Swan Corp Ltd: A Transition Story in Steel Pipes and EPC — Re-Rating or Value Trap?
Swan Corp Ltd (NSE: **SWANCORP**, BSE: **503310**) is one of the more curious small-cap stories on the Indian capital goods tape. Trading at **₹316.55** with a market capitalisation of **₹9,922.48 Cr**, the company has been in the throes of a profound business model transition from a legacy textile/cotton yarn identity to a steel pipes and engineering, procurement and construction (EPC) platform. The current market valuation prices the equity at a seemingly extreme trailing P/E of **359.72x**, a