As of 6 Nov 2026, Swan Defence and Heavy Industries trades at 41.6× trailing earnings, below the industry P/E of 54.7×. It earns ROCE of −7.6% and ROE of 25%, though net profit is above operating profit, which points to a one-off gain. Debt is 0.52× equity. It is a small-cap company with a market cap of ₹14,526 Cr, ranked 11th of 27 Aerospace & Defense companies by market cap; the shares rose 245% over the past year.
- ₹2,799.00
- ₹2,799.00
- ₹2,712.00
- ₹2,803.10
- 2.8K
Health check
- ReturnsAhead
+245.3% over a year, better than 7 of 7 peers.
- Price tagDistorted
A one-off gain inflates profit, so P/E isn’t comparable right now.
- GrowthStrong
Sales +346.7% a year over 3 years.
- ProfitabilityNegative
ROCE -7.6% vs peer median 20.4%.
- Balance sheetStretched
Debt 0.52× equity, operating profit doesn’t cover interest.
- Red flags3 to check
Net profit is above operating profit, so a one-off gain is likely flattering earnings.
Small cap
Moves with the market
Key metrics
- Market cap
- ₹14,526 Cr
- Small cap
- P/E
- 41.6
- Industry 54.7
- Price to book
- 6.42
- Peers 9.16
- Dividend yield
- 0.00%
- ROE
- 25.1%
- Peers 23.2%
- ROCE
- −7.6%
- Peers 20.4%
- Debt to equity
- 0.52
- Debt ₹1,181 Cr
- EPS (TTM)
- ₹66.35
- Face value ₹10
- OPM (TTM)
- −90.3%
- Net margin 91.9%
- Sales growth
- +74.0%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 42.52
- EV/EBITDA −83.1
Strengths and risks
Strengths
- Return on equity of 25.1%.
- Quarterly sales up 74.0% on a year ago.
Risks to check
- Net profit is above operating profit, so a one-off gain is likely flattering earnings.
- Interest coverage of only −27.3×.
- Promoter stake down from 94.9% to 89.9%.
About Swan Defence and Heavy Industries
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…
- Headquarters
- Mumbai
- Employees
- 260
- Sector
- Industrials
- ISIN
- INE542F01020
- Website
- sdhi.co.in
Price range
- Avg volume (3M)
- 19.9K
- 1-year return
- plus 245.3%
- From 52-week high
- minus 8.7%
Peers · Aerospace & Defense
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HALHindustan Aeronautics | 4,980.00 | minus 1.25% | 3,33,050 | 35.7 | 28.5 | 13.8% | 25.3% | 0.00 | 6.4% | plus 7.6% |
| BELBharat Electronics | 396.00 | plus 0.23% | 2,89,467 | 45.3 | 33.7 | 31.9% | 28.2% | 0.00 | 15.5% | minus 4.8% |
| MAZDOCKMazagoan Dock Shipbuilders | 1,840.00 | plus 0.05% | 74,222 | 30.3 | 21.9 | 28.5% | 16.2% | 0.08 | 19.6% | minus 31.5% |
| BDLBharat Dynamics | 1,060.00 | minus 1.40% | 38,856 | 74.6 | 152.1 | 7.2% | 12.8% | 0.00 | −0.9% | minus 27.4% |
| COCHINSHIPCochin Shipyard | 1,220.00 | minus 1.05% | 32,096 | 47.2 | 30.3 | 16.7% | 12.6% | 0.28 | 26.9% | minus 30.3% |
| GRSEGarden Reach Shipbuilders & Engineers | 2,135.70 | minus 0.07% | 24,465 | 30.6 | 25.8 | 36.8% | 11.0% | 0.01 | 40.0% | minus 16.4% |
| DATAPATTNSData Patterns (India) | 3,767.70 | minus 4.85% | 21,093 | 87.8 | 54.8 | 20.4% | 39.6% | 0.00 | 26.8% | plus 46.6% |
| SWANDEFSwan Defence and Heavy Industries | 2,757.30 | minus 1.63% | 14,526 | 41.6 | – | – | −90.3% | 0.52 | 346.7% | plus 245.3% |
| Median of 7 peers | – | −1.05% | 38,856 | 45.3 | 30.3 | 20.4% | 16.2% | 0.00 | 19.6% | −16.4% |
Quarterly results
| ₹ Cr | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Sep 26 |
|---|---|---|---|---|---|
| 39.6 | 5.9 | 236 | 30.6 | 68.8 | |
| 47.5 | 25.9 | 487 | 51.5 | 85.9 | |
| −8 | −20 | −250 | −20.9 | −17 | |
| −20.2% | −341.4% | −106.0% | −68.4% | −24.7% | |
| 31.1 | 5.4 | 131 | 10.9 | 56.2 | |
| 2.3 | 2.9 | 4.8 | 16.5 | 19.3 | |
| 15.1 | 15.5 | 17.5 | 15.2 | 16.5 | |
| 5.8 | −33.1 | −142 | −41.7 | 3.3 | |
| 109.6% | – | – | – | −17138.4% | |
| −0.6 | −33.1 | −142 | −41.7 | 566 | |
| -0.11 | -6.28 | -26.98 | -7.91 | 107.52 |
Profit & loss
- Sales CAGR 3Y
- +346.7%
- ROE
- 25.1%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 3.2 | – | 7 | 282 | |
| 36 | – | 115 | 570 | |
| −32.8 | −29 | −108 | −288 | |
| −1038.6% | – | −1529.5% | −102.1% | |
| −0.2 | 2.4 | 7.2 | 11.5 | |
| 1,465 | 26.4 | 20.9 | 10.6 | |
| 68.3 | 68.5 | 60.9 | 63.3 | |
| 19,503 | – | 0.7 | 123 | |
| 17,937 | −121 | −182 | −228 | |
| 17,937 | −121 | −181 | −226 | |
| 66875.98 | -449.62 | -51.51 | -42.88 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 2.7 | 2.7 | 52.7 | 52.7 | |
| 545 | 474 | 243 | 17 | |
| 2,148 | 2,219 | 2,505 | 2,788 | |
| 90.7 | 48.1 | 90.9 | 310 | |
| 2,785 | 2,743 | 2,892 | 3,167 | |
| 1,333 | 1,207 | 1,331 | 1,349 | |
| 36.7 | 43.1 | 155 | 166 | |
| 0 | 0 | 0 | 251 | |
| 8.1 | 18.9 | 29.2 | 289 | |
| 1,408 | 1,474 | 1,376 | 1,112 | |
| 2,785 | 2,743 | 2,892 | 3,167 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,428 | −70.1 | −96.2 | 182 | |
| 11.7 | −10.9 | −162 | −440 | |
| −1,460 | 91.1 | 268 | 413 | |
| −19.7 | 10.1 | 10.2 | 156 | |
| – | −10.2 | −163 | −77.8 | |
| 1,428 | −80.4 | −259 | 104 |
Shareholding pattern
- Promoters89.90%
- Public10.10%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 89.90% | 10.10% | 0.00 | |
| 30 Jun 2026 | 89.90% | 10.10% | 0.00 | |
| 31 Mar 2026 | 89.90% | 10.10% | 0.00 | |
| 19 Mar 2026 | 89.90% | 10.10% | minus 5.01 | |
| 31 Dec 2025 | 94.91% | 5.09% | – |
Major shareholders
Filings & events
News
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