Larsen & Toubro Ltd.
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Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Swan Corp Limited
NSE: SWANCORPIndustrialsConglomerates
- Last close
- ₹239.85
- Day change
- −₹4.50 (−1.84%)vs
- Market cap
- ₹8,272 crIndian rupees
- Research updated
- 1 report
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About Swan Corp
Swan Corp Limited is a diversified Indian conglomerate with over a century of history, operating across manufacturing, textile, energy, construction, real estate, and defense sectors. The company produces a variety of textile products, including cotton, polyester cotton, linen, and viscose fabrics along with non-lycra products. It advances commercial and residential real estate projects and is engaged in energy-related activities such as running an LNG import terminal with a 10 million metric tons per annum capacity. The firm also participates in petrochemical manufacturing and trading, power generation, warehousing services, and commercial and defense shipbuilding, including ship repair and heavy fabrication. Headquartered in Mumbai and established in 1909, Swan Corp plays a significant role in India’s industrial landscape spanning traditional textiles to modern energy and infrastructure industries, emphasizing broad sectoral integration and international operations.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: SWANCORP
- Employees
- 158
- Headquarters
- Mumbai, India
- ISIN
- INE665A01038
- Website
- swan.co.in
Public research · Report of
Business model & financial foundation
Swan Corp (NSE: SWANCORP), Diversified holding: shipbuilding (SDHI), LNG terminal, petroleum distribution, textiles, realty: revenue of ₹4,371 crore in FY26 (-11.5% on FY25), an EBITDA margin of -4.7%, net profit of ₹274.1 crore and net debt of ₹708.5 crore.
- Revenue, FY26 (₹ crore)
- 4,371
- consolidated
- Revenue growth, FY26
- -11.5%
- on FY25
- EBITDA margin, FY26
- -4.7%
- EBITDA (derived from PBT, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 274.1
- to owners
- Return on equity, FY26
- 3.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 708.5
- Net debt (borrowings less cash, bank balances and current investments)
- Market capitalisation (₹ crore)
- 9,180
- at the close of 16 Oct 2026
Company profile
Swan Corp (formerly Swan Energy) is a Mumbai-based conglomerate controlled by the Merchant and Dave families. Its value sits mainly in an 89.9% indirect stake in listed Swan Defence and Heavy Industries (the Pipavav shipyard bought out of insolvency in 2024) and a 63% stake in Swan LNG, a 5 MMTPA LNG terminal at Jafrabad under construction since 2013. Consolidated revenue is dominated by low-margin petroleum and petrochemical distribution through Veritas; it also runs a textile mill, warehousing and realty projects.
| Item | Value |
|---|---|
| Legal name | Swan Corp Limited (formerly Swan Energy Limited, Swan Mills Limited) |
| Exchange and ticker | NSE: SWANCORP; BSE: 503310 |
| ISIN | INE665A01038 |
| CIN | L17100MH1909PLC000294 |
| Sector | Diversified |
| Industry | Diversified holding: shipbuilding (SDHI), LNG terminal, petroleum distribution, textiles, realty |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | N. N. Jambusaria & Co., Chartered Accountants (FRN 104030W) |
| Market capitalisation | ₹9,180 crore (16 Oct 2026) |
| Shares outstanding | 31.35 crore shares (FY26) |
| Price | ₹263.9 (close, 16 Oct 2026) |
| 52-week range | ₹254.4 - ₹493.6 (to 16 Oct 2026) |
| Website | https://www.swan.co.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Hazel Infra Limited | 99% | Investment vehicle holding 89.90% of Swan Defence and Heavy Industries |
| Swan Defence and Heavy Industries Limited (SDHI, NSE: SWANDEF) | 89.9% | Pipavav shipyard (ex-Reliance Naval): commercial and defence shipbuilding, repair, heavy fabrication; held via Hazel Infra (89.90%) |
| Swan LNG Private Limited | 63% | 5 MMTPA (expandable to 10) FSRU-based LNG port terminal at Jafrabad, Gujarat, under construction; GMB 15%, GSPL and MOL affiliate the rest |
| Triumph Offshore Private Limited | 100% | FSRU-owning SPV; FSRU Vasant 1 sold to BOTAS (Turkey) for US$399m in 2024 |
| Veritas (India) Limited | 55.01% | Petroleum and petrochemical trading and distribution (Distribution & Development segment), incl. Veritas International FZE |
| Cardinal Energy and Infrastructure Private Limited | 100% | Realty / infrastructure |
| Conceptia Software Technologies Private Limited | 25.5% | Associate (software) |
Seven reportable consolidated segments: Textile, Energy, Construction/Others, Distribution & Development, Warehousing, Manufacturing, Shipyard.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 53.96% | 53.96% | 53.96% | 53.96% |
| Promoter holding pledged | 8.27% | 8.27% | 36.89% | 39.55% |
| Foreign institutions | 8.89% | 9.70% | 10.40% | 10.35% |
| Domestic institutions | 12.87% | 12.79% | 12.85% | 12.87% |
| of which mutual funds | 4.88% | 4.91% | 4.96% | 4.98% |
| Other | 24.28% | 23.55% | 22.79% | 22.81% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Swan Corp is a holding company. Consolidated revenue (FY26 Rs4,371cr) is mostly low-margin petroleum/petrochemical trading through Veritas (55.01%). Value sits in an 89.9% x 99% look-through stake in listed SDHI (Pipavav shipyard) and a 63% stake in the unfinished Jafrabad LNG terminal. Textiles, realty and warehousing are small. TOPL merged into SDHI effective 17 Sep 2026; Swan is to receive SDHI 8% preference shares (~Rs1,595cr face, pending allotment).
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Distribution & Development (petroleum/petrochemical trading, Veritas) | 3,690 | 84.4% | 75.9 | 17.3% |
| Shipyard (SDHI) | 282.1 | 6.5% | -213.7 | -48.7% |
| Textile | 206.8 | 4.7% | 6.15 | 1.4% |
| Construction / Others (incl. realty) | 125.8 | 2.9% | 521.1 | 118.8% |
| Warehousing | 66.6 | 1.5% | -9.39 | -2.1% |
| Energy (LNG terminal / FSRU) | 0.00 | 0.0% | 58.6 | 13.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Cochin Shipyard (COCHINSHIP) | Listed Indian shipbuilder/repairer: benchmark for the SDHI stake |
| Mazagon Dock Shipbuilders (MAZDOCK) | Listed defence shipbuilder; SDHI has a teaming agreement with MDL |
| Garden Reach Shipbuilders & Engineers (GRSE) | Listed defence/commercial shipbuilder |
| Petronet LNG (PETRONET) | Listed Indian LNG regasification terminal operator: benchmark for Swan LNG |
| Arvind (ARVIND) | Textile peer for the legacy textile business |
| Adani Enterprises (ADANIENT) | Indian diversified incubator holding company with port/energy/infra projects |
| Grasim Industries (GRASIM) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 5,017 | 4,938 | 4,371 |
| Cost of revenue (vendor classification) * | 4,187 | 4,287 | |
| Other operating costs (vendor classification) * | 786.0 | 146.7 | |
| EBITDA (vendor classification) * | -36.0 | -69.0 | |
| Finance costs | 226.3 | 185.7 | 81.3 |
| Profit before tax (after associates) | 609.3 | 1,470 | 365.0 |
| Tax expense (total) | 23.4 | 595.3 | 93.7 |
| Net profit after tax | 586.0 | 874.4 | 271.3 |
| Diluted EPS (INR) | 22.34 | 27.90 | 8.65 |
| Materials consumed incl. change in inventories | 3,969 | 4,187 | 4,287 |
| Employee benefits expense | 37.6 | 74.6 | 113.8 |
| Other expenses | 142.7 | 818.0 | 174.6 |
| EBITDA (derived from PBT, excl. other income) | 867.7 | -141.3 | -203.8 |
| Other income | 82.9 | 1,946 | 772.3 |
| Depreciation & amortisation | 115.0 | 147.3 | 123.9 |
| Exceptional items | 0.00 | -2.23 | 0.00 |
| Share of profit of associates | 0.00 | 0.46 | 1.60 |
| Profit attributable to non-controlling interest | 284.8 | 119.1 | -2.85 |
| Profit attributable to owners | 301.2 | 755.3 | 274.1 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity attributable to owners | 7,343 | 7,536 | |
| Total borrowings (current + non-current) | 2,802 | 2,103 | |
| Cash, other bank balances and current investments | 2,238 | 1,395 | |
| Trade receivables (current + non-current) | 1,391 | 2,284 | |
| Inventories | 1,674 | 1,213 | |
| Trade payables (current + non-current) | 953.3 | 1,406 | |
| Property, plant and equipment | 3,228 | 3,281 | |
| Capital work-in-progress | 3,870 | 3,997 | |
| Total assets | 13,604 | 13,853 | |
| Non-controlling interest (balance sheet) | 1,578 | 1,658 | |
| Net debt (borrowings less cash, bank balances and current investments) | 564.0 | 708.5 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | -528.9 | -14.5 | |
| Free cash flow (vendor definition) * | -2,108 | -224.0 | |
| Dividends paid (the provider's sign: an outflow is negative) | -3.19 | -3.19 | |
| Cash capex: PPE, CWIP and intangible purchases | -299.5 | -197.8 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shares outstanding * | 31.35 | 31.35 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,032 | 1,908 | 855.8 | 1,213 | 1,138 | 1,150 | 869.7 | 1,014 |
| Cost of revenue (vendor classification) * | 873.7 | 1,810 | 786.1 | 1,136 | 1,062 | 1,050 | 1,039 | 947.4 |
| Other operating costs (vendor classification) * | 26.8 | 725.2 | -118.4 | 29.0 | 44.5 | 40.3 | 60.8 | 38.2 |
| EBITDA (vendor classification) * | 151.4 | 1,212 | -1,801 | 86.0 | 52.5 | 53.0 | 378.6 | 30.1 |
| Finance costs | 65.7 | 44.7 | 22.0 | 22.3 | 21.5 | 17.9 | 19.6 | 34.5 |
| Profit before tax (after associates) | 57.4 | 1,107 | -15.4 | 33.6 | 0.61 | 4.10 | 326.6 | -35.0 |
| Tax expense (total) | -9.73 | 545.2 | 6.95 | 6.64 | 6.47 | 5.28 | 75.3 | 1.03 |
| Net profit after tax | 67.1 | 562.0 | -22.4 | 27.0 | -5.86 | -1.18 | 251.3 | -36.0 |
| Diluted EPS (INR) | 2.28 | 18.72 | -0.75 | 0.86 | -0.19 | -0.04 | 8.02 | -1.15 |
| Materials consumed incl. change in inventories | 873.0 | 1,811 | 785.0 | 1,136 | 1,062 | 1,049 | 1,040 | 947.4 |
| Employee benefits expense | 11.0 | 28.0 | 22.0 | 21.8 | 27.0 | 34.0 | 30.9 | 32.0 |
| Other expenses | 26.0 | 725.0 | 32.0 | 25.0 | 44.0 | 40.0 | 60.8 | 38.2 |
| EBITDA (derived from PBT, excl. other income) | 120.4 | -655.5 | 12.6 | 26.8 | 5.04 | 25.3 | -260.9 | -3.82 |
| Other income | 31.0 | 1,868 | 26.0 | 58.9 | 47.0 | 27.5 | 638.9 | 34.0 |
| Depreciation & amortisation | 28.3 | 60.6 | 30.0 | 30.1 | 30.4 | 31.0 | 32.4 | 30.6 |
| Exceptional items | 0.00 | 0.00 | -2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associates | 0.00 | 0.00 | 0.00 | 0.38 | 0.46 | 0.28 | 0.48 | -0.08 |
| Profit attributable to non-controlling interest | 16.1 | -20.1 | -5.35 | 7.86 | -2.05 | 8.69 | -17.4 | -4.58 |
| Profit attributable to owners | 51.0 | 582.0 | -17.0 | 19.1 | -3.82 | -9.87 | 268.7 | -31.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | -1.6% | -11.5% | |
| EBITDA margin | 17.3% | -2.9% | -4.7% |
| Net margin | 6.0% | 15.3% | 6.3% |
| Return on equity | 10.3% | 3.7% | |
| Return on assets | 5.6% | 2.0% | |
| Net debt (₹ crore) | 564.0 | 708.5 | |
| Net debt / EBITDA | -3.99x | -3.48x | |
| Asset turnover | 0.36x | 0.32x | |
| Receivable days | 103 | 191 | |
| Inventory days (on revenue) | 124 | 101 | |
| Payable days (on revenue) | 70 | 117 | |
| Cash conversion | -0.70x | -0.05x | |
| Capex intensity | 6.1% | 4.5% | |
| Free cash flow (₹ crore) | -828.4 | -212.3 | |
| Dividend payout | 0.4% | 1.2% | |
| EPS, diluted (₹) | 22.34 | 27.90 | 8.65 |
| Book value per share (₹) | 234.2 | 240.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (derived from PBT, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash, bank balances and current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (derived from PBT, excl. other income).
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Swan Corp includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Swan Corp
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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