Swan Defence and Heavy Industries Ltd

₹ 1,088 5.00%

24 Nov - close price

About

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]

Key Points

Operational Overview:^[1]
a) Expansive Infrastructure:
The company boasts one of the world’s largest shipbuilding infrastructures, featuring a 662 x 65 m dry dock with a capacity of 4 lakh DWT. This dry dock can be split into multiple slots, allowing the simultaneous construction and delivery of several vessels.

Website BSE NSE - BE

Market Cap ₹ 5,731 Cr.
Current Price ₹ 1,088
High / Low ₹ 1,143 / 36.0
Stock P/E
Book Value ₹ 45.6
Dividend Yield 0.00 %
ROCE -5.77 %
ROE -46.8 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 23.8 times its book value
Company has low interest coverage ratio.
The company has delivered a poor sales growth of -37.8% over past five years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Manufacturing Ship Building & Allied Services

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	2	1	0	0	0	0	0	0	1	1	5	0	40
	26	9	14	5	5	6	12	28	35	37	14	32	47
Operating Profit	-24	-8	-13	-5	-5	-6	-12	-28	-34	-36	-9	-32	-8
OPM %	-1,170%	-1,212%	-3,370%						-3,550%	-3,118%	-192%	-7,529%	-19%
	2	1	1	0	1	0	0	2	0	1	5	18	5
Interest	498	503	508	4	8	5	10	10	6	2	2	2	2
Depreciation	17	17	17	17	17	17	17	15	15	15	16	15	15
Profit before tax	-537	-527	-538	-26	-30	-27	-39	-51	-54	-53	-23	-31	-20
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-537	-527	-538	-26	-30	-27	-39	-51	-54	-53	-23	-31	-20
EPS in Rs	-7.28	-7.15	-7.30	-0.35	-5.66	-5.21	-7.37	-9.77	-10.31	-10.03	-4.34	-5.92	-3.86
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	2,279	831	307	519	335	180	75	6	6	3	0	7	46
	1,664	760	464	496	524	195	252	30	33	36	29	115	131
Operating Profit	615	71	-157	22	-189	-15	-176	-24	-27	-33	-29	-108	-85
OPM %	27%	9%	-51%	4%	-56%	-8%	-234%	-376%	-421%	-1,039%		-1,536%	-184%
	39	31	40	45	-84	-8,742	-42	-1,298	13	19,508	2	8	28
Interest	465	453	472	573	697	1,278	1,328	2,032	1,999	1,470	26	21	10
Depreciation	162	197	214	201	198	66	75	74	74	68	68	61	61
Profit before tax	28	-548	-804	-706	-1,169	-10,101	-1,621	-3,427	-2,086	17,937	-121	-181	-127
Tax %	70%	-38%	-34%	-26%	-18%	4%	0%	0%	0%	0%	0%	0%
	8	-341	-529	-523	-956	-10,481	-1,621	-3,427	-2,086	17,937	-121	-181	-127
EPS in Rs	0.11	-4.63	-7.18	-7.11	-12.96	-142.10	-21.98	-46.46	-28.29	243.18	-23.04	-34.45	-24.15
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-38%
5 Years:	-38%
3 Years:	4%
TTM:	4698%

Compounded Profit Growth
10 Years:	4%
5 Years:	14%
3 Years:	24%
TTM:	27%

Stock Price CAGR
10 Years:	33%
5 Years:	221%
3 Years:	630%
1 Year:	%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	-47%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	736	736	736	736	738	738	738	738	738	3	3	53	53
Reserves	1,601	1,486	958	434	-515	-10,996	-12,617	-16,043	-18,130	542	471	239	188
	5,155	6,332	7,657	8,753	9,878	10,916	12,197	15,433	15,436	2,148	2,219	2,505	2,615
	2,102	1,867	1,408	1,388	1,676	2,702	3,726	3,678	5,697	91	48	91	52
Total Liabilities	9,595	10,421	10,760	11,312	11,777	3,360	4,043	3,805	3,741	2,783	2,740	2,888	2,907
	2,715	5,459	5,263	5,064	4,966	1,446	1,480	1,406	1,332	1,232	1,168	1,180	1,203
CWIP	3,158	3,419	3,750	4,110	4,486	103	37	37	37	37	43	155	160
Investments	21	21	21	31	21	20	20	2	2	2	2	2	22
	3,701	1,522	1,726	2,108	2,304	1,791	2,506	2,361	2,370	1,513	1,528	1,551	1,522
Total Assets	9,595	10,421	10,760	11,312	11,777	3,360	4,043	3,805	3,741	2,783	2,740	2,888	2,907

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	942	448	-610	-335	-245	-258	-1,253	710	2,007	1,428	-70	-97
	-838	-1,009	-22	-100	34	81	41	-1	2	12	-11	-162
	-104	540	651	427	252	151	1,177	-707	-1,999	-1,460	91	269
Net Cash Flow	0	-20	18	-8	41	-27	-35	1	11	-20	10	10

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	216	20	13	2	16	11	2	149	47	0		24
Inventory Days	113	551	3,980	1,054	740	1,466	7,331		692,279	1,972,614	1,899,893	165,503
Days Payable	138	541	1,763	364	305	663	4,443		112,894	109,865	49,762	6,676
Cash Conversion Cycle	191	30	2,230	692	451	814	2,891	149	579,431	1,862,749		158,851
Working Capital Days	-345	-775	-2,455	-2,023	-9,661	-23,748	-63,737	-969,876	-1,083,806	127,588		59,890
ROCE %	7%	-1%	-4%	-1%	-3%	-1%	-47%	-33%		-26%	-4%	-6%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	0.00%	0.00%	0.00%	0.00%	94.91%	94.91%	94.91%	94.91%	94.91%	94.91%	94.91%	94.91%
	0.11%	0.51%	0.52%	0.48%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
	7.93%	7.93%	7.93%	7.93%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%
	91.96%	91.56%	91.55%	91.58%	4.66%	4.66%	4.66%	4.66%	4.66%	4.67%	4.66%	4.66%
No. of Shareholders	1,93,492	1,92,978	1,91,285	1,91,129	1,01,237	1,01,237	1,01,237	1,01,237	1,00,662	99,428	98,302	96,586

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	30.76%	29.84%	29.84%	25.23%	0.00%	0.00%	0.00%	94.91%	94.91%	94.91%
	4.58%	5.07%	3.72%	0.29%	0.14%	0.16%	0.51%	0.03%	0.03%	0.03%
	9.90%	10.57%	8.07%	8.21%	7.92%	7.93%	7.93%	0.40%	0.40%	0.40%
	54.76%	54.52%	58.37%	66.26%	91.94%	91.91%	91.56%	4.66%	4.67%	4.66%
No. of Shareholders	1,30,628	1,44,680	1,52,654	1,58,607	1,81,668	1,95,149	1,92,978	1,01,237	99,428	96,586

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Swan Defence and Heavy Industries Ltd

Swan Defence and Heavy Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

Annual reports