Swiss Military financials

Licensed 'Swiss Military' brand marketer of luggage & travel gear, home appliances and electronics accessories, sold via an asset-light, white-label-manufacturing model.

Market cap: ₹352 Cr
Sector: Consumer Durables

What Swiss Military does

Swiss Military Consumer Goods Limited holds the exclusive India license for the global 'Swiss Military' brand and designs, sources and markets lifestyle products across three verticals: luggage/travel gear (trolley bags, backpacks, duffles, overnighters, toiletry kits), home appliances (fans, mixer grinders, irons, cooktops, kettles) and electronics/wearables (power banks, travel gadgets). It runs an asset-light model, partnering with white-label manufacturers while retaining in-house design and quality control, and commissioned its own luggage manufacturing facility in Faridabad (commercial production started January 2025) to backward-integrate part of its supply chain. Products reach consumers through offline distributors/multi-brand outlets, upcoming Exclusive Brand Outlets, and online marketplaces/quick-commerce platforms.

Segments

Luggage & Travel Gear
Home Appliances
Other Electronics / Wearables

Own luggage manufacturing capacity: 10,00,000 (1 million) luggage sets/year, Faridabad plant (commenced Jan 2025)
Multi-brand retail outlets: 3,400+
Product SKUs: 1,500+
Cities of presence: 200+
Manufacturing partners (white-label): 15+
Distributors: 110+ (FY25 annual report); 19+ major distributors (Q4/FY26 presentation)

Founded 1989Headquarters New Delhi, India Company website

Quarterly results

Q1 FY27: revenue down 4.1%, net profit down 30.5% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	54	56	58	54	65 +21%	70 +25%	62 +8%	52 −4%
Expenses	51	53	54	52	62	67	60	50
EBITDA	3	3	3	3	3 +24%	3 +14%	2 −43%	2 −21%
Margin	5%	5%	6%	5%	5%	4%	3%	4%
Other income	-0	1	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0
Profit before tax	2	3	3	3	3 +30%	3 −15%	2 −43%	2 −25%
Tax rate	27%	25%	24%	26%	29%	28%	18%	30%
Net profit	2	2	3	2	2 +28%	2 −18%	2 −39%	1 −30%
EPS	0.07	0.10	0.11	0.08	0.09	0.08	0.07	0.06

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −42.4% 1Y

1Y: ₹26.43 on 10 Sept 2025 → ₹15.22. High ₹26.43 (10 Sept 2025), low ₹13.02 (30 Mar 2026).

Financials, as filed

Revenue grew 27.2% a year over 3 years, FY23 to FY26. Operating margin held at 4.4%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹122 Cr	₹181 Cr	₹213 Cr	₹251 Cr
Operating profit	₹6 Cr	₹9 Cr	₹11 Cr	₹11 Cr
Operating margin	4.8%	4.7%	5.1%	4.4%
Interest	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr
Depreciation	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Net profit	₹5 Cr	₹8 Cr	₹9 Cr	₹8 Cr
Net margin	4.2%	4.5%	4.3%	3.1%
Cash from operations	₹-19 Cr	₹-2 Cr	₹-3 Cr	₹13 Cr
Free cash flow	₹-19 Cr	₹-2 Cr	₹-40 Cr	₹10 Cr
ROCE	15.0%	16.0%	12.0%	8.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹10 Cr	₹20 Cr	₹39 Cr	₹39 Cr	₹47 Cr	₹47 Cr
Reserves	₹-6 Cr	₹-3 Cr	₹27 Cr	₹32 Cr	₹84 Cr	₹88 Cr
Borrowings	₹0 Cr	₹7 Cr	₹0 Cr	₹0 Cr	₹17 Cr	₹16 Cr
Other liabilities	₹0 Cr	₹3 Cr	₹6 Cr	₹18 Cr	₹29 Cr	₹30 Cr
Total liabilities	₹4 Cr	₹27 Cr	₹72 Cr	₹89 Cr	₹177 Cr	₹181 Cr
Fixed assets	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	₹39 Cr	₹40 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr
Investments	₹2 Cr	₹4 Cr	₹4 Cr	₹4 Cr	₹4 Cr	₹4 Cr
Other assets	₹3 Cr	₹22 Cr	₹67 Cr	₹84 Cr	₹133 Cr	₹136 Cr
Total assets	₹4 Cr	₹27 Cr	₹72 Cr	₹89 Cr	₹177 Cr	₹181 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 10% to 61,173.

Promoters: 63.1%
Public: 36.9%

Since Jun 2025

Public +0.07 pp
Promoters −0.06 pp
FIIs −0.02 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Aaa Business Consultants Llp newly disclosed 3.79% held
Priya Singh Aggarwal +0.22 pp 1.91% held

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Swiss Military above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Anushi Retail Llp	55.61%	unchanged
Ashok Sawhney Foundation	4.02%	unchanged
Aaa Business Consultants Llp	3.79%	newly disclosed
Uninet Strategic Advisory Limited	3.58%	unchanged
Pankaj Shrimali	2.05%	unchanged
Priya Singh Aggarwal	1.91%	+0.22 pp
Madhuri Shrimali	1.41%	unchanged
Swiss Military Lifestyle Products Private Limited	0.00%	unchanged
Ashita Sawhney	0.00%	unchanged
Anuj Sawhney	0.00%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹15, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~12%. At that growth it is worth ₹5 — downside of 65%.

Growth the price implies: 32.1% a year; for 7 years, fading to 4%
It has actually compounded at: 14.2% a year; net profit, FY23–FY26 · EPS 11.6%
The gap: 0.2 pp; -65% downside if it only repeats history

Price today ₹15.22 Value at the reference growth ₹5.38

Change the assumptions yourself →

Learn to analyse Swiss Military

Guides on how to read this kind of business and the numbers that matter.