Swan Energy Limited (SEL) was originally incorporated in 1909 as Swan Mills Ltd. (SML), a manufacturer and marketer of cotton and polyester textile products in India. Over the years, it diversified into Real estate and is developing a Floating Storage and Regasification Units -based liquid natural gas (LNG) import terminal at Jafrabad in Gujarat.[1][2]
Business Segments1) Distribution & Development (74% in H1 FY25 vs 21% in FY23):[1][2]In January 2023, the company completed the acquisition of a majority stake in Veritas India Ltd (VIL) for Rs. 260 Cr. VIL trades and distributes chemicals and petrochemical products used in paint, oil refining, etc. It operates a terminal in Hamriyah, UAE, with a capacity of 1,70,000 MT.[3][4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Swan Corp | 432.45 | 756.44 | 13555.47 | 0.02 | 5.61 | 359.84 | 54.70 | 114.09 | 0.12 | 173.16 | -8.65 | 17.92 | 5.61 | 2.95 | 0.06 | 0.08 |
| 2. | Supreme Petroch. | 548.00 | 33.48 | 10304.69 | 1.81 | 48.20 | -46.65 | 1100.15 | -26.93 | 22.76 | 5431.01 | 8.03 | 307.36 | 48.20 | 4.61 | 11.33 | 0.06 |
| 3. | Rain Industries | 140.15 | – | 4713.92 | 0.68 | 130.33 | 159.19 | 4475.71 | 13.76 | 4.50 | 16320.84 | 12.15 | -132.40 | 106.01 | 0.70 | -2.31 | 1.39 |
| 4. | DCW | 52.47 | 30.97 | 1548.69 | 0.19 | 13.81 | 1204.80 | 539.21 | 10.33 | 7.93 | 2026.79 | 11.08 | 50.00 | 13.81 | 1.48 | 1.41 | 0.36 |
| 5. | Agarwal Indl. | 690.60 | 12.42 | 1032.96 | 0.49 | 11.99 | -34.98 | 244.80 | -24.83 | 16.90 | 2203.96 | 7.76 | 83.26 | 11.99 | 1.57 | 9.28 | 0.63 |
| 6. | Manali Petrochem | 58.88 | 19.60 | 1012.76 | 0.81 | 18.15 | 9400.00 | 248.04 | 7.74 | 4.66 | 909.19 | 8.45 | 51.60 | 19.00 | 0.91 | 2.32 | 0.14 |
| 7. | T N Petro Prod. | 98.00 | 8.83 | 881.70 | 1.21 | 34.24 | 476.59 | 457.34 | 1.70 | 6.97 | 1835.42 | 7.25 | 100.10 | 34.48 | 0.89 | 3.70 | 0.33 |
| – | Median: 11 Co. | 140.15 | 18.68 | 1012.76 | 0.49 | 16.2 | 159.19 | 280.25 | 10.33 | 11.89 | 1013.69 | 8.03 | 50.0 | 16.2 | 1.57 | 6.47 | 0.29 |
Standalone figures in ₹ crores
| Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 252.38 | 135.46 | 92.60 | 66.79 | 113.58 | 84.54 | 68.00 | 119.70 | 39.46 | 25.55 | 28.14 | 42.32 | 48.00 | 54.70 |
Expenses | 247.16 | 131.11 | 85.56 | 55.57 | 108.34 | 77.89 | 63.69 | 121.32 | 48.17 | 24.29 | 27.13 | 47.17 | 52.21 | 61.62 |
Operating Profit | 5.22 | 4.35 | 7.04 | 11.22 | 5.24 | 6.65 | 4.31 | -1.62 | -8.71 | 1.26 | 1.01 | -4.85 | -4.21 | -6.92 |
Other Income | 0.47 | 0.86 | 0.36 | 0.82 | 0.44 | 0.90 | 1.35 | 6.00 | 16.21 | 4.50 | 4.00 | 9.76 | 15.08 | 14.50 |
Profit before tax | 0.54 | 0.63 | 0.57 | 3.06 | 1.34 | 0.68 | 0.31 | 0.56 | 4.70 | 1.84 | 2.88 | 2.82 | 8.71 | 5.38 |
Tax % | 27.78% | 12.70% | 22.81% | 26.47% | 22.39% | 14.71% | -19.35% | 66.07% | 30.85% | 33.70% | 45.49% | -7.09% | 11.37% | -4.28% |
Net Profit | 0.39 | 0.55 | 0.45 | 2.25 | 1.05 | 0.58 | 0.36 | 0.18 | 3.25 | 1.22 | 1.57 | 3.02 | 7.72 | 5.61 |
EPS in Rs | 0.01 | 0.02 | 0.02 | 0.09 | 0.04 | 0.02 | 0.01 | 0.01 | 0.10 | 0.04 | 0.05 | 0.10 | 0.25 | 0.18 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 319 | 300 | 317 | 331 | 316 | 860 | 307 | 253 | 409 | 547 | 386 | 135 | 173 |
Expenses | 291 | 281 | 300 | 312 | 312 | 815 | 290 | 231 | 381 | 519 | 371 | 147 | 188 |
Operating Profit | 28 | 20 | 17 | 19 | 4 | 45 | 17 | 21 | 28 | 28 | 15 | -11 | -15 |
Other Income | 14 | 12 | 2 | 6 | 116 | 14 | 4 | 1 | 1 | 2 | 9 | 34 | 43 |
Interest | 28 | 19 | 13 | 15 | 23 | 18 | 11 | 14 | 18 | 18 | 12 | 3 | 0 |
Depreciation | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 8 | 8 | 8 | 8 |
Profit before tax | 10 | 7 | 1 | 4 | 91 | 36 | 4 | 2 | 5 | 5 | 3 | 12 | 20 |
Net Profit | 7 | 5 | 1 | 2 | 73 | 2 | 4 | 1 | 3 | 4 | 2 | 9 | 18 |
EPS in Rs | 0.30 | 0.22 | 0.03 | 0.08 | 2.98 | 0.10 | 0.17 | 0.03 | 0.12 | 0.14 | 0.07 | 0.29 | 0.58 |
Dividend Payout % | 51% | 69% | 187% | 99% | 3% | 104% | 59% | 330% | 83% | 72% | 144% | 35% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 22 | 22 | 22 | 22 | 24 | 24 | 24 | 24 | 26 | 26 | 31 | 31 | 31 |
Reserves | 417 | 418 | 417 | 419 | 937 | 937 | 938 | 936 | 1,254 | 1,255 | 4,537 | 4,538 | 4,548 |
Borrowings | 176 | 156 | 131 | 186 | 164 | 170 | 299 | 314 | 109 | 280 | 383 | 374 | 373 |
Other Liabilities | 539 | 527 | 517 | 561 | 536 | 51 | 68 | 47 | 218 | 194 | 64 | 52 | 64 |
Total Liabilities | 1,155 | 1,123 | 1,087 | 1,188 | 1,662 | 1,182 | 1,329 | 1,322 | 1,607 | 1,755 | 5,014 | 4,996 | 5,017 |
Fixed Assets | 96 | 91 | 88 | 82 | 77 | 72 | 69 | 78 | 97 | 91 | 80 | 74 | 70 |
Gross Block | 112.03 | 112.19 | 113.81 | 113.93 | 113.45 | 114.27 | 116.53 | 129.71 | 154.52 | 155.50 | 151.13 | 152.39 | – |
Accumulated Depreciation | 15.78 | 21.22 | 26.21 | 31.47 | 36.80 | 42.07 | 47.44 | 52.12 | 57.52 | 64.16 | 71.01 | 78.83 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 6 | 20 | 2 | 2 | 2 | 0 | 0 |
Investments | 26 | 26 | 27 | 33 | 164 | 413 | 801 | 1,036 | 1,036 | 1,227 | 3,487 | 4,233 | 3,948 |
Other Assets | 1,032 | 1,006 | 972 | 1,072 | 1,421 | 695 | 453 | 188 | 471 | 434 | 1,445 | 689 | 1,000 |
Total Assets | 1,155 | 1,123 | 1,087 | 1,188 | 1,662 | 1,182 | 1,329 | 1,322 | 1,607 | 1,755 | 5,014 | 4,996 | 5,017 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -209 | 44 | 42 | 43 | -9 | 74 | 52 | 26 | 10 | -6 | -12 | -17 |
Cash from Investing Activity | 5 | 2 | -1 | -70 | -408 | -59 | -156 | -34 | -108 | -146 | -2,305 | -976 |
Cash from Financing Activity | 196 | -44 | -42 | 38 | 403 | -15 | 114 | -1 | 93 | 151 | 3,375 | -19 |
Net Cash Flow | -8 | 2 | -2 | 11 | -15 | 0 | 11 | -8 | -4 | -1 | 1,058 | -1,013 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 75 | 70 | 67 | 101 | 66 | 18 | 64 | 36 | 186 | 136 | 86 | 228 |
Inventory Days | 710 | 847 | 793 | 774 | 801 | 51 | 111 | 152 | 94 | 80 | 137 | 579 |
Days Payable | 92 | 71 | 67 | 100 | 68 | 18 | 88 | 61 | 221 | 141 | 62 | 213 |
Cash Conversion Cycle | 693 | 845 | 794 | 775 | 799 | 50 | 88 | 126 | 58 | 75 | 161 | 594 |
Working Capital Days | 415 | 595 | 664 | 370 | 861 | 198 | 76 | -272 | 145 | 10 | -26 | 569 |
ROCE % | 6% | 4% | 2% | 3% | 2% | 4% | 1% | 1% | 2% | 1% | 0% | 0% |
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Stock Analysis
Swan Corp Limited (formerly Swan Energy) is a diversified industrial conglomerate operating across manufacturing, defence, energy, and real estate sectors, with a history spanning over a century and a recent strategic pivot.
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