SWANDEFIndustrials

Swan Defence and Heavy Industries Limited

Ship Building & Allied Services · ISIN INE542F01020 · BSE 533107 · NSE BE · FV ₹10
Last price
₹2,794
+0.42%today
What this company does

Swan Defence and Heavy Industries Limited operates in Ship Building & Allied Services, part of the Industrials sector. It booked ₹69 cr of revenue in its latest quarter (Q2 FY27) and kept 822.8% of sales as profit. It is the 3rd largest of 3 Ship Building & Allied Services companies we track, by market value.

In the report:
58out of 100
Equitytale Health Score
Mixed

Healthier than 58% of companies in Industrials, on the 4 of 6 measures we could read for it. Each measure is ranked against the 227–284 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
54

At close. Not part of the score.

Profitability & returns65

How much profit it earns on the money it employs

Balance sheet34

How much it owes, and whether earnings cover the interest

Valuation59

What today's price implies, against our models or its peers

Governance & risk88

How much of the promoters' stake is pledged, and how much they hold

Not measurable for this company: cash quality, growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Looks broadly healthy
Strengths
✓ Makes a profit
✓ Strong 823% net margin
✓ Sales up 74% vs last year
✓ Promoters hold 90%
✓ No promoter shares pledged
✓ Strong 100% return on equity
✓ Turns profit into real cash
Watch-outs
None flagged from our data

What if I invest in SWANDEF?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹2,794▲ +0.42%
latest close · 2026-11-04
52-wk low ₹2,23974 sessions so far52-wk high ₹3,020
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio6.5Low
LowAverageHigh
P/B ratio6.51High
Below bookModerateHigh
EV / EBITDA99.0High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity100.2%Strong
WeakFairStrong ▸15%
Return on capital2.7%Weak
WeakFairStrong
Net margin822.8%Strong
ThinDecentStrong
EBITDA margin57.8%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.51Moderate
LowModerateHigh ▸1
Interest cover1.2×Risky
RiskyOkayStrong ▸5×
Current ratio3.57Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹14,718 cr
Book value
₹429
EPS
₹107.52
latest quarter
Net debt
₹1,057 cr
owes more than its cash
Enterprise value
₹15,775 cr
EBITDA
₹159 cr
annualised
EBIT
₹93 cr
annualised
Operating margin
33.8%
Return on assets
58.2%
Earnings yield
15.39%
P/S
53.45
Sales / share
₹52.3
Tax rate
-14247.3%
Face value
₹10
Shares
5.3 cr
Working capital
₹1,149 cr
Current assets
₹1,596 cr
Current liabilities
₹447 cr
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
The company's latest annual profit was negative, so we won't call it cheap off older profits.

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹69 cr
Other Income₹57 cr
Total Income₹126 cr
Cost of Materials₹8 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-51.2 L
Employee Benefit Expense₹17 cr
Finance Costs₹19 cr
Depreciation & Amortisation₹17 cr
Other Expenses₹62 cr
Total Expenses₹122 cr
Profit before Tax₹4 cr
Tax Expense₹-563 cr
Share of JV / Associates₹-66.7 L
Net Profit₹566 cr
Net margin on total income450.7%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹8 cr1.1%
Employee benefit expense₹17 cr2.4%
Finance costs₹19 cr2.8%
Depreciation & amortisation₹17 cr2.4%
Other expenses₹62 cr8.9%
Profit for the period₹566 cr82.3%
Total income ₹126 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue236 cr31 cr69 cr
Total income366 cr42 cr126 cr
Expenses509 cr83 cr122 cr
Profit before tax-143 cr-42 cr4 cr
Tax0 cr0 cr-563 cr
Net profit (owners' share)-142 cr-42 cr566 cr
Net margin (owners' share, on revenue)-60.2%-136.2%822.8%
EPS (₹)-26.98-7.91107.52
YoY (latest quarter): total income +183.7% · net profit —
Balance sheet & cash flow · as of Sep 2026
Moderate debt
Total assets
₹3,896 cr
Shareholder equity
₹2,262 cr
parent shareholders
Total debt
₹1,144 cr
Cash
₹87 cr
Cash flow · H1 FY27
Operating
₹447 cr
Investing
₹-593 cr
Financing
₹49 cr
Peer comparison
Ship Building & Allied Services · by market value
CompanyPriceMarket capP/E
Mazagon Dock Shipbuilders Limited₹1,785₹72,007 cr52.3
Cochin Shipyard Limited₹1,201₹31,596 cr52.1
Swan Defence and Heavy Industries Limitedthis company₹2,782₹14,656 cr6.5
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-09-30
No pledge
Promoter
89.9%
FII / Foreign
0.7%
DII / Domestic
1.7%
Retail / others
7.7%
Promoter stake down 5.0% over the last 9 quarters.
Smart-money activity
Insider trades
SoldHazel Infra Limited · Promoters26.39 L · ₹490.1 cr18 Mar 26
Stake changes
SoldHazel Infra Limited · promoter→ 89.90% · 26.39 L19 Mar 26
SoldHazel Infra Limited · promoter→ 89.90% · 26.39 L18 Mar 26
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 2 Sep 2026
See the official result
1
Adoption of the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Reports of the Board of Directors and Auditors thereon
Backed by 100% of shareholders other than promotersneeded 50%
9.63 L votes for, 47 against · 0% of mutual funds and other big investors said no
2
Adoption of the Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Report of Auditors thereon
Backed by 100% of shareholders other than promotersneeded 50%
9.63 L votes for, 47 against · 0% of mutual funds and other big investors said no
3
Re-appointment of Mr. Vivek Merchant (DIN: 06389079) as a Director, retiring by rotation
Backed by 100% of shareholders other than promotersneeded 50%
9.63 L votes for, 79 against · 0% of mutual funds and other big investors said no
4
Re-appointment of Mr. Bhavik Merchant (DIN: 06389064) as a Director, retiring by rotation
Backed by 100% of shareholders other than promotersneeded 50%
9.63 L votes for, 71 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 2 named members
owning 89.9% between them · as of 2026-09-30
Hazel Infra Limited89.90%
Swan Corp Limited (formerly known as Swan Energy Limited)no shares

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.