Swan Defence and Heavy Industries Ltd

₹ 179 4.99%

09 Jun - 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 ₹ 944 Cr.
Current Price ₹ 179
High / Low ₹ 188 / 36.0
Stock P/E
Book Value ₹ 56.1
Dividend Yield 0.00 %
ROCE -5.76 %
ROE -46.4 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 3.19 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

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	52	35	26	21	11	17	2	0	0	0	1	1	5
	51	118	23	18	62	151	20	6	12	28	35	37	14
Operating Profit	1	-82	3	3	-50	-133	-18	-6	-12	-28	-34	-36	-9
OPM %	1%	-232%	12%	15%	-444%	-773%	-912%				-3,550%	-3,118%	-192%
	1	-9,015	1	1	1	-44	-161	0	0	2	0	1	5
Interest	338	397	357	361	357	394	389	5	10	10	6	2	2
Depreciation	54	-91	17	17	19	18	18	17	17	15	15	15	16
Profit before tax	-390	-9,404	-371	-375	-426	-589	-586	-27	-39	-51	-54	-53	-23
Tax %	0%	4%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-390	-9,795	-371	-375	-426	-589	-586	-27	-39	-51	-54	-53	-23
EPS in Rs	-5.29	-132.80	-5.03	-5.09	-5.77	-7.98	-7.94	-5.21	-7.37	-9.77	-10.31	-10.04	-4.34
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2,534	912	312	563	378	180	75	6	6	3	0	7
	1,907	830	459	529	557	266	253	30	33	36	29	115
Operating Profit	626	81	-147	34	-179	-86	-178	-24	-27	-33	-29	-108
OPM %	25%	9%	-47%	6%	-47%	-48%	-235%	-376%	-421%	-1,039%		-1,536%
	38	31	34	39	-84	-9,011	-42	-1,298	13	19,508	2	8
Interest	477	487	537	626	754	1,368	1,469	2,032	1,999	1,470	26	21
Depreciation	166	204	221	208	208	70	72	74	74	68	68	61
Profit before tax	21	-578	-871	-760	-1,224	-10,536	-1,761	-3,427	-2,086	17,937	-121	-182
Tax %	87%	-36%	-32%	-24%	-17%	4%	0%	0%	0%	0%	0%	0%
	3	-371	-592	-577	-1,012	-10,927	-1,761	-3,427	-2,086	17,937	-121	-182
EPS in Rs	0.04	-5.03	-8.05	-7.84	-13.72	-148.14	-23.87	-46.46	-28.28	243.19	-22.89	-34.45
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-39%
5 Years:	-38%
3 Years:	4%
TTM:	%

Compounded Profit Growth
10 Years:	4%
5 Years:	14%
3 Years:	24%
TTM:	-49%

Stock Price CAGR
10 Years:	12%
5 Years:	154%
3 Years:	283%
1 Year:	%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	-46%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	736	736	736	736	738	738	738	738	738	3	3	53
Reserves	1,607	1,880	1,289	711	-294	-11,159	-12,915	-16,042	-18,127	545	474	243
	5,527	6,893	8,306	9,456	10,689	11,780	12,918	15,433	15,436	2,148	2,219	2,505
	2,210	1,918	1,491	1,519	1,862	2,788	4,007	3,678	5,697	91	48	91
Total Liabilities	10,080	11,427	11,821	12,422	12,994	4,146	4,747	3,807	3,743	2,785	2,743	2,892
	2,865	6,060	5,861	5,654	5,547	2,022	1,973	1,406	1,332	1,232	1,168	1,180
CWIP	3,218	3,519	3,884	4,268	4,692	103	37	37	37	37	43	155
Investments	2	302	302	315	303	303	303	3	4	4	5	5
	3,995	1,546	1,774	2,184	2,453	1,718	2,435	2,361	2,370	1,512	1,528	1,551
Total Assets	10,080	11,427	11,821	12,422	12,994	4,146	4,747	3,807	3,743	2,785	2,743	2,892

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	742	432	-598	-318	-224	-113	-1,183	710	2,007	1,428	-70	-97
	-824	-1,069	-25	-122	-15	-16	49	-1	2	12	-11	-162
	83	617	644	429	280	102	1,099	-707	-1,999	-1,460	91	269
Net Cash Flow	0	-20	20	-10	41	-27	-35	1	11	-20	10	10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	201	18	13	2	14	11	14	149	47	0		24
Inventory Days	85	405	3,982	892	657	1,466	7,331		692,279	1,972,614	1,899,893	165,503
Days Payable	116	399	1,770	313	274	673	4,512		112,894	109,865	49,762	6,677
Cash Conversion Cycle	170	24	2,225	582	396	805	2,833	149	579,431	1,862,749		158,850
Working Capital Days	19	-326	-758	-348	-5,284	-13,573	-34,358	-803,434	-917,525	151,624		70,395
ROCE %	7%	-1%	-3%	-1%	-3%	-2%	-22%	-17%		-26%	-4%	-6%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	94.91%	94.91%	94.91%	94.91%	94.91%	94.91%
	0.14%	0.14%	0.11%	0.51%	0.52%	0.48%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
	7.93%	7.93%	7.93%	7.93%	7.93%	7.93%	0.40%	0.40%	0.40%	0.40%	0.40%	0.40%
	91.93%	91.91%	91.96%	91.56%	91.55%	91.58%	4.66%	4.66%	4.66%	4.66%	4.66%	4.67%
No. of Shareholders	1,95,055	1,93,932	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	30.76%	29.84%	29.84%	25.23%	0.00%	0.00%	0.00%	94.91%	94.91%
	4.58%	5.07%	3.72%	0.29%	0.14%	0.16%	0.51%	0.03%	0.03%
	9.90%	10.57%	8.07%	8.21%	7.92%	7.93%	7.93%	0.40%	0.40%
	54.76%	54.52%	58.37%	66.26%	91.94%	91.91%	91.56%	4.66%	4.67%
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

* 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