SWANDEF

Swan Defence and Heavy Industries Limited

Swan Defence and Heavy Industries Limited (SWANDEF) financial statements and selected valuation metrics through 30 September 2026.

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

swan.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹2944.70
Market cap
15,513 Cr
Stock P/E
44.4
P/B
6.86
ROE (FY26)
-324.4%
ROCE (FY26)
-7.6%
Operating margin (FY26)
-132.2%
Debt / equity (FY26)
39.13
OCF / EBITDA (FY17)
-929.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Swan Defence (Swan Defence and Heavy Industries, formerly Reliance Naval and Engineering) builds and repairs ships and does heavy fabrication at its shipyard at Pipavav, Gujarat, for commercial, offshore and naval customers.

Company snapshot

3rdBy market cap

Ranked among 3 companies in Ship Building & Allied Services.

What we see

Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales1 Cr5 Cr0.42 Cr40 Cr6 Cr236 Cr31 Cr69 Cr
Operating expenses (approx.)37 Cr14 Cr32 Cr47 Cr26 Cr487 Cr52 Cr86 Cr
EBITDA-36 Cr-9 Cr-32 Cr-8 Cr-20 Cr-250 Cr-21 Cr-17 Cr
OPM %-3118.1%-192.3%-7528.6%-19.4%-341.4%-106.0%-68.4%-24.7%
Other income0.87 Cr7 Cr18 Cr5 Cr5 Cr130 Cr11 Cr57 Cr
Interest2 Cr2 Cr2 Cr2 Cr3 Cr5 Cr16 Cr19 Cr
Depreciation15 Cr16 Cr15 Cr15 Cr16 Cr18 Cr15 Cr17 Cr
Profit before tax-53 Cr-23 Cr-31 Cr-20 Cr-33 Cr-142 Cr-42 Cr3 Cr
Tax %0.0%0.0%0.0%0.0%0.0%0.0%0.0%-17138.4%
Net profit-53 Cr-23 Cr-31 Cr-20 Cr-33 Cr-142 Cr-42 Cr566 Cr
EPS (₹)₹-10.13₹-4.32₹-5.84₹-3.77₹-6.28₹-26.98₹-7.91₹107.52

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2025Mar 2026TTM
Sales564 Cr379 Cr180 Cr75 Cr6 Cr6 Cr7 Cr282 CrSign in free for the trailing twelve months
Operating expenses (approx.)530 Cr557 Cr266 Cr253 Cr30 Cr33 Cr115 Cr592 CrSign in free for the trailing twelve months
EBITDA34 Cr-179 Cr-86 Cr-178 Cr-24 Cr-27 Cr-108 Cr-310 CrSign in free for the trailing twelve months
OPM %6.1%-47.2%-47.6%-235.4%-375.8%-421.0%-1535.7%-109.8%Sign in free for the trailing twelve months
Other income39 Cr79 Cr5 Cr24 Cr24 Cr11 Cr11 Cr158 CrSign in free for the trailing twelve months
Interest626 Cr754 Cr1,368 Cr1,469 Cr2,032 Cr1,999 Cr21 Cr12 CrSign in free for the trailing twelve months
Depreciation208 Cr208 Cr70 Cr72 Cr74 Cr74 Cr61 Cr63 CrSign in free for the trailing twelve months
Profit before tax-760 Cr-1,224 Cr-10,536 Cr-1,761 Cr-3,427 Cr-2,086 Cr-181 Cr-226 CrSign in free for the trailing twelve months
Tax %24.0%17.4%-3.7%———0.0%0.0%Sign in free for the trailing twelve months
Net profit-577 Cr-1,012 Cr-10,927 Cr-1,761 Cr-3,427 Cr-2,086 Cr-181 Cr-226 CrSign in free for the trailing twelve months
EPS (₹)₹-7.84₹-13.72₹-148.14₹-23.87₹-46.45₹-28.28₹-51.51₹-42.88Sign in free for the trailing twelve months
Dividend payout %————————Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2025Mar 2026
Equity capital736 Cr738 Cr738 Cr738 Cr738 Cr738 Cr53 Cr53 Cr
Reserves711 Cr-294 Cr-11,159 Cr-12,915 Cr-16,042 Cr-18,127 Cr243 Cr17 Cr
Borrowings8,951 Cr5,349 Cr6,194 Cr7,351 Cr2,885 Cr2,886 Cr2,432 Cr2,725 Cr
Other liabilities2,023 Cr7,202 Cr8,374 Cr9,574 Cr16,226 Cr18,246 Cr164 Cr372 Cr
Total liabilities12,422 Cr12,994 Cr4,146 Cr4,747 Cr3,807 Cr3,743 Cr2,892 Cr3,167 Cr
Fixed assets (net)5,642 Cr5,439 Cr2,012 Cr1,962 Cr1,319 Cr1,255 Cr1,180 Cr1,138 Cr
CWIP4,173 Cr4,692 Cr103 Cr37 Cr37 Cr37 Cr155 Cr166 Cr
Investments315 Cr303 Cr303 Cr303 Cr3 Cr4 Cr5 Cr258 Cr
Inventories775 Cr698 Cr622 Cr495 Cr2,089 Cr2,086 Cr1,401 Cr952 Cr
Trade receivables3 Cr15 Cr6 Cr3 Cr3 Cr0.81 Cr0.46 Cr12 Cr
Cash & bank36 Cr78 Cr50 Cr16 Cr17 Cr28 Cr28 Cr184 Cr
Other assets1,476 Cr1,770 Cr1,051 Cr1,932 Cr340 Cr332 Cr121 Cr457 Cr
Total assets12,422 Cr12,994 Cr4,146 Cr4,747 Cr3,807 Cr3,743 Cr2,892 Cr3,167 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2025Mar 2026
Cash from operating activity-318 Cr-224 Cr-113 Cr—710 Cr2,007 Cr-97 Cr182 Cr
Cash from investing-122 Cr-7 Cr-16 Cr—-1 Cr2 Cr-162 Cr-440 Cr
Cash from financing429 Cr272 Cr102 Cr—-707 Cr-1,999 Cr269 Cr413 Cr
Net cash flow-10 Cr41 Cr-27 Cr—1 Cr11 Cr10 Cr156 Cr
Free cash flow (OCF − Capex)-427 Cr-243 Cr-114 Cr———-141 Cr182 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2025Mar 2026
ROCE %-1.3%-8.1%————-5.9%-7.6%
ROE %-39.9%-228.2%————-61.2%-324.4%
Debtor days2141114149472416
Inventory days12197341268555547968856873913616852
Days payable42730758234197411228929822693
Cash conversion cycle794441697215055457632670933816175
OCF / EBITDA %-929.3%———————
Debt / equity6.1912.06————8.2339.13
Current ratio0.320.160.120.150.120.115.054.49
Net debt / EBITDA260.70———————