SWAN DEFENCE AND HEAVY INDUSTRIES LIMITED
₹2,595.00-₹47.50 (-1.8%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹9,696 Cr
- EV / EBITDA
- -430.0x
- Revenue
- ₹7.00 Cr
- ROCE
- -1.1%
Price chart
Technical chartScreen technicals →+235.5% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -4.5%
- 3M
- +6.7%
- 6M
- +41.6%
- 1Y
- +235.5%
- 5Y
- +202.4%
52-week range
Day change -₹47.50 (-1.8%) from ₹2,643 to ₹2,595 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in SWANDEF, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong short-term liquidity — current ratio of 31.88x
Concerns1
- High leverage — debt-to-equity of 4.68
Rule-based from financial data. Not advice.
About the company
Swan Defence and Heavy Industries Limited engages in the construction of vessels, repairs, and refits of ships and rigs and heavy engineering in India and internationally. The company builds vessels for building large commercial; cargo and niche and specialized vessels; and defence vessels.
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Swan Defence and Heavy Industries Limited engages in the construction of vessels, repairs, and refits of ships and rigs and heavy engineering in India and internationally. The company builds vessels for building large commercial; cargo and niche and specialized vessels; and defence vessels. It also provides solutions for all kinds of ships and structures including large commercial and defence vessels, jack-up rigs, and offshore vessels, as well as steel repairs, jumboizing, and conversions; machinery, piping, electrical, and propeller repairs; tailshaft & rudder service; blasting, coating, and cathodic protection. In addition, the company offers engineering, procurement and construction, as well as load out services from its Offshore Yard. The company was formerly known as Reliance Naval and Engineering Limited and changed its name to Swan Defence and Heavy Industries Limited in January 2025. Swan Defence and Heavy Industries Limited was incorporated in 1997 and is based in Mumbai, India.
- Sector
- Industrials
- Shares outstanding
- 5.3 Cr shares
- ISIN
- INE542F01020
- BSE code
- 533107
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹9,696 Cr
- P/B
- 40.4x
- EV / EBITDA
- -430.0x
- 52-week high
- ₹2,956.05
- 52-week low
- ₹736.70
Profitability
- ROE
- -25.5%
- ROCE
- -1.1%
- ROA
- -4.4%
- Dividend payout
- 0.0%
- Tax rate
- 0.0%
- Other income, % of PBT
- -1.7%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹7.00 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -100.0%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹27.0 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -100.1%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 49.6%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹70.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -104.9%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹10.0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -1.5%
Solvency and efficiency
- Current ratio
- 31.88
- Debt / Equity
- 4.68
- Debt / Assets
- 0.81
- Debt / EBITDA
- -82.19
- Financial leverage
- 5.78
- CFO / Net profit
- 0.58
- Cash / Market cap
- 15.8%
- Cash per share
- ₹289.97
- Inventory turnover
- 0.00
Where the revenue went
FY2025 ended in a loss, so the lines are listed rather than drawn as a flow.
| Line | FY2025 |
|---|---|
| Sales | ₹7 Cr |
| Expenses | ₹115 Cr |
| Operating profit | -₹108 Cr |
| Other income | ₹8 Cr |
| Interest | ₹21 Cr |
| Depreciation | ₹61 Cr |
| Profit before tax | -₹181 Cr |
| Tax and other | ₹0 Cr |
| Net profit | -₹181 Cr |
Revenue and net profit
Annual revenue, with net profit as the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹6 Cr | -₹3,427 Cr |
| FY2022 | ₹6 Cr | -₹2,086 Cr |
| FY2023 | ₹3 Cr | ₹17,937 Cr |
| FY2024 | ₹0 Cr | -₹121 Cr |
| FY2025 | ₹7 Cr | -₹181 Cr |
Cash flows
FY2025: -₹97.0 Cr from operations, -₹259 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹710 Cr | ₹709 Cr |
| FY2022 | ₹2,007 Cr | ₹2,009 Cr |
| FY2023 | ₹1,428 Cr | ₹1,440 Cr |
| FY2024 | -₹70 Cr | -₹81 Cr |
| FY2025 | -₹97 Cr | -₹259 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹7 Cr
- Net profit
- -₹181 Cr
- Cash from operations
- -₹97 Cr
- Free cash flow
- -₹259 Cr
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹7 Cr | -₹108 Cr | — | -₹181 Cr | -₹97 Cr | -₹259 Cr | -62.0% | — | +49.6% |
Monthly returns
Month-by-month returns of SWANDEF across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹2,888 Cr |
| Equity capital | ₹53 Cr |
| Reserves | ₹239 Cr |
| Borrowings | ₹2,505 Cr |
| Other liabilities | ₹91 Cr |
| Assets | ₹2,888 Cr |
| Fixed assets | ₹1,180 Cr |
| Capital work in progress | ₹155 Cr |
| Investments | ₹2 Cr |
| Other assets | ₹1,551 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
SWANDEF has no positive P/E; the peer median is 38.3x.
Not shown (no positive earnings and no EV / Sales): SWAN DEFENCE AND HEAVY INDUSTRIES LIMITED.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| SWAN DEFENCE AND HEAVY INDUSTRIES LIMITEDSWANDEFthis company | ₹9,696 Cr | — | 40.4x | -25.5% | -430.0x |
| Ingersoll-Rand (India) Ltd.INGERRAND | ₹10,116 Cr | 38.2x | 15.5x | 38.2% | 31.4x |
| Azad Engineering LimitedAZAD | ₹10,099 Cr | 89.1x | 6.8x | 9.1% | 67.4x |
| Shaily Engineering Plastics Ltd.SHAILY | ₹9,981 Cr | 80.1x | 17.7x | 8.4% | 99.4x |
| MMTC Ltd.MMTC | ₹9,542 Cr | 231.0x | 5.8x | 5.0% | 108.9x |
| Aequs LimitedAEQUS | ₹9,489 Cr | 989.0x | — | -22.7% | -89.2x |
| NCC LimitedNCC | ₹9,406 Cr | 13.1x | 1.2x | 9.3% | 4.3x |
| Astra Microwave Products Ltd.ASTRAMICRO | ₹9,363 Cr | 63.5x | 8.1x | 11.7% | 45.3x |
| SKF India Ltd.SKFINDUS | ₹9,269 Cr | 23.2x | 3.4x | — | — |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
SWANDEF since 1 January, against earlier years.
Historical volatility
SWANDEF's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | -376.0% |
| FY2022 | -421.0% |
| FY2023 | -1039.0% |
| FY2024 | — |
| FY2025 | -1536.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹7 Cr |
| Costs | |
| Interest | ₹21 Cr |
| Expenses | ₹115 Cr |
| Operating profitOperating Profit | -₹108 Cr |
| Other income and charges | |
| Profit before tax | -₹181 Cr |
| Tax | |
| Net profitNet Profit | -₹181 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹2,888 Cr |
| Equity capitalEquity Capital | ₹53 Cr |
| Reserves | ₹239 Cr |
| Borrowings | ₹2,505 Cr |
| Other liabilitiesOther Liabilities | ₹91 Cr |
| AssetsTotal Assets | ₹2,888 Cr |
| Fixed assetsFixed Assets | ₹1,180 Cr |
| Capital work in progressCWIP | ₹155 Cr |
| Investments | ₹2 Cr |
| Other assetsOther Assets | ₹1,551 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | -₹97 Cr |
| Investing cash flowCash from Investing Activity | -₹162 Cr |
| Financing cash flowCash from Financing Activity | ₹269 Cr |
| Change in cashNet Cash Flow | ₹10 Cr |
Learn while you research
Academy chapters picked for SWAN DEFENCE AND HEAVY INDUSTRIES LIMITED and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Leverage RatiosDebt/Equity of 4.68 is elevated, understand what that means for solvency.6 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read