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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is a red flag, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100Rev -16% YoY · PAT -233% YoY · margin compression · +17% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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%.
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.
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.
Trend score and candlestick chart
36Bearishfull bear SMA stack · SMA20 -3.6% / mo · RSI oversold · MACD − · near 52W low
Technical chart
SWANCORPdaily · 1Y · AUTO-22.0%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 24.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.8% over last month) — short-term momentum negative.
- RSI(14) at 24 — oversold zone; bounce conditions.
- 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.
Relative Strength & Trend Stage
- Price is 14.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.5%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.2%.
- Fair-value margin of safety is positive at 12.4%.
- Growth contributes 13/25 to the score.
Main drags
- Promoter pledge is 39.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: 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.
Low Trust Lite: FCF yield is positive at 3.2%. Key concern: Promoters have pledged 39.6% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Chemicals: 4th pctile, median 73 · Small: 2nd pctile, median 66
16 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead 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.
Trust positives
- ▸FCF yield is positive at 3.2%.
- ▸4 years of positive FCF.
Trust risks
- ▸Promoters have pledged 39.6% 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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 39.50
- P/B
- 1.18
- EV/EBITDA
- —
- Market Cap
- 8824.00Cr
Profitability
- ROE
- -4.50%
- ROCE
- -0.58%
- ROA
- 1.50%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 69.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 45.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- -2.52×
- Altman Z
- 2.04
- Book Value
- 240.00
Cash Flow
- FCF Yield
- 3.17%
- FCF Positive Y
- 4/5
- OCF
- -14.00 Cr
- EPS TTM
- 7.14
Shareholding
- Promoter Hold
- 53.96%
- Promoter Pledge
- 39.60%
- Momentum 52W
- 1%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable names in Chemicals, ranked by similarity
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.