Swan Defence & Heavy Industries
Swan Defence & Heavy Industries
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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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoSwan Defence and Heavy Industries Ltd has a market cap of ₹14,265 Cr and has delivered extraordinary stock price appreciation of 409% over 1 year and 950% CAGR over 3 years. However, the company remains loss-making with a negative PE of -59.8, a negative 3-year ROE of -49%, and trades at an extreme 203x price-to-book, raising significant questions about valuation sustainability relative to underlying fundamentals.
- TTM sales growth of 4,092% indicates a massive ramp-up in revenue, suggesting the company may have secured significant new defence contracts or order inflows
- 3-year compounded sales CAGR of 347% shows sustained top-line momentum, not just a one-quarter anomaly
- 5-year compounded sales CAGR of 114% reflects a meaningful medium-term revenue trajectory in the growing Indian defence indigenisation space
- Stock price CAGR of 950% over 3 years reflects strong market conviction and momentum in the defence sector theme
- Debtor days improved from 20.6 to 16.0 days, indicating better working capital management and faster collections from customers
- 3-year compounded profit CAGR of 23% shows that profits have grown on an absolute basis over the medium term despite recent losses
- Operating in the Indian defence and heavy industries sector which benefits from government policy tailwinds including increased defence capital expenditure and Make in India mandates
- Stock trades at 203x price-to-book value, an extreme valuation that leaves virtually no margin of safety for investors
- Negative PE ratio of -59.8 confirms the company is currently loss-making at the net income level despite massive revenue growth
- 3-year average ROE of -49% and last year ROE of -124% indicate the company is destroying shareholder equity at an accelerating pace
- TTM compounded profit declined 50%, meaning profitability is deteriorating even as revenues surge, pointing to poor cost control or margin compression
- Zero dividend yield with no history of distributions, offering no income cushion to investors during periods of price correction
- Low interest coverage ratio suggests the company may struggle to service its debt obligations from operating earnings
- Potential capitalisation of interest costs raises concerns about the transparency of reported financials and true operating profitability
- 10-year compounded sales CAGR of -1% shows that the revenue surge is very recent and the company had negligible growth over the prior decade, questioning long-term execution consistency
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- NCLT approves Triumph Offshore merger Aug 26
NCLT Ahmedabad sanctioned the amalgamation of Swan Defence with Triumph Offshore Private Limited, effective April 1, 2024. The merger consolidates shipbuilding and offshore activities under one entity.
- Investor meet scheduled Sep 17-18 Sep 12
Swan Defence will host an institutional investor meet in Mumbai on September 17-18, 2026. No unpublished price-sensitive information will be disclosed.
- AGM approves FY26 resolutions Sep 2
Shareholders approved FY26 financials and director re-appointments at the 29th AGM. Promoters held 89.9% stake and voted in favor of all ordinary resolutions.
- Books closed for AGM Aug 20
Register of members and share transfer books closed from August 27 to September 2, 2026, ahead of the annual general meeting.
TL;DR: Swan Defence is consolidating its defence and offshore operations through the NCLT-approved merger with Triumph Offshore, which is a structurally positive move for scale and integration. Promoter holding remains high at 89.9%, signaling strong founder confidence. No material headwinds are visible in recent news flow, though the company remains a small-cap with limited public float. The upcoming investor meet on Sep 17-18 could serve as a near-term catalyst if management signals a strong order pipeline.
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 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
| 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 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
| 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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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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