Swan Defence and Heavy Industries
- Market cap
- ₹ 14,346 Cr.
- P/E
- 40.3x
- P/B
- 215.96x
- 52-week range
- 773.25 – 3,020
- ROE
- −124%
- ROCE
- −8%
- Dividend yield
- 0%
- Debt / equity
- 40.03
- Sector
- Industrial Manufacturing
- Industry
- Ship Building & Allied Services
- Listed on
- NSE, BSE
About
Swan Defence and Heavy Industries Limited is an India-based shipbuilding and heavy fabrication company. The Company is engaged in the business of shipbuilding and repairs. It operates an integrated shipbuilding facility with a 662 M x 65 M dry dock. The facility houses a modular shipbuilding facility with a capacity to build fully fabricated and outfitted blocks. The fabrication facility is spread over 2.1 million square feet. The shipyard has a pre-erection berth of 980 meters and 40 meters width, and two Goliath cranes with a combined lifting capacity of 1,200 tons, besides outfitting berth length of 780 meters. Its capabilities include design and construction of offshore patrol vessels (OPVs), landing platform docks (LPDs), frigates, corvettes, research vessels, submarines, and aircraft carriers. It undertakes repair and maintenance on all types of ships and rigs. Its repair and upgrade work includes steel repairs; propeller repairs; tail shaft and rudder repairs, and others.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Ship Building & Allied Services: 5 companies →Swan Defence and Heavy Industries against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)40.3 against a typical 28.5: pricier than most peers (1st = cheapest).4th of 5
- Sales growth+72.5% against a typical +42.3% from a year earlier.2nd of 4
- Share price, 3 months+8% against a typical −20.8%.1st of 4
- Size₹ 14,346.4 Cr. market value against a typical ₹ 14,346.4 Cr. (1st = largest).3rd of 5
Latest announcements
Exchange filings and their impact on the company.
- Q2 revenue jumped to Rs 68.9 cr and Rs 563 cr merger tax write-back drove Rs 567 cr profit and cut debt sharply.
Swan Defence reported Q2 revenue of Rs 68.9 cr, up from Rs 30.6 cr in Q1 and Rs 39.6 cr last year, with a small pre-tax profit of Rs 4 cr versus a Rs 41.6 cr loss in Q1. Net profit of Rs 567 cr was driven by a Rs 563 cr write-back of tax provisions after the merger of Triumph Offshore, effective 17 September. The merger adds Rs 1,595 cr of preference capital pending allotment, lifts total equity to Rs 2,357 cr and cuts borrowings to Rs 1,144 cr from Rs 2,721 cr.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Moderate safety, with caution
Rated BBB by ICRA- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | [ICRA]BBB | Stable | 22 Jul 2026 |
| Brickwork | Withdrawn | — | 6 Jul 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 22 Jul 2026 | New rating | [ICRA]BBB | — | ICRA | ₹ 2,650 Cr. | |
| 6 Jul 2026 | Withdrawn | — | — | Brickwork | ₹ 9,037.49 Cr. | |
| 12 Feb 2026 | Reaffirmed | BWR D | — | Brickwork | ₹ 9,037.49 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 12 Oct 2026 | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 11 Aug 2026 | Financial Results | To consider and approve the financial results for the quarter ended Jun 30, 2026 |
| 27 May 2026 | Financial Results/Fund Raising | To consider and approve the financial results for the period ended March 31, 2026 and Fund Raising |
| 4 Feb 2026 | Financial Results | Board Meeting Intimation for Board Meeting Intimation For Approval Of Quarterly Financial Results For The Quarter and Nine Months ended 31st December, 2025. |
| 12 Nov 2025 | Financial Results/Fund Raising/Other business matters | To consider and approve the financial results for the period ended September 30, 2025, Fund Raising and other business matters |
| 1 Aug 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2025 and other business matters |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 1 | 1 | 5 | 0 | 40 | 6 | 236 | 31 | 69 |
| Expenses | 6 | 12 | 28 | 35 | 38 | 14 | 32 | 48 | 26 | 487 | 52 | 87 |
| Operating Profit | −6 | −12 | −28 | −34 | −37 | −9 | −32 | −8 | −20 | −250 | −21 | −18 |
| OPM % | — | — | — | −3,550% | −3,159% | −192% | −7,529% | −20% | −341% | −106% | −69% | −26% |
| Other Income | 0 | 0 | 2 | 1 | 1 | 5 | 18 | 31 | 5 | 131 | 12 | 57 |
| Interest | 5 | 10 | 10 | 6 | 2 | 2 | 2 | 2 | 3 | 5 | 17 | 19 |
| Depreciation | 17 | 17 | 15 | 15 | 15 | 16 | 15 | 15 | 16 | 18 | 15 | 17 |
| Profit before tax | −27 | −39 | −51 | −53 | −53 | −23 | −31 | 6 | −33 | −142 | −42 | 3 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 110% | 0% | 0% | 0% | −17,117% |
| Net Profit | −27 | −39 | −51 | −53 | −53 | −23 | −31 | −1 | −33 | −142 | −42 | 566 |
| EPS in Rs | −5.21 | −7.37 | −9.77 | −10.13 | −10.13 | −4.34 | −5.84 | −0.1 | −6.28 | −27 | −7.91 | 107.52 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- −1%
- 5 Years
- 114%
- 3 Years
- 347%
- TTM
- 642%
- 10 Years
- 5%
- 5 Years
- 14%
- 3 Years
- 23%
- TTM
- 432%
- 10 Years
- 48%
- 5 Years
- 297%
- 3 Years
- —
- TTM
- —
- 10 Years
- —
- 5 Years
- —
- 3 Years
- −49%
- TTM
- —
Peers
Listed companies in the same business.
| Swan Defence and Heavy Industries | ₹ 2,630.00 | ₹ 14,346 Cr. | 40.3x | 216x | −124% | — |
| Mazagon Dock Shipbuilders | ₹ 1,862.00 | ₹ 75,109 Cr. | 36.6x | 9.7x | 31.2% | 20% |
| Cochin Shipyard | ₹ 1,143.00 | ₹ 30,070 Cr. | 51.5x | 6.3x | 12.5% | 14.3% |
| Great Eastern Shipping Company | ₹ 1,490.00 | ₹ 21,898 Cr. | 7.7x | 1.1x | 18.9% | 54.4% |
| Shipping Corporation of India | ₹ 237.95 | ₹ 11,084 Cr. | 9.7x | 1.4x | 15.5% | 23.4% |
| Seamec | ₹ 1,538.50 | ₹ 3,926 Cr. | 14x | 2.7x | 21.8% | 26.6% |
Management
- Nikhil Vasantlal Merchant
- Non-Executive Chairman of the Board, Managing Director
- Vipin Kumar Saxena
- Chief Executive Officer
- Jignesh Shah
- Chief Financial Officer
- Priti P. Dave
- Compliance Officer, Company Secretary
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