Swan Defence and Heavy Industries Ltd

₹ 2,408 3.17%

26 Aug - 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 ₹ 12,760 Cr.
Current Price ₹ 2,408
High / Low ₹ 2,770 / 410
Stock P/E
Book Value ₹ 12.2
Dividend Yield 0.00 %
ROCE -7.61 %
ROE -128 %
Face Value ₹ 10.0

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Pros

Debtor days have improved from 20.6 to 16.0 days.

Cons

Stock is trading at 197 times its book value
Company has low interest coverage ratio.
Company has a low return on equity of -49.6% over last 3 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

	Mar 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0	0	0	0	0	1	1	5	0	40	6	236	31
	5	5	6	12	28	35	37	14	32	47	26	487	52
Operating Profit	-5	-5	-6	-12	-28	-34	-36	-9	-32	-8	-20	-250	-21
OPM %						-3,550%	-3,117%	-192%	-7,529%	-19%	-342%	-106%	-68%
	0	1	0	0	2	0	1	5	18	5	5	130	11
Interest	4	8	5	10	10	6	2	2	2	2	3	5	16
Depreciation	17	17	17	17	15	15	15	16	15	15	16	18	15
Profit before tax	-26	-30	-27	-39	-51	-54	-53	-23	-31	-20	-33	-143	-42
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-26	-30	-27	-39	-51	-54	-53	-23	-31	-20	-33	-143	-42
EPS in Rs	-0.35	-5.66	-5.21	-7.37	-9.77	-10.31	-10.03	-4.34	-5.92	-3.86	-6.34	-27.07	-7.90
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	831	307	519	335	180	75	6	6	3	0	7	282	312
	760	464	496	524	195	252	30	33	36	29	115	591	611
Operating Profit	71	-157	22	-189	-15	-176	-24	-27	-33	-29	-108	-309	-299
OPM %	9%	-51%	4.3%	-56%	-8%	-234%	-376%	-421%	-1,039%		-1,619%	-110%	-96%
	31	40	45	-84	-8,742	-42	-1,298	13	19,508	2	8	158	151
Interest	453	472	573	697	1,278	1,328	2,032	1,999	1,470	26	21	12	26
Depreciation	197	214	201	198	66	75	74	74	68	68	61	63	63
Profit before tax	-548	-804	-706	-1,169	-10,101	-1,621	-3,427	-2,086	17,937	-121	-181	-228	-238
Tax %	-38%	-34%	-26%	-18%	4%	0%	0%	0%	0%	0%	0%	0%
	-341	-529	-523	-956	-10,481	-1,621	-3,427	-2,086	17,937	-121	-181	-228	-238
EPS in Rs	-4.63	-7.18	-7.11	-12.96	-142.10	-21.98	-46.46	-28.29	243.18	-23.04	-34.45	-43.19	-45.17
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-1%
5 Years:	114%
3 Years:	347%
TTM:	4092%

Compounded Profit Growth
10 Years:	5%
5 Years:	14%
3 Years:	23%
TTM:	-50%

Stock Price CAGR
10 Years:	44%
5 Years:	284%
3 Years:	915%
1 Year:	516%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	-50%
Last Year:	-128%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	1,486	958	434	-515	-10,996	-12,617	-16,043	-18,130	542	471	239	12
	6,332	7,657	8,753	9,878	10,916	12,197	15,433	15,436	2,148	2,219	2,505	2,788
	1,867	1,408	1,388	1,676	2,702	3,726	3,678	5,697	91	48	91	310
Total Liabilities	10,421	10,760	11,312	11,777	3,360	4,043	3,805	3,741	2,783	2,740	2,888	3,162
	5,459	5,263	5,064	4,966	1,446	1,480	1,406	1,332	1,232	1,168	1,180	1,187
CWIP	3,419	3,750	4,110	4,486	103	37	37	37	37	43	155	166
Investments	21	21	31	21	20	20	2	2	2	2	2	253
	1,522	1,726	2,108	2,304	1,791	2,506	2,361	2,370	1,513	1,528	1,551	1,556
Total Assets	10,421	10,760	11,312	11,777	3,360	4,043	3,805	3,741	2,783	2,740	2,888	3,162

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	448	-610	-335	-245	-258	-1,253	710	2,007	1,428	-70	-96	182
	-1,009	-22	-100	34	81	41	-1	2	12	-11	-162	-440
	540	651	427	252	151	1,177	-707	-1,999	-1,460	91	268	413
Net Cash Flow	-20	18	-8	41	-27	-35	1	11	-20	10	10	156
Free Cash Flow	-520	-636	-442	-260	-259	-1,253	710	2,007	1,440	-80	-259	104
CFO/OP	639%	386%	-1,550%	134%	1,727%	712%	-2,994%	-7,543%	-4,343%	243%	89%	-59%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	20	13	2	16	11	2	149	47	0		25	16
Inventory Days	551	3,980	1,054	740	1,466	7,331		692,279	1,972,614	1,899,893	165,503	739
Days Payable	541	1,763	364	305	663	4,443		112,894	109,865	49,762	6,676	30
Cash Conversion Cycle	30	2,230	692	451	814	2,891	149	579,431	1,862,749		158,852	725
Working Capital Days	-775	-2,455	-2,023	-9,661	-23,748	-63,737	-969,876	-1,083,806	127,588		63,122	1,099
ROCE %	-1%	-4%	-1%	-3%	-1%	-47%	-33%		-26%	-4%	-6%	-8%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Annual Steel Fabrication Capacity
Tonnes per Annum

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		x	x	x	x	x	x	x	x
	x,xxx							x,xxx	x,xxx

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Permanent Employees on Rolls
Number

Vessels Delivered
Number

Shipyard Area
Acres

Vessels Under Construction / Work-in-Progress
Number

Ship Repair / Refit Orders Completed
Number

Total Workforce (On-roll + Contractual)
Number

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	0.00%	94.91%	94.91%	94.91%	94.91%	94.91%	94.91%	94.91%	94.91%	94.91%	89.90%	89.90%
	0.48%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.01%	0.60%	0.67%
	7.93%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%	0.38%	2.05%	1.93%
	91.58%	4.66%	4.66%	4.66%	4.66%	4.66%	4.67%	4.66%	4.66%	4.70%	7.44%	7.49%
No. of Shareholders	1,91,129	1,01,237	1,01,237	1,01,237	1,01,237	1,00,662	99,428	98,302	96,586	93,166	87,730	84,204

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	30.76%	29.84%	29.84%	25.23%	0.00%	0.00%	0.00%	94.91%	94.91%	89.90%	89.90%
	4.58%	5.07%	3.72%	0.29%	0.14%	0.16%	0.51%	0.03%	0.03%	0.60%	0.67%
	9.90%	10.57%	8.07%	8.21%	7.92%	7.93%	7.93%	0.40%	0.40%	2.05%	1.93%
	54.76%	54.52%	58.37%	66.26%	91.94%	91.91%	91.56%	4.66%	4.67%	7.44%	7.49%
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	87,730	84,204

* 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

Insights

Shareholding Pattern

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