SWANCORP · Chemicals
Swan Corp Ltd. reported revenue of ₹1,046 cr for July to September 2026, −8.1% on the year and +3.2% on the quarter. That is slower than this quarter has grown in recent years (−2.7% on average). Over the last four quarters revenue comes to ₹4,080 cr, −20.2% on the four before.
Operating profit (EBITDA) was −₹5.0 cr, a margin of −0.5%, −92 bps on the year and −8 bps on the quarter. Over the last 8 quarters the margin has ranged from −34.4% to 2.2%, averaging −7.3%. Operating costs grew −7.2%, faster than revenue at −8.1%, so operating profit grew less than sales.
The company swung to a net profit of ₹566 cr from a loss of ₹6.0 cr a year earlier, with earnings per share of ₹16.17. Profit over the last four quarters totals ₹780 cr, +39.0% on the four before.
Of the 14 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, Swan Corp Ltd. ranks 13th on revenue growth; the sector median is +14.3%. Its margin moved −92 bps on the year against a sector median of −271 bps.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹23.43 over the last four quarters, the stock at ₹242.14 trades at 10.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Tax rate lifting profit, Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,592 cr | ₹1,398 cr | ₹1,142 cr | ₹1,032 cr | ₹1,908 cr | ₹856 cr | ₹1,213 cr | ₹1,138 cr | ₹1,150 cr | ₹870 cr | ₹1,014 cr | ₹1,046 cr |
| YoY | — | — | +42% | −16% | +20% | −39% | +6% | +10% | −40% | +2% | −16% | −8% |
| EBITDA margin | 16.1% | 8.4% | 33.4% | 11.6% | −34.4% | 1.6% | 2.2% | 0.4% | 2.2% | −30.0% | −0.4% | −0.5% |
| Other income, % of PBT | 27% | 23% | 6% | 54% | 169% | — | 174% | 4,700% | 700% | 195% | — | 950% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 6% | −40% | 16% | −17% | 49% | — | 20% | — | — | 23% | — | — |
| Net profit | ₹220 cr | ₹56.0 cr | ₹268 cr | ₹67.0 cr | ₹562 cr | −₹22.0 cr | ₹27.0 cr | −₹6.0 cr | −₹1.0 cr | ₹251 cr | −₹36.0 cr | ₹566 cr |
| YoY | — | — | +85% | −60% | +155% | −139% | −90% | −109% | −100% | — | −233% | — |
| Core profit YoY | — | — | +97% | −85% | −546% | −226% | −108% | −277% | — | — | — | — |
| EPS | ₹4.36 | ₹0.85 | ₹4.43 | ₹1.64 | ₹18.59 | −₹0.57 | ₹0.61 | −₹0.12 | −₹0.31 | ₹8.57 | −₹1.00 | ₹16.17 |
| Flags | · | 1 | ✓ | 3 | 3 | 2 | 3 | 3 | 2 | 2 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Swan Corp Ltd. reported revenue of ₹1,046 cr (−8.1% on the year) and net profit of ₹566 cr (— on the year) for July to September 2026.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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