Swan Corp , a prominent player in the Indian market, has reported its financial results for the second quarter, showcasing a mixed performance with both improvements and challenges. The company has managed to significantly reduce its net loss while achieving revenue growth, but faces a substantial decline in its EBITDA.

Financial Highlights

Improved Bottom Line

Swan Corp has made significant strides in reducing its net loss, which decreased from ₹512.80 crore in the previous year's Q2 to ₹38.10 crore in the current quarter. This substantial improvement of 92.6% in the bottom line indicates the company's efforts in cost management and operational efficiency.

Revenue Growth

The company reported a 10.3% year-over-year increase in revenue, rising from ₹1,032.00 crore to ₹1,138.00 crore. This growth suggests that Swan Corp has been able to expand its market presence or increase its sales volume despite challenging market conditions.

EBITDA Pressure

Despite the revenue growth and reduced net loss, Swan Corp experienced a sharp decline in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The EBITDA fell from ₹120.00 crore in the previous year's Q2 to just ₹5.00 crore in the current quarter, marking a 95.8% decrease. This significant drop in EBITDA indicates potential challenges in maintaining operational profitability.

Margin Compression

The EBITDA margin saw a substantial compression, dropping from 11.64% in the previous year's Q2 to 0.44% in the current quarter. This 11.2 percentage point decrease suggests that the company is facing pressures on its operational efficiency and cost structure.

Management Changes

In related news, Swan Corp has announced changes in its key management personnel. Mr. Saptarshi Ganguly has been appointed as the new Company Secretary & Compliance Officer, effective November 14, 2025. He replaces Mr. Bhushan K Joshi, who has resigned from the position due to organizational reshuffling.

Mr. Ganguly brings extensive experience to his new role, being a Fellow Member of the Institute of Company Secretaries of India and an Associate Member of the Institute of Cost Accounts of India. His appointment may signal the company's focus on strengthening its corporate governance and compliance functions.

As Swan Corp navigates through these financial challenges and management changes, investors and market observers will be keenly watching how the company plans to improve its operational efficiency and maintain its growth trajectory in the coming quarters.

In a significant development in the corporate governance landscape, the Securities and Exchange Board of India (SEBI) has imposed a monetary penalty of ₹2 lakh on Rahul Sharma, the CEO of Swan LNG and a designated person of Swan Corp (formerly Swan Energy Limited), for violations related to insider trading.

Insider Trading Violations

SEBI's investigation revealed that Sharma executed trades and contra-trades in Swan Corp shares between September 1 and November 30, 2023. These transactions generated unlawful gains amounting to ₹30.25 lakh. The regulatory body found that these trades were in violation of Swan Corp's insider trading code, which requires pre-clearance for trades exceeding ₹10 lakh per quarter.

Failure to Disclose

In addition to the unauthorized trades, Sharma also failed to make mandatory disclosures under SEBI's Prohibition of Insider Trading Regulations, 2015. This lack of transparency further compounded the regulatory infractions.

Penalty and Restitution

SEBI has levied penalties of ₹1 lakh each under two sections of the SEBI Act, totaling ₹2 lakh. The regulatory body emphasized the importance of strict compliance with insider trading rules, especially for senior executives in listed companies.

It's worth noting that Sharma had already remitted the ₹30.25 lakh in unlawful gains to SEBI's Investor Protection and Education Fund in January and February 2025, prior to the imposition of this penalty.

Company's Recent AGM

While this news comes as a setback for Swan Corp's corporate image, the company recently held its 117th Annual General Meeting (AGM) on September 29, 2025. During the AGM, several resolutions were passed, including:

1. Adoption of audited financial statements for the year ended March 31, 2025
2. Declaration of a final dividend of 10% (₹0.10 per equity share of ₹1 face value)
3. Re-appointment of Mr. Paresh Merchant as a Director
4. Ratification of Cost Auditor's remuneration
5. Appointment of M/s. SKJP & Associates as Secretarial Auditor for a five-year term
6. Approval of limits and terms for material related party transactions

The AGM, conducted through video conferencing, saw active participation from shareholders, with all resolutions passing with the requisite majority.

Conclusion

This incident underscores the ongoing challenges in maintaining strict adherence to insider trading regulations, even at the highest levels of corporate management. It serves as a reminder to all listed companies and their executives of the importance of robust internal controls and unwavering compliance with SEBI's guidelines to maintain market integrity and investor confidence.