Swan Defence and Heavy Industries Ltd.

•

sdhi.co.inBSE: 533107NSE: SWANDEF

Market Cap₹ 14,398 Cr.

Current Price

High / Low₹ 2,750 / 550

Stock P/E—

Book Value₹ 5

Price to Book120.53

Dividend Yield0.00 %

ROCE-7.8 %

ROE-124.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Shipbuilding & Repairs: 100.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Operating margins have improved to -109.8% from -1464.1%
Company has delivered good sales growth of 113.9% CAGR over last 5 years
Institutional investors have been accumulating - FII+DII up 2.2pp

CONS

Company is loss-making at the operating / net level
Company has a high debt-to-equity of 39.13x
Company has a low return on equity of -66.6% over last 3 years
Interest coverage is weak at -17.5x - earnings barely cover interest
Company has a low return on capital employed of -5.8%
Promoter holding has decreased over last 2 years: -5.0pp

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsShip BuildingShip Building

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	MAZDOCK	2335.50	32.97	94209.40	0.78	550.46	21.74	2942.70	12.08	36.51	16.48
2.	COCHINSHIP	1381.50	53.44	36344.61	0.65	151.45	-19.37	1094.21	2.40	17.60	17.65
3.	GRSE	2425.50	34.70	27784.59	0.81	172.84	43.82	1814.62	38.53	43.66	8.22
4.	SWANDEF	2732.95	0.00	14397.77	0.00	-41.68	-33.72	30.61	7188.33	-7.79	-68.66
5.	KMEW	2869.80	56.18	7279.05	0.00	62.75	466.05	115.41	138.11	24.88	63.61

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 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
	6	5	6	12	28	35	37	14	32	47	26	487	83
Operating Profit	-6	-5	-6	-12	-28	-34	-36	-9	-32	-8	-20	-250	-53
OPM %	—	—	—	—	—	-3550.00%	-3118.10%	-192.26%	-7528.57%	-19.43%	-341.57%	-105.98%	-171.84%
	1	1	0	0	2	0	1	5	18	5	5	130	11
Interest	3	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	-25	-30	-27	-39	-51	-54	-53	-23	-31	-20	-33	-143	-42
Tax %	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%	-0.00%
Net Profit	0	0	0	0	-51	-54	-53	-23	-31	-20	-33	-142	-42
	-94.06	-109.35	-100.59	-145.55	-192.12	-16.39	-10.13	-4.32	-5.84	-3.77	-6.28	-26.98	-7.91

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	563	378	180	75	6	6	3	0	7	282	312
	564	848	389	278	30	33	54	29	115	592	643
Operating Profit	-1	-469	-209	-203	-24	-27	-51	-29	-108	-310	-331
OPM %	-0.12%	-124.02%	-116.25%	-268.65%	-375.82%	-420.95%	-1609.61%	—	-1534.69%	-109.79%	-105.89%
	74	207	-8,888	-17	-1,298	13	19,526	2	8	158	151
Interest	626	754	1,368	1,469	2,032	1,999	1,470	26	21	12	26
Depreciation	208	208	70	72	74	74	68	68	61	63	63
Profit before Tax	-760	-1,224	-10,536	-1,761	-3,427	-2,086	17,937	-121	-182	-228	-238
Tax %	24.05%	17.35%	-3.71%	-0.00%	-0.00%	-0.00%	0.00%	-0.00%	-0.00%	-0.00%	-0.00%
Net Profit	-577	-1,012	-10,927	-1,761	-3,427	-2,086	17,937	-121	-182	-228	-238
EPS	0.00	0.00	0.00	0.00	-46.45	-28.28	66875.98	-449.61	-34.36	-42.88	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -1%
5 Years:: 114%
3 Years:: 347%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 421%

RETURN ON EQUITY

10 Years:: -34%
5 Years:: -40%
3 Years:: -67%
Last Year:: -125%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	736	738	738	738	738	738	3	3	53	53
	711	-294	-11,159	-12,915	-16,042	-18,127	545	424	243	17
	8,951	5,405	6,250	7,405	2,978	2,973	2,131	2,207	2,492	2,771
Trade Payables	272	292	285	305	322	340	78	37	57	39
	1,619	6,509	8,032	9,215	15,811	17,819	29	73	48	288
Total Liabilities	12,289	12,650	4,146	4,747	3,807	3,743	2,785	2,743	2,892	3,167
	5,654	5,547	2,022	1,973	1,406	1,332	1,232	1,168	1,180	1,187
Capital Work in Progress	4,173	4,692	103	37	37	37	37	43	155	166
	315	303	303	303	3	4	4	5	5	258
	775	698	622	495	2,089	2,086	1,405	1,405	1,401	952
	0	0	0	0	0	0	0	0	0	12
Cash & Bank	119	177	56	16	19	28	8	19	29	289
	1,252	1,232	1,040	1,924	253	256	99	104	120	302
Total Assets	12,289	12,650	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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-330	-230	-127	-1,186	709	2,007	1,425	-70	-96	182
Cash from Investing	-122	-15	-16	49	-1	2	12	-11	-162	-440
Cash from Financing	429	280	102	1,099	-707	-1,999	-1,460	91	268	413
	-10	41	-27	-35	1	11	-20	10	10	156

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	94.91	94.91	94.91	94.91	94.91	94.91	94.91	89.90	89.90
	0.03	0.03	0.03	0.02	0.03	0.03	0.01	0.61	0.67
	0.40	0.40	0.40	0.40	0.40	0.40	0.38	2.05	1.93
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.66	4.66	4.66	4.66	4.66	4.66	4.70	7.44	7.49

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-12

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-12 - Swan Defence and Heavy Industries Limited has informed the Exchange about Schedule of Investors meet

2026-09-02

Shareholders meeting

2026-09-02 - Swan Defence and Heavy Industries Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 02, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.

2026-08-26

Amalgamation/Merger

2026-08-26 - Swan Defence and Heavy Industries Limited has informed the Exchange about the receipt of the certified true copy of the Order obtained from the Hon ble National Company Law Tribunal, Ahmedabad Bench in the matter of Scheme of Arrangement and Amalgamation between Triumph Offshore Private Limited ("Transferor Company") and Swan Defence and Heavy Industries Limited ("Transferee Company") and their respective shareholders and creditors.

2026-08-20

Copy of Newspaper Publication

2026-08-20 - Swan Defence and Heavy Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12

Copy of Newspaper Publication

2026-08-12 - Swan Defence and Heavy Industries Limited has informed the Exchange about Copy of Newspaper Publication regarding the Notice of the 29th Annual General Meeting of the Company.

2026-08-12

Copy of Newspaper Publication

2026-08-12 - Swan Defence and Heavy Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-11

Outcome of Board Meeting

2026-08-11 - Swan Defence and Heavy Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-11

Copy of Newspaper Publication

2026-08-11 - Swan Defence and Heavy Industries Limited has informed the Exchange about Copy of Newspaper Publication regarding the Notice of the 29th Annual General Meeting of the Company.

2026-08-10

Shareholders meeting

2026-08-10 - Swan Defence and Heavy Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 02, 2026

News

Recent coverage and analyst commentary for SWANDEF

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Swan Defence and Heavy Industries Ltd.

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Name

MAZDOCK

2335.50

32.97

94209.40

0.78

550.46

21.74

2942.70

12.08

36.51

16.48

COCHINSHIP

1381.50

53.44

36344.61

0.65

151.45

-19.37

1094.21

2.40

17.60

17.65

GRSE

2425.50

34.70

27784.59

0.81

172.84

43.82

1814.62

38.53

43.66

8.22

SWANDEF

2732.95

0.00

14397.77

0.00

-41.68

-33.72

30.61

7188.33

-7.79

-68.66

KMEW

2869.80

56.18

7279.05

0.00

62.75

466.05

115.41

138.11

24.88

63.61

Jun 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

236

487

Operating Profit

-6

-5

-6

-12

-28

-34

-36

-9

-32

-8

-20

-250

-53

OPM %

—

-3550.00%

-3118.10%

-192.26%

-7528.57%

-19.43%

-341.57%

-105.98%

-171.84%

130

Interest

Depreciation

Profit before Tax

-25

-30

-27

-39

-51

-54

-53

-23

-31

-20

-33

-143

-42

Tax %

-0.00%

Net Profit

-51

-54

-53

-23

-31

-20

-33

-142

-42

-94.06

-109.35

-100.59

-145.55

-192.12

-16.39

-10.13

-4.32

-5.84

-3.77

-6.28

-26.98

-7.91

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

563

378

180

282

312

564

848

389

278

115

592

643

Operating Profit

-1

-469

-209

-203

-24

-27

-51

-29

-108

-310

-331

OPM %

-0.12%

-124.02%

-116.25%

-268.65%

-375.82%

-420.95%

-1609.61%

—

-1534.69%

-109.79%

-105.89%

207

-8,888

-17

-1,298

19,526

158

151

Interest

626

754

1,368

1,469

2,032

1,999

1,470

Depreciation

208

Profit before Tax

-760

-1,224

-10,536

-1,761

-3,427

-2,086

17,937

-121

-182

-228

-238

Tax %

24.05%

17.35%

-3.71%

-0.00%

0.00%

-0.00%

Net Profit

-577

-1,012

-10,927

-1,761

-3,427

-2,086

17,937

-121

-182

-228

-238

EPS

0.00

-46.45

-28.28

66875.98

-449.61

-34.36

-42.88

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

736

738

711

-294

-11,159

-12,915

-16,042

-18,127

545

424

243

8,951

5,405

6,250

7,405

2,978

2,973

2,131

2,207

2,492

2,771

Trade Payables

272

292

285

305

322

340

1,619

6,509

8,032

9,215

15,811

17,819

288

Total Liabilities

12,289

12,650

4,146

4,747

3,807

3,743

2,785

2,743

2,892

3,167

5,654

5,547

2,022

1,973

1,406

1,332

1,232

1,168

1,180

1,187

Capital Work in Progress

4,173

4,692

103

155

166

315

303

258

775

698

622

495

2,089

2,086

1,405

1,401

952

Cash & Bank

119

177

289

1,252

1,232

1,040

1,924

253

256

104

120

302

Total Assets

12,289

12,650

4,146

4,747

3,807

3,743

2,785

2,743

2,892

3,167

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-330

-230

-127

-1,186

709

2,007

1,425

-70

-96

182

Cash from Investing

-122

-15

-16

-1

-11

-162

-440

Cash from Financing

429

280

102

1,099

-707

-1,999

-1,460

268

413

-10

-27

-35

-20

156

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

94.91

89.90

0.03

0.02

0.03

0.01

0.61

0.67

0.40

0.38

2.05

1.93

Government

0.00

4.66

4.70

7.44

7.49

Swan Defence and Heavy Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Swan Defence and Heavy Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI