Swan Defence and Heavy Industries Ltd

₹ 2,730 1.53%

11 Sep 1:37 p.m.

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 ₹ 14,382 Cr.
Current Price ₹ 2,730
High / Low ₹ 2,770 / 550
Stock P/E
Book Value ₹ 13.2
Dividend Yield 0.00 %
ROCE -7.60 %
ROE -124 %
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 205 times its book value
Company has low interest coverage ratio.
Company has a low return on equity of -48.9% 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

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Jun 2020	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	17	2	0	0	0	1	1	5	0	40	6	236	31
	151	20	6	12	28	35	38	14	32	47	26	487	52
Operating Profit	-133	-18	-6	-12	-28	-34	-37	-9	-32	-8	-20	-250	-21
OPM %	-773%	-912%				-3,550%	-3,159%	-192%	-7,529%	-19%	-341%	-106%	-69%
	-44	-161	0	0	2	1	1	5	18	5	5	131	11
Interest	394	389	5	10	10	6	2	2	2	2	3	5	16
Depreciation	18	18	17	17	15	15	15	16	15	15	16	18	15
Profit before tax	-589	-586	-27	-39	-51	-53	-53	-23	-31	-20	-33	-142	-42
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	-589	-586	-27	-39	-51	-53	-53	-23	-31	-20	-33	-142	-42
EPS in Rs	-7.98	-7.94	-5.21	-7.37	-9.77	-10.13	-10.13	-4.34	-5.84	-3.77	-6.28	-27.00	-7.91
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	912	312	563	378	180	75	6	6	3	0	7	282	312
	830	459	529	557	266	253	30	33	36	29	115	591	611
Operating Profit	81	-147	34	-179	-86	-178	-24	-27	-33	-29	-108	-309	-299
OPM %	9%	-47%	6%	-47%	-48%	-235%	-376%	-421%	-1,039%		-1,619%	-110%	-96%
	31	34	39	-84	-9,011	-42	-1,298	13	19,508	2	8	158	152
Interest	487	537	626	754	1,368	1,469	2,032	1,999	1,470	26	21	12	26
Depreciation	204	221	208	208	70	72	74	74	68	68	61	63	63
Profit before tax	-578	-871	-760	-1,224	-10,536	-1,761	-3,427	-2,086	17,937	-121	-182	-228	-237
Tax %	-36%	-32%	-24%	-17%	4%	0%	0%	0%	0%	0%	0%	0%
	-371	-592	-577	-1,012	-10,927	-1,761	-3,427	-2,086	17,937	-121	-181	-226	-237
EPS in Rs	-5.03	-8.05	-7.84	-13.72	-148.14	-23.87	-46.46	-28.28	243.19	-22.89	-34.36	-42.88	-44.96
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:	47%
5 Years:	291%
3 Years:	950%
1 Year:	409%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	-49%
Last Year:	-124%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	1,880	1,289	711	-294	-11,159	-12,915	-16,042	-18,127	545	474	243	17
	6,893	8,306	9,456	10,689	11,780	12,918	15,433	15,436	2,148	2,219	2,505	2,788
	1,918	1,491	1,519	1,862	2,788	4,007	3,678	5,697	91	48	91	310
Total Liabilities	11,427	11,821	12,422	12,994	4,146	4,747	3,807	3,743	2,785	2,743	2,892	3,167
	6,060	5,861	5,654	5,547	2,022	1,973	1,406	1,332	1,232	1,168	1,180	1,187
CWIP	3,519	3,884	4,268	4,692	103	37	37	37	37	43	155	166
Investments	302	302	315	303	303	303	3	4	4	5	5	258
	1,546	1,774	2,184	2,453	1,718	2,435	2,361	2,370	1,512	1,528	1,551	1,556
Total Assets	11,427	11,821	12,422	12,994	4,146	4,747	3,807	3,743	2,785	2,743	2,892	3,167

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	432	-598	-318	-224	-113	-1,183	710	2,007	1,428	-70	-96	182
	-1,069	-25	-122	-15	-16	49	-1	2	12	-11	-162	-440
	617	644	429	280	102	1,099	-707	-1,999	-1,460	91	268	413
Net Cash Flow	-20	20	-10	41	-27	-35	1	11	-20	10	10	156
Free Cash Flow	-538	-625	-427	-243	-114	-1,162	710	2,007	1,440	-80	-259	104
CFO/OP	540%	401%	-966%	129%	148%	667%	-2,994%	-7,543%	-4,343%	243%	89%	-59%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	18	13	2	14	11	14	149	47	0		25	16
Inventory Days	405	3,982	892	657	1,466	7,331		692,279	1,972,614	1,899,893	165,503	739
Days Payable	399	1,770	313	274	673	4,512		112,894	109,865	49,762	6,676	30
Cash Conversion Cycle	24	2,225	582	396	805	2,833	149	579,431	1,862,749		158,852	725
Working Capital Days	-817	-2,952	-2,287	-9,356	-25,570	-68,665	-969,876	-1,083,806	127,588		63,122	1,099
ROCE %	-1%	-3%	-1%	-3%	-2%	-22%	-17%		-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 ・Standalone data

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	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
	xx	xx	xx	xx	x	x	x	x	x
		x	x	x	x	x	x	x	x
	x,xxx							x,xxx	x,xxx

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Permanent Employees on Rolls
Number ・Standalone data

Vessels Delivered
Number ・Standalone data

Shipyard Area
Acres ・Standalone data

Vessels Under Construction / Work-in-Progress
Number ・Standalone data

Ship Repair / Refit Orders Completed
Number ・Standalone data

Total Workforce (On-roll + Contractual)
Number ・Standalone data

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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

Documents

Announcements

Annual reports

Credit ratings

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