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IND-SWIFT LABORATORIES LIMITED (INDSWFTLAB)

Health Technology

Price #11
Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.48 / 100
Profitability 34Growth 10Balance sheet 100
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.85 / 100
Price 99Earnings 59FII/DII 98
Compare withSUN PHARMACEUTICAL INDUSTRIESDIVIS LABORATORIES LIMITEDTORRENT PHARMACEUTICALS LTD

Passes these screens: High Momentum · Little growth priced in

Share Price
₹368.20
P/E
54.7x
ROCE
5.0%
Market Cap
₹3204 cr
Revenue (TTM)
₹671 cr
P/S
4.8x
P/B
2.3x
ROE
4.2%
Operating Margin
17.0%
Debt / Equity
0.0x
Promoter Holding
42.9%
12M Momentum
258.5%
P/E vs its own history96th percentilesince Jan '19
P/E vs Health Technology1.6xthe sector median

52-week range

₹87.15₹426.60
83% of the way from its 52-week low to its high

Price risk

1Y volatility
58.6%
Beta vs sector
1-year daily
1.29

Balance sheet & cash

Interest cover
operating profit ÷ interest
35.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
-0.36x
low
Share count, 1Y
+26.1%

Was the rally earned?

+259%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 2.8x to 54.7x); per-share earnings took off 346 points.
  • The share count rose 44%.
1 year Net profit growth: -273 pts. Points of the price return explained by net profit growing (or shrinking).-273 ptsP/E change: +605 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+605 ptsShare count change: -73 pts. Points of the price return explained by the share count changing. More shares count against the price. +259% 1 year Net profit growth: -273 pts. Points of the price return explained by net profit growing (or shrinking).-273 ptsP/E change: +605 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+605 ptsShare count change: -73 pts. Points of the price return explained by the share count changing. More shares count against the price. +259%
Net profit growth-273 ptsNet profit fell about 74%, which lowers the price.
P/E change+605 ptsThe P/E rose from 2.8x to 54.7x, which lifts the price.
Share count change-73 ptsShare count rose 44%, which lowers the price.
+328%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 10.7x to 54.7x); per-share earnings took off 41 points.
  • The share count rose 46%.
3 years Net profit growth: +45 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: +368 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+368 ptsShare count change: -86 pts. Points of the price return explained by the share count changing. More shares count against the price.-86 pts +328% 3 years Net profit growth: +45 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: +368 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+368 ptsShare count change: -86 pts. Points of the price return explained by the share count changing. More shares count against the price. +328%
Net profit growth+45 ptsNet profit rose about 22%, which lifts the price.
P/E change+368 ptsThe P/E rose from 10.7x to 54.7x, which lifts the price.
Share count change-85 ptsShare count rose 46%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SUN PHARMACEUTICAL INDUSTRIES

Is it expensive against its own past and its peers?

54.7xP/E todayNear its historic high
Against its own history96th percentileMedian 4.2x; usual range 1.6x to 14.4x since 2019-01.
Against Health Technology54.7x vs 35.4xAbove the Health Technology median.
1.0x23.4x45.9x68.3xJan '19Aug '20Mar '22Oct '23May '25Oct '261.0x23.4x45.9x68.3xJan '19Aug '21Mar '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

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P/B (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

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P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Health Technology is valued

What is the price implying?

~16%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 20.9x, a holder earning 12%/yr needs earnings to grow about 15.8%/yr for 10 years, then trade at 15x.

Delivered75.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap−44.2 ptsimplied minus delivered
Rank838thmost demanding of 843

Over time

Implied growth by month (solid) and delivered growth (dashed).

-5%36%76% Jan 2019Oct 2026 -5%36%76% Jan 2019Oct 2026

Change the assumptions

Exit P/E / return11%12%13%
12x17.3%18.4%19.4%
15x14.7%15.8%16.8%
20x11.5%12.5%13.5%
Implied: 15.8%/yr

Looking back

  • Jan 2020Price implied −2%/yr; EPS has since grown −3%/yr (7.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Health Technology The market-wide Expectations lists

What changed?

  1. Oct '26Volume reached 6.1x its 50-day median on 2026-10-30; price -10.2% that day.
  2. Sep '26FII + DII holding fell 4.1 pts over 2 quarters to 10.9%.
  3. Aug '26Moved into the 3rd quartile of Health Technology on operating margin (from the bottom quartile).
  4. Aug '26Volume reached 12.0x its 50-day median on 2026-08-11; price +20.0% that day.
  5. Jul '26Share count is up 26.1% over 12 months.
  6. Jun '26Promoter holding rose 3.5 pts to 43.0%.
  7. Jun '26Regained the 2024-08 peak, 13 months after the low.
  8. Jun '26P/E crossed above the 90th percentile of its own history to date (38.1x).
Show 22 earlier events
  1. Apr '26Volume reached 23.8x its 50-day median on 2026-04-17; price -9.3% that day.
  2. Feb '26Volume reached 75.6x its 50-day median on 2026-02-06; price +8.2% that day.
  3. Nov '25Volume reached 6.0x its 50-day median on 2025-11-21; price +5.5% that day.
  4. Sep '25FII + DII holding rose 3.8 pts over 2 quarters to 5.2%.
  5. Jun '25Year-on-year EPS growth turned negative.
  6. Jun '25Slipped to the bottom quartile of Health Technology on ROCE (from the 2nd quartile).
  7. Jun '25Share count is up 16.9% over 12 months.
  8. May '25Fell 60% from the Aug 2024 peak to the May 2025 low.
  9. May '25Volume reached 14.4x its 50-day median on 2025-05-06; price -0.7% that day.
  10. Mar '25P/E fell below the 10th percentile of its own history to date (1.0x).
  11. Mar '25Volume reached 6.0x its 50-day median on 2025-03-28; price -2.0% that day.
  12. Feb '25Debt / equity halved over 12 months to 0.02x.
  13. Dec '24Volume reached 10.6x its 50-day median on 2024-12-03; price +5.0% that day.
  14. Jul '24Debt / equity halved over 12 months to 0.02x.
  15. Jul '24Volume reached 25.9x its 50-day median on 2024-07-31; price +20.0% that day.
  16. Jun '24Revenue (TTM) reached a new high of ₹1,281 cr.
  17. Jun '24FII + DII holding fell 10.8 pts over 1 quarter to 8.3%.
  18. Jun '24P/E fell below the 10th percentile of its own history to date (1.8x).
  19. Jun '24Moved into the 2nd quartile of Health Technology on ROCE (from the 3rd quartile).
  20. Jun '24Debt / equity fell below 1.0x (0.02x).
  21. Apr '24Regained the 2023-09 peak, 6 months after the low.
  22. Apr '24Volume reached 24.6x its 50-day median on 2024-04-08; price +3.3% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

3 of 7 checks are within range, 2 near a threshold, 2 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance54%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 53.5%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate17%Within range

Median quarterly effective tax rate over about 2.5 years: 17.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.36xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.36x (cash from operations ₹-260 cr, net profit ₹714 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+7 daysWithin range

Debtor days are above the median of the previous three fiscal years by 7 days (112 vs 105). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress4% of fixed assetsWithin range

Capital work-in-progress is 4% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+133 days / 2 yrsNear threshold

Days payable changed by +133 over two years. Bands: rise of up to 30 days; more than 30 days.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, DIIs trimmed 18.6 pts; FIIs added 10.4 pts; promoters added 0.9 pts.
  • The number of shareholders rose from 24,633 to 40,881 (+66%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters42.0%42.9%+0.9 pts
FIIs0.3%10.7%+10.4 pts
DIIs18.7%0.2%-18.6 pts
Public and others39.0%46.2%+7.2 pts

Number of shareholders

40,881shareholders+66% since Dec '23
22k30k37k44k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 24,633
Mar '24: 22,439
Jun '24: 25,461
Sep '24: 28,883
Dec '24: 28,752
Mar '25: 28,117
Jun '25: 28,709
Sep '25: 43,780
Dec '25: 42,121
Mar '26: 39,222
Jun '26: 40,881
 22k30k37k44k Dec '23Dec '24Dec '25Jun '26
Dec '23: 24,633
Mar '24: 22,439
Jun '24: 25,461
Sep '24: 28,883
Dec '24: 28,752
Mar '25: 28,117
Jun '25: 28,709
Sep '25: 43,780
Dec '25: 42,121
Mar '26: 39,222
Jun '26: 40,881

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-67.7%recovered 2020-09
1-year volatility58.6%annualised
Beta vs sector index1.033-year daily, correlation 0.28
Volume spikes7last 90 sessions, 5x the 50-day median

Monthly share price

₹19₹142₹265₹389 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹43.65
2019-02: ₹41.75
2019-03: ₹39.30
2019-04: ₹36.45
2019-05: ₹36.10
2019-06: ₹32.10
2019-07: ₹34.40
2019-08: ₹37.80
2019-09: ₹42.00
2019-10: ₹30.75
2019-11: ₹25.85
2019-12: ₹23.40
2020-01: ₹23.55
2020-02: ₹18.65
2020-03: ₹20.35
2020-04: ₹21.40
2020-05: ₹25.15
2020-06: ₹32.75
2020-07: ₹34.10
2020-08: ₹35.00
2020-09: ₹50.05
2020-10: ₹52.85
2020-11: ₹60.80
2020-12: ₹62.25
2021-01: ₹70.25
2021-02: ₹76.20
2021-03: ₹71.95
2021-04: ₹80.50
2021-05: ₹82.95
2021-06: ₹94.60
2021-07: ₹113.25
2021-08: ₹64.70
2021-09: ₹64.30
2021-10: ₹58.95
2021-11: ₹74.75
2021-12: ₹67.95
2022-01: ₹76.00
2022-02: ₹68.90
2022-03: ₹66.65
2022-04: ₹65.70
2022-05: ₹56.55
2022-06: ₹58.95
2022-07: ₹59.25
2022-08: ₹59.75
2022-09: ₹55.65
2022-10: ₹53.65
2022-11: ₹64.65
2022-12: ₹69.45
2023-01: ₹64.20
2023-02: ₹61.80
2023-03: ₹55.20
2023-04: ₹70.35
2023-05: ₹70.45
2023-06: ₹86.10
2023-07: ₹97.05
2023-08: ₹105.05
2023-09: ₹90.35
2023-10: ₹86.10
2023-11: ₹91.65
2023-12: ₹103.55
2024-01: ₹109.95
2024-02: ₹108.10
2024-03: ₹100.15
2024-04: ₹119.65
2024-05: ₹104.55
2024-06: ₹129.92
2024-07: ₹166.05
2024-08: ₹148.70
2024-09: ₹129.22
2024-10: ₹117.56
2024-11: ₹94.66
2024-12: ₹108.57
2025-01: ₹112.25
2025-02: ₹85.69
2025-03: ₹83.96
2025-04: ₹71.62
2025-05: ₹81.18
2025-06: ₹111.75
2025-07: ₹105.00
2025-08: ₹96.06
2025-09: ₹95.23
2025-10: ₹102.71
2025-11: ₹97.48
2025-12: ₹88.15
2026-01: ₹113.41
2026-02: ₹145.33
2026-03: ₹131.43
2026-04: ₹137.54
2026-05: ₹152.11
2026-06: ₹203.53
2026-07: ₹224.27
2026-08: ₹364.87
2026-09: ₹388.75
2026-10: ₹368.20
 ₹19₹142₹265₹389 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹43.65
2019-02: ₹41.75
2019-03: ₹39.30
2019-04: ₹36.45
2019-05: ₹36.10
2019-06: ₹32.10
2019-07: ₹34.40
2019-08: ₹37.80
2019-09: ₹42.00
2019-10: ₹30.75
2019-11: ₹25.85
2019-12: ₹23.40
2020-01: ₹23.55
2020-02: ₹18.65
2020-03: ₹20.35
2020-04: ₹21.40
2020-05: ₹25.15
2020-06: ₹32.75
2020-07: ₹34.10
2020-08: ₹35.00
2020-09: ₹50.05
2020-10: ₹52.85
2020-11: ₹60.80
2020-12: ₹62.25
2021-01: ₹70.25
2021-02: ₹76.20
2021-03: ₹71.95
2021-04: ₹80.50
2021-05: ₹82.95
2021-06: ₹94.60
2021-07: ₹113.25
2021-08: ₹64.70
2021-09: ₹64.30
2021-10: ₹58.95
2021-11: ₹74.75
2021-12: ₹67.95
2022-01: ₹76.00
2022-02: ₹68.90
2022-03: ₹66.65
2022-04: ₹65.70
2022-05: ₹56.55
2022-06: ₹58.95
2022-07: ₹59.25
2022-08: ₹59.75
2022-09: ₹55.65
2022-10: ₹53.65
2022-11: ₹64.65
2022-12: ₹69.45
2023-01: ₹64.20
2023-02: ₹61.80
2023-03: ₹55.20
2023-04: ₹70.35
2023-05: ₹70.45
2023-06: ₹86.10
2023-07: ₹97.05
2023-08: ₹105.05
2023-09: ₹90.35
2023-10: ₹86.10
2023-11: ₹91.65
2023-12: ₹103.55
2024-01: ₹109.95
2024-02: ₹108.10
2024-03: ₹100.15
2024-04: ₹119.65
2024-05: ₹104.55
2024-06: ₹129.92
2024-07: ₹166.05
2024-08: ₹148.70
2024-09: ₹129.22
2024-10: ₹117.56
2024-11: ₹94.66
2024-12: ₹108.57
2025-01: ₹112.25
2025-02: ₹85.69
2025-03: ₹83.96
2025-04: ₹71.62
2025-05: ₹81.18
2025-06: ₹111.75
2025-07: ₹105.00
2025-08: ₹96.06
2025-09: ₹95.23
2025-10: ₹102.71
2025-11: ₹97.48
2025-12: ₹88.15
2026-01: ₹113.41
2026-02: ₹145.33
2026-03: ₹131.43
2026-04: ₹137.54
2026-05: ₹152.11
2026-06: ₹203.53
2026-07: ₹224.27
2026-08: ₹364.87
2026-09: ₹388.75
2026-10: ₹368.20

Last 90 trading days

₹193₹267₹340₹413 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹193.34
2026-06-25: ₹200.90
2026-06-30: ₹203.53
2026-07-02: ₹206.22
2026-07-06: ₹221.74
2026-07-08: ₹225.47
2026-07-10: ₹246.44
2026-07-14: ₹229.86
2026-07-16: ₹233.89
2026-07-20: ₹233.99
2026-07-22: ₹233.07
2026-07-24: ₹227.49
2026-07-28: ₹236.31
2026-07-30: ₹219.82
2026-08-03: ₹228.63
2026-08-05: ₹230.42
2026-08-07: ₹228.41
2026-08-11: ₹284.68
2026-08-13: ₹296.63
2026-08-17: ₹313.02
2026-08-19: ₹322.06
2026-08-21: ₹329.59
2026-08-25: ₹324.38
2026-08-27: ₹358.04
2026-08-31: ₹364.87
2026-09-02: ₹366.85
2026-09-04: ₹355.95
2026-09-08: ₹388.30
2026-09-10: ₹377.50
2026-09-15: ₹378.75
2026-09-17: ₹378.25
2026-09-21: ₹379.40
2026-09-23: ₹405.05
2026-09-25: ₹404.35
2026-09-29: ₹413.10
2026-10-01: ₹395.15
2026-10-06: ₹400.45
2026-10-08: ₹366.10
2026-10-12: ₹361.05
2026-10-14: ₹369.70
2026-10-16: ₹359.25
2026-10-21: ₹342.50
2026-10-23: ₹327.45
2026-10-27: ₹368.80
2026-10-29: ₹409.80
2026-10-30: ₹368.20
 ₹193₹267₹340₹413 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹193.34
2026-06-25: ₹200.90
2026-06-30: ₹203.53
2026-07-02: ₹206.22
2026-07-06: ₹221.74
2026-07-08: ₹225.47
2026-07-10: ₹246.44
2026-07-14: ₹229.86
2026-07-16: ₹233.89
2026-07-20: ₹233.99
2026-07-22: ₹233.07
2026-07-24: ₹227.49
2026-07-28: ₹236.31
2026-07-30: ₹219.82
2026-08-03: ₹228.63
2026-08-05: ₹230.42
2026-08-07: ₹228.41
2026-08-11: ₹284.68
2026-08-13: ₹296.63
2026-08-17: ₹313.02
2026-08-19: ₹322.06
2026-08-21: ₹329.59
2026-08-25: ₹324.38
2026-08-27: ₹358.04
2026-08-31: ₹364.87
2026-09-02: ₹366.85
2026-09-04: ₹355.95
2026-09-08: ₹388.30
2026-09-10: ₹377.50
2026-09-15: ₹378.75
2026-09-17: ₹378.25
2026-09-21: ₹379.40
2026-09-23: ₹405.05
2026-09-25: ₹404.35
2026-09-29: ₹413.10
2026-10-01: ₹395.15
2026-10-06: ₹400.45
2026-10-08: ₹366.10
2026-10-12: ₹361.05
2026-10-14: ₹369.70
2026-10-16: ₹359.25
2026-10-21: ₹342.50
2026-10-23: ₹327.45
2026-10-27: ₹368.80
2026-10-29: ₹409.80
2026-10-30: ₹368.20

Drawdown from peak

0% -33% -67% Jan '19Dec '22Oct '26 0% -33% -67% Jan '19Dec '22Oct '26
Largest drawdowns

-67.7% (2019-01 peak to 2020-03 low, recovered 2020-09)

-60.3% (2024-08 peak to 2025-05 low, recovered 2026-06)

-56.3% (2021-06 peak to 2022-11 low, recovered 2023-09)

Most recent volume spikes

2026-10-30: 6.1x the 50-day median, price -10.2% that day

2026-10-29: 6x the 50-day median, price +8.1% that day

2026-08-26: 10.2x the 50-day median, price +13.3% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Health Technology sector page Watch it move against Health Technology in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

CompanySectorSimilarityClosest on
DELTA CORP (DELTACORP)Consumer Services81%ROCE, revenue
NOCIL (NOCIL)Process Industries64%ROCE, debt/equity
ARCHEAN CHEMICAL IND (ACI)Process Industries55%P/E, revenue growth
WENDT (INDIA) (WENDT)Producer Manufacturing55%promoter holding, operating margin
NALWA SONS INVESTMENT (NSIL)Finance52%revenue growth, market cap
AARTI PHARMALABS (AARTIPHARM)Health Technology36%promoter holding, P/E
KOPRAN (KOPRAN)Health Technology36%revenue, EPS growth
NOVARTIS INDIA (NOVARTIND)Health Technology36%EPS growth, debt/equity

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What happened next to similar setups

−13.0%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like IND-SWIFT LABORATORIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −41% to +27% vs the market, against −6% for all non-financial companies in the same months.
  • The gap against the base rate (−6.6%, 80% range −21.9% to +1.4%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
JYOTISTRUC · Oct 2024: −60.9% vs market
GENESYS · Dec 2024: −54.9% vs market
DEN · Jun 2020: −54.4% vs market
BSE · Mar 2022: −51.9% vs market
ORCHPHARMA · Oct 2024: −51.4% vs market
STERTOOLS · Mar 2023: −48.7% vs market
TERASOFT · Oct 2025: −46.3% vs market
RAMCOSYS · Oct 2020: −45.0% vs market
QUICKHEAL · Jul 2024: −44.7% vs market
NIITLTD · Mar 2022: −44.7% vs market
BASF · Oct 2024: −43.9% vs market
IXIGO · Aug 2025: −43.9% vs market
GRWRHITECH · Dec 2024: −41.2% vs market
ANUP · Nov 2024: −40.5% vs market
BBL · Aug 2024: −40.2% vs market
RAILTEL · Feb 2024: −34.8% vs market
MOS · Feb 2025: −34.2% vs market
SYNCOMF · May 2025: −33.5% vs market
REPL · May 2021: −31.3% vs market
BIOFILCHEM · Sep 2020: −29.4% vs market
IZMO · Sep 2025: −28.4% vs market
EIMCOELECO · Apr 2024: −23.4% vs market
PRAJIND · Jan 2022: −18.2% vs market
ANANTRAJ · Oct 2024: −15.2% vs market
RATEGAIN · Oct 2023: −13.5% vs market
NEULANDLAB · Oct 2020: −12.6% vs market
KRISHIVAL · Aug 2025: −10.8% vs market
CARTRADE · Apr 2025: −10.7% vs market
VESUVIUS · Jul 2023: −4.4% vs market
NAZARA · Apr 2025: −2.3% vs market
ASIANENE · Aug 2024: −2.1% vs market
JSLL · Jul 2025: +0.7% vs market
TECHNOE · Jun 2024: +0.8% vs market
KABRAEXTRU · Dec 2021: +0.9% vs market
LOTUSEYE · Jun 2020: +2.7% vs market
PARAS · Apr 2025: +9.5% vs market
BORORENEW · Jun 2020: +23.3% vs market
FOCUS · Feb 2023: +28.1% vs market
GANESHHOU · Jul 2022: +30.6% vs market
ARVSMART · May 2023: +34.0% vs market
TEJASNET · Sep 2021: +36.4% vs market
YATHARTH · Sep 2025: +38.8% vs market
OLECTRA · Sep 2021: +41.9% vs market
AMBER · Jan 2020: +43.4% vs market
ANTELOPUS · Nov 2022: +49.1% vs market
BLS · Jul 2022: +75.3% vs market
AVALON · Oct 2025: +83.7% vs market
ACUTAAS · Apr 2025: +115.1% vs market
SANGHVIMOV · Apr 2023: +130.2% vs market
TIPSMUSIC · Mar 2020: +177.9% vs market
Similar setups −13.0%All companies −6.4%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median
−13.0%
All companies' median
−6.4%
Beat the market
38% vs 43%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
TEJASNET
Electronic Technology		 Sep 2021 122x2% +576%0% +36%
RAILTEL
Communications		 Feb 2024 67x— +310%−5% −35%
CARTRADE
Technology Services		 Apr 2025 70x4% +143%−6% −11%
IZMO
Technology Services		 Sep 2025 36x8% +182%−10% −28%
ORCHPHARMA
Health Technology		 Oct 2024 66x9% +210%−7% −51%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
EIMCOELECO
Producer Manufacturing		 Apr 2024 39x8% +274%−5% −23%
BIOFILCHEM
Health Technology		 Sep 2020 73x10% +1095%−6% −29%
JYOTISTRUC
Utilities		 Oct 2024 121x1% +224%0% −61%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, P/S and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to IND-SWIFT LABORATORIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.
Monthly history (94 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1054.7x₹671 cr4.2%5.0%0.0x
2026-0957.8x₹671 cr4.2%5.0%0.0x
2026-0868.3x₹633 cr3.0%5.0%0.0x
2026-0742.0x₹633 cr3.0%5.0%0.0x
2026-0638.1x₹633 cr3.0%5.0%0.0x
2026-053.8x₹601 cr21.2%3.0%0.0x
2026-043.4x₹601 cr21.2%3.0%0.0x
2026-033.3x₹601 cr21.2%3.0%0.0x
2026-023.8x₹579 cr19.9%3.0%0.0x
2026-013.0x₹579 cr19.9%3.0%0.0x
2025-122.3x₹579 cr19.9%3.0%0.0x
2025-112.6x₹432 cr19.3%3.0%0.0x
2025-102.8x₹432 cr19.3%3.0%0.0x
2025-092.6x₹432 cr19.3%3.0%0.0x
2025-082.7x₹312 cr18.6%3.0%0.0x
2025-072.9x₹312 cr18.6%3.0%0.0x
2025-063.1x₹312 cr18.6%3.0%0.0x
2025-05—₹703 cr52.6%20.0%0.0x
2025-04—₹703 cr52.6%20.0%0.0x
2025-031.0x₹703 cr52.6%20.0%0.0x
2025-02—₹862 cr55.2%20.0%0.0x
2025-011.3x₹862 cr55.2%20.0%0.0x
2024-121.2x₹862 cr55.2%20.0%0.0x
2024-111.0x₹1140 cr58.6%20.0%0.0x
2024-101.3x₹1140 cr58.6%20.0%0.0x
2024-091.4x₹1140 cr58.6%20.0%0.0x
2024-082.1x₹1281 cr45.2%20.0%0.0x
2024-072.3x₹1281 cr45.2%20.0%0.0x
2024-061.8x₹1281 cr45.2%20.0%0.0x
2024-0513.0x₹1207 cr7.0%13.0%1.3x
2024-0414.8x₹1207 cr7.0%13.0%1.3x
2024-0312.4x₹1207 cr7.0%13.0%1.3x
2024-0213.4x₹1207 cr7.0%13.0%1.3x
2024-0113.6x₹1207 cr7.0%13.0%1.3x
2023-1212.8x₹1207 cr7.0%13.0%1.3x
2023-1111.4x₹1207 cr7.0%13.0%1.3x
2023-1010.7x₹1207 cr7.0%13.0%1.3x
2023-0911.2x₹1207 cr7.0%13.0%1.3x
2023-0813.0x₹1207 cr7.0%13.0%1.3x
2023-0712.0x₹1207 cr7.0%13.0%1.3x
2023-0610.7x₹1207 cr7.0%13.0%1.3x
2023-05—₹1039 cr-0.4%7.0%1.6x
2023-04—₹1039 cr-0.4%7.0%1.6x
2023-03—₹1039 cr-0.4%7.0%1.6x
2023-02—₹1039 cr-0.4%7.0%1.6x
2023-01—₹1039 cr-0.4%7.0%1.6x
2022-12—₹1039 cr-0.4%7.0%1.6x
2022-11—₹1039 cr-0.4%7.0%1.6x
2022-10—₹1039 cr-0.4%7.0%1.6x
2022-09—₹1039 cr-0.4%7.0%1.6x
2022-08—₹1039 cr-0.4%7.0%1.6x
2022-07—₹1039 cr-0.4%7.0%1.6x
2022-06—₹1039 cr-0.4%7.0%1.6x
2022-05—₹891 cr-0.5%7.0%1.7x
2022-04—₹891 cr-0.5%7.0%1.7x
2022-03—₹891 cr-0.5%7.0%1.7x
2022-02—₹891 cr-0.5%7.0%1.7x
2022-01—₹891 cr-0.5%7.0%1.7x
2021-12—₹891 cr-0.5%7.0%1.7x
2021-11—₹891 cr-0.5%7.0%1.7x
2021-10—₹891 cr-0.5%7.0%1.7x
2021-09—₹891 cr-0.5%7.0%1.7x
2021-08—₹891 cr-0.5%7.0%1.7x
2021-07—₹891 cr-0.5%7.0%1.7x
2021-06—₹891 cr-0.5%7.0%1.7x
2021-05—₹780 cr-3.3%5.0%1.6x
2021-04—₹780 cr-3.3%5.0%1.6x
2021-03—₹780 cr-3.3%5.0%1.6x
2021-02—₹780 cr-3.3%5.0%1.6x
2021-01—₹780 cr-3.3%5.0%1.6x
2020-12—₹780 cr-3.3%5.0%1.6x
2020-11—₹780 cr-3.3%5.0%1.6x
2020-10—₹780 cr-3.3%5.0%1.6x
2020-09—₹780 cr-3.3%5.0%1.6x
2020-08—₹780 cr-3.3%5.0%1.6x
2020-07—₹780 cr-3.3%5.0%1.6x
2020-06—₹780 cr-3.3%5.0%1.6x
2020-054.1x₹757 cr4.9%4.0%2.0x
2020-043.5x₹757 cr4.9%4.0%2.0x
2020-033.3x₹757 cr4.9%4.0%2.0x
2020-023.1x₹757 cr4.9%4.0%2.0x
2020-013.9x₹757 cr4.9%4.0%2.0x
2019-123.8x₹757 cr4.9%4.0%2.0x
2019-114.2x₹757 cr4.9%4.0%2.0x
2019-105.0x₹757 cr4.9%4.0%2.0x
2019-096.9x₹757 cr4.9%4.0%2.0x
2019-086.2x₹757 cr4.9%4.0%2.0x
2019-075.6x₹757 cr4.9%4.0%2.0x
2019-065.3x₹757 cr4.9%4.0%2.0x
2019-057.4x₹765 cr4.0%4.0%2.0x
2019-047.5x₹765 cr4.0%4.0%2.0x
2019-038.1x₹765 cr4.0%4.0%2.0x
2019-028.6x₹765 cr4.0%4.0%2.0x
2019-019.0x₹765 cr4.0%4.0%2.0x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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