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Swiss Military Consumer Goods Ltd

SWISSMLTRY

NSE

₹13.32-1.55%19 Oct 2026

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Swiss Military Consumer Goods Ltd

SWISSMLTRY

NSE

₹13.32

-1.55%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Swiss Military Consumer Goods Ltd. is a brand-licensing company that designs, sources, and sells lifestyle products - luggage, home appliances, and men’s innerwear - under the globally recognised “Swiss Military” name in India. Originally incorporated as Network Limited in 1989, it was taken over by its current promoters in September 2020 and rebranded that December, transforming from a shell into a consumer-goods play built entirely on the Swiss Military licence. The recurring approach is to use the brand’s European-heritage appeal to offer “premium, affordable” products across multiple everyday categories, reaching aspirational Indian buyers through an omnichannel network that combines an asset-light model with outsourced OEM sourcing, and distribution that spans e-commerce, quick commerce, and over 3,400 physical stores.

Business segments

A single consumer-lifestyle platform built on one licensed brand, expressed through three product verticals - luggage and travel gear as the anchor, plus home appliances and men’s innerwear - all sharing the same sourcing logic, distribution pipes, and brand promise.

1. Luggage and travel gear: the anchor that carries the brand

This is the company’s cornerstone category, now backed by its own factory, and the vehicle through which the Swiss Military name reaches suitcases, backpacks, and travel accessories across urban India and beyond.

Made in-house, not just ordered - the company commissioned its own manufacturing plant in Faridabad, Haryana, in January 2025, with an annual capacity of one million luggage sets, so it can control cost, quality, and turnaround times directly rather than relying solely on third parties.
Still backed by a global supply chain - alongside the factory, it sources from more than 15 white-label manufacturing partners, keeping in-house control over design and quality assurance while maintaining flexibility to scale up or fill gaps.
A product for every traveller - the range spans hard and soft luggage, backpacks, sling bags, duffles, and office briefcases, with distinct sub-ranges: a premium “Black Gold Collection” for urban sophisticates, a Gen Z and Millennial series, and a Tier-2 and Tier-3 series for buyers in smaller cities.
Omnichannel reach, offline-heavy - roughly 78% of revenue comes from offline channels, including over 3,400 multi-brand outlets, 19-plus major distributors, and a presence in more than 200 cities, while the remaining 22% flows through 15-plus e-commerce portals and quick-commerce platforms like Zepto and Blinkit.
Pushing into modern retail and exclusive stores - the company has placed products with large-format retailers such as Reliance Retail (400 stores) and began rolling out its own exclusive brand outlets in Q3 FY2026, with a plan to reach 50 stores across India’s top cities by FY29.

2. Home appliances and electronics: the everyday-entry extension

A fast-growing assortment of household devices - from fans and irons to TVs and induction cooktops - that puts the Swiss Military badge on products made by approved OEMs and sold through the same distribution engine.

Sourced, not manufactured - products in this vertical are made by original equipment manufacturers who work on contract to the company’s specifications and quality benchmarks, following a long-drawn vendor approval process.
Kitchen and home staples - the portfolio includes mixer grinders, juicers, dry and steam irons, induction and infrared cooktops, kettles, toasters, rice cookers, room heaters, and entertainment devices such as TVs.
Brand-first, not category-first - because the “Swiss Military” name already carries trust, the company can enter new appliance sub-categories with lower customer-acquisition costs and quicker brand recall than a standalone label would get.
Celebrity pull for mass recall - the company onboarded Bollywood actress Sonali Bendre as brand ambassador for the home appliances range, giving the category a recognisable face in a crowded market.

3. Men’s innerwear and leisurewear: the repeat-purchase play

A premium-affordable innerwear line - briefs, trunks, vests, and planned leisurewear - designed to turn daily essentials into a fashion choice under the same trusted brand.

Premium positioning at accessible prices - the range is pitched as “premium affordable,” aiming to shift Indian buyers from a purely price-sensitive mindset toward one that values fit, fabric, and style.
Fabric and technology upgrades in the pipeline - the company has planned launches using newer materials such as Modals and Bamboo, signalling an intent to compete on comfort and innovation rather than just price.
A celebrity anchor for the category - Bollywood actor Randeep Hooda was brought on as brand ambassador for men’s innerwear, giving the category a distinct identity separate from the luggage and appliance lines.
Designed around demand gaps - the in-house product engineering process starts with budget formation and demand forecasting, feeds in customer feedback, and moves through design, sampling, and approval before mass production begins, so new styles are meant to fill specific market vacuums.

Group structure and partners

A promoter-led listed company that holds the exclusive Indian licence to the Swiss Military brand, with a new manufacturing subsidiary and a small security-seals business tucked inside.

The licence is the foundation - the company is the exclusive licensee of the Swiss Military brand in India under an agreement with Promoshirt SM S.A., Switzerland, and a 2022 addendum consolidated all product categories under the listed entity.
Promoter-controlled - the promoter holding company, Anushi Retail LLP, owned about 58-60% of the equity as of March 2024, with the remaining shares widely held.
Two wholly owned subsidiaries - SM Travel Gear Pvt. Ltd., incorporated in March 2024, houses the Faridabad luggage factory; AAA Shenyang Container Seal Pvt. Ltd., acquired in FY 2022-23 pursuant to a shareholder resolution passed on 04 September 2021, makes RFID e-seals used in export-customs transport, with an Indian market size of roughly 2.4 to 3.6 million units yearly.
Key commercial partnerships - an exclusive collaboration with South Korea’s Core International Co., Ltd. targets luggage sales in Japan, Indonesia, and Thailand, while a separate exclusive arrangement with Flipkart sells a mass sub-brand called “Sky Scape” on the platform.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹315Cr

Close Price

₹13.32

Industry

Trading

Price To Earnings

44.40

Price To Sales

1.22

Revenue

₹258Cr

Rev Gr TTM

Revenue Growth TTM

13.38%

PAT Gr TTM

PAT Growth TTM

-22.07%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	44	50	54	46	56	57	59	56	67	72	65	54
Growth YoY Revenue Growth YoY%	56.0	32.9	37.7	14.4	27.6	15.1	9.3	19.7	20.9	26.1	9.7	-3.4
Expenses ExpensesCr	41	47	51	44	53	55	56	53	64	69	63	51
Operating Profit Operating ProfitCr	2	3	3	2	3	3	3	3	3	3	2	2
OPM OPM%	5.0	5.7	5.3	4.8	4.8	4.7	5.7	4.8	4.6	4.2	2.5	4.3
Other Income Other IncomeCr	0	0	0	0	0	1	1	0	1	0	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	1
PBT PBTCr	3	3	3	2	3	3	4	3	3	3	2	2
Tax TaxCr	1	1	1	1	1	1	1	1	1	1	0	1
PAT PATCr	2	2	2	2	2	2	3	2	2	2	1	1
Growth YoY PAT Growth YoY%	49.6	49.4	42.8	0.6	-4.7	0.0	21.1	11.6	22.8	-14.2	-52.3	-29.5
NPM NPM%	4.4	4.7	4.4	3.7	3.3	4.1	4.8	3.5	3.4	2.8	2.1	2.5
EPS EPS₹	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	44	50	54	46	56	57	59	56	67	72	65	54
Growth YoY Revenue Growth YoY%	56.0	32.9	37.7	14.4	27.6	15.1	9.3	19.7	20.9	26.1	9.7	-3.4
Expenses ExpensesCr	41	47	51	44	53	55	56	53	64	69	63	51
Operating Profit Operating ProfitCr	2	3	3	2	3	3	3	3	3	3	2	2
OPM OPM%	5.0	5.7	5.3	4.8	4.8	4.7	5.7	4.8	4.6	4.2	2.5	4.3
Other Income Other IncomeCr	0	0	0	0	0	1	1	0	1	0	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	1
PBT PBTCr	3	3	3	2	3	3	4	3	3	3	2	2
Tax TaxCr	1	1	1	1	1	1	1	1	1	1	0	1
PAT PATCr	2	2	2	2	2	2	3	2	2	2	1	1
Growth YoY PAT Growth YoY%	49.6	49.4	42.8	0.6	-4.7	0.0	21.1	11.6	22.8	-14.2	-52.3	-29.5
NPM NPM%	4.4	4.7	4.4	3.7	3.3	4.1	4.8	3.5	3.4	2.8	2.1	2.5
EPS EPS₹	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2008	Jun 2009	Mar 2010	Mar 2011	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3	4	1	2	130	188	218	260	258
Growth Revenue Growth%				50.5		44.5	16.2	19.0	13.4
Expenses ExpensesCr	5	6	1	2	123	178	207	249	248
Operating Profit Operating ProfitCr	-2	-2	0	-1	7	10	11	10	10
OPM OPM%	-89.0	-59.5	-4.0	-38.8	5.5	5.2	5.0	4.0	3.9
Other Income Other IncomeCr	1	0	0	0	1	2	2	2	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	1	1
Depreciation DepreciationCr	0	0	1	1	0	0	0	0	1
PBT PBTCr	-2	-3	0	-1	8	11	12	10	10
Tax TaxCr	0	0	0	0	2	3	3	3	3
PAT PATCr	-2	-3	0	-1	6	8	9	8	7
Growth PAT Growth%				-208.3		35.2	5.1	-13.8	-22.1
NPM NPM%	-76.5	-73.8	-47.5	-97.4	4.8	4.4	4.0	2.9	2.7
EPS EPS₹	0.0	0.0	0.0	0.0	0.3	0.4	0.4	0.3	0.3

Financial Year	Mar 2008	Jun 2009	Mar 2010	Mar 2011	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3	4	1	2	130	188	218	260	258
Growth Revenue Growth%				50.5		44.5	16.2	19.0	13.4
Expenses ExpensesCr	5	6	1	2	123	178	207	249	248
Operating Profit Operating ProfitCr	-2	-2	0	-1	7	10	11	10	10
OPM OPM%	-89.0	-59.5	-4.0	-38.8	5.5	5.2	5.0	4.0	3.9
Other Income Other IncomeCr	1	0	0	0	1	2	2	2	2
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	1	1
Depreciation DepreciationCr	0	0	1	1	0	0	0	0	1
PBT PBTCr	-2	-3	0	-1	8	11	12	10	10
Tax TaxCr	0	0	0	0	2	3	3	3	3
PAT PATCr	-2	-3	0	-1	6	8	9	8	7
Growth PAT Growth%				-208.3		35.2	5.1	-13.8	-22.1
NPM NPM%	-76.5	-73.8	-47.5	-97.4	4.8	4.4	4.0	2.9	2.7
EPS EPS₹	0.0	0.0	0.0	0.0	0.3	0.4	0.4	0.3	0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	39	39	47	47
Reserves ReservesCr	29	34	81	89
Current Liabilities Current LiabilitiesCr	7	18	21	29
Non Current Liabilities Non Current LiabilitiesCr	0	0	17	16
Total Liabilities Total LiabilitiesCr	75	91	166	181
Current Assets Current AssetsCr	73	90	121	130
Non Current Assets Non Current AssetsCr	1	2	45	51
Total Assets Total AssetsCr	75	91	166	181

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	39	39	47	47
Reserves ReservesCr	29	34	81	89
Current Liabilities Current LiabilitiesCr	7	18	21	29
Non Current Liabilities Non Current LiabilitiesCr	0	0	17	16
Total Liabilities Total LiabilitiesCr	75	91	166	181
Current Assets Current AssetsCr	73	90	121	130
Non Current Assets Non Current AssetsCr	1	2	45	51
Total Assets Total AssetsCr	75	91	166	181

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-17	-3	-7	6
Investing Cash Flow Investing Cash FlowCr	0	1	-43	-5
Financing Cash Flow Financing Cash FlowCr	37	-3	63	-2
Net Cash Flow Net Cash FlowCr	21	-5	14	-1
Free Cash Flow Free Cash FlowCr	-17	-3	-51	-1
CFO To PAT CFO To PAT%	-267.8	-36.1	-79.7	80.7
CFO To EBITDA CFO To EBITDA%	-229.6	-30.7	-63.9	58.6

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-17	-3	-7	6
Investing Cash Flow Investing Cash FlowCr	0	1	-43	-5
Financing Cash Flow Financing Cash FlowCr	37	-3	63	-2
Net Cash Flow Net Cash FlowCr	21	-5	14	-1
Free Cash Flow Free Cash FlowCr	-17	-3	-51	-1
CFO To PAT CFO To PAT%	-267.8	-36.1	-79.7	80.7
CFO To EBITDA CFO To EBITDA%	-229.6	-30.7	-63.9	58.6

Consolidated

Standalone

Financial Year	Mar 2008	Jun 2009	Mar 2010	Mar 2011	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	52	62	58	44	254	520	589	307	315
Price To Earnings Price To Earnings					41.6	63.0	67.5	40.7	44.4
Price To Sales Price To Sales	20.6	26.4	57.7	29.1	1.9	2.8	2.7	1.2	1.2
Price To Book Price To Book	5.6	1.3	1.1	0.8	3.7	7.1	4.6	2.3	2.3
EV To EBITDA EV To EBITDA					31.4	50.7	52.1	27.7	29.9
Profitability Ratios Profitability Ratios
GPM GPM%					16.1	15.3	15.4	16.3	16.3
OPM OPM%	-89.0	-59.5	-4.0	-38.8	5.5	5.2	5.0	4.0	3.9
NPM NPM%	-76.5	-73.8	-47.5	-97.4	4.8	4.4	4.0	2.9	2.7
ROCE ROCE%					11.6	15.4	8.4	7.7	7.7
ROE ROE%					9.1	11.4	6.8	5.5	5.5
ROA ROA%					8.3	9.1	5.3	4.2	4.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2008	Jun 2009	Mar 2010	Mar 2011	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	52	62	58	44	254	520	589	307	315
Price To Earnings Price To Earnings					41.6	63.0	67.5	40.7	44.4
Price To Sales Price To Sales	20.6	26.4	57.7	29.1	1.9	2.8	2.7	1.2	1.2
Price To Book Price To Book	5.6	1.3	1.1	0.8	3.7	7.1	4.6	2.3	2.3
EV To EBITDA EV To EBITDA					31.4	50.7	52.1	27.7	29.9
Profitability Ratios Profitability Ratios
GPM GPM%					16.1	15.3	15.4	16.3	16.3
OPM OPM%	-89.0	-59.5	-4.0	-38.8	5.5	5.2	5.0	4.0	3.9
NPM NPM%	-76.5	-73.8	-47.5	-97.4	4.8	4.4	4.0	2.9	2.7
ROCE ROCE%					11.6	15.4	8.4	7.7	7.7
ROE ROE%					9.1	11.4	6.8	5.5	5.5
ROA ROA%					8.3	9.1	5.3	4.2	4.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PIPAN	STARLENT	VEGA	SWISSMLTRY	OMNITEX	BHAVIK	MONIKA
Market CapitalizationMkt CapCr	323	320	315	315	309	307	307
Close PriceClose₹	184.25	7.42	61.95	13.32	735.00	151.00	143.00
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		123.67	2.66	44.40		33.04	9.10
Price To SalesPS		3.04	0.29	1.22	78.23	0.49	1.02
RevenueRevenueCr	0	105	1,100	258	4	628	301
Revenue Growth TTMRev Gr TTM%		53.0%		13.4%	64.6%	19.2%	27.5%
PAT Growth TTMPAT Gr TTM%	-1,342.1%	-87.0%		-22.1%	-223.5%	138.4%	39.0%

	PIPAN	STARLENT	VEGA	SWISSMLTRY	OMNITEX	BHAVIK	MONIKA
Market CapitalizationMkt CapCr	323	320	315	315	309	307	307
Close PriceClose₹	184.25	7.42	61.95	13.32	735.00	151.00	143.00
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE		123.67	2.66	44.40		33.04	9.10
Price To SalesPS		3.04	0.29	1.22	78.23	0.49	1.02
RevenueRevenueCr	0	105	1,100	258	4	628	301
Revenue Growth TTMRev Gr TTM%		53.0%		13.4%	64.6%	19.2%	27.5%
PAT Growth TTMPAT Gr TTM%	-1,342.1%	-87.0%		-22.1%	-223.5%	138.4%	39.0%

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