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Last Updated: April 2, 2026, 3:22 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 533107 | NSE: SWANDEF

Swan Defence and Heavy Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹263.52Overvalued by 83.37%vs CMP ₹1,585.00

P/E (15.0) × ROE (46.3%) × BV (₹46.50) × DY (2.00%)

Defaults: P/E=15

₹944.85Overvalued by 40.39%vs CMP ₹1,585.00
MoS: -67.8% (Negative)Confidence: 49/100 (Moderate)Models: 1 Under, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹409.4033%Over (-74.2%)
Earnings PowerEarnings₹4,058.1720%Under (+156%)
Net Asset ValueAssets₹46.5220%Over (-97.1%)
ROCE CapitalReturns₹21.7213%Over (-98.6%)
Revenue MultipleRevenue₹1.9915%Over (-99.9%)
Consensus (5 models)₹944.85100%Overvalued
Key Drivers: EPS CAGR 55.4% lifts DCF — verify sustainability. | Wide model spread (₹2–₹4,058) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 55.4% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

49
Swan Defence and Heavy Industries Ltd scores 49/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health43/100 · Moderate
ROCE 5.8% WeakROE 46.3% ExcellentD/E -0.18 Low debtInterest Coverage 0.0x RiskyProfitable 1/5 years Inconsistent
Smart Money60/100 · Moderate
FII holding up 0.57% (6mo) Slight increaseDII holding up 1.65% MF buyingPromoter decreased by 5.01% Caution
Earnings Quality30/100 · Weak
OPM contracting (-730% → -768%) DecliningWorking capital: 59,890 days Capital intensive
Quarterly Momentum80/100 · Strong
Revenue (4Q): +2,450% YoY AcceleratingOPM: -341.0% (up 2,818.0% YoY) Margin expansion
Industry Rank45/100 · Moderate
ROCE 5.8% vs industry 19.5% Below peersROE 46.3% vs industry 24.9% Above peers3Y sales CAGR: 5% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:22 am

Market Cap 8,348 Cr.
Current Price 1,585
Intrinsic Value₹944.85
High / Low 2,518/95.0
Stock P/E
Book Value 46.5
Dividend Yield0.00 %
ROCE5.76 %
ROE46.3 %
Face Value 10.0
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Swan Defence and Heavy Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Swan Defence and Heavy Industries Ltd 8,348 Cr. 1,585 2,518/95.0 46.50.00 %5.76 %46.3 % 10.0
Cochin Shipyard Ltd 35,216 Cr. 1,339 2,547/1,18749.5 2190.73 %20.4 %15.8 % 5.00
Mazagon Dock Shipbuilders Ltd 93,512 Cr. 2,318 3,778/2,05740.7 2000.75 %48.8 %36.5 % 5.00
Hariyana Ship Breakers Ltd 58.9 Cr. 95.5 149/82.25.77 2430.00 %3.20 %1.10 % 10.0
Industry Average45,692.00 Cr1,334.3831.99177.130.37%19.54%24.93%7.50

All Competitor Stocks of Swan Defence and Heavy Industries Ltd

Quarterly Result

MetricSep 2019Dec 2019Mar 2020Jun 2020Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 21111720001150406
Expenses 18621512061228353814324726
Operating Profit 3-50-133-18-6-12-28-34-37-9-32-8-20
OPM % 15%-444%-773%-912%-3,550%-3,159%-192%-7,529%-19%-341%
Other Income 11-44-1610021151855
Interest 36135739438951010622223
Depreciation 17191818171715151516151516
Profit before tax -375-426-589-586-27-39-51-53-53-23-31-20-33
Tax % 0%0%0%0%0%0%0%0%0%0%0%0%0%
Net Profit -375-426-589-586-27-39-51-53-53-23-31-20-33
EPS in Rs -5.09-5.77-7.98-7.94-5.21-7.37-9.77-10.13-10.13-4.34-5.84-3.77-6.28

Last Updated: March 3, 2026, 7:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 3:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,534912312563378180756630751
Expenses 1,90783045952955726625330333629115120
Operating Profit 62681-14734-179-86-178-24-27-33-29-108-69
OPM % 25%9%-47%6%-47%-48%-235%-376%-421%-1,039%-1,536%-136%
Other Income 38313439-84-9,011-42-1,2981319,5082834
Interest 4774875376267541,3681,4692,0321,9991,470262110
Depreciation 1662042212082087072747468686162
Profit before tax 21-578-871-760-1,224-10,536-1,761-3,427-2,08617,937-121-182-107
Tax % 87%-36%-32%-24%-17%4%0%0%0%0%0%0%
Net Profit 3-371-592-577-1,012-10,927-1,761-3,427-2,08617,937-121-181-107
EPS in Rs 0.04-5.03-8.05-7.84-13.72-148.14-23.87-46.46-28.28243.19-22.89-34.36-20.23
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-12466.67%-59.57%2.53%-75.39%-979.74%83.88%-94.61%39.13%959.88%-100.67%-49.59%
Change in YoY Net Profit Growth (%)0.00%12407.10%62.10%-77.92%-904.35%1063.63%-178.49%133.74%920.74%-1060.55%51.09%

Swan Defence and Heavy Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-39%
5 Years:-38%
3 Years:4%
TTM:%
Compounded Profit Growth
10 Years:4%
5 Years:14%
3 Years:24%
TTM:-49%
Stock Price CAGR
10 Years:24%
5 Years:169%
3 Years:409%
1 Year:%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:-46%

Last Updated: September 5, 2025, 11:25 am

Balance Sheet

Last Updated: December 4, 2025, 1:41 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 736736736736738738738738738335353
Reserves 1,6071,8801,289711-294-11,159-12,915-16,042-18,127545474243192
Borrowings 5,5276,8938,3069,45610,68911,78012,91815,43315,4362,1482,2192,5052,615
Other Liabilities 2,2101,9181,4911,5191,8622,7884,0073,6785,69791489152
Total Liabilities 10,08011,42711,82112,42212,9944,1464,7473,8073,7432,7852,7432,8922,911
Fixed Assets 2,8656,0605,8615,6545,5472,0221,9731,4061,3321,2321,1681,1801,203
CWIP 3,2183,5193,8844,2684,6921033737373743155160
Investments 23023023153033033033445526
Other Assets 3,9951,5461,7742,1842,4531,7182,4352,3612,3701,5121,5281,5511,522
Total Assets 10,08011,42711,82112,42212,9944,1464,7473,8073,7432,7852,7432,8922,911

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 742432-598-318-224-113-1,1837102,0071,428-70-97
Cash from Investing Activity + -824-1,069-25-122-15-1649-1212-11-162
Cash from Financing Activity + 836176444292801021,099-707-1,999-1,46091269
Net Cash Flow 0-2020-1041-27-35111-201010
Free Cash Flow -88-538-625-427-243-114-1,1627102,0071,440-80-260
CFO/OP 122%540%401%-966%129%148%667%-2,994%-7,543%-4,343%243%89%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow621.0075.00-155.0025.00-189.00-97.00-190.00-39.00-42.00-35.00-31.00-110.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 2011813214111414947024
Inventory Days 854053,9828926571,4667,331692,2791,972,6141,899,893165,503
Days Payable 1163991,7703132746734,512112,894109,86549,7626,676
Cash Conversion Cycle 170242,2255823968052,833149579,4311,862,749158,851
Working Capital Days -371-817-2,952-2,287-9,356-25,570-68,665-969,876-1,083,806127,58859,890
ROCE %7%-1%-3%-1%-3%-2%-22%-17%-26%-4%-6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters 0.00%0.00%94.91%94.91%94.91%94.91%94.91%94.91%94.91%94.91%94.91%89.90%
FIIs 0.52%0.48%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.01%0.60%
DIIs 7.93%7.93%0.40%0.40%0.40%0.40%0.40%0.40%0.40%0.40%0.38%2.05%
Public 91.55%91.58%4.66%4.66%4.66%4.66%4.66%4.67%4.66%4.66%4.70%7.44%
No. of Shareholders 1,91,2851,91,1291,01,2371,01,2371,01,2371,01,2371,00,66299,42898,30296,58693,16687,561

Shareholding Pattern Chart

No. of Shareholders

Swan Defence and Heavy Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Bank of India Small Cap Fund 15,841 0.16 2.88N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) -51.51-22.8966875.98-28.28-46.45
Diluted EPS (Rs.) -51.51-22.8966875.98-28.28-46.45
Cash EPS (Rs.) -22.90-197.2267128.54-27.28-45.46
Book Value[Excl.RevalReserv]/Share (Rs.) 56.111590.672040.28-235.77-207.49
Book Value[Incl.RevalReserv]/Share (Rs.) 56.111590.672040.28-235.77-207.49
Revenue From Operations / Share (Rs.) 1.340.0011.790.080.08
PBDIT / Share (Rs.) -18.50-98.82-172.55-0.210.01
PBIT / Share (Rs.) -30.06-354.07-427.14-1.21-0.99
PBT / Share (Rs.) -34.45-452.4666873.95-28.29-46.46
Net Profit / Share (Rs.) -34.45-452.4666873.95-28.28-46.46
NP After MI And SOA / Share (Rs.) -34.36-449.6166874.73-28.28-46.46
PBDIT Margin (%) -1385.490.00-1464.14-245.779.50
PBIT Margin (%) -2250.910.00-3624.40-1416.01-1161.34
PBT Margin (%) -2580.160.00567444.81-33012.72-54387.68
Net Profit Margin (%) -2580.160.00567444.81-33005.61-54385.36
NP After MI And SOA Margin (%) -2573.550.00567451.48-33005.61-54385.36
Return on Networth / Equity (%) -61.24-28.263277.720.000.00
Return on Capital Employeed (%) -6.09-4.36-4.620.510.48
Return On Assets (%) -6.26-4.39643.96-55.73-90.01
Long Term Debt / Equity (X) 7.593.813.380.000.00
Total Debt / Equity (X) 8.235.003.75-0.16-0.18
Current Ratio (X) 5.052.534.630.100.12
Quick Ratio (X) 0.250.050.040.010.01
Inventory Turnover Ratio (X) 0.010.000.000.001.23
Interest Coverage Ratio (X) -4.66-1.00-0.03-0.010.00
Interest Coverage Ratio (Post Tax) (X) -7.56-3.60-0.07-0.04-0.03
Enterprise Value (Cr.) 2880.652116.142042.353092.273083.86
EV / Net Operating Revenue (X) 409.500.00646.11489.28489.41
EV / EBITDA (X) -29.56-79.84-44.13-199.085149.20
MarketCap / Net Operating Revenue (X) 67.970.000.1437.0034.53
Price / BV (X) 1.620.000.00-0.01-0.01
Price / Net Operating Revenue (X) 67.980.000.1437.2934.71
EarningsYield -0.37-198.0740530.14-8.92-15.75

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Swan Defence and Heavy Industries Ltd. is a Public Limited Listed company incorporated on 17/10/1997 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L35110GJ1997PLC033193 and registration number is 033193. Currently company belongs to the Industry of Ship - Docks/Breaking/Repairs. Company's Total Operating Revenue is Rs. 7.03 Cr. and Equity Capital is Rs. 52.68 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Ship - Docks/Breaking/RepairsPipavav Port, Post Ucchaiya, Amreli Dist. Gujarat 365560Contact not found
Management
NamePosition Held
Mr. Nikhil Vasantlal MerchantChairman & Managing Director
Mr. Arvind Jayasing MorbaleWhole Time Director
Mr. Arun SinhaIndependent Director
Mr. Kaiyoze Beji BillimoriaIndependent Director
Mr. Ashishkumar BairagraIndependent Director
Ms. Maya Swaminathan SinhaIndependent Director
Mr. Prabhakar Reddy PatilIndependent Director
Mr. Paresh Vasantlal MerchantDirector
Mr. Vivek Paresh MerchantDirector
Mr. Bhavik Vasantlal MerchantDirector

FAQ

What is the intrinsic value of Swan Defence and Heavy Industries Ltd and is it undervalued?

As of 18 April 2026, Swan Defence and Heavy Industries Ltd's intrinsic value is ₹944.85, which is 40.39% lower than the current market price of ₹1,585.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (46.3 %), book value (₹46.5), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Swan Defence and Heavy Industries Ltd?

Swan Defence and Heavy Industries Ltd is trading at ₹1,585.00 as of 18 April 2026, with a FY2026-2027 high of ₹2,518 and low of ₹95.0. The stock is currently in the middle of its 52-week range. Market cap stands at ₹8,348 Cr..

How does Swan Defence and Heavy Industries Ltd's P/E ratio compare to its industry?

Swan Defence and Heavy Industries Ltd has a P/E ratio of , which is below the industry average of 31.99. This is broadly in line with or below the industry average.

Is Swan Defence and Heavy Industries Ltd financially healthy?

Key indicators for Swan Defence and Heavy Industries Ltd: ROCE of 5.76 % is on the lower side compared to the industry average of 19.54%; ROE of 46.3 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Swan Defence and Heavy Industries Ltd profitable and how is the profit trend?

Swan Defence and Heavy Industries Ltd reported a net profit of ₹-181 Cr in Mar 2025 on revenue of ₹7 Cr. Compared to ₹-2,086 Cr in Mar 2022, the net profit shows a mixed trend.

Does Swan Defence and Heavy Industries Ltd pay dividends?

Swan Defence and Heavy Industries Ltd has a dividend yield of 0.00 % at the current price of ₹1,585.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Swan Defence and Heavy Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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