SWANCORP · Chemicals
Swan Corp Ltd. reported revenue of ₹1,150 cr for October to December 2025, −39.7% on the year and +1.1% on the quarter. Over the last four quarters revenue comes to ₹4,357 cr, −20.5% on the four before.
Operating profit (EBITDA) was ₹25.0 cr, a margin of 2.2%, +3,656 bps on the year and +173 bps on the quarter. Over the last 8 quarters the margin has ranged from −34.4% to 33.4%, averaging 3.2%.
The company swung to a net loss of ₹1.0 cr from a profit of ₹562 cr a year earlier, with earnings per share of −₹0.31. Profit over the last four quarters totals −₹2.0 cr, −100.2% on the four before.
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.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, 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
Swung to a loss from a profit a year ago. One quarter, or a trend?
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Tax rate lifting profit, Exceptional items that recur, 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, When the results were filed. 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.
| 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 ₹1,150 cr (−39.7% on the year) and net profit of −₹1.0 cr (−100.2% on the year) for October to December 2025.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.