Ind-Swift Laboratories Limited has filed its quarterly monitoring agency report for the quarter ended December 31, 2025, concerning the utilization of funds raised through its preferential issue of fully convertible warrants worth Rs. 314.60 crore. The report, prepared by CARE Ratings Limited as the appointed monitoring agency, provides insights into the deployment and utilization of the raised capital.

Fund Utilization Status

The monitoring report reveals that no proceeds were utilized during Q3FY26, with the company maintaining Rs. 0.46 crore as unutilized funds at the quarter's end. The preferential issue, which involved fully convertible warrants allotted on August 30, 2024, has an 18-month exercise period for warrant holders.

Key Monitoring Observations

The monitoring agency confirmed several important aspects of fund management:

• No Deviations: All utilization remains aligned with the disclosures in the offer document
• Regulatory Compliance: No material deviations requiring shareholder approval were observed
• Statutory Approvals: Relevant approvals mentioned in the placement document are in place, with additional approvals to be obtained as required for specific projects

Temporary Fund Movement

The report highlighted a notable transaction during Q3FY26 where Rs. 0.45 crore was temporarily transferred from the preferential issue account to the company's current account. This transfer was made in anticipation of a land purchase transaction but was reversed after 69 days when the transaction could not be finalized within expected timelines. The company clarified that there was no diversion or misuse of preferential issue proceeds at any point.

Market Volatility Concerns

The monitoring agency noted that the company's share price experienced high volatility during the three months ended December 31, 2025, even falling below the warrant exercise price in December 2025. This development could potentially affect warrant holders' decisions regarding conversion, which may impact the viability of the stated objects if warrants are allowed to lapse.

Implementation Timeline

The company has successfully completed the utilization of funds allocated for working capital requirements and general corporate purposes ahead of schedule, both being fully deployed in Q2FY26. The remaining categories continue to progress according to their respective timelines, with no delays reported in the implementation of stated objects.

Ind Swift Laboratories announced robust financial performance for the quarter ended December 31, 2025, marking a significant turnaround with strong profitability and revenue growth. The pharmaceutical company's Board of Directors also approved major leadership restructuring to strengthen operational efficiency.

Financial Performance Highlights

The company demonstrated remarkable improvement in its standalone financial performance during Q3FY26. Net profit surged to ₹1074.18 lakhs compared to a loss of ₹86.19 lakhs in the corresponding quarter of the previous year, representing a complete turnaround in profitability. The company also achieved a significant EBITDA turnaround with a gain of ₹42 million compared to a loss of ₹67 million year-over-year, resulting in an EBITDA margin of 2.77%.

For the nine-month period ended December 31, 2025, the company reported net profit of ₹2761.81 lakhs compared to ₹3799.68 lakhs in the corresponding period last year. Revenue from operations for nine months reached ₹44791.33 lakhs versus ₹40490.04 lakhs, showing consistent growth momentum.

Consolidated Results

On a consolidated basis, the company maintained strong performance with net profit of ₹953.83 lakhs for Q3FY26 compared to a loss of ₹549.22 lakhs in Q3FY25. Consolidated revenue from operations grew to ₹15085.34 lakhs from ₹12879.86 lakhs year-over-year, reflecting the company's overall operational strength.

Leadership Restructuring

The Board approved significant changes in key management positions effective February 1, 2026, subject to shareholder approval:

Mr. Navrattan Munjal brings over three decades of pharmaceutical industry experience and has been instrumental in defining the Group's long-term strategy and global expansion. Mr. Himanshu Jain, with 19 years of industry expertise, will focus on domestic operations including sales, manufacturing, and supply chain management. Mr. Sahil Munjal, having 18 years of experience, will lead global business operations and international partnerships.

Investment Activities

During the quarter, the company completed several significant investment transactions. The Series B debentures of Synthimed Labs Private Limited worth ₹48.00 crores were fully redeemed on December 10, 2025, with the company receiving ₹61.29 crores including principal and interest. Additionally, ₹29.11 crores was invested in India Resurgence Fund II – Scheme I under the Board's authorization of up to ₹51 crores in SEBI-registered AIFs.

Corporate Updates

The company is migrating its website from www.indswiftlabs.com to www.indswiftgroup.com , with completion expected by March 31, 2026. During the transition, all investor disclosures will continue to be available at the current investor portal. The financial results reflect the combined entity post-amalgamation of Ind-Swift Limited, which became effective August 8, 2025.