Flash Finance

Swan Defence and Heavy Industries LimitedSWANDEFCorporate

Industrials Aerospace & Defense Latest results: Sep 2026 16 quarters of data
Consolidated Standalone
₹2,944.70
MCap ₹15,513 Cr · P/E 44.4
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AI-assisted data: figures and text on this page are extracted from public quarterly filings with AI assistance, checked automatically and overseen by our editorial team (human in the loop). They may still contain errors or omissions. Verify critical numbers against official company / SEBI / NSE / BSE filings before making any decision. Educational information only, not financial advice.
₹69 Cr
Sales · Sep 2026
+72.1% YoY
₹-17 Cr
Operating Profit · Sep 2026
-112.7% YoY
-24.7%
OPM % · Sep 2026
-23.5% YoY
₹566 Cr
Net Profit · Sep 2026
+2932.2% YoY
₹107.52
EPS · Sep 2026
+2952.0% YoY

📝 Swan Defence and Heavy Industries Limited — results explained

Quarter ended September 2026 (Q2 FY27)

Swan Defence and Heavy Industries Limited reported revenue of ₹69 crore for the quarter ended September 2026 (Q2 FY27), up 72.1% from ₹40 crore in the same quarter last year, and up 124.9% sequentially over the June 2026 quarter.

The company swung to a net profit of ₹566 crore from a net loss of ₹20 crore a year earlier. Earnings per share (EPS) came in at ₹107.52.

Operating profit stood at ₹-17 crore — an operating margin (OPM) of -24.7%, compared with -20.0% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Swan Defence and Heavy Industries Limited posted revenue of ₹282 crore, a growth of 3886.9% over FY25, with a net loss of ₹226 crore.

On a trailing-twelve-month (TTM) basis, revenue stands at ₹341 crore with a net profit of ₹350 crore.

Valuation snapshot

At the current price of ₹2,944.70, SWANDEF has a market capitalisation of ₹15,513 crore and a trailing P/E of about 44.4.

Within the Aerospace & Defense industry, it is the 13th-largest of the 30 companies we track by market value.

Shareholding pattern

As of Sep 2026, promoters held 89.90%, foreign institutional investors (FIIs) 0.71%, domestic institutional investors (DIIs) 1.73%, public shareholders 7.66% of Swan Defence and Heavy Industries Limited.

📈 Share price & events

📊 Quarterly trend

₹ crore · OPM % on right axis

🎯 Key metrics

price-linked ratios use the latest close
Valuation
Market Cap ?
₹15,513 Cr
Current Price ?
₹2,944.7
P/E ?
44.37below ind
Industry P/E ?
67.70
P/B ?
23.26
P/S ?
45.45
P/FCF ?
149.17
Enterprise Value ?
₹16,712 Cr
EV/EBITDA ?
-54.26
PEG ?
1.93
Earnings Yield ?
-2.2%
Dividend Yield ?
0.00%
Profitability & Returns
Sales (TTM) ?
₹341 Cr
OPM ?
-90.2%
Profit after tax (TTM) ?
₹350 Cr
EPS (TTM) ?
₹66.37
ROCE ?
-8.0%
ROE ?
52.4%
ROA ?
9.0%
Growth
Sales — latest qtr ?
₹69 Cr
PAT — latest qtr ?
₹566 Cr
YoY qtr sales growth ?
72.1%
YoY qtr profit growth ?
2,932.2%
Sales growth (3y) ?
347%
Sales growth (5y) ?
114%
Profit growth (3y) ?
23%
Profit growth (5y) ?
14%
Financial Health
Debt ?
₹1,199 Cr
Debt to Equity ?
1.80
Interest Coverage ?
-31.4
Current Ratio ?
N/A
Ownership
Promoter holding ?
89.90%
Change in promoter holding ?
-5.01%
Pledged percentage ?
N/A
Market
Return 3 months ?
32.1%
Return 6 months ?
55.0%

🗓️ Quarterly results (16 quarters · ₹ Cr)

same fiscal quarter as Sep bestweakest per row · for costs (interest, NPAs) low is best
Metric Dec 2019Mar 2020Jun 2020Mar 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026 YoY % QoQ %
Sales 11172100011504062363169 +72.1% +124.9%
Operating Profit -50-133-18-8-6-12-28-5-36-9-32-8-20-250-21-17 -112.7% +18.7%
Other Income 1-44-161100201718551311157 +1036.8% +416.7%
Interest 3573943895035101042222351619 +866.1% +17.2%
Depreciation 19181817171715171516151516181517 +10.3% +9.0%
Profit Before Tax -426-589-586-527-27-39-51-25-53-23-31-20-33-142-423 +116.4% +107.9%
Net Profit -426-589-586-527-27-39-51-25-53-23-31-20-33-142-42566 +2932.2% +1458.9%
EPS -5.77-7.98-7.94-7.15-5.21-7.37-9.77-94.77-10.13-4.32-5.84-3.77-6.28-27.00-7.91107.52 +2952.0% +1459.3%
OPM % -454.5% -782.4% -900.0% -1211.8% — — — -478.0% -3118.1% -192.3% — -20.0% -341.4% -105.9% -68.4% -24.7% -23.5% +63.9%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric FY25 FY26 TTM YoY %
Sales ₹7 Cr ₹282 Cr ₹341 Cr +3886.9%
Operating Profit ₹-78 Cr ₹-310 Cr ₹-308 Cr -295.5%
OPM % -1,108.77% -109.99% -90.24% +90.1%
NPM % -2,152.48% -80.22% 102.44% +96.3%
Other Income ₹10 Cr ₹159 Cr ₹204 Cr +1461.3%
Depreciation ₹63 Cr ₹64 Cr ₹65 Cr +1.0%
Interest ₹19 Cr ₹12 Cr ₹44 Cr -36.8%
EBIT ₹-141 Cr ₹-374 Cr ₹-373 Cr -164.4%
PBT ₹-152 Cr ₹-226 Cr ₹-214 Cr -48.6%
Tax — — ₹-563 Cr —
Net Profit ₹-152 Cr ₹-226 Cr ₹350 Cr -48.6%
EPS ₹-118.99 ₹-42.89 ₹66.33 +64.0%
Material Cost ₹-1 Cr ₹0 Cr ₹9 Cr +109.2%
Employee Cost ₹13 Cr ₹10 Cr ₹39 Cr -23.6%
Extraordinary Items ₹-2 Cr — — —

🏛️ Balance Sheet (latest 5 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026 % Chg
Equity Capital 33535353 -0.6%
Reserves 54547424317614 +3513.8%
Borrowings 2,1482,2192,5052,7881,199 -57.0%
Other Liabilities 9148913102,030 +554.8%
Total Liabilities 2,7852,7432,8923,1673,896 +23.0%
Fixed Assets 1,2321,1681,1801,1871,185 -0.1%
CWIP 3743155166193 +16.5%
Investments 455258783 +203.4%
Other Assets 1,5121,5281,5511,5561,734 +11.5%
Total Assets 2,7852,7432,8923,1673,896 +23.0%

💧 Cash Flow (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Cash from Operating Activity 1,428-70-96182 +289.6%
Cash from Investing Activity 12-11-162-440 -171.6%
Cash from Financing Activity -1,46091268413 +54.1%
Net Cash Flow -201010156 +1460.0%
Free Cash Flow 1,440-80-259104 +140.2%
CFO/OP -4,343%243%89%-59% -166.3%

➗ Ratios (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Debtor Days 0—2416 -33.3%
Inventory Days 1,972,6141,899,893165,503739 -99.6%
Days Payable 109,86549,7626,67630 -99.6%
Cash Conversion Cycle 1,862,749—158,851725 -99.5%
Working Capital Days 127,588—59,8901,098 -98.2%
ROCE % -26%-4%-6%-8% -33.3%

👥 Shareholding (latest 5 periods)

Metric Jun 2025Sep 2025Dec 2025Mar 2026Sep 2026 % Chg
Promoters 94.91%94.91%94.91%89.90%89.90% +0.0%
FIIs 0.03%0.03%0.01%0.60%0.71% +18.3%
DIIs 0.40%0.40%0.38%2.05%1.73% -15.6%
Public 4.66%4.66%4.70%7.44%7.66% +3.0%
No. of Shareholders 98,30296,58693,16687,73081,042 -7.6%

⚖️ Peer comparison

Industry: Aerospace & Defense · top 25 of 30 companies · full page →
# Company CMP MCap (Cr) P/E Sales TTM NP TTM OPM% NPM% Sales YoY% NP YoY% Qtr Rev Δ% Qtr NP Δ%
1 HAL Hindustan Aeronautics ₹4,905.00 328,034 35.2 33,785 9,321 29.6% 27.6% 6.8% 9.0% 14.4% 14.9%
2 BEL Bharat Electronics ₹404.35 295,571 48.1 28,689 6,147 28.6% 21.4% 15.9% 13.9% 25.6% 8.8%
3 MAZDOCK Mazagon Dock ₹2,339.00 94,351 33.0 13,323 2,854 19.3% 21.4% 13.8% 14.2% 12.1% 21.7%
4 BDL Bharat Dynamics ₹1,190.00 43,621 83.7 2,766 521 12.7% 18.8% -27.0% -23.6% 130.8% 547.4%
5 COCHINSHIP Cochin Shipyard ₹1,381.00 36,331 53.4 5,047 680 15.1% 13.5% 4.2% -13.4% 2.4% -19.4%
6 GRSE Garden Reach ₹2,394.90 27,434 34.3 7,507 801 11.1% 10.7% 37.9% 41.9% 38.5% 44.0%
7 DATAPATTNS Data Patterns ₹4,829.00 27,035 100.9 941 267 39.6% 28.4% 30.5% 22.4% 17.2% -15.2%
8 SIGMAADV SIGMA ADVANCED ₹965.50 18,338 233.8 194 73 22.5% 37.6% — — — -93.0%
9 ASTRAMICRO Astra Microwave ₹1,688.50 16,031 84.8 1,139 189 28.5% 16.6% 10.5% 26.1% -11.5% -24.1%
10 APOLLO Apollo Micro ₹413.85 15,379 121.0 1,022 115 22.6% 11.3% 60.8% 90.9% 88.1% 42.6%
11 ZENTEC Zen Technologies ₹1,679.80 15,109 55.9 829 250 34.4% 30.1% -47.9% -44.0% -10.5% -40.0%
12 AEQUS Aequs ₹226.75 14,849 — 1,371 -171 5.6% -12.5% — — 54.5% -1430.7%
13 SWANDEF SWAN DEFENCE ₹2,734.00 14,403 41.2 341 350 -90.2% 102.4% 3886.9% -48.6% 72.1% 2932.2%
14 PARAS Paras Defence ₹1,307.30 10,535 104.4 511 96 25.5% 18.8% 30.7% 45.5% 37.3% 45.3%
15 UNIMECH Unimech Aerospace ₹1,779.80 9,060 125.7 285 72 33.1% 25.2% -0.5% -24.7% 70.8% 46.7%
16 AXISCADES AXISCADES Technologies ₹1,817.70 7,731 151.0 1,262 51 10.9% 4.1% 12.4% -4.3% 42.2% —
17 MIDHANI Mishra Dhatu ₹403.90 7,567 56.1 1,278 135 18.8% 10.6% 12.6% 18.7% 40.5% 28.6%
18 CYIENTDLM Cyient DLM ₹900.90 7,150 85.2 1,439 84 10.0% 5.8% -17.0% 7.7% 26.5% 5.8%
19 CENTUM Centum Electronics ₹4,276.10 6,303 76.3 1,072 83 11.4% 7.7% -1.2% -852.0% -25.3% 2257.0%
20 ROSSTECH Rossell Techsys ₹1,549.80 5,864 227.2 552 26 12.9% 4.7% 86.8% 175.3% 77.1% 116.5%
21 AVANTEL Avantel ₹156.19 4,150 251.9 241 17 22.7% 7.1% -10.5% -73.4% 35.7% 67.2%
22 IDEAFORGE Ideaforge Technology ₹761.60 3,786 n/m 283 3 9.3% 1.2% 41.0% 71.4% 427.6% 89.2%
23 JAYKAY Jaykay Enterprises ₹188.76 2,459 12.9 259 200 10.7% 77.2% 129.1% 2867.2% 14536.6% —
24 543920 CFF Fluid ₹778.35 2,150 41.6 209 39 28.2% 18.7% — — 59.1% 100.0%
25 523606 Sika Interplant ₹1,113.70 2,002 68.1 186 35 22.0% 18.6% 43.1% 38.2% -37.0% -18.8%
❓ Frequently asked questions
What was Swan Defence and Heavy Industries Limited's revenue in Q2 FY27?
Swan Defence and Heavy Industries Limited reported revenue of ₹69 crore for the quarter ended September 2026 (Q2 FY27), up 72.1% from ₹40 crore in the same quarter last year, and up 124.9% sequentially over the June 2026 quarter.
What was Swan Defence and Heavy Industries Limited's net profit in Q2 FY27?
The company swung to a net profit of ₹566 crore from a net loss of ₹20 crore a year earlier. Earnings per share (EPS) came in at ₹107.52.
What is SWANDEF's market capitalisation and P/E ratio?
At the current price of ₹2,944.70, SWANDEF has a market capitalisation of ₹15,513 crore and a trailing P/E of about 44.4.
Who owns Swan Defence and Heavy Industries Limited? (shareholding pattern)
As of Sep 2026, promoters held 89.90%, foreign institutional investors (FIIs) 0.71%, domestic institutional investors (DIIs) 1.73%, public shareholders 7.66% of Swan Defence and Heavy Industries Limited.
TTM ends 2026-09-30. Amounts are ₹ crore unless stated otherwise. Figures are extracted by AI from public quarterly filings; gaps are filled from public market data. Live price refreshed about twice a day from exchange data. Educational information only — not financial advice.
⚠️ How this site is made: Market data pages are computed automatically from NSE/BSE publications and company filings; news articles and announcement analyses are written with AI assistance, with a human in the loop: our editors review what the AI produces. Both can contain errors. Verify with the original sources before any investment decision. Not investment advice; Flash Finance is not SEBI-registered. How we use AI