Swan Defence posts Rs 20.94 cr operating loss in Q1FY27
Expenses exceeded revenue, while interest and depreciation pushed the consolidated PBT loss to Rs 41.68 cr despite Rs 10.92 cr of other income.
Filed 11 Aug 2026, 17:51 IST · after market close · Swan Defence and Heavy Industries Ltd (SWANDEF)
Key takeaways
- Swan Defence reported a consolidated operating loss of Rs 20.94 cr in Q1FY27 as expenses of Rs 51.55 cr exceeded revenue of Rs 30.61 cr.
- Its operating margin of -68.40% was 82.33 percentage points below the 13.93% median for 112 Industrials peers.
- The consolidated PBT loss was Rs 41.68 cr despite Rs 10.92 cr of other income, with interest and depreciation adding Rs 16.48 cr and Rs 15.18 cr.
Price around the results
Revenue did not cover the Q1FY27 cost base
Consolidated expenses exceeded revenue by the amount of the Rs 20.94 cr operating loss, showing that the quarter's revenue base was insufficient to absorb costs. The loss extended below operating profit as interest and depreciation added Rs 16.48 cr and Rs 15.18 cr respectively.
Other income did not change the loss quality
The -68.40% operating margin reflects the gap between Rs 30.61 cr of revenue and Rs 51.55 cr of expenses. Rs 10.92 cr of other income reduced the damage below operating profit but did not prevent a Rs 41.68 cr PBT loss; the zero tax charge provided no reported offset.
Margin ranked last among 112 reported Industrials peers
Swan Defence's -68.40% operating margin was 82.33 percentage points below the sector median of 13.93%. It ranked first from the bottom among the 112 Industrials companies that had reported the same quarter.
Results were filed after market close
The company filed its consolidated Q1FY27 results after market close on 11 August 2026 at 17:51 IST. The initial read therefore focuses on the reported loss and its cost structure rather than a market reaction.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹31 cr |
| Other income | ₹11 cr |
| Expenses | ₹52 cr |
| Operating profit | ₹-21 cr |
| Operating margin (%) | -68.40% |
| Interest | ₹16 cr |
| Depreciation | ₹15 cr |
| Profit before tax | ₹-42 cr |
| Tax | ₹0 cr |
| Net profit | ₹-42 cr |
| EPS (₹) | ₹-7.91 |
Operating margin of -68.40% compares with a Industrials sector median of 13.93% across 112 peers that have reported Q1FY27.
What to watch
- Whether revenue moves above the Rs 51.55 cr quarterly expense base.
- Whether operating margin improves from -68.40%.
- Whether interest and depreciation move below the Rs 16.48 cr and Rs 15.18 cr reported in Q1FY27.