S
Swan Defence and Heavy Industries Ltd
SWANDEF NSE
Swan Defence and Heavy Industries Ltd
IndustrialsNSE: SWANDEF BSE: 533107 Industrial Manufacturing
Key Fundamentals
MicrocapShip BuildingCapital GoodsMarket Cap
₹12,322 Cr
Volatility
Moderate
P/E Ratio
-52.5
EBITDA
₹-152 Cr
Return on Equity
-326.71%
Debt to Equity
39.83
Book Value
₹13.22
52W High
₹2,750
52W Low
₹372
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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30 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
1- Debtor days have improved from 20.6 to 16.0 days.
Weaknesses
4- Stock is trading at 180 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
Revenue Growth
2414.29% ↗
Net Income Growth
25.34% ↘
Cash Flow Change
289.23% ↗
ROE
432.10% ↗
ROCE
22.49% ↗
EBITDA Margin (Avg.)
-93.79% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 7d agoAI opinion · based on fundamentals
Risk high
Swan Defence and Heavy Industries Ltd (formerly Reliance Naval and Engineering) is a post-CIRP turnaround story trading at a market cap of ₹13,513 crore with a negative PE of -61.2x and a price-to-book of 198x. Revenue surged from ₹7 crore in FY25 to ₹282 crore in FY26 on the back of new shipbuilding orders, but the company remains loss-making with a 3-year ROE of -49% and is planning a ₹4,000 crore fund raise to finance growth.
Bull Case 8
- Revenue exploded from ₹7.03 crore in FY25 to ₹282.14 crore in FY26, a TTM sales growth of 3,913%, signaling successful post-CIRP operational revival
- Secured a landmark USD 227 million (~₹1,900 crore) export order for six 18,000 DWT chemical tankers from European shipowner Rederiet Stenersen AS in January 2026
- Won a ₹251-750 crore contract from Denmark-based Svitzer for four biofuel-powered TRAnsverse tugs, with deliveries starting early 2028
- Received order for four 92,500 DWT dual-fuel ammonia bulk carriers valued between USD 160-321 million, diversifying the order book into next-generation green vessels
- Signed a strategic MoU with Garden Reach Shipbuilders & Engineers (GRSE) in April 2025 for collaboration in defence and commercial shipbuilding
- Stock CAGR of 640% over 1 year and 945% over 3 years reflects market pricing in a structural turnaround from insolvency to operational shipyard
- Operates India's largest private shipyard at Pipavav, Gujarat, positioning it to benefit from the government's Make in India defence and shipping policy push
- 3-year compounded sales CAGR of 347% indicates sustained top-line momentum beyond a single quarter
Bear Case 8
- Stock trades at 198x book value, among the most extreme P/B ratios in Indian markets, leaving negligible margin of safety
- 3-year average ROE is -49% and last year ROE was -124%, indicating deep destruction of shareholder equity over extended periods
- Company remains loss-making with a negative PE of -61.2x; compounded profit growth TTM is -26%, meaning losses are still widening on a trailing basis
- Proposed ₹4,000 crore fund raise via QIP/debt/rights issue signals significant dilution risk for existing shareholders at a ₹13,513 crore market cap
- Low interest coverage ratio flags continued debt-servicing stress despite CIRP resolution; historical interest costs were ₹2,094 crore in FY25 alone
- Company may be capitalizing interest costs, which could overstate asset values and understate reported losses
- Zero dividend yield with no near-term prospect of payouts given ongoing losses and capital-intensive shipbuilding ramp-up
- 10-year compounded sales CAGR is -1%, showing that the current revenue surge is starting from a decimated base after years of insolvency-related inactivity
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2d ago Headwinds 1
- Q1FY27 net loss widens Aug 11
Standalone net loss widened to ₹41.60 lakh in Q1FY27 from ₹31.17 lakh YoY, with revenue at just ₹30.61 lakh, indicating weak operational performance.
Positives 2
- ₹251-750 Cr Svitzer export order Aug 6
Won an export order from Svitzer for four advanced Transverse 3200 tugs valued between ₹251 crore and ₹750 crore, marking a significant international marine vessel contract.
- NCLT approves Triumph Offshore merger Aug 6
NCLT Ahmedabad sanctioned amalgamation of Triumph Offshore into Swan Defence effective April 1, 2024, including capital reorganization to set off retained earnings losses.
Neutral 1
- AGM scheduled for Sep 2 Aug 11
29th AGM set for September 2, 2026 with remote e-voting via NSDL available August 30 to September 1.
TL;DR: Swan Defence secured a large ₹251-750 crore export tug order from Svitzer and completed a merger with Triumph Offshore, both structurally positive moves. However, standalone financials remain very weak with a widening net loss and minimal revenue in Q1FY27. The trend is mixed — the order book and corporate restructuring point to future scale-up, but current earnings offer no support until execution ramps up.
Quarterly Results
| 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 in Rs | -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
| 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 in Rs | -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
| 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
| 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
| 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% |
Documents
1
Clarification On Significant Increase In The Volume
8 May - Company clarified it withheld no material information amid significant trading volume increase. 8 May - Company clarified it withheld no material information amid significant trading volume increase.
2
Non-Applicability Of Disclosure Of Large Entity/Large Corporate For The Financial Year Ended March 31, 2026
30 Apr - Company confirms it is not a Large Corporate under SEBI debt disclosure norms. 30 Apr - Company confirms it is not a Large Corporate under SEBI debt disclosure norms.
3
Announcement under Regulation 30 (LODR)-Newspaper Publication
24 Apr - Swan Defence and Heavy Industries Limited has informed about copy of Newspaper Publication regarding Notice of Court Convened Meeting of the Shareholders pertaining to the … 24 Apr - Swan Defence and Heavy Industries Limited has informed about copy of Newspaper Publication regarding Notice of Court Convened Meeting of the Shareholders pertaining to the …
5
Announcement under Regulation 30 (LODR)-Scheme of Arrangement
23 Apr - Shareholder meeting on 25 May 2026 for Triumph Offshore amalgamation scheme; remote e-voting 22-24 May. 23 Apr - Shareholder meeting on 25 May 2026 for Triumph Offshore amalgamation scheme; remote e-voting 22-24 May.
Frequently Asked Questions about Swan Defence and Heavy Industries Ltd
What does Swan Defence and Heavy Industries Ltd do?
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]
Where is Swan Defence and Heavy Industries Ltd (SWANDEF) listed?
Swan Defence and Heavy Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: SWANDEF and BSE: 533107. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Swan Defence and Heavy Industries Ltd belong to?
Swan Defence and Heavy Industries Ltd operates in the Industrials sector within the Industrial Manufacturing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Swan Defence and Heavy Industries Ltd?
Swan Defence and Heavy Industries Ltd has a market capitalisation of approximately ₹12322.35 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Swan Defence and Heavy Industries Ltd?
The Price-to-Earnings (PE) ratio of Swan Defence and Heavy Industries Ltd is -52.50. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Swan Defence and Heavy Industries Ltd?
Over the past 52 weeks, Swan Defence and Heavy Industries Ltd has traded between a low of ₹372 and a high of ₹2,750. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Swan Defence and Heavy Industries Ltd?
Swan Defence and Heavy Industries Ltd has a Return on Equity (ROE) of -326.71%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Swan Defence and Heavy Industries Ltd on Tapetide?
On Tapetide, you can view Swan Defence and Heavy Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]