Ind-Swift Labs: consol PAT up 3.3x YoY to ₹34.2 Cr as EBITDA margin hits 18% floor

Ind-Swift Laboratories' consolidated PAT came in at ₹34.22 Cr for Q2 FY27, up 328% YoY (₹7.99 Cr) and 38.6% QoQ (₹24.68 Cr), on consolidated revenue of ₹240.46 Cr (+51.6% YoY, +25.6% QoQ). Standalone PAT was ₹31.03 Cr (+254% YoY) on revenue of ₹234.89 Cr (+50.2% YoY). Consolidated is the primary basis here and tells a meaningfully stronger profit story than standalone (328% vs 254% YoY PAT growth) because subsidiaries/JV swung from a ~₹0.77 Cr drag on group profit a year ago to a ~₹3.19 Cr accretive contribution this quarter — overseas (US/export) operations turned net contributors rather than a drag. The year-ago base was weak (standalone EBITDA margin was just ~5.5%), so a large share of the YoY jump is margin normalization off that low base rather than pure volume growth; QoQ, NPM (PAT/total income) still expanded to 13.80% from 12.40%, so the improvement is continuing, not just a base-effect blip. A ₹0.58 Cr exceptional net write-off/write-back sits in both the current and prior-quarter PBT lines and is too small to change the adjusted-vs-reported growth picture.

The margin story is the quarter's real driver: management's own note discloses standalone EBITDA of ₹42.33 Cr (margin ~18.0%) versus ₹8.55 Cr (~5.5%) a year ago — landing almost exactly on the “18% sustainable EBITDA margin” floor the company guided to on its prior concall, though still short of the 21-22% level management targeted specifically for H2 FY27 (this is still H1). On the FY27 standalone revenue target of ₹900 Cr flagged in the company's investor presentation, H1 standalone revenue of ₹420.97 Cr is ~47% of that goal, implying H2 needs to accelerate to hit it; the export/CDMO mix guidance (₹750 Cr exports, 45% CDMO) can't be independently checked here since the filing carries no segment-wise revenue disclosure (the company reports a single pharmaceutical segment). No street/analyst consensus estimates for this print could be located — Ind-Swift is a small-cap with no visible brokerage preview coverage for the quarter — so vs-street is unknown rather than assumed.

The stock went into the print at ₹402.85, down 1.3% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 4 consecutive quarters; revenue is at a 6-quarter high.

Concurrent with the results, the promoter group acquired 70 lakh warrants (Sep 22) and converted/acquired 14 lakh equity shares (Oct 8 and Oct 12), lifting paid-up equity capital over the half-year; the H1 cash flow statement shows ₹34.29 Cr raised from warrant/equity proceeds funding part of a ₹67.01 Cr H1 standalone capex spend, broadly in line with the guided ₹250 Cr capex plan over 2.5 years. No separate management press release commentary was available in this filing to quote or cross-check against the numbers beyond the board-outcome letter.