Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹246, the stock trades at a trailing P/E ratio of 51.6x. Average trailing P/E is 30x in the Pharmaceuticals industry in India. Total returns to shareholders of 195% over the past three years. Board Change • Jul 03
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Subodh Gupta was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹187, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 29x in the Pharmaceuticals industry in India. Total returns to shareholders of 125% over the past three years. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹157, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 29x in the Pharmaceuticals industry in India. Total returns to shareholders of 123% over the past three years. Reported Earnings • May 29
Full year 2026 earnings released: EPS: ₹4.95 (vs ₹37.25 in FY 2025) Full year 2026 results: EPS: ₹4.95 (down from ₹37.25 in FY 2025). Revenue: ₹6.88b (up 23% from FY 2025). Net income: ₹414.2m (down 84% from FY 2025). Profit margin: 6.0% (down from 45% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 22
Ind-Swift Laboratories Limited to Report Q4, 2026 Results on May 28, 2026 Ind-Swift Laboratories Limited announced that they will report Q4, 2026 results on May 28, 2026 Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹132, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 28x in the Pharmaceuticals industry in India. Total returns to shareholders of 111% over the past three years. Reported Earnings • Feb 01
Third quarter 2026 earnings released: EPS: ₹1.17 (vs ₹0.001 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.17 (up from ₹0.001 in 3Q 2025). Revenue: ₹1.78b (up ₹1.70b from 3Q 2025). Net income: ₹95.4m (up ₹95.3m from 3Q 2025). Profit margin: 5.3% (up from 0.1% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Ind-Swift Laboratories Limited to Report Q3, 2026 Results on Jan 31, 2026 Ind-Swift Laboratories Limited announced that they will report Q3, 2026 results at 12:08 PM, Indian Standard Time on Jan 31, 2026 Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹111, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 28x in the Pharmaceuticals industry in India. Total returns to shareholders of 67% over the past three years. Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹1.00 (vs ₹0.07 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.00 (up from ₹0.07 in 2Q 2025). Revenue: ₹1.71b (up ₹1.59b from 2Q 2025). Net income: ₹79.9m (up ₹75.8m from 2Q 2025). Profit margin: 4.7% (up from 3.5% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Nov 08
Ind-Swift Laboratories Limited to Report Q2, 2026 Results on Nov 14, 2025 Ind-Swift Laboratories Limited announced that they will report Q2, 2026 results on Nov 14, 2025 New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.37b (US$94.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₹8.37b market cap, or US$94.3m). Announcement • Aug 26
Ind-Swift Laboratories Limited, Annual General Meeting, Sep 29, 2025 Ind-Swift Laboratories Limited, Annual General Meeting, Sep 29, 2025, at 11:30 Indian Standard Time. Reported Earnings • Aug 13
Full year 2025 earnings released: EPS: ₹37.25 (vs ₹71.25 in FY 2024) Full year 2025 results: EPS: ₹37.25 (down from ₹71.25 in FY 2024). Revenue: ₹6.43b (down 50% from FY 2024). Net income: ₹2.50b (down 41% from FY 2024). Profit margin: 39% (up from 32% in FY 2024). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 09
Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) Completed the acquisition of Ind-Swift Limited (BSE:524652). Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) agreed to acquire Ind-Swift Limited (BSE:524652) for INR 708 million on September 25, 2023. The above-mentioned Scheme shall be subject to the approval of the BSE Limited, National Stock Exchange of India Limited, Securities Exchange Board of India, National Company Law Tribunal, Shareholders and Creditors of both the Companies and other Specific Sectoral Regulator. The Board of Directors of Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) and Ind-Swift Limited (BSE:524652) in their meeting held on September 25, 2023, has considered and approved the Scheme of Arrangement for Amalgamation of Ind Swift Limited with Ind Swift Laboratories Limited. The proceeds of the said sale shall be used primarily to repay its debt and to discharge other financial obligations. As of May 15, 2025, Company had filed Second motion Petition before the Hon’ble National Company Law Tribunal (NCLT), Chandigarh Bench-II for the approval of the Scheme of Arrangement for Amalgamation of Ind Swift Limited (“Transferor Company”) with Ind Swift Laboratories Limited (“Transferee Company”) (“Scheme”). The matter was listed for hearing today i.e. May 15, 2025 before the Hon’ble tribunal for discussion on reports submitted by statutory authorities and further approval of scheme by the Hon’ble NCLT Chandigarh Bench. As of July 8, 2025 both the companies have filed Form No. INC-28 with Registrar of Companies (ROC) today.
3Dimension Capital Services Limited and Ekadrisht Capital Private Limited acted as fairness provider to Ind-Swift Laboratories Limited and Ind-Swift Limited respectively.
Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) Completed the acquisition of Ind-Swift Limited (BSE:524652) on August 8, 2025. New Risk • Aug 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₹7.96b market cap, or US$90.7m). Announcement • Aug 02
Ind-Swift Laboratories Limited to Report Q1, 2026 Results on Aug 13, 2025 Ind-Swift Laboratories Limited announced that they will report Q1, 2026 results on Aug 13, 2025 New Risk • Jul 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (₹7.60b market cap, or US$86.7m). Announcement • May 23
Ind-Swift Laboratories Limited to Report Q4, 2025 Results on May 30, 2025 Ind-Swift Laboratories Limited announced that they will report Q4, 2025 results on May 30, 2025 New Risk • May 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₹4.60b market cap, or US$53.7m). Reported Earnings • Feb 18
Third quarter 2025 earnings released: EPS: ₹0.001 (vs ₹3.29 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.001 (down from ₹3.29 in 3Q 2024). Revenue: ₹86.6m (down 97% from 3Q 2024). Net income: ₹62.0k (down 100% from 3Q 2024). Profit margin: 0.1% (down from 6.8% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Second quarter 2025 earnings released: EPS: ₹0.07 (vs ₹5.36 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.07 (down from ₹5.36 in 2Q 2024). Revenue: ₹249.6m (down 91% from 2Q 2024). Net income: ₹4.13m (down 99% from 2Q 2024). Profit margin: 1.7% (down from 11% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 14
Chief Financial Officer recently sold ₹4.2m worth of stock On the 9th of September, Gagan Aggarwal sold around 30k shares on-market at roughly ₹141 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Gagan's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₹137, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 36x in the Pharmaceuticals industry in India. Total returns to shareholders of 138% over the past three years. Announcement • Aug 13
Ind-Swift Laboratories Limited, Annual General Meeting, Sep 30, 2024 Ind-Swift Laboratories Limited, Annual General Meeting, Sep 30, 2024, at 11:30 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: ₹0.16 (vs ₹2.92 in 1Q 2024) First quarter 2025 results: EPS: ₹0.16 (down from ₹2.92 in 1Q 2024). Revenue: ₹443.1m (down 86% from 1Q 2024). Net income: ₹9.36m (down 95% from 1Q 2024). Profit margin: 2.1% (down from 5.6% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Ind-Swift Laboratories Limited to Report Q1, 2025 Results on Aug 12, 2024 Ind-Swift Laboratories Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹166, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 38x in the Pharmaceuticals industry in India. Total returns to shareholders of 90% over the past three years. Announcement • Jul 23
Ind-Swift Laboratories Limited Appoints Mr. Param Bir Singh as an Independent Director Ind-Swift Laboratories Limited announced that at its EGM held on July 22, 2024, shareholders approved the appointment of Mr. Param Bir Singh as an independent director of the company. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (62% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (₹7.04b market cap, or US$84.3m). Reported Earnings • May 16
Full year 2024 earnings released: EPS: ₹71.24 (vs ₹8.06 in FY 2023) Full year 2024 results: EPS: ₹71.24 (up from ₹8.06 in FY 2023). Revenue: ₹13.3b (up 9.1% from FY 2023). Net income: ₹4.21b (up ₹3.73b from FY 2023). Profit margin: 32% (up from 3.9% in FY 2023). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₹6.85b market cap, or US$82.2m). Announcement • May 05
Ind-Swift Laboratories Limited to Report Q4, 2024 Results on May 13, 2024 Ind-Swift Laboratories Limited announced that they will report Q4, 2024 results on May 13, 2024 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹111, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 33x in the Pharmaceuticals industry in India. Total returns to shareholders of 41% over the past three years. Announcement • Mar 19
Synthimed Labs Private Limited agreed to acquire API and CRAMS business of Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) and Essix Biosciences Limited. Synthimed Labs Private Limited agreed to acquire API and CRAMS business of Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) for INR 16.5 billion on September 6, 2023. The deal has been approved by board of directors of Ind-Swift Laboratories, and is subject to approval from regulatory board and shareholders. As of December 19, 2023, Competition Commission of India approved the acquisition. API and CRAMS business reported revenue of INR 11.5195 billion and net worth of INR 3.6189 billion as on March 31, 2023. The transaction is expected to close on or before March 18, 2024.PricewaterhouseCoopers Business Consulting Services LLP acted as financial advisor to Ind-Swift Laboratories Limited. Abhinav Bhalaik, Armaan Patkar, Aastha and Mayank Jhunjhunwala of Argus Partners acted as the legal advisor to Ind-Swift Laboratories Limited. Kartick Maheshwari, Aashutosh Sampat, Aishwarya Nagpal, Abhishek Dadoo, Manisha Shroff, Anisha Chand, Sanjeev K Kapoor, Sneha Janakiraman, Manavendra Mishra, Kshitij Bishnoi, Deepak Kumar, Shailendra Bhandare and Atul Pandey of Khaitan & Co. acted as the legal advisors to Synthimed Labs Private Limited.Synthimed Labs Private Limited agreed to acquire API and CRAMS business of Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) and Essix Biosciences Limited on March 18, 2024. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹3.29 (vs ₹4.65 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.29 (down from ₹4.65 in 3Q 2023). Revenue: ₹2.95b (down 5.8% from 3Q 2023). Net income: ₹194.2m (down 29% from 3Q 2023). Profit margin: 6.6% (down from 8.8% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jan 30
Ind-Swift Laboratories Limited to Report Q3, 2024 Results on Feb 12, 2024 Ind-Swift Laboratories Limited announced that they will report Q3, 2024 results on Feb 12, 2024 Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹5.36 (vs ₹4.29 in 2Q 2023) Second quarter 2024 results: EPS: ₹5.36 (up from ₹4.29 in 2Q 2023). Revenue: ₹3.03b (down 2.4% from 2Q 2023). Net income: ₹316.6m (up 25% from 2Q 2023). Profit margin: 11% (up from 8.2% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Oct 31
Ind-Swift Laboratories Limited to Report Q2, 2024 Results on Nov 07, 2023 Ind-Swift Laboratories Limited announced that they will report Q2, 2024 results on Nov 07, 2023 Announcement • Sep 27
Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) agreed to acquire Ind-Swift Limited (BSE:524652). Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) agreed to acquire Ind-Swift Limited (BSE:524652) on September 25, 2023. The above-mentioned Scheme shall be subject to the approval of the BSE Limited, National Stock Exchange of India Limited, Securities Exchange Board of India, National Company Law Tribunal, Shareholders and Creditors of both the Companies and other Specific Sectoral Regulator. The Board of Directors of Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) and Ind-Swift Limited (BSE:524652) in their meeting held on September 25, 2023, has considered and approved the Scheme of Arrangement for Amalgamation of Ind Swift Limited with Ind Swift Laboratories Limited. The proceeds of the said sale shall be used primarily to repay its debt and to discharge other financial obligations. Announcement • Sep 07
Synthimed Labs Private Limited agreed to acquire API and CRAMS business of Ind-Swift Laboratories Limited for INR 16.5 billion. Synthimed Labs Private Limited agreed to acquire API and CRAMS business of Ind-Swift Laboratories Limited (NSEI:INDSWFTLAB) for INR 16.5 billion on September 6, 2023. As of FY23, Ind-Swift Laboratories reported a consolidated revenue of INR 12 billion and consolidated EBITDA of INR 2.6 billion. The deal has been approved by board of directors of Ind-Swift Laboratories, and is subject to approval from regulatory board and shareholders of Ind-Swift Laboratories. PricewaterhouseCoopers Business Consulting Services LLP acted as financial advisor to Ind-Swift Laboratories Limited. Announcement • Sep 01
Ind-Swift Laboratories Limited, Annual General Meeting, Sep 30, 2023 Ind-Swift Laboratories Limited, Annual General Meeting, Sep 30, 2023, at 11:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹108, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 30x in the Pharmaceuticals industry in India. Total returns to shareholders of 198% over the past three years. Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: ₹2.92 (vs ₹3.36 in 1Q 2023) First quarter 2024 results: EPS: ₹2.92 (down from ₹3.36 in 1Q 2023). Revenue: ₹3.16b (up 13% from 1Q 2023). Net income: ₹172.4m (down 13% from 1Q 2023). Profit margin: 5.5% (down from 7.1% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Ind-Swift Laboratories Limited to Report Q1, 2024 Results on Aug 09, 2023 Ind-Swift Laboratories Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Recent Insider Transactions • Jul 03
Group Head of Human Resources recently sold ₹3.3m worth of stock On the 30th of June, Atul Chaubey sold around 39k shares on-market at roughly ₹86.23 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹13m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹79.95, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 26x in the Pharmaceuticals industry in India. Total returns to shareholders of 116% over the past three years. Recent Insider Transactions • Jun 05
Chief Accounts Officer recently sold ₹1.6m worth of stock On the 2nd of June, Lovekesh Mahajan sold around 22k shares on-market at roughly ₹71.41 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹5.4m more than they bought in the last 12 months. Reported Earnings • May 31
Full year 2023 earnings released: EPS: ₹8.06 (vs ₹0.36 loss in FY 2022) Full year 2023 results: EPS: ₹8.06 (up from ₹0.36 loss in FY 2022). Revenue: ₹12.4b (up 18% from FY 2022). Net income: ₹476.0m (up ₹497.5m from FY 2022). Profit margin: 3.8% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Non-Executive Independent Director Rajinder Gupta was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
Third quarter 2023 earnings released: EPS: ₹4.65 (vs ₹2.71 in 3Q 2022) Third quarter 2023 results: EPS: ₹4.65 (up from ₹2.71 in 3Q 2022). Revenue: ₹3.21b (up 26% from 3Q 2022). Net income: ₹275.0m (up 72% from 3Q 2022). Profit margin: 8.6% (up from 6.3% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 02
Insider recently sold ₹1.2m worth of stock On the 29th of November, Pradeep Kumar sold around 19k shares on-market at roughly ₹64.49 per share. This transaction amounted to 49% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹1.6m. Insiders have been net sellers, collectively disposing of ₹2.9m more than they bought in the last 12 months. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: ₹4.29 (vs ₹4.14 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.29 (up from ₹4.14 in 2Q 2022). Revenue: ₹3.18b (up 31% from 2Q 2022). Net income: ₹253.4m (up 3.6% from 2Q 2022). Profit margin: 8.0% (down from 10% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 24
Insider recently sold ₹1.6m worth of stock On the 20th of September, Pradeep Kumar sold around 28k shares on-market at roughly ₹59.52 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹3.36 (vs ₹3.18 in 1Q 2022) First quarter 2023 results: EPS: ₹3.36 (up from ₹3.18 in 1Q 2022). Revenue: ₹2.88b (up 12% from 1Q 2022). Net income: ₹198.8m (up 5.7% from 1Q 2022). Profit margin: 6.9% (down from 7.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
Full year 2022 earnings released: ₹0.36 loss per share (vs ₹0.53 loss in FY 2021) Full year 2022 results: ₹0.36 loss per share (up from ₹0.53 loss in FY 2021). Revenue: ₹10.8b (up 19% from FY 2021). Net loss: ₹21.5m (loss narrowed 32% from FY 2021). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 19% share price gain to ₹74.50, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 25x in the Pharmaceuticals industry in India. Total returns to shareholders of 107% over the past three years. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.71 (up from ₹1.95 in 3Q 2021). Revenue: ₹2.55b (up 8.5% from 3Q 2021). Net income: ₹160.3m (up 39% from 3Q 2021). Profit margin: 6.3% (up from 4.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 21% share price gain to ₹82.15, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 26x in the Pharmaceuticals industry in India. Total returns to shareholders of 73% over the past three years. Reported Earnings • Nov 03
Second quarter 2022 earnings released: EPS ₹4.14 (vs ₹1.68 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹2.43b (up 3.9% from 2Q 2021). Net income: ₹244.7m (up 147% from 2Q 2021). Profit margin: 10% (up from 4.2% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₹61.10, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 25x in the Pharmaceuticals industry in India. Total loss to shareholders of 32% over the past three years. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS ₹3.18 (vs ₹0.77 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹2.56b (up 18% from 1Q 2021). Net income: ₹188.0m (up 311% from 1Q 2021). Profit margin: 7.4% (up from 2.1% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Rajinder Gupta was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 03
Full year 2021 earnings released: ₹0.53 loss per share (vs ₹4.28 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: ₹9.14b (up 14% from FY 2020). Net loss: ₹31.5m (loss narrowed 85% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹94.60, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 25x in the Pharmaceuticals industry in India. Total returns to shareholders of 1.0% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 37% share price gain to ₹118, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 24x in the Pharmaceuticals industry in India. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 16% share price gain to ₹90.90, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 24x in the Pharmaceuticals industry in India. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 27% share price gain to ₹88.60, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 22x in the Pharmaceuticals industry in India. Total returns to shareholders of 33% over the past three years. Recent Insider Transactions • Apr 04
Insider recently sold ₹1.0m worth of stock On the 31st of March, Vijay Kumar sold around 15k shares on-market at roughly ₹72.00 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹2.1m. Insiders have been net sellers, collectively disposing of ₹16m more than they bought in the last 12 months. Executive Departure • Apr 03
Independent Director has left the company On the 24th of March, Prabhat Khurana's tenure as Independent Director ended after 5.0 years in the role. We don't have any record of a personal shareholding under Prabhat's name. Prabhat is the only executive to leave the company over the last 12 months. Recent Insider Transactions • Apr 01
Insider recently sold ₹1.4m worth of stock On the 23rd of March, Rajesh Nag sold around 18k shares on-market at roughly ₹79.00 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹2.1m. Insiders have been net sellers, collectively disposing of ₹11m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 16% share price gain to ₹86.50, the stock trades at a trailing P/E ratio of 18.2x, up from the previous P/E ratio of 15.7x. Average P/E is 19x in the Pharmaceuticals industry in India. Total returns to shareholders over the past three years are 46%. Recent Insider Transactions • Feb 21
Insider recently sold ₹2.1m worth of stock On the 16th of February, Varun Chhabra sold around 29k shares on-market at roughly ₹71.76 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹2.7m. Insiders have been net sellers, collectively disposing of ₹10m more than they bought in the last 12 months. Reported Earnings • Feb 17
Third quarter 2021 earnings released: EPS ₹1.95 (vs ₹1.90 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹2.35b (up 12% from 3Q 2020). Net income: ₹115.5m (up ₹205.7m from 3Q 2020). Profit margin: 4.9% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has remained flat, which means it is well ahead of earnings.