Swan Defence and Heavy Industries Limited

NSE: SWANDEF · Unclassified

₹2,757.30-1.63%06 Nov 2026

Check figures: unusual quarterly results in SEP '26 (₹566.44 cr vs a typical ₹26.78 cr). This may be a filing error (e.g. lakh filed as crore) or a genuine one-off; figures are shown as filed. Trailing-twelve-month figures include it.

Ask the data

Instant answers about Swan Defence and Heavy Industries Limited — computed from its filings, no language model

Market cap₹14,526 cr

Current price₹2,757.30

High / Low₹2,968 / ₹48

P/E38.0

P/B6.42

Book value₹429.4

ROE16.9%

ROCE-5.0%

Debt / equity0.51

Dividend yield—

EPS (TTM)₹72.63

Face value₹10

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY25	FY26
Revenue	7.0	282.1
EBITDA	-108.0	-309.8
Operating margin	-1535.7%	-109.8%
Interest	20.9	12.3
Depreciation	60.9	63.3
Profit before tax	-181.5	-227.5
Tax	0.0	0.0
Net profit	-181.1	-225.9
EPS ₹	-51.51	-42.88
Operating cash flow	-96.8	182.1
Capex	44.2	0.0
Dividend paid	0.0	0.0
Total assets	2,891.8	3,167.2
Equity	295.6	69.6

Quarterly performance

last 8 quarters · ₹ crore

	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	1.2	4.9	0.4	39.6	5.9	236.3	30.6	68.8
Operating profit	-36.2	-9.4	-31.6	-7.7	-20.0	-250.4	-20.9	-17.0
Operating margin	-3118.1%	-192.3%	-7528.6%	-19.4%	-341.4%	-106.0%	-68.4%	-24.7%
Other income	0.9	7.2	17.9	4.7	5.1	130.1	11.0	56.8
Interest	2.5	2.5	2.4	2.3	2.9	4.8	16.5	19.3
Depreciation	15.1	15.9	15.2	15.1	15.5	17.5	15.2	16.5
Profit before tax	-52.9	-22.9	-31.2	-20.3	-33.4	-142.6	-41.6	4.0
Tax	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-563.1
Net profit	0.0	-22.8	-30.8	0.0	0.0	-142.2	-41.7	566.4
EPS ₹	-10.13	-4.32	-5.84	-3.77	6.28	-26.98	-7.91	107.52
Revenue YoY	—	—	—	—	406.0%	4712.2%	7188.1%	74.0%

Earlier results (standalone, Dec '09 – Sep '24)

₹ crore · from BSE, before the NSE XBRL filings begin

Swan Defence and Heavy Industries Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 13 periods

	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†	FY20†	FY21†	FY22†	FY23†	FY24†
Revenue	1,867.7	2,586.5	2,279.0	831.0	306.2	519.9	335.2	180.0	75.5	—	6.3	—	—
Operating profit	412.0	533.0	563.3	92.8	-157.2	22.4	-189.3	164.6	-176.3	-23.7	-26.6	-94.3	-29.0
Operating margin	22.1%	20.6%	24.7%	11.2%	-51.3%	4.3%	-56.5%	91.5%	-233.6%	—	-421.0%	—	—
Other income	24.2	28.5	40.1	31.1	39.7	44.7	78.7	4.6	23.7	24.3	11.1	4.6	2.5
Interest	257.7	397.5	413.7	452.7	471.8	572.6	697.4	1,278.1	1,328.0	2,031.8	1,998.6	1,469.7	26.4
Depreciation	105.9	122.7	161.7	131.3	214.3	200.7	198.1	245.5	74.6	73.8	74.0	68.3	68.5
Profit before tax	72.7	41.4	27.9	-460.1	-803.6	-706.2	-1,168.5	-10,101.0	-1,621.3	-3,427.1	-2,086.4	-1,627.8	-121.4
Tax	54.2	12.7	19.6	-91.1	-274.9	-182.8	-212.4	380.1	0.0	0.0	0.0	0.0	0.0
Net profit	18.5	28.7	8.4	-369.0	-528.6	-523.4	-956.1	-10,481.0	-1,621.3	-3,427.1	-2,086.4	-1,627.8	-121.4

Quarters

showing latest 8 of 58 periods

	DEC '09†	JUN '10†	SEP '10†	DEC '10†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†	JUN '19†	SEP '19†	DEC '19†	MAR '20†	JUN '20†	SEP '20†	DEC '20†	MAR '21†	JUN '21†	SEP '21†	DEC '21†	MAR '22†	JUN '22†	SEP '22†	DEC '22†	MAR '23†	JUN '23†	SEP '23†	DEC '23†	MAR '24†	JUN '24†	SEP '24†
Revenue	167.6	176.0	175.7	254.1	338.3	449.8	461.4	618.1	572.4	666.0	621.0	727.1	702.8	807.5	318.1	450.7	316.5	212.2	252.0	50.4	107.0	54.0	50.5	94.7	70.3	98.7	122.7	228.2	164.8	83.3	54.0	33.1	35.2	57.3	52.1	35.4	26.3	20.6	11.3	17.3	1.9	—	2.2	2.2	2.4	0.8	2.4	0.8	2.1	0.7	0.4	—	—	—	—	—	—	1.0
Operating profit	-25.1	12.4	16.7	21.1	66.6	101.2	113.7	130.5	121.5	139.8	141.1	130.7	151.1	147.0	125.0	140.1	140.5	39.8	44.0	-131.4	-10.3	-7.4	-127.0	-12.5	1.8	11.5	4.0	5.0	12.5	4.4	10.0	-216.2	-6.6	-4.2	-2.9	178.3	3.4	3.3	-50.0	-133.0	-17.6	10.0	-7.6	-8.5	-5.0	-5.2	-7.3	-9.1	-24.3	-8.2	-57.0	-4.8	-6.0	-5.2	-6.0	-11.8	-28.3	-34.1
Operating margin	-15.0%	7.0%	9.5%	8.3%	19.7%	22.5%	24.6%	21.1%	21.2%	21.0%	22.7%	18.0%	21.5%	18.2%	39.3%	31.1%	44.4%	18.7%	17.5%	-261.0%	-9.6%	-13.7%	-251.3%	-13.2%	2.6%	11.6%	3.3%	2.2%	7.6%	5.2%	18.6%	-653.4%	-18.7%	-7.4%	-5.6%	504.0%	12.8%	16.2%	-440.8%	-770.5%	-911.4%	—	-345.5%	-389.9%	-210.1%	-662.0%	-307.6%	-1153.2%	-1169.7%	-1211.8%	-14245.0%	—	—	—	—	—	—	-3550.0%
Other income	10.9	12.5	19.7	22.9	6.6	6.5	5.0	6.1	9.1	4.0	8.9	6.6	7.9	8.2	10.0	13.9	12.0	4.1	9.1	5.8	5.8	8.9	4.5	20.6	3.8	8.0	10.2	22.6	66.9	8.7	1.4	1.7	2.1	1.5	0.7	0.4	0.5	0.6	0.6	21.9	0.4	0.9	-0.2	23.2	1.2	3.3	2.2	4.4	2.4	1.3	0.7	0.2	1.2	0.5	0.5	0.2	2.0	0.5
Interest	16.7	22.9	26.5	29.0	43.0	62.7	69.1	82.8	97.7	101.2	103.6	95.0	107.9	107.9	102.0	95.9	94.7	106.3	113.1	138.5	112.3	117.8	117.1	124.5	133.0	133.2	142.5	164.0	151.1	167.7	182.5	196.0	291.2	308.4	317.3	361.3	322.1	326.0	336.6	343.4	355.8	816.7	385.4	473.9	499.5	503.2	503.3	492.6	497.8	503.2	464.8	3.9	3.4	8.0	4.8	10.3	10.3	5.7
Depreciation	8.9	11.8	12.2	12.3	17.9	29.2	29.5	29.2	30.1	30.1	31.5	31.1	39.5	40.0	40.0	42.2	50.4	13.4	33.5	34.1	53.2	53.9	53.9	53.3	50.2	51.0	50.2	49.2	49.3	49.9	49.9	49.0	51.5	52.0	52.0	89.9	17.9	18.1	20.1	18.6	18.6	18.7	19.0	17.5	18.5	18.6	18.6	18.3	17.0	17.2	17.2	16.9	17.1	17.2	17.2	17.0	14.8	15.0
Profit before tax	-39.8	-9.8	-2.2	2.6	12.2	15.8	20.1	24.6	2.8	12.5	14.9	11.2	11.6	7.3	-7.0	16.0	7.4	-75.8	-93.5	-298.2	-170.1	-170.2	-293.6	-169.7	-177.5	-164.7	-178.5	-185.5	-284.2	-204.6	-220.2	-459.6	-347.2	-363.1	-371.6	-9,019.1	-336.1	-340.1	-406.1	-539.0	-572.0	-1,966.2	-412.2	-476.7	-521.8	-523.8	-525.3	-515.5	-536.7	-527.4	-538.3	-25.4	-25.2	-29.8	-27.5	-38.9	-51.5	-54.3
Tax	0.0	0.0	0.0	0.0	4.3	6.4	6.1	37.4	0.7	4.1	4.8	3.0	4.3	2.8	-2.2	14.7	1.9	-7.5	-23.3	-62.2	-2.8	0.0	0.0	-272.1	-43.0	-48.4	-45.8	-45.6	-53.8	-53.9	-53.9	-50.9	0.0	0.0	0.0	380.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net profit	-39.8	-9.8	-2.2	2.6	7.9	9.4	14.0	-12.8	2.0	8.4	10.1	8.2	7.3	4.5	-4.8	1.3	5.6	-68.3	-70.2	-236.1	-167.3	-170.2	-293.6	102.4	-134.5	-116.3	-132.7	-139.9	-230.4	-150.7	-166.3	-408.7	-347.2	-363.1	-371.6	-9,399.1	-336.1	-340.1	-406.1	-539.0	-572.0	-1,966.2	-412.2	-476.7	-521.8	-523.8	-525.3	-515.5	-536.7	-527.4	-538.3	-25.4	-25.2	-29.8	-27.5	-38.9	-51.5	-54.3
EPS ₹	-0.63	-0.15	-0.03	0.04	0.12	0.14	0.21	-0.19	0.03	0.12	0.15	0.12	0.10	0.06	-0.06	0.02	0.08	-0.93	-0.95	-3.21	-2.27	-2.31	-3.99	1.39	-1.83	-1.58	-1.80	-1.90	-3.13	-2.04	-2.25	-5.54	-4.71	-4.92	-5.04	-127.43	-4.56	-4.61	-5.51	-7.31	-7.75	-26.66	-5.59	-6.46	-7.07	-7.10	-7.12	-6.99	-7.28	-7.15	70936.13	-94.77	-94.03	-111.21	-102.38	-144.84	-191.82	-10.31
Revenue YoY	—	—	—	51.6%	92.2%	156.1%	81.6%	—	69.2%	48.1%	34.6%	17.6%	22.8%	21.2%	-48.8%	-38.0%	-55.0%	-73.7%	-20.8%	-88.8%	-66.2%	-74.5%	-79.9%	88.1%	-34.2%	82.6%	142.8%	140.9%	134.3%	-15.6%	-56.0%	-85.5%	-78.6%	-31.2%	-3.6%	7.0%	-25.3%	-64.1%	-78.2%	-51.2%	-92.7%	—	-80.6%	-87.4%	22.8%	—	7.7%	-63.6%	-12.2%	-13.9%	-83.1%	—	—	—	—	—	—	—
Profit YoY	—	—	—	—	—	—	437.7%	—	-74.6%	-10.6%	-28.1%	—	260.4%	-46.0%	-147.5%	-84.1%	-23.6%	-1605.1%	—	-18119.1%	-3108.5%	—	—	—	—	—	—	-236.6%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Returns & margins

trailing-twelve-month, per quarter

	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	-21.9%	-21.9%	-248.3%	-264.0%	16.9%
ROCE	-4.2%	-3.5%	-7.7%	-7.6%	-5.0%
Net margin	-116.3%	-105.5%	-61.3%	-58.9%	112.0%
EBITDA margin	-184.4%	-135.5%	-109.8%	-95.8%	-90.3%
Debt / equity	10.39	10.39	39.13	39.13	0.51
Interest coverage	-12.28	-9.78	-17.47	-8.00	-3.91
Asset turnover	0.02	0.02	0.09	0.10	0.09

Balance sheet

equity vs borrowings over time · ₹ crore

	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	52.7	52.7	52.7	52.7
Other equity / reserves	242.9	192.3	17.0	2,209.3
Total equity	295.6	245.0	69.6	2,262.0
Borrowings	2,431.7	2,544.7	2,725.1	1,144.4
Current liabilities	292.0	254.9	326.4	446.9
Non-current liabilities	2,304.2	2,411.4	2,771.2	1,186.7
Total assets	2,891.8	2,911.3	3,167.2	3,895.6
Property, plant & equipment	1,180.3	1,202.8	1,137.5	1,144.7
Capital work-in-progress	155.2	159.9	165.9	193.4
Investments	5.3	26.1	258.2	782.8
Inventories	1,401.1	1,369.8	952.1	954.3
Receivables	0.5	3.3	12.3	11.7
Cash & equivalents	28.4	11.0	184.0	87.5

Cash flow

annual · ₹ crore · line = free cash flow

	FY25	FY26
Cash from operations	-96.8	182.1
Cash from investing	-161.7	-439.8
Cash from financing	268.7	413.4
Capex	44.2	0.0
Free cash flow	-141.0	182.1
Dividends paid	0.0	0.0

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹1,144.7 cr29%

CWIP

₹193.4 cr5%

Investments

₹782.8 cr20%

Inventories

₹954.3 cr24%

Receivables

₹11.7 cr0%

Cash & equivalents

₹87.5 cr2%

Other assets

₹721.4 cr19%

Peer comparison

largest in Unclassified · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Avantel Limited	36,86,04,549	138.69	—	1059360.68	0.0%
Ducol Organics And Colours Limited	19,55,275	120.00	—	20089.13	0.0%
Jio Platforms Limited	12,57,181	1,406.40	—	3.57	—
SBI Funds Management Limited	1,01,750	499.55	—	—	—
Tamilnadu Telecommunication Limited	91,314	9.93	—	—	—
Manipal Health Enterprises Limited	76,294	646.70	—	—	—
INDO-MIM Limited	59,042	1,219.50	—	—	—
AvenuesAI Limited	45,138	129.25	153.6	9.51	6.2%
Dhoot Transmission Limited	32,761	1,601.60	—	8.11	—
3M India Limited	31,071	27,570.00	53.8	17.57	32.7%
Swan Defence and Heavy Industries Limited	14,526	2,757.30	38.0	6.42	16.9%

StoxGud checklist: Bullish setup · 8/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-0.1%

6 months+47.7%

1 year+5920.3%

3Y CAGR—

5Y CAGR—

10Y CAGR—

50-day avg₹2,697.77

200-day avg₹2,120.18

RSI (14)33

FAQs

What is the share price of Swan Defence and Heavy Industries Limited?

Swan Defence and Heavy Industries Limited (SWANDEF) closed at ₹2,757.30 on NSE on 06 Nov 2026.

What is the market cap of Swan Defence and Heavy Industries Limited?

₹14,526 crore at the latest close.

What is the P/E ratio of Swan Defence and Heavy Industries Limited?

38.0, on trailing-twelve-month earnings from its filings.

How fast is Swan Defence and Heavy Industries Limited growing?

Swan Defence and Heavy Industries Limited: Latest-quarter revenue is up 74.0% year on year.

How profitable is Swan Defence and Heavy Industries Limited?

On a trailing-twelve-month basis return on equity is 16.9%, return on capital employed -5.0%, operating margin -90.3%, net margin 112.0%.

How much debt does Swan Defence and Heavy Industries Limited have?

Swan Defence and Heavy Industries Limited is moderately geared: debt to equity is 0.51 with borrowings of ₹1,144 cr against cash of ₹87 cr (balance sheet of 2026-09-30). Operating profit covers interest -3.9 times.

Financials parsed from Swan Defence and Heavy Industries Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from DEC '24, annual from FY25, balance sheet from Mar '25. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.