Swan Corp Q2 FY27 Results: Consolidated Net Profit ₹566 Crore on Total Income of ₹1,122 Crore
- Earnings
- Textiles, shipyard, energy and infrastructure
Reviewed byKeshav SehgalBlacklitt Research
Swan Corp (NSE: SWANCORP) reported consolidated total income of ₹1,122.12 crore and a net profit of ₹565.50 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹63.76 crore and net profit of ₹3.50 crore, it said in a filing on 04 Nov 2026. Consolidated profit before tax was a loss of ₹34.96 crore, and the consolidated tax line is a credit of ₹558.06 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,122.12 crore, down 5.3% YoY and up 7.1% QoQ
- Net profit and EPS: ₹565.50 crore; basic EPS ₹18.04, against a loss of ₹0.19 a year earlier
- Profit before tax: Loss of ₹34.96 crore, against a loss of ₹27.44 crore in Q2 FY26
- Finance costs: ₹31.33 crore, up 45.9% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹63.76 crore, down 7.9% YoY and up 11.9% QoQ
- Net profit and EPS: ₹3.50 crore, down 21.0% YoY; basic EPS ₹0.12 against ₹0.18
- Other income: ₹12.71 crore, 19.9% of total income
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,122.12 | 1,185.35 | -5.3% | 1,047.71 | +7.1% | |
| Revenue from operations | 1,045.89 | 1,138.34 | -8.1% | 1,013.75 | +3.2% |
| Other income | 76.23 | 47.01 | +62.2% | 33.97 | +124.4% |
| 565.50 | -5.86 | n/a | -35.99 | n/a | |
| Profit before tax | -34.96 | -27.44 | -27.4% | 0.61 | n/a |
| Finance costs | 31.33 | 21.47 | +45.9% | 34.46 | -9.1% |
| Depreciation | 30.22 | 30.02 | +0.7% | 30.57 | -1.1% |
| Tax expense | -558.06 | n/a | n/a | n/a | n/a |
| Net profit margin | 50.40% | -0.49% | +50.89 pp | -3.44% | +53.83 pp |
| EPS, basic (₹) | 18.04 | -0.19 | n/a | -1.15 | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income fell 5.3% YoY, with revenue from operations down 8.1% to ₹1,045.89 crore while other income rose 62.2% to ₹76.23 crore. Other income is now 6.8% of total income, against 4.0% a year earlier.
Consolidated net profit of ₹565.50 crore sits against a loss in the year-earlier quarter, but profit before tax was a loss of ₹34.96 crore. The statement carries a tax credit of ₹558.06 crore, and the company's filing does not say why the tax line is a credit. The statement shows exceptional items as nil.
Finance costs rose 45.9% YoY to ₹31.33 crore, which is 2.8% of total income. Depreciation was broadly flat at ₹30.22 crore.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 63.76 | 69.20 | -7.9% | 57.00 | +11.9% | |
| Revenue from operations | 51.05 | 54.70 | -6.7% | 53.05 | -3.8% |
| Other income | 12.71 | 14.50 | -12.4% | 3.95 | +221.8% |
| 3.50 | 4.43 | -21.0% | 0.01 | n/a | |
| Profit before tax | 4.67 | 5.38 | -13.3% | 0.53 | +787.8% |
| Finance costs | 0.07 | 0.07 | +10.7% | 0.04 | +93.9% |
| Depreciation | 1.35 | 2.13 | -36.8% | 1.30 | +3.4% |
| Tax expense | 1.17 | n/a | n/a | n/a | n/a |
| Net profit margin | 5.49% | 6.41% | -0.92 pp | 0.02% | +5.47 pp |
| EPS, basic (₹) | 0.12 | 0.18 | -33.3% | 0.02 | +500.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income fell 7.9% YoY to ₹63.76 crore. Revenue from operations fell 6.7% to ₹51.05 crore, and other income fell 12.4% to ₹12.71 crore, so the two lines moved in the same direction.
Standalone profit before tax of ₹4.67 crore is 13.3% lower than a year earlier, and the ₹1.17 crore tax expense takes 25.0% of it. Net profit fell 21.0% to ₹3.50 crore. Depreciation fell 36.8% to ₹1.35 crore, against ₹2.13 crore a year earlier.
The gap between consolidated and standalone net profit is ₹562.00 crore, and the filing does not give a breakdown of that gap between subsidiaries, associates and minority interests.
Inference
The filing reports the scheme of amalgamation of Triumph Offshore Private Limited with Swan Defence and Heavy Industries Limited, approved by the NCLT Ahmedabad Bench, with an effective date of 17 Sep 2026 and an appointed date of 1 Apr 2024. The company says the Company's investment in TOPL was replaced by non-convertible redeemable preference shares issued by the step-down subsidiary.
The filing does not say the reason for the consolidated tax credit, the nature of any exceptional items, or the reason profit before tax moved from a loss to a profit in the quarter; the statement shows exceptional items as nil.
Filed with BSE on . Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
