Swan Corp Ltd

NSE: SWANCORP

₹247.75

−₹8.50 (−3.32%)

NSE · 21 Oct 2026, close

NSE

Market Cap

₹8,318 Cr

CMP

₹247.75

52-wk High / Low

₹494 / 244

P/E

37.2

P/B

1.1

Book Value

₹240.0

Div Yield

0.06%

ROCE

−1.0%

ROE

−4.5%

Face Value

₹1

D/E

0.28

Piotroski F-Score

/ 9

3 of 9 F-score tests passed

Graham Number

₹196

√(22.5 × EPS × book value per share)

ROIC

−2.5%

vs 7.5% sector median

Cash flow to profit

−0.05

CFO / PAT

Above 1.0 = operating cash flow exceeded reported profit

Margin change

−262

bps OPM YoY

Operating margin vs the same quarter last year

Sustainable growth

−4.4%

ROE × earnings retention ratio

ROE stability

8.9

pp σ

Standard deviation of ROE across periods. Lower = more stable

Holder deltas

QoQ

Prom +0.00FII +0.14DII −0.08

Latest quarter vs the previous one

Cash-accrual divergence

2.1%

of assets

Low = accruals track cash flow

Strengths

+FII holding rose by 1.6pp over the last year

Watch-outs

−Latest ROCE of -1% trails the sector median of 12%

−Borrowings are up 160.7% since FY2016 (817 to 2130)

−Price trades below its 200-day moving average (0.7x)

−Price is 49.8% below its 52-week high

−Piotroski F-Score of 3/9 is in the weak band (≤3)

	Name	P/E	Mar Cap ₹ Cr	ROCE %	ROE %

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	804	1,223	1,592	1,398	1,142	1,032	1,908	856	1,213	1,138	1,150	870	1,014
Expenses	567	966	1,336	1,280	761	912	2,564	842	1,186	1,133	1,125	1,131	1,018
Operating Profit	237	257	256	118	381	120	−656	14	27	5	25	−261	−4
OPM %	29.5%	21.0%	16.1%	8.4%	33.4%	11.6%	−34.4%	1.6%	2.2%	0.4%	2.2%	−30.0%	−0.4%
Other Income	4	7	63	9	20	31	1,869	24	59	47	28	639	34
Interest	57	58	58	53	53	66	45	23	22	21	18	20	34
Depreciation	27	27	27	34	28	28	61	31	30	30	31	32	31
Profit before tax	157	178	234	40	321	57	1,107	−15	34	1	4	327	−35
Net Profit	145	166	220	56	268	67	562	−22	27	−6	−1	251	−36
EPS (₹)	2.80	3.20	4.36	0.85	4.43	1.64	18.59	−0.57	0.61	−0.12	−0.31	8.57	−1.00

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	314	332	351	347	892	341	320	487	1,438	5,017	4,938	4,371	4,172
Expenses	284	304	317	312	814	289	252	419	1,207	4,149	5,079	4,575	4,406
Operating Profit	31	28	33	35	78	52	68	68	231	868	−141	−204	−234
OPM %	9.9%	8.4%	9.4%	10.1%	8.7%	15.2%	21.3%	14.0%	16.1%	17.3%	−2.9%	−4.7%	−5.6%
Other Income	14	7	13	110	19	9	4	7	11	82	1,944	774	749
Interest	30	24	32	58	54	50	108	189	223	226	186	81	93
Depreciation	10	11	12	14	14	15	42	70	81	115	147	124	124
Profit before tax	5	0	3	73	29	−4	−78	−184	−62	609	1,470	365	296
Net Profit	3	0	1	55	−6	−5	−69	−158	−61	586	874	271	208
EPS (₹)	0.14	−0.01	0.03	2.24	−0.22	−0.20	−2.81	−5.98	−2.31	9.61	24.10	8.75	7.14

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital	22	22	22	24	24	24	24	26	26	31	31	31	—
Reserves	408	408	409	907	899	890	850	1,219	2,257	6,248	7,311	7,505	—
Borrowings	705	817	821	912	1,077	1,206	3,077	4,117	4,985	3,449	2,823	2,130	—
Other Liabilities	554	538	596	793	1,169	1,368	985	1,035	2,956	2,439	3,437	4,187	—
Total Liabilities	1,690	1,785	1,848	2,636	3,170	3,489	4,936	6,397	10,225	12,168	13,604	13,853	—
Fixed Assets	373	384	604	577	564	556	2,282	2,238	4,225	4,148	3,734	3,806	—
CWIP	509	551	313	617	1,224	1,685	1,927	2,389	3,253	3,657	3,870	3,997	—
Investments	1	2	8	324	149	8	1	3	30	134	668	833	—
Other Assets	807	848	923	1,118	1,233	1,239	726	1,768	2,717	4,229	5,331	5,218	—
Total Assets	1,690	1,785	1,848	2,636	3,170	3,489	4,936	6,397	10,225	12,168	13,604	13,853	—

	Mar 2014	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	−159	−110	123	69	62	42	−95	302	29	−491	26	−529	−14
Cash from Investing Activity	−105	−61	−63	−29	−533	−763	−324	−2,001	−494	−860	−512	1,346	294
Cash from Financing Activity	256	173	−45	−29	481	707	427	1,760	1,309	598	1,604	−560	−1,034
Net Cash Flow	−9	2	15	12	10	−14	8	62	843	−752	1,118	257	−754

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	4.0	3.0	2.0	3.0	3.0	3.0	2.0	1.0	0.0	2.0	8.0	−1.0	−1.0
ROE %	—	—	—	—	—	—	—	—	—	—	—	—	−4.5
EPS (₹)	−0.02	0.14	−0.01	0.03	2.24	−0.22	−0.20	−2.81	−5.98	−2.31	9.61	24.10	7.14
Book Value (₹)	—	—	—	—	—	—	—	—	—	—	—	—	240.0
Face Value (₹)	—	—	—	—	—	—	—	—	—	—	—	—	1
P/E	—	—	—	—	—	—	—	—	—	—	—	—	37.2
Div Yield %	—	—	—	—	—	—	—	—	—	—	—	—	0.06
NPM %	0.0	0.9	0.0	0.3	12.0	−0.7	−1.4	−21.3	−32.0	−4.2	11.5	12.7	5.3
OPM %	11.0	10.0	8.0	10.0	10.0	9.0	15.0	21.0	14.0	16.0	17.0	−2.9	−4.7
D/E	1.31	1.64	1.90	1.90	0.98	1.17	1.32	3.52	3.31	2.18	0.55	0.38	0.28
P/B	—	—	—	—	—	—	—	—	—	—	—	—	1.1

Compounded sales growth

10 years+29.0%

5 years+69.0%

3 years+45.0%

TTM−17.0%

Compounded profit growth

TTM−65.0%

Stock price CAGR

10 years+10.0%

5 years+15.0%

3 years−7.0%

Last year−38.0%

Return on equity

10 years−7.0%

5 years−7.0%

3 years−7.0%

Last year−5.0%

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters	71.66%	71.66%	64.09%	53.96%	53.96%	53.96%	53.96%	53.96%	53.96%	53.96%	53.96%	53.96%	53.96%	53.96%
FIIs	10.39%	10.39%	10.47%	11.16%	11.84%	11.79%	10.82%	10.25%	9.36%	8.89%	9.70%	10.41%	10.35%	10.49%
DIIs	2.74%	2.74%	5.82%	14.33%	14.81%	13.65%	13.18%	13.24%	13.22%	12.90%	12.82%	12.88%	12.90%	12.82%
Government	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Public	15.21%	15.21%	19.61%	20.53%	19.37%	20.58%	22.02%	22.53%	23.45%	24.25%	23.50%	22.72%	22.78%	22.71%
No. of shareholders	11,598	11,598	56,452	98,555	94,730	1,23,321	1,37,945	1,50,875	1,60,674	1,60,856	1,44,702	1,37,452	1,40,601	1,37,169

Change since Jun 2023 (pp)

Promoters −17.70FIIs +0.10DIIs +10.08Public +7.50

Announcements

Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011.Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.Announcement under Regulation 30 (LODR)-Press Release / Media Release Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 Announcement Under Regulation 30 Of SEBI LODR Regulations, 2015- ESG Rating

Annual reports

Annual Report 2026 Annual Report 2025 Annual Report 2024 Annual Report 2023 Annual Report 2022

Credit ratings

Rating update Rating update Rating update Rating update Rating update

Concalls

Mar 2025PPT Feb 2024PPT Jan 2024PPT

28 Aug 2026DIVIDENDDividend - Re 0.15 Per Share—

22 Sep 2025DIVIDENDDividend - Re 0.10 Per Share—

19 Sep 2024DIVIDENDAnnual General Meeting/Dividend - Rs 0.10 Per Share—

21 Sep 2023DIVIDENDAnnual General Meeting/Dividend - Re 0.10 Per Share—

20 Sep 2022DIVIDENDAnnual General Meeting/Dividend - Re 0.1 Per Share—

7 Sep 2021DIVIDEND Annual General Meeting/Dividend - Rs 0.10 Per Share—

18 Sep 2020DIVIDEND Annual General Meeting/Dividend - Rs 0.10 Per Share—

3 Sep 2019DIVIDEND Annual General Meeting/Dividend - Rs 0.10 Per Share—

3 Sep 2018DIVIDEND Annual General Meeting/Dividend- Re 0.10 Per Share—

13 Sep 2017DIVIDEND Annual General Meeting/Dividend - Re 0.075 Per Share—

12 Sep 2016DIVIDEND Annual General Meeting/Dividend - Re 0.05 Per Share—

3 Sep 2015DIVIDEND Annual General Meeting/ Dividend - Re 0.15/- Per Share—

18 Sep 2014DIVIDENDAnnual General Meeting / Dividend - Re 0.15/- Per Share—

3 Feb 2014SPLITFace Value Split From Rs 2/- To Re 1/-2 : 1

5 Sep 2013DIVIDENDDividend - Re 0.50/- Per Share—

10 Sep 2012DIVIDENDAnnual General Meeting/Dividend Re 0.30 Per Share—

Swan Corp Ltd

Price−42.4% over 1Y

āagman read

Peer comparison

Quarterly results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Growth

Shareholding pattern

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