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Shipbuilding and heavy-engineering company (formerly Reliance Naval), now controlled by the Swan Group, building defense and commercial vessels.
Shipbuilding and heavy-engineering company (formerly Reliance Naval), now controlled by the Swan Group, building defense and commercial vessels.
In one line: A turnaround Indian shipyard entering defense shipbuilding.
Moat: none (installed base). Large dry dock inherited from Reliance Naval, but the business is still rebuilding its order book and reputation.
Headquarters: Pipavav, India · Employees: 1,000
Size Swan Defence and Heavy Industries (SWANDEF.NS) is an India Industrials company (Trucks/Construction/Farm Machinery) with a market value of $1.54B, the 459th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,757 on 6 Nov 2026.
Performance Over six months the shares gained 47.7%, against -16.1% for the median peer and 0.0% for the India market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 641.7% over the last twelve months (peer median +7.4%); the operating margin is -109.2% (peer median 11.0%).
Valuation It trades at 21.78× book value against a peer median of 2.71× (most expensive of 21).
Price implies The share price implies a return on equity of about 193.2%; Swan Defence and Heavy Industries delivers 27.9%, so the price asks more than the business earns today.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹3.42B | ₹2.82B | ₹70.3M | ₹0 | ₹31.6M |
| Revenue growth | — | +3,911% | — | -100% | — |
| Gross profit | -₹2.79B | -₹3.24B | -₹989M | -₹685M | -₹805M |
| EBITDA | -₹3.08B | -₹3.09B | -₹1.08B | -₹290M | -₹329M |
| Net income | ₹3.49B | -₹2.26B | -₹1.81B | -₹1.21B | ₹179B |
| Free cash flow | n/a | ₹1.04B | -₹2.88B | -₹1.15B | n/a |
| Capital expenditure | n/a | ₹778M | ₹1.63B | ₹102M | ₹0 |
| Total debt | ₹12.0B | ₹27.9B | ₹25.1B | ₹22.2B | ₹21.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Swan Defence and Heavy Industries SWANDEF.NS | $1.54B | +48% | +642% | 28% | 21.78× | 193.2% |
| Cochin Shipyard COCHINSHIP.NS | $3.40B | -33% | -1% | 13% | 5.47× | 104.9% |
| Garden Reach Shipbuilders & Engineers GRSE.NS | $2.60B | -31% | +40% | 32% | 9.32× | 199.9% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | $7.87B | -31% | +8% | 25% | 7.10× | 152.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SWANDEF.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | -4.5% | 8th highest of 21 |
| 6-month return | +47.7% | -16.1% | highest of 21 |
| Return on equity | 27.9% | 12.0% | 3rd highest of 21 |
| Price / book | 21.78× | 2.71× | most expensive of 21 |
| Trailing P/E | 41.6× | 19.3× | 5th most expensive of 21 |
| ROE the price implies | 193.2% | 21.9% | 2nd most demanding of 21 |
| ROE delivered | 27.9% | 11.7% | 2nd highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Swan Defence and Heavy Industries SWANDEF.NS | India | $1.54B | +48% | +642% | 28% | 21.78× | 193.2% | 27.9% |
| Bestway Marine & Energy Technology 300008.SZ | China | $1.51B | -29% | +1% | 13% | 3.82× | 29.8% | 13.0% |
| Lonking 3339.HK | Hong Kong | $1.57B | -14% | +22% | 13% | 0.93× | 8.7% | 12.9% |
| Hanwha Engine 082740.KS | South Korea | $1.50B | -72% | +3% | 41% | 3.13× | 22.3% | 40.5% |
| Action Construction Equipment ACE.NS | India | $1.47B | +29% | +5% | 23% | 6.91× | 82.7% | n/a |
| Namura Shipbuilding 7014.T | Japan | $1.62B | -9% | +7% | 20% | 1.85× | 27.5% | 19.7% |
| Alamo ALG | United States | $1.63B | -18% | +2% | 7% | 1.40× | 13.1% | 6.7% |
| Weichai Heavy Machinery 000880.SZ | China | $1.44B | -33% | +58% | 14% | 4.25× | 42.0% | 14.2% |
| Comer Industries COM.MI | Italy | $1.43B | -18% | +31% | 13% | 2.30× | 14.7% | 13.1% |
| Hengbo 301225.SZ | China | $1.41B | -11% | +69% | 7% | 5.77× | 50.5% | 7.0% |
| Wacker Neuson WAC.DE | Germany | $1.71B | +20% | +14% | 8% | 0.98× | 9.4% | 7.8% |
| CoCreation Grass 605099.SS | China | $1.72B | -41% | +10% | 21% | 3.46× | 21.5% | 21.4% |
| JiangSu Changling Hydraulic 605389.SS | China | $1.72B | -32% | +19% | 6% | 5.48× | 42.7% | 6.4% |
| Xiangyang Changyuandonggu Industry 603950.SS | China | $1.72B | -36% | -8% | 12% | 3.63× | 44.4% | 12.3% |
| BEML BEML.NS | India | $1.72B | -2% | +13% | 5% | 5.55× | 92.9% | n/a |
| Deutz DEZ.DE | Germany | $1.74B | -13% | +11% | 9% | 1.42× | 17.5% | 8.8% |
| Ingersoll-Rand (India) INGERRAND.NS | India | $1.33B | -13% | +8% | 42% | 20.35× | 239.0% | n/a |
| Alimak ALIG.ST | Sweden | $1.31B | +13% | -2% | 8% | 1.64× | 14.4% | 7.6% |
| Greenbrier Companies GBX | United States | $1.29B | -18% | -24% | 5% | 0.82× | 10.7% | 5.1% |
| KTK 603680.SS | China | $1.28B | -24% | -16% | 12% | 1.42× | 8.6% | 11.7% |
| Nisshinbo 3105.T | Japan | $1.87B | -9% | +2% | 8% | 0.92× | 10.5% | 8.2% |