NSE: SWISSMLTRY · BSE: 523558
SWISS MILITARY CON GOOD L
Designs, manufactures and sells travel gear products including hard luggage, backpacks and travel accessories, alongside footwear, under the Swiss Military brand in India. Distribution runs through large format retail chains and a network of Exclusive Brand Outlets (EBOs), with a stated target of 50 new EBOs across India by FY29 and pilot EBOs already running in Gujarat and South India. New product plans include 8 new luggage models and a separate sub-brand aimed at Tier-2 and Tier-3 cities. Raw materials used include polypropylene, polycarbonate and aluminium; the FY26 cost shape shows employee costs at 4.7% of revenue and other operating expenses at 9% of revenue. FY26 consolidated revenue reached ₹25,977.57 lakh, up roughly 19% YoY, while net profit fell to ₹755.96 lakh as raw material inflation and softer travel-related discretionary demand compressed margins. An exceptional item of ₹31.68 lakh was recognised in FY26 due to new labour codes effective November 2025, and the Board recommended a ₹0.10 per share dividend for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Travel gear (hard luggage, backpacks, accessories), Footwear, Other. Consumer discretionary, brand-led travel goods and footwear with exposure to discretionary travel demand
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 130 | 188 | 218 | 260 |
| EBITDA (ex other income) | 7 | 10 | 11 | 10 |
| margin % | 5.5 | 5.2 | 4.9 | 3.9 |
| Owners' profit | 6 | 8 | 9 | 0 |
| EPS, as reported (₹) | 0.31 | 0.42 | 0.40 | 0.32 |
| ROE % · ROCE % | 9.1 · 11.9 | 11.4 · 15.6 | 6.8 · 8.4 | 5.5 · 7.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.13 | 0.12 |
| Cash from operations | (17) | (3) | (7) | 6 |
| Capex | (1) | (0) | (44) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46 | 56 | 57 | 59 | 56 | 67 | 72 | 65 |
| Profit before tax | 2 | 3 | 3 | 4 | 3 | 3 | 3 | 2 |
| Net profit | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 1 |
| EPS (₹) | 0.09 | 0.09 | 0.10 | 0.12 | 0.08 | 0.10 | 0.08 | 0.06 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VIRTUOSO OPTOELECTRONIC L | 1,697 | 58.6 | 4.11 | 23.0 | 3.6 | 4.0 | — | 9.3 |
| SWISS MILITARY CON GOOD L ◆ | 328 | 43.4 | 2.41 | 25.5 | 5.5 | 6.8 | — | 3.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.4 | 26.9 | 134 of 191 | 30% |
| P/B | 2.4 | 2.3 | 96 of 189 | 50% |
| ROCE | 6.8 | 7.0 | 114 of 219 | 48% |
| ROE | 5.5 | 5.8 | 101 of 189 | 47% |
| Debt / Equity | 0.1 | 0.2 | 79 of 190 | 59% |
| EBITDA margin | 3.4 | 9.3 | 152 of 193 | 21% |
| Revenue growth | 9.7 | 16.4 | 117 of 189 | 38% |
| Profit growth | (52.1) | 16.8 | 134 of 183 | 27% |
| Market cap | 328 | 220 | 108 of 228 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Swiss Military closes trading window from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · 37th AGM Results: All Five Resolutions Passed with Over 99.95 Percent Approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 37th AGM held; 5 resolutions put to vote including Rs 0.10 per share dividend | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Registered office shifted from Delhi to Haryana | business updates | low | — | — |
| 3 Sept 2026 · Newspaper notice published for 37th AGM on Sep 25, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · FY26 Annual Report and 37th AGM Notice filed with BSE | compliance | medium | — | — |
| 2 Sept 2026 · FY26 annual report and 37th AGM notice filed; meeting on Sept 25, 2026 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Notice of 37th Annual General Meeting on September 25, 2026 | compliance | minimal | — | — |
| 19 Aug 2026 · Swiss Military shares now tradable on NSE from Aug 17, 2026 | capital market events | high | — | — |
| 19 Aug 2026 · Swiss Military Consumer Goods shares admitted for trading on NSE from Aug 17, 2026 | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.