MarketFriction

Swan Defence and Heavy Industries Ltd

NSE SWANDEF · BSE 533107 · Ship Building & Allied Services
₹2,718.20 -1.39%
NSE close2026-10-01
52 week range636.20 - 2,804.90
Market cap₹14,247 Cr.
Insolvency Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Jun 2020Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2000115040623631
Expenses206122835381432472648752
Operating Profit-18-6-12-28-34-37-9-32-8-20-250-21
OPM %-912%-3,550%-3,159%-192%-7,529%-19%-341%-106%-69%
Other Income-161002115185513111
Interest38951010622223516
Depreciation181717151515161515161815
Profit before tax-586-27-39-51-53-53-23-31-20-33-142-42
Tax %0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit-586-27-39-51-53-53-23-31-20-33-142-42
EPS in Rs-7.94-5.21-7.37-9.77-10.13-10.13-4.34-5.84-3.77-6.28-27.00-7.91
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3125633781807566307282312
Expenses45952955726625330333629115591611
Operating Profit-14734-179-86-178-24-27-33-29-108-309-299
OPM %-47%6%-47%-48%-235%-376%-421%-1,039%-1,619%-110%-96%
Other Income3439-84-9,011-42-1,2981319,50828158152
Interest5376267541,3681,4692,0321,9991,47026211226
Depreciation221208208707274746868616363
Profit before tax-871-760-1,224-10,536-1,761-3,427-2,08617,937-121-182-228-237
Tax %-32%-24%-17%4%0%0%0%0%0%0%0%
Net Profit-592-577-1,012-10,927-1,761-3,427-2,08617,937-121-181-226-237
EPS in Rs-8.05-7.84-13.72-148.14-23.87-46.46-28.28243.19-22.89-34.36-42.88-44.96
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth-1%114%347%4092%
Compounded Profit Growth5%14%23%-50%
Stock Price CAGR47%284%955%346%
Return on Equity%%-49%-124%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital736736736738738738738738335353
Reserves1,8801,289711-294-11,159-12,915-16,042-18,12754547424317
Borrowings6,8938,3069,45610,68911,78012,91815,43315,4362,1482,2192,5052,788
Other Liabilities1,9181,4911,5191,8622,7884,0073,6785,697914891310
Total Liabilities11,42711,82112,42212,9944,1464,7473,8073,7432,7852,7432,8923,167
Fixed Assets6,0605,8615,6545,5472,0221,9731,4061,3321,2321,1681,1801,187
CWIP3,5193,8844,2684,6921033737373743155166
Investments30230231530330330334455258
Other Assets1,5461,7742,1842,4531,7182,4352,3612,3701,5121,5281,5511,556
Total Assets11,42711,82112,42212,9944,1464,7473,8073,7432,7852,7432,8923,167
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity432-598-318-224-113-1,1837102,0071,428-70-96182
Cash from Investing Activity-1,069-25-122-15-1649-1212-11-162-440
Cash from Financing Activity6176444292801021,099-707-1,999-1,46091268413
Net Cash Flow-2020-1041-27-35111-201010156
Free Cash Flow-538-625-427-243-114-1,1627102,0071,440-80-259104
CFO/OP540%401%-966%129%148%667%-2,994%-7,543%-4,343%243%89%-59%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days181321411141494702516
Inventory Days4053,9828926571,4667,331692,2791,972,6141,899,893165,503739
Days Payable3991,7703132746734,512112,894109,86549,7626,67630
Cash Conversion Cycle242,2255823968052,833149579,4311,862,749158,852725
Working Capital Days-817-2,952-2,287-9,356-25,570-68,665-969,876-1,083,806127,58863,1221,099
ROCE %-1%-3%-1%-3%-2%-22%-17%-26%-4%-6%-8%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters0.00%94.91%94.91%94.91%94.91%94.91%94.91%94.91%94.91%94.91%89.90%89.90%
FIIs0.48%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.01%0.60%0.67%
DIIs7.93%0.40%0.40%0.40%0.40%0.40%0.40%0.40%0.40%0.38%2.05%1.93%
Public91.58%4.66%4.66%4.66%4.66%4.66%4.67%4.66%4.66%4.70%7.44%7.49%
No. of Shareholders1,91,1291,01,2371,01,2371,01,2371,01,2371,00,66299,42898,30296,58693,16687,73084,204

Fundamentals

Market Cap₹ 14,247 Cr.
Current Price₹ 2,704
Book Value₹ 13.2
ROCE-7.60 %
ROE-124 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)4092%
Compounded Profit Growth (TTM)-50%
Consolidated figures.
Valuation
Market capRs 14,320 Cr
Enterprise valueRs 16,819 Cr
Price to book205.63x
Price to sales45.85x
EV / sales53.85x
Price to cash flow78.66x
Earnings yield-1.65%
P/B, 3-year average40.68x
P/E, 5-year average0.00x
P/B, 5-year average24.40x
Profitability
Operating margin (excl. other income)-109.75%
Operating margin (incl. other income)-53.88%
EBITDA margin-47.08%
Pre-tax margin-75.82%
Net profit margin-75.84%
Net margin, latest quarter-136.16%
ROE-123.70%
ROCE-7.61%
ROA-7.46%
ROE, 3-year average-64.71%
ROCE, 3-year average-5.66%
ROA, 3-year average-6.08%
ROE, 5-year average-78.88%
ROCE, 5-year average1305.27%
ROA, 5-year average95.20%
ROIC (approx.)-8.19%
Other income / net worth226.19%
Growth
Sales growth (latest year)4127.29%
Sales CAGR, 3 years346.86%
Sales CAGR, 5 years113.88%
Sales growth QoQ-87.05%
Sales growth YoY (latest quarter)7188.10%
Per share
EPS (TTM)Rs -44.96
EPS (latest year)Rs -42.88
EPS (latest quarter)Rs -7.91
EPS, 3-year averageRs -175.62
EPS, 5-year averageRs 13,264.17
Book value per shareRs 13.22
Sales per shareRs 59.29
Cash flow per shareRs 34.56
Free cash flow per shareRs 19.74
Efficiency
Asset turnover0.09x
Fixed asset turnover0.24x
Inventory turnover0.54x
Inventory days672 days
Debtor days16 days
Debtors turnover22.89x
Creditor days30 days
Cash conversion cycle725 days
Working capital days1099 days
Leverage
Total debtRs 2,788 Cr
Cash and bankRs 289 Cr
Net debtRs 2,499 Cr
Debt to equity40.03x
Interest coverage-7.95x
Current ratio (filing 2026-03-31)4.49x
Quick ratio (filing 2026-03-31)1.57x
Trade payables (filing 2026-03-31)Rs 39 Cr
Owners' fund to total sources2.20%
Debt to assets88.01%
Cash flow
Cash from Operating Activity (latest year)Rs 182 Cr
Cash from Investing Activity (latest year)Rs -440 Cr
Cash from Financing Activity (latest year)Rs 413 Cr
Net Cash Flow (latest year)Rs 156 Cr
Free cash flow (latest year)Rs 104 Cr
FCFE (approx.: FCF + change in debt)Rs 386 Cr
Cash from ops / profit, 5 years0.23x
Sales to cash flow1.55x
Statement figures
Net sales (TTM)Rs 312 Cr
Net sales (latest year)Rs 282 Cr
Sales (latest quarter)Rs 31 Cr
Operating profit excl. other income (latest year)Rs -309 Cr
Operating profit (latest quarter)Rs -21 Cr
Other income (TTM)Rs 152 Cr
EBITDA (TTM)Rs -147 Cr
PBDT (TTM)Rs -174 Cr
Profit before tax (TTM)Rs -237 Cr
Net profit (TTM)Rs -237 Cr
Net profit (latest year)Rs -226 Cr
Net profit (latest quarter)Rs -42 Cr
Depreciation (TTM)Rs 63 Cr
Depreciation (latest quarter)Rs 15 Cr
Interest (TTM)Rs 26 Cr
Cost of goods sold (latest year)Rs 517 Cr
Total expenditure (latest year)Rs 591 Cr
Total income (latest year)Rs 439 Cr
Share capitalRs 53 Cr
ReservesRs 17 Cr
Shareholders' fundsRs 70 Cr
Total assetsRs 3,167 Cr
Net blockRs 1,187 Cr
Capital work in progressRs 166 Cr
InvestmentsRs 258 Cr
ReceivablesRs 12 Cr
InventoryRs 952 Cr
Other liabilitiesRs 310 Cr
Shares outstanding (crore)5.27
Ownership
Promoter holding89.90% (-5.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
PeriodSWANDEFNifty 50Difference
1 week+0.1%-2.8% +2.8 pts
1 month+12.6%-6.8% +19.4 pts
3 months+16.2%-7.6% +23.8 pts
6 months+70.7%+0.4% +70.2 pts
3 years+119644.5%+14.2% +119630.3 pts
5 years+84843.7%+27.9% +84815.9 pts
5 mutual fund schemes hold about ₹215 Cr. Over three months 0 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Quant ELSS Tax Saver Fund1.20%161
Bank of India Small Cap Fund1.04%34
Bank of India Aggressive Hybrid Fund0.72%15
Bank of India Mfg & Infra Fund(Q0.44%4
Samco Multi Cap Fund0.29%1

Red flags

F-score 5 of 8
lookRepeated losses Net loss in each of the last two years
lookAuditor change Auditor change 2026-05-27: Swan Defence and Heavy Industries Limited has informed the Exchange regarding Change in Auditors of the company.
lookOn NSE surveillance On NSE surveillance: Insolvency
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹31 Cr. Net loss ₹42 Cr.

Activity

Compare
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Hariyana Ship Breakers Ltd583.398.42 %
No bulk or block deals on record.
No corporate actions on record.
DateTypeWhat it says
2026-10-01AppointmentAppointment of Mr Venu Avadhanula as Chief Operating Officer (Senior Management Personnel) of the company w.e.f. October 01, 2026.
2026-09-17Amalgamation/MergerThe effective date of the Scheme of Amalgamation Triumph Offshore Private Limited ("Transferor Company") and Swan Defence and Heavy Industries Limited...
2026-09-16Concall / analyst meetSchedule of Investors meet
2026-09-12Concall / analyst meetSchedule of Investors meet
2026-09-02Shareholder meetingProceedings of Annual General Meeting held on September 02, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along w...
2026-08-26Amalgamation/MergerThe receipt of the certified true copy of the Order obtained from the Hon ble National Company Law Tribunal, Ahmedabad Bench in the matter of Scheme o...
2026-08-11Board meeting outcomeSwan Defence and Heavy Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-10Shareholder meetingNotice of Annual General Meeting to be held on September 02, 2026
2026-08-06General UpdatesIntimation regarding sanction of the Scheme of Arrangement and Amalgamation between Triumph Offshore Private Limited and Swan Defence and Heavy Indust...
2026-08-06General UpdatesGeneral Updates
2026-08-06Press ReleaseA press release dated August 06, 2026, titled "SDHI Wins Order from Svitzer to Build four TRAnsverse 3200 Tugs".
2026-07-22Credit Rating- NewCredit Rating- New
2026-07-10Concall / analyst meetSchedule of Investor Meet
2026-07-10Concall / analyst meetSchedule of Investor Meet
2026-07-10Concall / analyst meetSchedule of Investor Meet
2026-07-08Credit Rating- OthersIntimation of Withdrawal of Credit Rating assigned to Bank Facilities of Reliance Naval and Engineering Limited by Brickwork Ratings India Private Lim...
2026-07-08Concall / analyst meetSchedule of Investor Meet
2026-07-06Concall / analyst meetSchedule of Investor Meet
2026-06-30Concall / analyst meetSchedule of investor meet
2026-06-22Concall / analyst meetSchedule of Investor Meet
2026-06-19Address ChangeChange in Corporate Office of the company.
2026-06-16Concall / analyst meetSchedule of Investor Meet
2026-06-15Disclosure under SEBI TakeovHazel Infra Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substanti...
2026-06-05Concall / analyst meetSchedule of Investor Meet
2026-06-03Concall / analyst meetSchedule of Investor meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-30NCLATUCO Bank VS Sudip Bhattacharya Resolution Professional of Reliance Naval & Engineering Ltd
2021-04-12NCLATReliance Naval and Engineering Ltd VS AP Securitas Pvt Ltd
2021-03-03NCLATReliance Naval and Engineering Ltd VS AP Securitas Pvt Ltd
2021-02-10NCLATReliance Naval and Engineering Ltd VS AP Securitas Pvt Ltd
2020-10-08NCLATSudip Bhattacharya Resolution Professional of Reliance Naval and Engineering Ltd VS NA
2018-01-17NCLATReliance Naval & Engineering Ltd VS IFCI
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
EPS in the scrip is zero (4 trailing quarters)Insolvency Resolution Process(IRP)

Quick answers

What is the market cap of Swan Defence and Heavy Industries Ltd?

Swan Defence and Heavy Industries Ltd (SWANDEF) has a market capitalisation of Rs 14,247 Cr. at the 2026-10-01 close.

What were Swan Defence and Heavy Industries Ltd's latest quarterly results?

In the Jun 2026 quarter, Swan Defence and Heavy Industries Ltd sales was Rs 31 Cr with a net loss of Rs 42 Cr.

What is the 52-week high and low of Swan Defence and Heavy Industries Ltd?

The 52-week high is Rs 2,804.90 and the 52-week low is Rs 636.20.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03