Skip to content
Swan Defence & Heavy Industries logo

Swan Defence & Heavy Industries

Swan Defence and Heavy Industries Ltd

SWANDEF NSE
₹2,793.80 +11.80 (+0.42%)
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹2,793.80 +1,941.35 +228% 1Y
Start ₹852.45

Key Fundamentals

SmallcapIndustrial ManufacturingCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
−7.60%
Debt to Equity
39.83
EPS (TTM)
−₹44.96
Book Value
₹429.37
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
6.51
ROE
−124.00%
Dividend Yield
0.00%
EBITDA
−₹152 Cr
52W High
₹3,020.00
52W Low
₹852.45
Day Range
₹2,750.00 – ₹2,820.00
Volume
6,039

Peer Comparison

Industrials › Capital Goods › Ship Building › Ship Building & Allied Services

Swan Defence & Heavy Industries peer comparison
Mazagon Dock Shipbuilders
₹1,828.1025.80₹72,810 Cr7.050.28%29.20%36.00%₹13,323 Cr₹2,853 Cr
Cochin Shipyard
₹1,237.5047.85₹32,212 Cr5.540.75%12.50%16.20%₹5,047 Cr₹680 Cr
Swan Defence & Heavy Industries (this company)
₹2,793.80—₹14,698 Cr6.510.00%−124.00%−7.60%₹312 Cr−₹237 Cr
Laxmipati Engineering Works
₹400.00—₹210 Cr6.460.00%−3.58%21.80%——
Median 4 companies₹1,532.8036.83₹23,455 Cr6.480.14%4.46%19.00%₹5,047 Cr₹680 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

48 Average

Data confidence 88/100

Category scores

Quality
39
Weak
Returns, margins, earnings quality 22% weight
Valuation
39
Weak
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
17
Poor
Solvency, leverage, coverage 9% weight
Momentum
74
Strong
Trend strength, vol-adjusted 12% weight
Ownership
45
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish379
OscillatorsBearish270
Moving AveragesStrong Bullish109

Key readings

RSI (14)
54.73
Neutral
MACD (12,26,9)
2.70
Bearish
SMA (50)
2,679.86
Bullish
SMA (200)
2,098.01
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y−1.01%
5Y+115.98%
3Y+354.68%
1YTiny base
TTMTiny base

Net profit

Net profit growth by window
10YLoss narrowed by ₹366 Cr
5YLoss narrowed by ₹3,201 Cr
3YTurned to loss
1YLoss widened by ₹45 Cr
TTMLoss widened by ₹77 Cr

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5Y−23.83%
3Y−49.68%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−62.45 pp
5Y+290.43 pp
3YTiny sales
1YTiny sales
TTMTiny sales

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹563 Cr
Mar 2018₹378 Cr
Mar 2019₹180 Cr
Mar 2020₹75.00 Cr
Mar 2021₹6.00 Cr
Mar 2022₹6.00 Cr
Mar 2023₹3.00 Cr
Mar 2024₹0.00 Cr
Mar 2025₹7.00 Cr
Mar 2026₹282 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹577 Cr
Mar 2018−₹1,012 Cr
Mar 2019−₹10,927 Cr
Mar 2020−₹1,761 Cr
Mar 2021−₹3,427 Cr
Mar 2022−₹2,086 Cr
Mar 2023₹17,937 Cr
Mar 2024−₹121 Cr
Mar 2025−₹181 Cr
Mar 2026−₹226 Cr

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Swan Defence and Heavy Industries Ltd trades at ₹2,723.70 with a market cap of ₹13,713 crore as of 2026-11-02. The company has delivered extraordinary revenue growth (3-year compounded sales CAGR of 347%) but reports negative earnings (TTM EPS of -₹44.96), negative return on equity of -326.71%, and elevated leverage with a debt-to-equity ratio of 39.83.

Bull Case 8
  • Compounded sales growth of 347% over 3 years and 4,092% TTM indicates a dramatic ramp-up in revenue generation, suggesting rapid business scale-up in the defence and heavy industries space.
  • Stock CAGR of 329% over 1 year and 959% over 3 years reflects strong market re-rating and investor interest in the company's growth trajectory.
  • 5-year compounded sales growth of 114% demonstrates that the revenue expansion is not purely a single-year phenomenon but has built over a multi-year period.
  • Debtor days have improved from 20.6 to 16.0 days, indicating better working capital management and faster collection from customers.
  • 10-year stock CAGR of 46% shows the company has generated meaningful long-term wealth for shareholders despite operational volatility.
  • 5-year stock CAGR of 286% indicates sustained re-rating well beyond short-term momentum, pointing to structural market confidence.
  • The current price of ₹2,723.70 sits within 10% of its 52-week high of ₹3,020, indicating continued buying interest near elevated levels.
  • 3-year compounded profit growth of 23% shows the company was on a profit growth path before the recent TTM decline.
Bear Case 7
  • Return on equity stands at -326.71% as of the latest period, and the 3-year average ROE is -49% with the last year at -124%, signalling severe destruction of shareholder value.
  • TTM EPS of -₹44.96 means the company is currently loss-making, and TTM profit growth of -50% shows earnings have deteriorated sharply.
  • Debt-to-equity ratio of 39.83 is extremely elevated, indicating the balance sheet is heavily leveraged and vulnerable to interest rate or refinancing risk.
  • Low interest coverage ratio combined with a debt-to-equity of 39.83 raises concerns about the company's ability to service its debt obligations from operating cash flows.
  • The company may be capitalising interest costs, which would inflate reported asset values and understate true operating losses.
  • ROCE of -7.57% indicates the company is not generating adequate returns on the total capital deployed, including both debt and equity.
  • Zero dividend yield suggests shareholders receive no income return, relying entirely on capital appreciation from a loss-making, highly leveraged entity.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Swan Defence is riding a strong quarter with a headline profit of ₹567 crore, though the bulk stems from a one-time tax write-back rather than operating performance. The ₹1,897 crore four-tanker order strengthens the order book and signals continued traction in shipbuilding. No material headwinds are visible in recent news. The outlook hinges on whether the company can convert its growing order pipeline into sustained operating profitability beyond one-off gains.

Positives 2
  • ₹1,897 cr oil tanker order Oct 12

    Swan Defence is set to secure a ₹1,897 crore order for the construction of four oil product tankers, marking a significant win in shipbuilding and defence manufacturing.

  • Tax write-back drives ₹567 cr profit Oct 12

    Swan Defence reported Q2FY27 net profit of ₹567.10 crore, driven largely by a ₹563.15 crore tax provision write-back following the TOPL amalgamation.

Neutral 1
  • Investor meets Oct 13-24 Oct 8

    Swan Defence scheduled in-person investor meetings from October 13 to 24, 2026, confirming no unpublished price-sensitive information will be shared.

Quarterly Results

₹ Cr
SWANDEF quarterly results, ₹ crore
Particulars Mar 2020Jun 2020Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
17
2
0
0
0
1
1
5
0
40
6
236
31
69
Expenses
151
20
6
12
28
35
38
14
32
47
26
487
52
86
Operating Profit
−133
−18
−6
−12
−28
−34
−37
−9
−32
−8
−20
−250
−21
—
OPM %
−773%
−912%
—
—
—
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
−192%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
−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
19
Depreciation
18
18
17
17
15
15
15
16
15
15
16
18
15
17
PBT
−589
−586
−27
−39
−51
−53
−53
−23
−31
−20
−33
−142
−42
3
Tax %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
−17138%
Net Profit
−589
−586
−27
−39
−51
−53
−53
−23
−31
−20
−33
−142
−42
566
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
—

Sep 2026: from the results filed on 12 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SWANDEF profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
—
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
−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

₹ Cr
SWANDEF balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
SWANDEF cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

SWANDEF financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
—
1,65,503
739
Days Payable
399
1,770
313
274
673
4,512
—
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
—
6,676
30
Cash Conversion Cycle
24
2,225
582
396
805
2,833
149
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
—
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
725
Working Capital Days
−817
−2,952
−2,287
−9,356
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
—
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
1,099
ROCE %
−1%
−3%
−1%
−3%
−2%
−22%
−17%
—
−26%
−4%
−6%
−8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Swan Defence & Heavy Industries insights

61 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 89.90%
  • Others 4.47%
  • Public 3.19%
  • DIIs 1.73%
  • FIIs 0.71%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · Mar 2026
    PPT

Frequently Asked Questions about Swan Defence & Heavy Industries

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
Where is Swan Defence and Heavy Industries Ltd (SWANDEF) listed?
Swan Defence and Heavy Industries Ltd trades as SWANDEF on the NSE and under code 533107 on the BSE.
Which sector does Swan Defence and Heavy Industries Ltd belong to?
Swan Defence and Heavy Industries Ltd is classified under the Capital Goods sector, in the Ship Building industry.
What is the 52-week high and low of Swan Defence and Heavy Industries Ltd?
Over the last 52 weeks Swan Defence and Heavy Industries Ltd has traded between ₹852.45 and ₹3,020 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Swan Defence and Heavy Industries Ltd?
Swan Defence and Heavy Industries Ltd reported a return on equity of -124.00%. Its debt-to-equity ratio is 39.83.

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

Website rnaval.co.in
Listed 20 Jan 2025
Face Value ₹10

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/SWANDEF.md for Swan Defence and Heavy Industries Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Industrial Manufacturing stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month