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Swan Defence and Heavy Industries Limited (SWANDEF) Fair Value & Analysis

Industrials · IN · Market cap ₹123B

SD Swan Defence and Heavy Industries Limited SWANDEF · NSE
Price₹2,340
Fair Value₹3,426
Upside+46.4%
Quality53/100
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Evidence: Low Range ₹684.84 – ₹13,704

Fair value as of: Jul 3, 2026

From 7 valuation models · updated today

Share price +18.2% over the past month.

Price vs Fair Value (12 months)

₹2,399 ₹251.98 Fair Value ₹3,426 Jul 2025 Jul 2026

12‑month range ₹251.98 – ₹2,399 · fair‑value band ₹684.84 – ₹13,704 · the ₹2,340 price screens below the ₹3,426 fair value. As of Jul 3, 2026.

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Analysis

Swan Defence and Heavy Industries Limited (SWANDEF) currently trades at ₹2,340, while our model-based Fair Value estimate is ₹3,426 — implying the stock looks roughly 46.4% undervalued today. We read business quality at 53/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low) — always confirm before acting.

Over the trailing twelve months, Swan Defence and Heavy Industries Limited generated revenue of ₹2.8B at a net margin of -80.1%. Net debt stands at ₹26.0B. Fundamentals as of Jul 3, 2026

Key figures & financial health

Revenue (TTM) ₹2.8B
Revenue growth (YoY) +14,906%
Net margin -80.1%
Return on equity -124%
Free cash flow ₹1.0B FY2026
Operating margin -113%
More key figures
EPS (TTM) ₹-42.89
Net debt ₹26.0B FY2026

Figures from reported company fundamentals (EODHD) · as of Jul 3, 2026. TTM = trailing twelve months.

About the company

Swan Defence and Heavy Industries Limited engages in the construction of vessels, repairs, and refits of ships and rigs and heavy engineering in India and internationally. The company builds vessels for building large commercial; cargo and niche and specialized vessels; and defence vessels. It also provides solutions for all kinds of ships and structures including large commercial and defence vessels, jack-up rigs, and offshore vessels, as well as steel repairs, jumboizing, and conversions; machinery, piping, electrical, and propeller repairs; tailshaft & rudder service; blasting, coating, and cathodic protection. In addition, the company offers engineering, procurement and construction, as well as load out services from its Offshore Yard. The company was formerly known as Reliance Naval and Engineering Limited and changed its name to Swan Defence and Heavy Industries Limited in January 2025. Swan Defence and Heavy Industries Limited was incorporated in 1997 and is based in Mumbai, …

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Swan Defence and Heavy Industries Limited reported revenue of ₹2.8B in FY2026 versus ₹63.2M in FY2022, a compound +158.5%/yr. Reported net income was −₹2.3B in FY2026.

Revenue +158.5%/yr
FY22 ₹63.2M
FY23 ₹31.6M
FY24 ₹0
FY25 ₹70.3M
FY26 ₹2.8B
Net income
FY22 −₹20.9B
FY23 ₹179B
FY24 −₹1.2B
FY25 −₹21.2M
FY26 −₹2.3B

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Frequently asked questions

Is Swan Defence and Heavy Industries Limited (SWANDEF) undervalued?
As of Jul 3, 2026, our model estimates a fair value of ₹3,426 versus a price of ₹2,340 — about +46% (undervalued). Model-based estimate, not financial advice.
What is the fair value of SWANDEF?
Our model-based fair value for Swan Defence and Heavy Industries Limited is ₹3,426 (as of Jul 3, 2026), built from audited fundamentals. The current price is ₹2,340.
What is the quality score of SWANDEF?
Swan Defence and Heavy Industries Limited has a Quality Score of 53/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Swan Defence and Heavy Industries Limited (SWANDEF)?
Swan Defence and Heavy Industries Limited reported trailing-twelve-month revenue of about ₹2.8B (latest available figure, as of Jul 3, 2026).
What is the net profit margin of SWANDEF?
The net profit margin of Swan Defence and Heavy Industries Limited is about -80.1%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.