AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 4 Sep - Shareholders approved reappointment of Sugavanam Padmanabhan as Whole-Time Director for three years from 24 September 2026.
Source: Bse
SWAN CORP LIMITED (SWANCORP)
Small CapChemicals stocks · Small cap · NSE
Swan Energy Limited (SEL) is a diversified Indian conglomerate with interests in Oil & Gas (LNG Port Facility, Refining and Petrochemical Storage), Defence & Shipyard, Real Estate, Textile, and Technology. Key subsidiaries include Swan LNG, Veritas (India), and Swan Defence and Heavy Industries.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result13 Aug, 06:35 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -5.1% / mo · MACD − · near 52W low · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 18
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SWANCORPD candles · FIT view-22.0%Latest close ₹256.25 on 2026-10-19
Bar
-3.0%
RSI
35
MACD hist
-0.83
52W pos
1%
2026-10-19O ₹264.25H ₹264.60L ₹254.10C ₹256.25Vol 3.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SWANCORPNifty ChemicalsNifty 500
- SWANCORP
- -17.7%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -12.1 pp
Chart stats
19 Oct 2026- From 52W high
- -48.1%
- 52W range position
- 1%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.40x
- Avg traded value
- ₹23.5 Cr
- 20D price channel
- ₹254.1 - ₹311
₹493.6
₹254.1 - ₹493.6
₹10.6
Latest completed session
20-session average
36.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -16.4% · PAT -233.3% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model+20.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence45
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -16% YoY · PAT -233% YoY · margin compression · +17% QoQ
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,014 Cr | -16.4% | +16.6% |
| EBITDA | ₹-4 Cr | -114.8% | +98.5% |
| Operating margin | -0.4% | -260 bps | +2960 bps |
| PAT | ₹-36 Cr | -233.3% | -114.3% |
| PAT margin | -3.5% | -578 bps | -3240 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 37.20
- P/B
- 1.11
- EV/EBITDA
- —
- Market Cap
- 8324.00Cr
Profitability
- ROE
- -4.50%
- ROCE
- -0.58%
- ROA
- 1.50%
- Dividend Y
- 0.06%
Growth (CAGR)
- Revenue 5Y
- 69.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 45.00%
- EPS 3Y
- -6.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- -2.52×
- Altman Z
- 1.99
- Book Value
- 240.00
Cash Flow
- FCF Yield
- 3.36%
- FCF Positive Y
- 4/5
- OCF
- -14.00 Cr
- EPS TTM
- 7.14
Shareholding
- Promoter Hold
- 53.96%
- Promoter Pledge
- 40.70%
- Momentum 52W
- 5%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 216+60.0% vs prev
Net Profit
₹ CrLatest: 28.0+211.1% vs prev
Return on Equity
%Latest: 0.6+205.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.4% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
3
RS percentile
Stage 4 Downtrend
1M return
-13.1%
3M return
-17.7%
6M return
-26.1%
1Y return
-45.7%
RS 1D
-1
RS 20D
-4
Sector rank
#13
Industry rank
#15
Stage evidence
- Price is 17.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 56.19-2.43%
RS vs Nifty 50056
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation8/30
Growth13/25
Quality0/20
Balance Sheet5/15
Cash Flow5/10
Piotroski
4/9 (+1)
Penalties
1
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 3.4%.
- Fair-value margin of safety is positive at 20.2%.
- Growth contributes 13/25 to the score.
Main drags
- Promoter pledge is 40.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 8/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
37.2
PB
1.1
EV/EBITDA
—
ROE
-4.5%
ROCE
-0.6%
FCF Yield
3.4%
Debt/Equity
0.3
MoS
+20.2%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+20.2%
Previous: +20.2%
Score history
12 stored score snapshots. Latest stored move: +1 points.
20 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
32
32
32
32
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹196.36
-30.5% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹321.3
+20.2% MoS
PEG
2.48
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TATACHEM
Small
Tata Chemicals Limited
Specialty Chemicals
match 158
29
—
1.3%
—
OVERVALUED
GUJALKALI
Small
Gujarat Alkalies and Chemicals Limited
Specialty Chemicals
match 149
33
67.1
-0.1%
-1138%
WATCHLIST
MOL
Small
Meghmani Organics Limited
Specialty Chemicals
match 146
31
23.6
1.9%
-1349%
OVERVALUED
UNIENTER
Small
Uniphos Enterprises Limited
Specialty Chemicals
match 145
33
29.6
0.8%
-405%
WATCHLIST
MANORG
Small
Mangalam Organics Limited
Specialty Chemicals
match 144
24
15.8
8.4%
-768%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-17T07:18:05.025Z
Management commentary snapshot
9MFY25 Total Income surged to INR 6,002 Cr, driven by the FSRU sale, with EBITDA reaching INR 1,764 Cr. The LNG terminal is near-ready, and the shipyard is undergoing significant restoration with 8 vessels nearing completion.
Management successfully navigated significant challenges with the LNG project, including refinancing and monetizing the FSRU. The shipyard restoration is progressing, positioning the company to capitalize on market opportunities. However, the 9MFY25 financial surge is largely due to a one-off FSRU sale, masking core operational performance.
Growth engines
Increasing LNG Imports in India
IEA projects demand of 311 MMSCMD by 2030 (FY24: 185 MMSCMD), leading to potential near doubling of LNG imports over next few years.
Global Shipbuilding Market Opportunity
Ageing global fleet, reduction in capacities, global backlog duration at 3.2 years, and India's >US $30bn opportunity in next 12-15 years.
SDHI's Large Scale & Strategic Location
India’s largest shipyard with 662m dry dock and fabrication capacity exceeding cumulative capacity of all other yards in India, strategically located in an industrial hub.
Veritas' Unique Capabilities
Only terminal in Middle East to offer distillation/fractionation service and handle multiple categories of specialty products.
Capacity and execution
LNG Terminal Phase I
Total capacity of 10 MMTPA (Phase I: 5 MMTPA).
SDHI Dry Dock & Fabrication
662m dry dock, 12k MT fabrication per month, 144k MT annual steel production capacity.
SDHI Land for Future Expansion
Additional 75+ acres of adjacent land available for future capacity augmentation.
Tailwinds
Government Support for Natural Gas
Government aims to 2x natural gas share in energy mix to 15% by 2030.
Global Shipbuilding Demand Drivers
Global fleet age rising (current ~13 years, >40% ships aged 20+ years); industry moving towards larger vessels.
Reduced Global Shipbuilding Capacity
Total number of shipyards globally declined from 732 in 2009 to 153 in 2024.
Indian Government Shipbuilding Support
Up to 30% financial aid for new-build vessels, $10+ Bn Maritime Development Fund, goal: Top 5 shipbuilding and maritime nation.
Headwinds
Muted Domestic LNG Demand
India’s muted domestic LNG demand, flattish growth in past decade, price volatility and absence of LT LNG supply contracts a concern.
Low LNG Terminal Utilization
Current LNG import terminal utilization is low at 54%; ex Petronet’s Dahej ~25%.
Past Project Execution Challenges
Cyclone 'Vayu', Covid-19 pandemic, and Cyclone 'Tauktae' significantly impacted LNG project construction works.
Risk radar
LNG Project Delays & Refinancing
LNG project witnessed significant execution challenges, pushing it to near NPA status, requiring urgent Rs2,200 crores of term loans refinancing.
Reliance on 'Use or Pay' Contracts
Tolling business model with PSU 'Use or Pay' contracts mitigates substantial business and financial risks, but relies on these specific contracts.
Geopolitical Tensions Impacting Shipping
Houthi attacks in Red Sea are driving commercial shipping towards longer and costlier routes, leading to geopolitical tensions.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The financial data provided is annual (FY21-FY24) and 9MFY25. Comparing 9MFY25 to previous full years would show annual trends. QoQ is not possible with the given data, and the FSRU sale is a one-off event.
Sector KPIs management disclosed
LNG Terminal Capacity
Total capacity of 10 MMTPA (Phase I: 5 MMTPA).
LNG Concession Agreement
Concession agreement with GMB for 30 (+20) years.
LNG Use or Pay Contracts
Marquee PSUs– total 4.5 MMTPA for 20-year "Use or Pay" contracts.
LNG Terminal Progress
Overall progress 88%; Jetty work 71%; Topside work 100%; Breakwater work 85%; Dredging & Reclaim 100%; Onshore infrastructure 39%.
Management forward view
LNG Project Refinancing & FSRU Sale
Swan Energy infused entire Rs2,200 crores into Swan LNG to avoid NPA classification, and monetized FSRU by selling for US$399m in July 2024.
Exploring Strategic Options for LNG
Exploring synergies with AG&P for JV to procure FSRU/FSU, source/market LNG for India, and potential strategic equity stake in SLPL.
Shipyard Restoration & Talent Acquisition
Significant progress in yard restoration since Jan 2024; focused talent acquisition for 85+ mid-mgmt. roles; skill development in progress.
Group Synergies with SDHI
SDHI offers potential orderbook augmentation for build, repairs & fabrication for LPG/LNG tankers, rigs, FSRUs, etc. with Swan LNG.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| LNG Terminal Commissioning | Terminal is in a near-ready state, Overall progress 88%. | Full commissioning and ramp-up of Phase I (5 MMTPA) capacity. |
| Shipyard Order Book | Eight vessels in near completion stage. | New order inflows and diversification of order book beyond current vessels. |
| Shipyard Restoration Progress | Significant progress made in yard restoration since January 2024. | Completion of remaining restoration work and full operationalization of key facilities. |
| Veritas Utilization/Expansion | Storage capacity: 170,000 cbm. | Utilization rates and any plans for capacity expansion or new service offerings. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
45Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 2nd percentile of the scored universe and 4th percentile within Chemicals. Main check: results consistency is weak at 17/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
17 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
2nd percentile
overall median 67 · Chemicals: 4th pctile, median 73 · Small: 3rd pctile, median 66
Evidence depth
Financial-only
17 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
35
weak · holding, pledge, alignment
Cash flow
62
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
28
weak · capital discipline
Results
17
weak · quarterly consistency
Trust positives
- ▸FCF yield is positive at 3.4%.
- ▸4 years of positive FCF.
Trust risks
- ▸Promoters have pledged 40.7% of holding.
- ▸Operating cash flow is negative at ₹-14 Cr.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at -0.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching SWAN CORP LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Physical Letter To Shareholders Of Swan Corp Limited. 14 Aug - Physical AGM/annual report letters sent to 4,526 shareholders; 118th AGM on 4 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 May - Board approved WTD reappointment from 24 Sep 2026 and appointed internal and cost auditors for FY27.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI LODR Regulations, 2015- ESG Rating 29 Sep - CRISIL assigned Swan Corp ESG 59 and Core ESG 65 for FY 2025-26.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 29 May - Board recommended Re. 0.15 dividend; record date 28 Aug 2026, book closure 29 Aug-4 Sep 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Corporate Action-Board approves Dividend 29 May - Board recommended Re. 0.15 dividend for FY26; record date 28 Aug 2026, book closure 29 Aug–4 Sep 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Submission of copies of Newspaper Advertisement - Result Publication
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper Publication of Notice of 118th Annual General Meeting of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jul - SWAN CORP LIMITED has informed about Copy of Newspaper Publication of Notice of Transfer of Shares to IEPF.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jul - SWAN CORP LIMITED has informed about Copy of Newspaper Publication of Notice of Transfer of Shares to IEPF.
Source: Bse
AnnouncementMay 2026
May 2026 · Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot 2d - Postal ballot passed on 19 May 2026 appointing Bhagwati Sharma and Ashish Chhabria as independent directors.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.