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Swing Capital

Swan Defence and Heavy Industries Ltd

NSE: SWANDEF BSE: 533107Infra

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]

₹1,897
52W: ₹155 — ₹2518
PE 0 · Book ₹45.6 · +4060% vs book
Market Cap₹9,994 Cr
Stock P/E—Price to Earnings
ROCE5.77%Return on Capital
ROE46.8%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Stock is trading at 41.4 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

Shareholding Pattern

Promoters89.9%
FIIs0.6%
DIIs2.05%
Public7.44%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters94.91%94.91%94.91%94.91%94.91%94.91%94.91%89.9%▼5.0
FIIs0.03%0.03%0.03%0.03%0.03%0.03%0.01%▼0.00.6%▲0.6
DIIs0.4%0.4%0.4%0.4%0.4%0.4%0.38%▼0.02.05%▲1.7
Public4.66%4.66%4.66%4.67%▲0.04.66%▼0.04.66%4.7%▲0.07.44%▲2.7

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales00001150406
Expenses561228353714324726
Operating Profit-5-6-12-28-34-36-9-32-8-20
OPM %0%0%0%0%-3550%-3117%-192%-7529%-19%-342%
Net Profit-30-27-39-51-54-53-23-31-20-33
EPS ₹-5.66-5.21-7.37-9.77-10.31-10.03-4.34-5.92-3.86-6.34

AI Insights

Revenue Trend

TTM revenue at ₹51Cr, up 628.6% YoY. OPM at -136%.

Debt Position

Borrowings at ₹2,615Cr. Debt-to-equity ratio: 13.91x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹160Cr (13% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.05% (-5.88pp change). FIIs: 0.6% (+0.08pp change). Promoters hold 89.9%.

Margin & Efficiency

ROCE declining from 7% (Mar 2014) to -6% (Mar 2025). Working capital days: 59890.

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