Swan Defence N Hevy IND L
NSE: SWANDEF · Industrial Manufacturing · sector
₹2,696.70NSE close 2026-10-26
Key numbers
Market cap₹14,207 cr
Price₹2,696.70
52w high / low₹3,020 / ₹736
P/E34.2xSector median 30.3x
P/B6.3xSector median 3.0x
Book value₹429.4
Dividend yield–Sector median 0.65%
ROE27.9%Sector median 10.1%
ROCE-5.0%Sector median 11.7%
OPM-90.3%Sector median 11.2%
Debt / equity0.51xSector median 0.26x
EV/EBITDA–Sector median 23.2x
Interest cover-3.9x
Current ratio3.57x
Sales growth 3y–Sector median +18.4%
Profit growth 3y–Sector median +32.6%
PEG–
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 8 companies in Industrial Manufacturing (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹289 cr vs borrowings ₹2,725 cr (FY26): borrowings are higher by ₹2,436 cr.
- Operating profit covered interest -3.9x in the last 12 months.
- Promoter holding fell by 5.01 percentage points in a year, to 89.90% (2026-09-30).
- Net loss in 7 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 58% of net profit in the last 12 months.
- No dividend in the last 2 financial years.
- Price ₹2,696.70 on 2026-10-26: -10.7% from the 52-week high, +266.2% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹2,944.70 · low ₹43.65
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 5 | 0 | 40 | 6 | 236 | 31 | 69 |
| EBITDA | -36 | -12 | -32 | -8 | -20 | -250 | -21 | -17 |
| OPM % | -3,118.1% | -237.7% | -7,528.6% | -19.4% | -341.4% | -106.0% | -68.4% | -24.7% |
| Other income | 1 | 7 | 18 | 5 | 5 | 130 | 11 | 57 |
| Net profit | -53 | -23 | -31 | -20 | -33 | -142 | -42 | 566 |
| EPS (₹) | -10.13 | -4.32 | -5.84 | -3.77 | 6.28 | -26.98 | -7.91 | 107.52 |
| Revenue YoY | +406.0% | +4,712.2% | +7,188.1% | +74.0% | ||||
| Profit YoY | – | – | – | – |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY25 | FY26 | TTM |
|---|---|---|---|
| Revenue | 7 | 282 | 342 |
| EBITDA | -110 | -310 | -308 |
| Net profit | -181 | -226 | 350 |
| EPS (₹) | -51.51 | -42.88 | 78.91 |
| Revenue growth | +3,913.4% | +641.7% | |
| Profit growth | – | – | |
| Dividend / share (₹) | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +641.7% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | – (2y) | +319.4% |
Balance sheet
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Shareholders' equity | 296 | 70 |
| Borrowings | 2,432 | 2,725 |
| Cash & equivalents | 28 | 289 |
| Total assets | 2,892 | 3,167 |
| Fixed assets | 1,180 | 1,138 |
| Capital work in progress | 155 | 166 |
| Investments | 0 | 258 |
| Receivables | 0 | 12 |
| Inventory | 1,401 | 952 |
| Payables | 57 | 39 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY25 | FY26 |
|---|---|---|
| Cash from operations | -97 | 182 |
| Cash from investing | -162 | -440 |
| Cash from financing | 269 | 413 |
| Capex | 44 | 0 |
| Free cash flow | -141 | 182 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY25 | FY26 |
|---|---|---|
| ROE % | -61.2% | -324.4% |
| ROCE % | -5.9% | -7.7% |
| Debtor days | 24 | 16 |
| Inventory days | 1,65,503 | 739 |
| Payable days | 6,677 | 30 |
| Cash conversion cycle (days) | 1,58,850 | 725 |
| Working capital days | 61,405 | 1,472 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 89.90% |
| FIIs | 0.71% |
| DIIs | 1.73% |
| of which Mutual funds | 1.67% |
| of which Insurance | 0.05% |
| Public (non-institutions) | 7.66% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 94.91% | 94.91% | 94.91% | 94.91% | 89.90% | 89.90% | 89.90% | 89.90% |
| Promoter group | % |
|---|---|
| Hazel Infra Limited | 89.90% |
| Swan Corp Limited (formerly known as Swan Energy Limited) | 0.00% |
| Public holders above 1% | % |
|---|---|
| Quant Mutual Fund-quant Elss TAX Saver Fund | 1.25% |
| Zerodha Broking | 1.04% |
| Vistra Itcl India Limited | 1.00% |
81,042 shareholders. Pledged: – of promoter shares.
Peers in Industrial Manufacturing
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| MAZDOCK | ₹75,634 cr | 26.5x | 7.8x | 32.3% | 35.3% | 19.3% | +18.4% | 1.02% |
| COCHINSHIP | ₹29,831 cr | 43.9x | 5.1x | 11.9% | 15.2% | 15.1% | +28.5% | 0.86% |
| SWANDEF | ₹14,207 cr | 34.2x | 6.3x | 27.9% | -5.0% | -90.3% | – | – |
| TITAGARH | ₹8,746 cr | 45.8x | 3.6x | 7.7% | 12.0% | 11.2% | +18.2% | 0.56% |
| JWL | ₹7,462 cr | 46.4x | 2.5x | 5.8% | 8.1% | 11.2% | +12.1% | 0.56% |
| TEXRAIL | ₹4,022 cr | 18.5x | 1.7x | 8.3% | 11.5% | 8.8% | +25.0% | 0.74% |
| ORIRAIL | ₹762 cr | 14.7x | 1.7x | 12.3% | 12.6% | 15.5% | +62.1% | 0.09% |
| HRYNSHP | ₹56 cr | 2.4x | 0.4x | 2.8% | 0.5% | -351.7% | -59.9% | – |
Documents
- Annual report FY26
- Annual report FY25
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Industrial Manufacturing |
| Sub-industry | Ship Building & Allied Services |
| Symbol | SWANDEF |
| BSE code | 533107 |
| ISIN | INE542F01020 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.