Swan Defence and Heavy Industries Ltd.

NSE: SWANDEF · Ship Building & Allied Services

52W Range₹322 ₹2,489

Snapshot

Unlock Swan Defence and Heavy Industries Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Swan Defence and Heavy Industries Limited specialises in the construction, repair, and refitting of commercial and defence vessels, including jack-up rigs and offshore structures. The company also provides heavy engineering, procurement, and construction services from its dedicated offshore yard.

Business Model

The company generates revenue through shipbuilding contracts, ship repair and maintenance services, and heavy engineering projects. It leverages its offshore yard infrastructure to provide comprehensive lifecycle solutions for maritime and industrial assets.

Growth Outlook

Growth is expected to be driven by the increasing demand for indigenous defence vessel manufacturing and the maintenance of offshore rigs. The company's ability to execute complex conversions and jumboizing projects remains a key operational focus.

Key Risks

  • Geopolitical and Defence Policy Risk. The company's revenue is highly dependent on government defence procurement budgets and shifting maritime security policies.
  • Operational and Execution Risk. Large-scale shipbuilding and heavy engineering projects are susceptible to cost overruns, technical delays, and supply chain disruptions.
  • Cyclical Industry Demand. The demand for commercial vessel construction and offshore rig maintenance is sensitive to global trade volumes and fluctuations in oil and gas prices.
  • Capital Intensity. The business requires significant capital expenditure to maintain shipyard facilities and advanced machinery, impacting cash flow stability.

Price

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Key Metrics

P/E

-119.3x

Q4 FY26 · consolidated

-119.3 vs -51.7x5Y avg

EV/EBITDA

-625.0x

Q4 FY26 · consolidated

-625.0 vs -287.1x5Y avg

NET PROFIT MARGIN

-60.2%

Q4 FY26 · consolidated

+403.5 ppYoY

DEBT TO EQUITY

39.1x

Q4 FY26 · consolidated

+38.29xYoY

Peers · Ship Building & Allied Services

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Swan Defence and Heavy Industries Ltd.SWANDEF
9,783-119.29-624.96-8.1%-41.0%-3.2%+662.0%
Mazagaon Dock Shipbuilders Ltd.MAZDOCK
90,92134.5026.2913.8%27.2%32.8%36.0%-24.0%
Cochin Shipyard Ltd.COCHINSHIP
34,09551.6531.124.2%24.3%12.7%17.5%-27.4%

As of Q4 FY26

Financials