Swan Defence and Heavy Industries quarterly results and financials

Swan Defence and Heavy Industries (SWANDEF)₹2,853+0.24%(9 Nov 2026 close)Ship Building & Allied Services

Key facts

In the Sep 2026 quarter (consolidated), Swan Defence and Heavy Industries reported sales of ₹69.02 Cr, up 72.5% from Sep 2025, and net profit of ₹564 Cr. For the year to Mar 2026, sales were ₹282 Cr and net profit −₹225 Cr.

Sales (Sep 2026): ₹69.02 Cr
Net profit (Sep 2026): ₹564 Cr
Sales (FY Mar 2026): ₹282 Cr
Net profit (FY Mar 2026): −₹225 Cr
EPS (Sep 2026): ₹107.23
Borrowings (Mar 2026): ₹2,793 Cr

Company filings, consolidated accounts; latest reported quarter Sep 2026

Swan Defence and Heavy Industries quarterly results

₹ crore unless stated; each column is a quarter.

Swan Defence and Heavy Industries Quarterly results
	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales	0.00	0.00	0.00	1.01	1.01	5.01	0.00	40.01	6.01	236	31.03	69.02
Expenses	6.01	12.02	28.03	35.07	38.08	14.02	32.03	48.04	26.05	488	52.08	87.12
Operating Profit	−6.02	−12.04	−28.08	−34.10	−37.12	−9.03	−32.12	−8.02	−20.06	−251	−21.06	−18.06
OPM %	—	—	—	−3,550.0%	−3,159.0%	−192.0%	−7,529.0%	−20.0%	−341.0%	−106.0%	−69.0%	−26.0%
Other Income	0.00	0.00	1.99	1.01	1.01	5.01	18.01	30.98	5.01	131	12.01	57.02
Interest	5.01	10.01	10.01	6.01	2.01	2.01	1.99	1.99	3.01	4.99	17.02	19.01
Depreciation	16.97	16.96	14.97	14.98	14.98	15.98	14.98	14.97	15.98	17.96	14.97	16.97
Profit before tax	−26.90	−38.87	−50.80	−52.78	−52.80	−22.90	−30.86	5.98	−32.87	−142	−41.85	2.99
Tax %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	110.0%	0.0%	0.0%	0.0%	−17,117.0%
Exceptional items	0.00	0.00	0.00	0.00	0.00	−1.99	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	−26.90	−38.91	−50.85	−52.80	−52.87	−22.92	−30.92	−0.99	−32.90	−142	−41.86	564
EPS (Rs)	−5.20	−7.34	−9.75	−10.09	−10.10	−4.33	−5.82	−0.09	−6.26	−26.90	−7.89	107.23

Swan Defence and Heavy Industries profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

Swan Defence and Heavy Industries Profit and loss
	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	312	564	378	180	75.06	6.01	6.01	3.01	0.00	7.01	282	342
Expenses	460	529	557	266	253	30.06	33.05	36.06	29.05	115	592	653
Operating Profit	−147	34.13	−180	−86.32	−179	−24.08	−27.07	−33.11	−29.10	−108	−310	−310
OPM %	−47.0%	6.0%	−47.0%	−48.0%	−235.0%	−376.0%	−421.0%	−1,039.0%	—	−1,619.0%	−110.0%	−90.6%
Other Income	33.99	39.01	−84.07	−9,006	−41.99	−1,299	13.01	19,526	1.99	8.01	158	205
Interest	538	626	755	1,369	1,470	2,034	1,998	1,470	26.01	21.01	11.99	44.03
Depreciation	221	208	208	69.85	71.91	73.89	73.90	67.86	67.85	60.91	62.85	65.88
Profit before tax	−867	−757	−1,220	−10,493	−1,755	−3,412	−2,079	17,871	−121	−181	−227	−213
Tax %	−32.1%	−24.0%	−17.0%	4.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Exceptional items	0.00	0.00	−162	−8,696	−65.78	−1,319	1.99	19,467	0.00	0.99	0.00	0.00
Net Profit	−591	−575	−1,009	−10,890	−1,755	−3,415	−2,080	17,870	−121	−180	−225	348
EPS (Rs)	−8.03	−7.82	−13.69	−147.68	−23.80	−46.31	−28.20	242.50	−22.81	−34.26	−42.72	66.18
Dividend payout %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—

Swan Defence and Heavy Industries balance sheet

₹ crore, at each year end.

Swan Defence and Heavy Industries Balance sheet
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	738	738	738	739	737	737	737	737	3.01	3.01	53.09	53.08
Reserves	1,882	1,290	712	−293	−11,135	−12,880	−16,003	−18,083	546	475	243	16.99
Borrowings	6,916	8,330	9,486	10,709	11,781	12,914	15,419	15,432	2,155	2,225	2,511	2,793
Other Liabilities	1,927	1,498	1,526	1,871	2,775	3,988	3,660	5,670	91.43	48.23	91.44	311
Total Liabilities	11,462	11,855	12,462	13,025	4,157	4,757	3,814	3,754	2,793	2,750	2,898	3,174
Fixed Assets	6,082	5,884	5,676	5,564	2,030	1,981	1,410	1,337	1,237	1,173	1,183	1,191
CWIP	3,530	3,893	4,284	4,704	103	37.13	37.14	37.11	37.11	43.17	156	167
Investments	301	301	314	302	302	302	2.99	3.99	3.98	4.98	4.98	257
Other Assets	1,550	1,776	2,187	2,455	1,722	2,438	2,364	2,376	1,516	1,530	1,553	1,559
Inventories	311	614	775	699	623	495	2,090	2,090	1,405	1,406	1,402	953
Trade receivables	45.02	11.01	2.99	14.99	6.01	2.99	2.99	0.99	0.00	0.00	0.00	11.99
Cash & equivalents	209	161	119	178	56.23	16.06	19.06	28.09	8.02	19.08	29.08	290
Total Assets	11,462	11,855	12,462	13,025	4,157	4,757	3,814	3,754	2,793	2,750	2,898	3,174

Swan Defence and Heavy Industries cash flow

₹ crore, for each year.

Swan Defence and Heavy Industries Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	432	−598	−318	−224	−113	−1,184	710	2,007	1,429	−70.06	−96.01	182
Cash from investing activity	−1,072	−25.06	−122	−15.04	−16.03	49.13	−1.01	2.01	12.03	−11.02	−162	−441
Cash from financing activity	619	646	431	281	102	1,103	−710	−2,006	−1,466	91.37	269	415
Net cash flow	−20.05	20.04	−10.02	41.06	−27.04	−35.10	1.01	11.03	−20.04	10.02	10.02	156
Capex	972	27.02	109	19.01	0.00	0.00	0.00	0.00	0.00	10.01	43.99	67.05
Free cash flow	−537	−624	−426	−242	−114	−1,161	708	2,003	1,438	−79.83	−258	104
CFO / OP %	539.9%	400.9%	−966.1%	128.9%	147.9%	666.9%	−2,994.1%	−7,543.1%	−4,343.1%	242.9%	88.9%	−59.1%

Swan Defence and Heavy Industries ratios

Working-capital days and returns, by year.

Swan Defence and Heavy Industries Ratios
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	18	13	2	14	11	14	149	47	0	—	25	16
Inventory days	405	3,982	892	657	1,466	7,331	—	6,92,279	19,72,614	18,99,893	1,65,503	739
Days payable	399	1,770	313	274	673	4,512	—	1,12,894	1,09,865	49,762	6,676	30
Cash conversion cycle	24	2,225	582	396	805	2,833	149	5,79,431	18,62,749	—	1,58,852	725
Working capital days	−817	−2,952	−2,287	−9,356	−25,570	−68,665	−9,69,876	−10,83,806	1,27,588	—	63,122	1,099
ROCE %	−1.0%	−3.0%	−1.0%	−3.0%	−2.0%	−22.1%	−17.0%	—	−26.0%	−4.0%	−6.0%	−8.1%

Swan Defence and Heavy Industries: frequently asked questions

What are the latest quarterly results of Swan Defence and Heavy Industries?

For the Sep 2026 quarter, Swan Defence and Heavy Industries reported sales of ₹69.02 Cr, up 72.5% year on year and net profit of ₹564 Cr. The operating margin was −26.0%.

What is the annual revenue of Swan Defence and Heavy Industries?

Swan Defence and Heavy Industries' sales for the year to Mar 2026 were ₹282 Cr; over the last twelve months they were ₹342 Cr.

What is the net profit of Swan Defence and Heavy Industries?

Net profit for the year to Mar 2026 was −₹225 Cr, and ₹348 Cr over the last twelve months. Earnings per share over the same trailing period were ₹66.18.

How much debt does Swan Defence and Heavy Industries have?

Swan Defence and Heavy Industries reported borrowings of ₹2,793 Cr at Mar 2026, against cash and equivalents of ₹290 Cr.

What is the free cash flow of Swan Defence and Heavy Industries?

Cash from operations was ₹182 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹104 Cr.

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