Swan Defence and Heavy Industries share price & results
- Sept 2026
- Sept 2026
Runs India's largest shipyard at Pipavav, Gujarat, building and repairing commercial and defence vessels.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 69.0 | +72.5% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | -26.0 | −6.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 566 | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. | |
| Return on equity | 15.43 | −23.5 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 40.78 | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. | |
| Revenue growth (YoY) | −50.0 pts | Trailing twelve months | TTM to Sept 2026 | Not in the analysed materials. No older figure is substituted. |
Price
Performance +278.1% 1Y
1Y: ₹701.4 on 20 Oct 2025 → ₹2,651.7. High ₹2,968.2 (13 Oct 2026), low ₹701.4 (20 Oct 2025).
- Previous close
- ₹2,696.7
- Market cap
- ₹14.2k Cr
- 52-week range
- ₹736.45 – ₹2,968.2
- One year
- +260.07%
- Price to earnings (TTM to Sept 2026)
- 40.71×
- Return on equity (TTM to Sept 2026)
- 15.43%
Overview
- Symbol
- NSE:SWANDEF
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Swan Defence and Heavy Industries Limited does
Based on the company's own presentations, annual report and earnings calls.
Swan Defence and Heavy Industries (formerly Reliance Naval and Engineering) operates the Pipavav shipyard in Gujarat, offering commercial and defence shipbuilding, ship repair, and heavy engineering and fabrication services. It builds vessels at its dry dock and fabricates steel structures and offshore platforms for oil & gas, defence and commercial customers, drawing on technology partnerships with firms including Mazagon Dock, GRSE, Samsung Heavy Industries, Royal IHC and Fincantieri. The Pipavav yard was acquired by Swan Corp (formerly Swan Energy) in 2022 through the insolvency resolution process, with possession taken over in January 2024 and ship-repair operations restarting in August 2024.
Segments
- Shipbuilding (Commercial & Defence)
- Ship Repair
- Heavy Engineering & Fabrication
- Dry dock size
- 662m x 65m — largest in India, world's 7th largest
- Vessel building capacity
- Up to 4,00,000 DWT
- Annual steel fabrication capacity
- 1,64,000 MT
- Dedicated ONGC-approved offshore yard
- 750m x 265m
- Wet basin size
- 340m x 60m
- Goliath crane lifting capacity
- 600 MT (India's largest, 148m span, 75m hook height)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +56700% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1 | 5 | 0 | 40 | 6 | 236 | 31 | 69 |
| Expenses | 38 | 14 | 32 | 48 | 26 | 487 | 52 | 87 |
| Operating profit | -37 | -9 | -32 | -8 | -20 | -250 | -21 | -18 |
| Operating margin | −3159.0% | −192.0% | −7529.0% | −20.0% | −341.0% | −106.0% | −69.0% | −26.0% |
| Other income | 1 | 5 | 18 | 31 | 5 | 131 | 12 | 57 |
| Interest | 2 | 2 | 2 | 2 | 3 | 5 | 17 | 19 |
| Depreciation | 15 | 16 | 15 | 15 | 16 | 18 | 15 | 17 |
| Profit before tax | -53 | -23 | -31 | 6 | -33 | -142 | -42 | 3 |
| Tax rate | 0.0% | 0.0% | 0.0% | 110.0% | 0.0% | 0.0% | 0.0% | −17117.0% |
| Net profit | -53 | -23 | -31 | -1 | -33 | -142 | -42 | 566 |
| EPS (₹ per share) | -10.13 | -4.34 | -5.84 | -0.10 | -6.28 | -27 | -7.91 | 107.52 |
| Line item | Mar 2020 | Mar 2023 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 75 | 3 | 7 | 282 |
| Expenses | 254 | 54 | 115 | 593 |
| Operating profit | -177 | -50 | -108 | -310 |
| Other income | -41 | 4 | 9 | 185 |
| Interest | 1,469 | 1,513 | 20 | 12 |
| Depreciation | 71 | 68 | 61 | 64 |
| Profit before tax | -1,761 | -1,628 | -180 | -200 |
| Net profit | -1,761 | -1,628 | -180 | -207 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 53 | 53 | 53 | 53 |
| Reserves | 545 | 474 | 243 | 192 | 17 | 2,209 |
| Borrowings | 2,148 | 2,219 | 2,505 | 2,615 | 2,788 | 1,199 |
| Other liabilities | 91 | 48 | 91 | 52 | 310 | 435 |
| Total liabilities | 2,785 | 2,743 | 2,892 | 2,911 | 3,167 | 3,896 |
| Fixed assets | 1,232 | 1,168 | 1,180 | 1,203 | 1,187 | 1,185 |
| Capital work in progress | 37 | 43 | 155 | 160 | 166 | 193 |
| Investments | 4 | 5 | 5 | 26 | 258 | 783 |
| Other assets | 1,512 | 1,528 | 1,551 | 1,522 | 1,556 | 1,734 |
| Total assets | 2,785 | 2,743 | 2,892 | 2,911 | 3,167 | 3,896 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 710 | 2,007 | 1,428 | -70 | -96 | 182 |
| Cash from investing | -1 | 2 | 12 | -11 | -162 | -440 |
| Cash from financing | -707 | -1,999 | -1,460 | 91 | 268 | 413 |
| Net cash flow | 1 | 11 | -20 | 10 | 10 | 156 |
| Free cash flow | 710 | 2,007 | 1,440 | -80 | -259 | 104 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 149 | 47 | 0 | — | 25 | 16 |
| Inventory days | — | 692279 | 1972614 | 1899893 | 165503 | 739 |
| Days payable | — | 112894 | 109865 | 49762 | 6676 | 30 |
| Cash conversion cycle | 149 | 579431 | 1862749 | — | 158852 | 725 |
| Working capital days | -969876 | -1083806 | 127588 | — | 63122 | 1099 |
| Return on capital employed | −17.0% | — | −26.0% | −4.0% | −6.0% | −8.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Who owns it
Promoters hold 89.90% as of Sept 2026; institutions cut 0.16 pts since Jun 2026.
- Promoters 89.90%
- Foreign institutions 0.71%
- Domestic institutions 1.73%
- Public 7.66%
Who is on the register
Named in the Sep 2026 filing
Every holder of Swan Defence and Heavy Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 89.90% | unchanged | |
| Mutual fund | 1.25% | unchanged |
| 1.04% | unchanged | |
| 1.00% | 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.
Your own record
Start an Inve Case for Swan Defence and Heavy Industries Limited
Free account: one company. Everything above stays public.
Write why you follow Swan Defence and Heavy Industries Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other Capital Goods companies
Learn to analyse Swan Defence and Heavy Industries Limited
Guides on how to read this kind of business and the numbers that matter.