 Cr of reported profit — about -171%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The gap sits in receivables: customers now take 113 days to pay, up from 107. Profit booked, cash pending.debtor_days

The cash cycle is stable

One rupee now takes about 116 days to go out the door as materials and come back as collected cash.cash_conversion_cycle

The biggest mover: suppliers being paid later (140 → 188 days).payable_days

No big build-out underway — growth must come from what already exists

The productive asset base has gone from ₹1,174 Cr (FY14) to ₹306 Cr, with another ₹10.0 Cr of capacity under construction right now.fixed_assetscwip

The build is bigger than the cash engine: investing outflows (₹287 Cr) exceeded operating cash (₹−258 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹1 — total borrowings have shrunk from ₹1,355 Cr to ₹18.0 Cr over the window.borrowings

Every ₹100 kept in the business earns just ₹5

Return on capital employed is 5.0% (a year ago: 1.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Big money is quietly accumulating

Promoters hold 43.0% (up 1 point over 8 quarters). Foreign funds own 13.9%, domestic funds 0.0%.promoters_pctfiis_pctdiis_pct

Institutions buying while the story develops is the market’s quiet vote of confidence — they meet management, you don’t.

Meanwhile domestic funds have been the sellers — from 19.5% to 0.0% over the window. Someone on the other side of the table disagrees; both sides count.diis_pct

A turnaround that stuck — the question is what’s left to re-rate

The numbers are genuinely mixed, and the price is roughly fair to the delivery so far.

Best thing in the data: returns on capital rising (1.0% → 5.0%).roce_pct

Biggest worry: cash generation falling (₹−25.0 Cr → ₹−70.0 Cr).operating_cash_flow

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data