Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Swan Defence
Quarter-by-quarter operating performance
| Dec 2019 | Mar 2020 | Jun 2020 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 11 | 17 | 2 | 0 | 0 | 0 | 1 | 1 | 5 | 0 | 40 | 6 | 236 |
| Expenses + | 62 | 151 | 20 | 6 | 12 | 28 | 35 | 38 | 14 | 32 | 47 | 26 | 487 |
| Operating Profit | -50 | -133 | -18 | -6 | -12 | -28 | -34 | -37 | -9 | -32 | -8 | -20 | -250 |
| OPM % | -444% | -773% | -912% | -3,550% | -3,159% | -192% | -7,529% | -19% | -341% | -106% | |||
| Other Income + | 1 | -44 | -161 | 0 | 0 | 2 | 1 | 1 | 5 | 18 | 5 | 5 | 131 |
| Interest | 357 | 394 | 389 | 5 | 10 | 10 | 6 | 2 | 2 | 2 | 2 | 3 | 5 |
| Depreciation | 19 | 18 | 18 | 17 | 17 | 15 | 15 | 15 | 16 | 15 | 15 | 16 | 18 |
| Profit before tax | -426 | -589 | -586 | -27 | -39 | -51 | -53 | -53 | -23 | -31 | -20 | -33 | -142 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit + | -426 | -589 | -586 | -27 | -39 | -51 | -53 | -53 | -23 | -31 | -20 | -33 | -142 |
| EPS in Rs | -5.77 | -7.98 | -7.94 | -5.21 | -7.37 | -9.77 | -10.13 | -10.13 | -4.34 | -5.84 | -3.77 | -6.28 | -27.00 |
Financials of Swan Defence
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 912 | 312 | 563 | 378 | 180 | 75 | 6 | 6 | 3 | 0 | 7 | 282 |
| Expenses + | 830 | 459 | 529 | 557 | 266 | 253 | 30 | 33 | 36 | 29 | 115 | 592 |
| Operating Profit | 81 | -147 | 34 | -179 | -86 | -178 | -24 | -27 | -33 | -29 | -108 | -310 |
| OPM % | 9% | -47% | 6% | -47% | -48% | -235% | -376% | -421% | -1,039% | -1,536% | -110% | |
| Other Income + | 31 | 34 | 39 | -84 | -9,011 | -42 | -1,298 | 13 | 19,508 | 2 | 8 | 159 |
| Interest | 487 | 537 | 626 | 754 | 1,368 | 1,469 | 2,032 | 1,999 | 1,470 | 26 | 21 | 12 |
| Depreciation | 204 | 221 | 208 | 208 | 70 | 72 | 74 | 74 | 68 | 68 | 61 | 63 |
| Profit before tax | -578 | -871 | -760 | -1,224 | -10,536 | -1,761 | -3,427 | -2,086 | 17,937 | -121 | -182 | -226 |
| Tax % | -36% | -32% | -24% | -17% | 4% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Profit + | -371 | -592 | -577 | -1,012 | -10,927 | -1,761 | -3,427 | -2,086 | 17,937 | -121 | -181 | -226 |
| EPS in Rs | -5.03 | -8.05 | -7.84 | -13.72 | -148.14 | -23.87 | -46.46 | -28.28 | 243.19 | -22.89 | -34.36 | -42.89 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Swan Defence
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 736 | 736 | 736 | 738 | 738 | 738 | 738 | 738 | 3 | 3 | 53 | 53 |
| Reserves | 1,880 | 1,289 | 711 | -294 | -11,159 | -12,915 | -16,042 | -18,127 | 545 | 474 | 243 | 17 |
| Borrowings + | 6,893 | 8,306 | 9,456 | 10,689 | 11,780 | 12,918 | 15,433 | 15,436 | 2,148 | 2,219 | 2,505 | 2,788 |
| Other Liabilities + | 1,918 | 1,491 | 1,519 | 1,862 | 2,788 | 4,007 | 3,678 | 5,697 | 91 | 48 | 91 | 310 |
| Total Liabilities | 11,427 | 11,821 | 12,422 | 12,994 | 4,146 | 4,747 | 3,807 | 3,743 | 2,785 | 2,743 | 2,892 | 3,167 |
| Fixed Assets + | 6,060 | 5,861 | 5,654 | 5,547 | 2,022 | 1,973 | 1,406 | 1,332 | 1,232 | 1,168 | 1,180 | 1,187 |
| CWIP | 3,519 | 3,884 | 4,268 | 4,692 | 103 | 37 | 37 | 37 | 37 | 43 | 155 | 166 |
| Investments | 302 | 302 | 315 | 303 | 303 | 303 | 3 | 4 | 4 | 5 | 5 | 258 |
| Other Assets + | 1,546 | 1,774 | 2,184 | 2,453 | 1,718 | 2,435 | 2,361 | 2,370 | 1,512 | 1,528 | 1,551 | 1,556 |
| Total Assets | 11,427 | 11,821 | 12,422 | 12,994 | 4,146 | 4,747 | 3,807 | 3,743 | 2,785 | 2,743 | 2,892 | 3,167 |
Financials of Swan Defence
Operating, investing and financing cash movement
| 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 + | 432 | -598 | -318 | -224 | -113 | -1,183 | 710 | 2,007 | 1,428 | -70 | -97 | |
| Cash from Investing Activity + | -1,069 | -25 | -122 | -15 | -16 | 49 | -1 | 2 | 12 | -11 | -162 | |
| Cash from Financing Activity + | 617 | 644 | 429 | 280 | 102 | 1,099 | -707 | -1,999 | -1,460 | 91 | 269 | |
| Net Cash Flow | -20 | 20 | -10 | 41 | -27 | -35 | 1 | 11 | -20 | 10 | 10 | |
| Free Cash Flow | -538 | -625 | -427 | -243 | -114 | -1,162 | 710 | 2,007 | 1,440 | -80 | -260 | |
| CFO/OP | 540% | 401% | -966% | 129% | 148% | 667% | -2,994% | -7,543% | -4,343% | 243% | 89% |
Financials of Swan Defence
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 18 | 13 | 2 | 14 | 11 | 14 | 149 | 47 | 0 | 24 | 16 | |
| Inventory Days | 405 | 3,982 | 892 | 657 | 1,466 | 7,331 | 692,279 | 1,972,614 | 1,899,893 | 165,503 | 739 | |
| Days Payable | 399 | 1,770 | 313 | 274 | 673 | 4,512 | 112,894 | 109,865 | 49,762 | 6,676 | 30 | |
| Cash Conversion Cycle | 24 | 2,225 | 582 | 396 | 805 | 2,833 | 149 | 579,431 | 1,862,749 | 158,851 | 725 | |
| Working Capital Days | -817 | -2,952 | -2,287 | -9,356 | -25,570 | -68,665 | -969,876 | -1,083,806 | 127,588 | 59,890 | 1,098 | |
| ROCE % | -1% | -3% | -1% | -3% | -2% | -22% | -17% | -26% | -4% | -6% | -8% |
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