Swan Defence & Heavy Industries
Swan Defence & Heavy Industries
Capital GoodsKey Fundamentals
SmallcapShip BuildingCapital GoodsPrice-based figures as of 09 Oct 2026, 15:31 IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Debtor days have improved from 20.6 to 16.0 days.
Weaknesses
4- Stock is trading at 206 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -48.9% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
change over 1 year
change over 1 year
change over 1 year Operating margin -69% · Jun 2026
AI Analysis — Bull vs Bear
As of the 2026-10-09 close, Swan Defence and Heavy Industries Ltd (SWANDEF) traded at Rs 2,816.8, close to its 52-week high of Rs 2,850 and about 4.2x its 52-week low of Rs 668, giving it a market capitalisation of Rs 14,839.51 crore. TTM sales grew 4,092% on a compounded basis, but the company still made a loss: TTM EPS was -Rs 44.96, ROE -326.71%, ROCE -7.57% and debt-to-equity 39.83x. The stock trades at 213.07x book value, so the market price depends heavily on an expected turnaround in its shipbuilding and defence business rather than on current earnings.
- Revenue is growing fast from a low base. TTM compounded sales growth was 4,092% and 3-year compounded sales growth was 347%, which suggests the shipyard is moving from dormant to operating.
- The stock has risen 329% over 1 year and at a 959% CAGR over 3 years, reaching Rs 2,816.8 as of 2026-10-09, close to its 52-week high of Rs 2,850. This shows sustained market interest in the turnaround story.
- Working capital is improving. Debtor days fell from 20.6 to 16.0, which points to faster collection from customers as revenue grows.
- A market capitalisation of Rs 14,839.51 crore gives the company a meaningful presence in Indian capital goods. Its shipbuilding and defence positioning lines up with government indigenisation and maritime capacity priorities.
- Compounded profit growth over 3 years was 23% and over 5 years was 14%, which means the absolute profit/loss trajectory has improved over longer periods despite the TTM decline.
- Five-year compounded sales growth of 114% shows the revenue recovery has lasted several years rather than appearing in one isolated period.
- The company is loss-making. TTM EPS was -Rs 44.96, so no meaningful P/E exists and the Rs 2,816.8 price has no current earnings support.
- The valuation is extreme against book value. A P/B of 213.07x as of 2026-10-09 leaves little room for error if the turnaround is delayed.
- The balance sheet is highly leveraged. Debt-to-equity was 39.83x and interest coverage is low, which raises refinancing and solvency risk.
- Returns on capital are deeply negative. ROE was -326.71%, last-year ROE -124%, 3-year average ROE -48.9% and ROCE -7.57%, so capital is not yet generating returns.
- The company may be capitalising interest cost. If so, reported losses understate the true financing burden on a debt-to-equity base of 39.83x.
- TTM compounded profit growth was -50% while sales grew 4,092%. This suggests the revenue ramp has not yet turned into operating profitability.
- The stock is highly volatile. It ranged from Rs 668 to Rs 2,850 over 52 weeks, a 4.3x spread, so the price could fall sharply if the market's view changes.
- Ten-year compounded sales growth was -1%, which shows how weak the long-term operating history is and how much the current story depends on recent recovery holding up.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Veteran COO appointed Oct 1
Swan Defence appointed Venu Avadhanula as Chief Operating Officer effective October 1, 2026. He brings 34 years of maritime experience, which should strengthen shipyard execution.
- Triumph Offshore amalgamation effective Sep 17
The NCLT-approved amalgamation of Triumph Offshore Private Limited into Swan Defence became effective on September 17, 2026, with an appointed date of April 1, 2024. This simplifies the corporate structure and brings the merged assets under one entity.
- Investor meets Oct 13-24 Oct 8
Swan Defence will hold in-person investor meetings from October 13 to 24, 2026. The company confirmed no unpublished price-sensitive information will be shared.
- Mumbai institutional investor meet Sep 12
The company hosted institutional investors in Mumbai on September 17-18, 2026. It confirmed no unpublished price-sensitive information would be shared during the sessions.
TL;DR: Swan Defence is strengthening its corporate and leadership base. The Triumph Offshore amalgamation took effect on September 17, 2026, a COO with 34 years of maritime experience joined on October 1, and the company is holding regular investor meetings. None of these updates include order wins, revenue figures or margin data, so the operating trend can't be judged from this news alone. The main risk is execution: the company still has to turn its restructured shipyard into a visible order book and revenue. The trend looks steady to improving, and future order announcements and quarterly results will be the main signals to watch.
Quarterly Results
| Particulars | Mar 2020 | Jun 2020 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 17 | 2 | 0 | 0 | 0 | 1 | 1 | 5 | 0 | 40 | 6 | 236 | 31 |
| Expenses | 151 | 20 | 6 | 12 | 28 | 35 | 38 | 14 | 32 | 47 | 26 | 487 | 52 |
| Operating Profit | -133 | -18 | -6 | -12 | -28 | -34 | -37 | -9 | -32 | -8 | -20 | -250 | -21 |
| OPM % | -773% | -912% | — | — | — | -3550% | -3159% | -192% | -7529% | -19% | -341% | -106% | -69% |
| Other Income | -44 | -161 | 0 | 0 | 2 | 1 | 1 | 5 | 18 | 5 | 5 | 131 | 11 |
| Interest | 394 | 389 | 5 | 10 | 10 | 6 | 2 | 2 | 2 | 2 | 3 | 5 | 16 |
| Depreciation | 18 | 18 | 17 | 17 | 15 | 15 | 15 | 16 | 15 | 15 | 16 | 18 | 15 |
| PBT | -589 | -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% | 0% |
| Net Profit | -589 | -586 | -27 | -39 | -51 | -53 | -53 | -23 | -31 | -20 | -33 | -142 | -42 |
| EPS (₹) | -7.98 | -7.94 | -5.21 | -7.37 | -9.77 | -10.13 | -10.13 | -4.34 | -5.84 | -3.77 | -6.28 | -27 | -7.91 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 912 | 312 | 563 | 378 | 180 | 75 | 6 | 6 | 3 | 0 | 7 | 282 | 312 |
| Expenses | 830 | 459 | 529 | 557 | 266 | 253 | 30 | 33 | 36 | 29 | 115 | 591 | 611 |
| Operating Profit | 81 | -147 | 34 | -179 | -86 | -178 | -24 | -27 | -33 | -29 | -108 | -309 | -299 |
| OPM % | 9% | -47% | 6% | -47% | -48% | -235% | -376% | -421% | -1039% | — | -1619% | -110% | -96% |
| Other Income | 31 | 34 | 39 | -84 | -9,011 | -42 | -1,298 | 13 | 19,508 | 2 | 8 | 158 | 152 |
| Interest | 487 | 537 | 626 | 754 | 1,368 | 1,469 | 2,032 | 1,999 | 1,470 | 26 | 21 | 12 | 26 |
| Depreciation | 204 | 221 | 208 | 208 | 70 | 72 | 74 | 74 | 68 | 68 | 61 | 63 | 63 |
| PBT | -578 | -871 | -760 | -1,224 | -10,536 | -1,761 | -3,427 | -2,086 | 17,937 | -121 | -182 | -228 | -237 |
| Tax % | -36% | -32% | -24% | -17% | 4% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
| Net Profit | -371 | -592 | -577 | -1,012 | -10,927 | -1,761 | -3,427 | -2,086 | 17,937 | -121 | -181 | -226 | -237 |
| EPS (₹) | -5.03 | -8.05 | -7.84 | -13.72 | -148 | -23.87 | -46.46 | -28.28 | 243 | -22.89 | -34.36 | -42.88 | -44.96 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 736 | 736 | 736 | 738 | 738 | 738 | 738 | 738 | 3 | 3 | 53 | 53 |
| Reserves | 1,880 | 1,289 | 711 | -294 | -11,159 | -12,915 | -16,042 | -18,127 | 545 | 474 | 243 | 17 |
| Borrowings | 6,893 | 8,306 | 9,456 | 10,689 | 11,780 | 12,918 | 15,433 | 15,436 | 2,148 | 2,219 | 2,505 | 2,788 |
| Other Liabilities | 1,918 | 1,491 | 1,519 | 1,862 | 2,788 | 4,007 | 3,678 | 5,697 | 91 | 48 | 91 | 310 |
| Total Liabilities | 11,427 | 11,821 | 12,422 | 12,994 | 4,146 | 4,747 | 3,807 | 3,743 | 2,785 | 2,743 | 2,892 | 3,167 |
| Fixed Assets | 6,060 | 5,861 | 5,654 | 5,547 | 2,022 | 1,973 | 1,406 | 1,332 | 1,232 | 1,168 | 1,180 | 1,187 |
| CWIP | 3,519 | 3,884 | 4,268 | 4,692 | 103 | 37 | 37 | 37 | 37 | 43 | 155 | 166 |
| Investments | 302 | 302 | 315 | 303 | 303 | 303 | 3 | 4 | 4 | 5 | 5 | 258 |
| Other Assets | 1,546 | 1,774 | 2,184 | 2,453 | 1,718 | 2,435 | 2,361 | 2,370 | 1,512 | 1,528 | 1,551 | 1,556 |
| Total Assets | 11,427 | 11,821 | 12,422 | 12,994 | 4,146 | 4,747 | 3,807 | 3,743 | 2,785 | 2,743 | 2,892 | 3,167 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 432 | -598 | -318 | -224 | -113 | -1,183 | 710 | 2,007 | 1,428 | -70 | -96 | 182 |
| Investing | -1,069 | -25 | -122 | -15 | -16 | 49 | -1 | 2 | 12 | -11 | -162 | -440 |
| Financing | 617 | 644 | 429 | 280 | 102 | 1,099 | -707 | -1,999 | -1,460 | 91 | 268 | 413 |
| Net Cash Flow | -20 | 20 | -10 | 41 | -27 | -35 | 1 | 11 | -20 | 10 | 10 | 156 |
| Free Cash Flow | -538 | -625 | -427 | -243 | -114 | -1,162 | 710 | 2,007 | 1,440 | -80 | -259 | 104 |
| CFO/OP | 540 | 401 | -966 | 129 | 148 | 667 | -2,994 | -7,543 | -4,343 | 243 | 89 | -59 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 18 | 13 | 2 | 14 | 11 | 14 | 149 | 47 | 0 | — | 25 | 16 |
| Inventory Days | 405 | 3,982 | 892 | 657 | 1,466 | 7,331 | — | 6,92,279 | 19,72,614 | 18,99,893 | 1,65,503 | 739 |
| Days Payable | 399 | 1,770 | 313 | 274 | 673 | 4,512 | — | 1,12,894 | 1,09,865 | 49,762 | 6,676 | 30 |
| Cash Conversion Cycle | 24 | 2,225 | 582 | 396 | 805 | 2,833 | 149 | 5,79,431 | 18,62,749 | — | 1,58,852 | 725 |
| Working Capital Days | -817 | -2,952 | -2,287 | -9,356 | -25,570 | -68,665 | -9,69,876 | -10,83,806 | 1,27,588 | — | 63,122 | 1,099 |
| ROCE % | -1% | -3% | -1% | -3% | -2% | -22% | -17% | — | -26% | -4% | -6% | -8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Incorporated in 1997, Swan Defence and Heavy Industries Ltd is engaged in the construction of vessels, repairs, and refits of ships and rigs and heavy engineering[1]
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