What explains Swan Energy’s change in fortunes?

In just a couple of years, the little-known, loss-making company has transformed itself into a profitable business under the leadership of MD Nikhil Merchant. Can it sustain the growth momentum?

The turn of events is nothing short of spectacular.

Just two years ago, Swan Energy did not inspire much confidence. The company, which deals in petrochemicals, textiles, real estate and infrastructure for liquefied natural gas, posted a revenue of just Rs 497 crore and a loss of Rs 198 crore for the year ended 31 March 2022. On top of that, its borrowings were somewhat massive—Rs 4,000 crore. And the market capitalisation stood at a modest Rs 5,120 crore.

It’s a whole different story today. The market cap has jumped to a whopping Rs 17,000 crore. The company clocked …


T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor