Textile · Founded 1909 · www.swan.co.in · BSE 503310 · NSE SWANCORP · ISIN INE665A01038
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Business
Swan Corp Ltd. (SWANCORP) is an Indian company operating in the Textile sector. Its core business involves the manufacturing and processing of textile products. This typically includes activities such as spinning (producing yarn), weaving (creating fabric), processing (dyeing, printing, finishing), and potentially garment manufacturing. The company likely generates revenue through the sale of these textile products to domestic and international customers, which may include other manufacturers, retailers, or direct consumers, depending on its specific value chain integration.
Revenue Mix
Given the limited information, specific segments and their revenue contributions are not available. However, typical segments within an integrated textile company in India could include:
Yarn: Sale of various types of spun yarn.
Fabric: Sale of woven or knitted fabrics in grey, dyed, or printed forms.
Home Textiles: Products like bed linens, towels, and curtains.
Apparel/Garments: Finished clothing items.
The company's revenue mix would depend on its focus across this value chain.
Industry
The Indian textile industry is one of the oldest and largest industries in the country, characterized by a mix of traditional and modern players. It is highly fragmented, with a wide range of small to large-scale units. The industry benefits from a large domestic market, abundant raw material (especially cotton), and a cost-effective labor force, making it competitive on a global scale. Swan Corp Ltd.'s positioning within this landscape would depend on factors like its scale of operations, product specialization (e.g., synthetic vs. natural fibers, specific fabric types, technical textiles), quality standards, market reach (domestic vs. export), and level of vertical integration. It could be a niche player or a broad-based manufacturer catering to various end-use applications.
MOAT
Without specific details, potential competitive advantages for Swan Corp Ltd. could include:
Economies of Scale: For large-scale manufacturers, the ability to produce in high volumes can lead to lower per-unit costs.
Vertical Integration: Controlling multiple stages of the production process (e.g., from yarn to finished garment) can offer cost control, quality consistency, and faster turnaround times.
Strong Customer Relationships/Distribution Network: Established relationships with major buyers (domestic or international) and an efficient distribution system can create a barrier for new entrants.
Product Specialization/Quality: Expertise in specific high-value textiles, technical textiles, or consistent high-quality production can differentiate the company.
Cost Efficiency: Access to raw materials, efficient manufacturing processes, and optimized supply chain management can provide a cost advantage.
Growth Drivers
Key factors that could drive Swan Corp Ltd.'s growth over the next 3-5 years include:
Growing Domestic Consumption: Rising disposable incomes, urbanization, and changing fashion trends in India are expected to fuel domestic demand for textiles and apparel.
Government Initiatives: Schemes like the Production Linked Incentive (PLI) scheme for textiles, setting up of Mega Integrated Textile Regions and Apparel (PM MITRA) Parks, and export promotion policies can support growth and competitiveness.
Export Opportunities: Increased global demand for textiles, especially from markets seeking diversification beyond traditional suppliers, could boost exports.
Shift to Value-Added Products: Focus on technical textiles, sustainable textiles, and performance-oriented fabrics can command higher margins and open new markets.
Technological Upgrades: Investments in modern machinery and automation can improve efficiency, quality, and reduce costs.
Risks
Swan Corp Ltd. faces several risks common to the textile industry:
Raw Material Price Volatility: Fluctuations in prices of cotton, synthetic fibers, and dyes directly impact production costs and profitability.
Intense Competition: The highly fragmented nature of the Indian textile industry leads to intense competition on pricing and market share.
Changing Fashion Trends & Demand Shifts: Rapidly evolving consumer preferences and fashion cycles can lead to inventory obsolescence and forecasting challenges.
Currency Fluctuations: For companies involved in exports or imports, changes in exchange rates can affect revenue and cost structures.
Environmental & Regulatory Compliance: Increasing scrutiny on sustainability and environmental regulations can lead to higher compliance costs and operational changes.
Global Economic Slowdown: A downturn in major export markets or global recession can reduce demand for textile products.
Management & Ownership
As an Indian company, it is common for Swan Corp Ltd. to be promoted and managed by a founding family or a group of promoters who hold a significant stake. The quality of management would typically be reflected in their ability to navigate cyclical industry trends, adapt to changing market demands, manage raw material volatility, and drive operational efficiencies and strategic growth. Without specific information, it is not possible to comment on the particular quality of management or the detailed ownership structure beyond general assumptions for Indian listed entities.
Outlook
Swan Corp Ltd., operating in India's textile sector, faces a dual dynamic. The positive outlook stems from robust domestic demand, supportive government policies aimed at boosting manufacturing and exports, and the potential to capture market share through efficiency and product diversification. Opportunities exist in value-added segments, technical textiles, and capitalizing on global supply chain shifts. However, the company operates in a highly competitive and cyclical industry susceptible to raw material price volatility, global economic fluctuations, and rapid shifts in fashion trends. Success will depend on its ability to maintain cost competitiveness, innovate its product portfolio, manage its supply chain effectively, and navigate the complex global trade environment.
Price goes above X
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1592 | 1398 | 1142 | 1032 | 1908 | 856 | 1213 | 1138 | 1150 | 870 |
| Other Income | 63 | 9 | 20 | 31 | 1868 | 26 | 59 | 47 | 27 | 639 |
| Total Income | 1654 | 1407 | 1162 | 1064 | 3777 | 882 | 1272 | 1185 | 1177 | 1509 |
| Total Expenditure | 1336 | 1280 | 761 | 912 | 2564 | 842 | 1186 | 1133 | 1125 | 1131 |
| Operating Profit | 319 | 127 | 401 | 151 | 1212 | 40 | 86 | 52 | 53 | 378 |
| Interest | 58 | 53 | 53 | 66 | 45 | 23 | 22 | 21 | 18 | 20 |
| Depreciation | 27 | 34 | 28 | 28 | 61 | 31 | 30 | 30 | 31 | 32 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 234 | 40 | 321 | 57 | 1107 | -16 | 33 | 0 | 4 | 326 |
| Provision for Tax | 14 | -16 | 53 | -10 | 545 | 7 | 7 | 6 | 5 | 75 |
| Profit After Tax | 220 | 56 | 268 | 67 | 562 | -22 | 27 | -6 | -1 | 251 |
| Adjustments | -105 | -29 | -129 | -16 | 21 | 5 | -7 | 3 | -8 | 18 |
| Profit After Adjustments | 115 | 27 | 139 | 51 | 583 | -18 | 19 | -4 | -10 | 269 |
| Adjusted Earnings Per Share | 4.4 | 0.8 | 4.4 | 1.6 | 18.6 | -0.6 | 0.6 | -0.1 | -0.3 | 8.6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 314 | 332 | 351 | 347 | 892 | 341 | 320 | 487 | 1438 | 5017 | 4938 | 4371 |
| Other Income | 14 | 7 | 13 | 121 | 19 | 9 | 4 | 7 | 11 | 84 | 1946 | 772 |
| Total Income | 329 | 339 | 363 | 468 | 911 | 349 | 324 | 494 | 1449 | 5101 | 6884 | 5143 |
| Total Expenditure | 284 | 304 | 317 | 323 | 814 | 289 | 253 | 419 | 1207 | 4150 | 5079 | 4575 |
| Operating Profit | 45 | 35 | 46 | 145 | 97 | 61 | 72 | 75 | 242 | 951 | 1804 | 569 |
| Interest | 30 | 24 | 32 | 58 | 54 | 50 | 108 | 189 | 223 | 226 | 186 | 81 |
| Depreciation | 10 | 11 | 12 | 14 | 14 | 15 | 42 | 70 | 81 | 115 | 147 | 123 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 0 |
| Profit Before Tax | 5 | 0 | 3 | 73 | 29 | -4 | -78 | -184 | -62 | 609 | 1470 | 363 |
| Provision for Tax | 2 | 0 | 2 | 19 | 35 | 1 | -9 | -26 | -1 | 23 | 595 | 93 |
| Profit After Tax | 3 | -0 | 1 | 55 | -6 | -5 | -69 | -158 | -61 | 586 | 874 | 271 |
| Adjustments | 0 | 0 | 0 | 0 | 1 | -1 | 30 | 70 | 22 | -285 | -119 | 6 |
| Profit After Adjustments | 3 | -0 | 1 | 55 | -5 | -6 | -38 | -88 | -39 | 301 | 755 | 274 |
| Adjusted Earnings Per Share | 0.1 | -0 | 0 | 2.2 | -0.2 | -0.2 | -1.6 | -3.3 | -1.5 | 9.6 | 24.1 | 8.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | 116% | 71% | 32% |
| Operating Profit CAGR | 90% | 189% | 97% | 45% |
| PAT CAGR | 49% | 0% | 0% | 76% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -34% | 9% | 18% | 18% |
| ROE Average | 13% | 8% | -0% | 1% |
| ROCE Average | 17% | 10% | 6% | 5% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 430 | 430 | 431 | 932 | 924 | 915 | 874 | 1245 | 2284 | 6279 | 7343 |
| Minority's Interest | 0 | 0 | 0 | 0 | 201 | 554 | 523 | 453 | 1451 | 1745 | 1578 |
| Borrowings | 360 | 322 | 357 | 343 | 215 | 185 | 1996 | 3540 | 3928 | 2514 | 1656 |
| Other Non-Current Liabilities | 443 | 444 | 27 | 29 | 31 | 33 | 24 | -12 | 255 | 281 | 327 |
| Total Current Liabilities | 456 | 589 | 1033 | 1332 | 1800 | 1803 | 1511 | 1134 | 2259 | 1323 | 2700 |
| Total Liabilities | 1690 | 1785 | 1848 | 2636 | 3170 | 3489 | 4929 | 6360 | 10178 | 12143 | 13603 |
| Fixed Assets | 373 | 384 | 189 | 142 | 135 | 134 | 1868 | 1833 | 3827 | 3761 | 3383 |
| Other Non-Current Assets | 570 | 606 | 807 | 1135 | 2445 | 2893 | 2492 | 2910 | 3793 | 4246 | 4448 |
| Total Current Assets | 747 | 795 | 851 | 1360 | 590 | 438 | 536 | 1601 | 2542 | 4136 | 5773 |
| Total Assets | 1690 | 1785 | 1848 | 2636 | 3170 | 3489 | 4929 | 6360 | 10178 | 12143 | 13603 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 16 | 18 | 33 | 45 | 55 | 40 | 49 | 111 | 954 | 202 | 1320 |
| Cash Flow from Operating Activities | -110 | 123 | 69 | 62 | 42 | -95 | 302 | 29 | -235 | 26 | -529 |
| Cash Flow from Investing Activities | -61 | -63 | -29 | -533 | -763 | -324 | -2001 | -494 | -1116 | -512 | 1346 |
| Cash Flow from Financing Activities | 173 | -45 | -29 | 481 | 707 | 427 | 1760 | 1309 | 599 | 1604 | -560 |
| Net Cash Inflow / Outflow | 2 | 15 | 12 | 10 | -14 | 8 | 62 | 843 | -752 | 1118 | 257 |
| Closing Cash & Cash Equivalent | 18 | 33 | 45 | 55 | 40 | 49 | 111 | 954 | 202 | 1320 | 1576 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.14 | -0.01 | 0.03 | 2.24 | -0.22 | -0.24 | -1.57 | -3.32 | -1.47 | 9.61 | 24.1 |
| CEPS(Rs) | 0.6 | 0.48 | 0.56 | 2.82 | 0.33 | 0.4 | -1.1 | -3.32 | 0.77 | 22.36 | 32.59 |
| DPS(Rs) | 0.15 | 0.05 | 0.08 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Book NAV/Share(Rs) | 19.45 | 19.44 | 19.5 | 38.15 | 37.82 | 36.44 | 34.41 | 46.57 | 85.98 | 200.31 | 234.25 |
| Core EBITDA Margin(%) | 9.76 | 8.42 | 9.55 | 6.88 | 8.73 | 15.28 | 21.13 | 14.02 | 16.07 | 17.28 | -2.86 |
| EBIT Margin(%) | 11.07 | 7.38 | 9.79 | 37.83 | 9.32 | 13.52 | 9.36 | 1.01 | 11.16 | 16.66 | 33.52 |
| Pre Tax Margin(%) | 1.67 | 0.04 | 0.78 | 21.16 | 3.26 | -1.25 | -24.35 | -37.81 | -4.33 | 12.15 | 29.76 |
| PAT Margin (%) | 0.96 | -0.06 | 0.17 | 15.78 | -0.67 | -1.42 | -21.41 | -32.41 | -4.25 | 11.68 | 17.71 |
| Cash Profit Margin (%) | 4.23 | 3.19 | 3.55 | 19.84 | 0.91 | 2.84 | -8.41 | -17.99 | 1.41 | 13.97 | 20.69 |
| ROA(%) | 0.19 | -0.01 | 0.03 | 2.44 | -0.21 | -0.15 | -1.63 | -2.8 | -0.74 | 5.25 | 6.79 |
| ROE(%) | 0.7 | -0.04 | 0.14 | 8.02 | -0.64 | -0.53 | -7.93 | -15.26 | -3.49 | 13.71 | 12.84 |
| ROCE(%) | 3.27 | 2.06 | 2.75 | 8.47 | 4.32 | 2.25 | 1 | 0.11 | 2.55 | 9.84 | 16.64 |
| Receivable days | 71.53 | 63.79 | 78.73 | 78.87 | 20.33 | 51.58 | 47.15 | 90.81 | 249.44 | 133.4 | 120.76 |
| Inventory Days | 611.24 | 625.54 | 610.82 | 630.35 | 155.07 | 149 | 154.3 | 118.43 | 54.82 | 17.77 | 70.31 |
| Payable days | 113.05 | 84.43 | 98.7 | 281.19 | 77.79 | 90.88 | 102.58 | 151.75 | 208.14 | 54.03 | 44.06 |
| PER(x) | 452.35 | 0 | 5134.55 | 79.74 | 0 | 0 | 0 | 0 | 0 | 69.65 | 17.84 |
| Price/Book(x) | 3.17 | 3.1 | 7.24 | 4.68 | 2.84 | 2.75 | 3.95 | 4.17 | 2.49 | 3.34 | 1.84 |
| Dividend Yield(%) | 0.24 | 0.08 | 0.05 | 0.06 | 0.09 | 0.1 | 0.07 | 0.05 | 0.05 | 0.01 | 0.02 |
| EV/Net Sales(x) | 6.53 | 6.38 | 11.12 | 15.05 | 4.11 | 10.59 | 19.61 | 17.01 | 7.26 | 4.61 | 2.98 |
| EV/Core EBITDA(x) | 45.51 | 60 | 84.47 | 35.92 | 37.67 | 59.54 | 87.73 | 110.25 | 43.15 | 24.31 | 8.16 |
| Net Sales Growth(%) | -5.55 | 5.52 | 5.68 | -1.11 | 157.18 | -61.78 | -5.97 | 52.03 | 195.19 | 248.86 | -1.58 |
| EBIT Growth(%) | -14.6 | -29.65 | 40.15 | 282.09 | -36.65 | -44.54 | -34.92 | -83.59 | 3162.86 | 420.47 | 98.1 |
| PAT Growth(%) | 808.08 | -106.14 | 428.94 | 8877.69 | -110.94 | 19.22 | -1319.67 | -130.12 | 61.34 | 1059.83 | 49.22 |
| EPS Growth(%) | 806.74 | -106.16 | 427.38 | 8042.55 | -109.71 | -10.07 | -554.16 | -111.89 | 55.64 | 752.95 | 150.79 |
| Debt/Equity(x) | 1.64 | 1.9 | 1.9 | 0.98 | 1.17 | 1.36 | 3.66 | 3.35 | 2.2 | 0.55 | 0.38 |
| Current Ratio(x) | 1.64 | 1.35 | 0.82 | 1.02 | 0.33 | 0.24 | 0.35 | 1.41 | 1.13 | 3.13 | 2.14 |
| Quick Ratio(x) | 0.42 | 0.36 | 0.25 | 0.57 | 0.24 | 0.17 | 0.26 | 1.26 | 1.01 | 2.95 | 1.52 |
| Interest Cover(x) | 1.18 | 1.01 | 1.09 | 2.27 | 1.54 | 0.92 | 0.28 | 0.03 | 0.72 | 3.69 | 8.92 |
| Total Debt/Mcap(x) | 0.52 | 0.61 | 0.26 | 0.21 | 0.41 | 0.49 | 0.93 | 0.8 | 0.88 | 0.16 | 0.21 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.09 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 |
| FII | 10.47 | 11.16 | 11.84 | 11.79 | 10.83 | 10.26 | 9.36 | 8.89 | 9.7 | 10.42 |
| DII | 5.82 | 14.34 | 14.81 | 13.66 | 13.14 | 13.24 | 13.22 | 12.9 | 12.83 | 12.88 |
| Public | 19.61 | 20.54 | 19.39 | 20.58 | 22.07 | 22.54 | 23.45 | 24.25 | 23.51 | 22.74 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 |
| FII | 2.76 | 3.5 | 3.71 | 3.7 | 3.39 | 3.21 | 2.93 | 2.79 | 3.04 | 3.27 |
| DII | 1.54 | 4.49 | 4.64 | 4.28 | 4.12 | 4.15 | 4.15 | 4.04 | 4.02 | 4.04 |
| Public | 5.18 | 6.44 | 6.08 | 6.45 | 6.92 | 7.07 | 7.35 | 7.6 | 7.37 | 7.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 26.39 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | +116% | +71% | +32% |
| Operating Profit CAGR | +90% | +189% | +97% | +45% |
| PAT CAGR | +49% | — | — | +76% |
| Share Price CAGR | -34% | +9% | +18% | +18% |
| ROE Average | +13% | +8% | 0% | +1% |
| ROCE Average | +17% | +10% | +6% | +5% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 64.09 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 | 53.96 |
| FII | 10.47 | 11.16 | 11.84 | 11.79 | 10.83 | 10.26 | 9.36 | 8.89 | 9.7 | 10.42 |
| DII | 5.82 | 14.34 | 14.81 | 13.66 | 13.14 | 13.24 | 13.22 | 12.9 | 12.83 | 12.88 |
| Public | 35.91 | 46.04 | 46.04 | 46.04 | 46.04 | 46.04 | 46.04 | 46.04 | 46.04 | 46.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 | 16.91 |
| FII | 2.76 | 3.5 | 3.71 | 3.7 | 3.39 | 3.21 | 2.93 | 2.79 | 3.04 | 3.27 |
| DII | 1.54 | 4.49 | 4.64 | 4.28 | 4.12 | 4.15 | 4.15 | 4.04 | 4.02 | 4.04 |
| Public | 9.48 | 14.43 | 14.43 | 14.43 | 14.43 | 14.43 | 14.43 | 14.43 | 14.43 | 14.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 26.39 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 | 31.35 |
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