Dividend Snapshot – Swiss Military Consumer Goods Ltd
The Swiss Military Consumer Goods dividend for FY2025-26 is a final dividend of ₹0.10 per share, which the company describes as 5%. That 5% is calculated on the ₹2 face value, not on the share price. At the BSE close of ₹14.01 (28-Sep-2026), the real dividend yield is only 0.71% — about one-seventh of the headline figure. The total payout is roughly ₹2.36 crore, or 31.2% of FY26 consolidated profit.
- Dividend Type: Final Dividend (FY2025-26)
- Dividend Per Share: ₹0.10 (5% of FV ₹2)
- Yield at CMP: 0.71% (₹14.01, BSE, 28-Sep-2026)
- Total Outflow: ₹2.36 crore
- Record Date: 18-09-2026
- Ex-Date: 18-09-2026
- Payment: On or before 25-10-2026
- Payout Ratio: 31.2% of FY26 PAT
Swiss Military Consumer Goods Ltd – Company Overview
Swiss Military Consumer Goods Ltd, formerly Network Limited (renamed in December 2020), is the Indian licensee of the Swiss Military brand. It sells luggage and travel gear, home appliances and men's innerwear. The company markets 1,500+ products through 900+ multi-brand outlets and 15+ e-commerce portals, largely using third-party manufacturers.
- BSE Code: 523558
- NSE Symbol: SWISSMLTRY (Permitted to Trade from 17-Aug-2026)
- ISIN: INE010C01025
- Market Cap: about ₹331 crore at ₹14.01
- Subsidiary: SM Travel Gear Pvt Ltd (luggage plant, Faridabad)
The company is moving from a pure trading model into its own luggage manufacturing. That shift explains the recent rise in fixed assets, borrowings and depreciation.
Swiss Military Consumer Goods Financial Analysis at a Glance
| Metric | FY26 | FY25 |
|---|---|---|
| Revenue | ₹259.78 cr | ₹218.34 cr |
| EBITDA (Operating Profit) | ₹10.41 cr | ₹10.93 cr |
| Operating Margin | 4.01% | 5.01% |
| Net Profit | ₹7.56 cr | ₹8.77 cr |
| EPS | ₹0.32 | ₹0.37 |
| ROE / ROCE | 5.88% / 8.05% | — / 11% |
At ₹14.01, the stock trades at about 47x trailing earnings and 2.4x book value (₹5.78 per share). An ROE below 6% is low for a consumer brand. Source: Screener.in and StockAnalysis (S&P Global) consolidated data.
Swiss Military Consumer Goods Dividend History Table
| Year | DPS | % of FV | Record Date | Outflow | Payout |
|---|---|---|---|---|---|
| FY2025-26 | ₹0.10 | 5% | 18-09-2026 | ₹2.36 cr | 31.2% |
| FY2024-25 | Nil | — | — | — | 0% |
| FY2023-24 | ₹0.10 | 5% | 20-09-2024 | ₹2.36 cr | 28.3%* |
| FY2022-23 | ₹0.16 (₹0.144 adj.) | 8% | 08-09-2023 | ₹3.15 cr | 50.9% |
| FY2016-17 to FY2021-22 | Nil | — | — | — | 0% |
*The FY24 dividend was also paid on shares issued in the September 2024 rights issue. So the actual cash payout was 28.3% of FY24 profit, not the ~24% that aggregators show. The FY23 figure of ₹0.16 comes to ₹0.144 after adjusting for the rights issue (factor 1.112, based on the cum-rights price of ₹31.62 and an issue price of ₹12.50). Outflows match the dividends-paid lines in the cash flow statement.
ShareBazaar Online Desk Commentary on Swiss Military Consumer Goods Dividend
What Works
- FY26 earnings cover the dividend 3.2x
- Net cash of ₹18.97 crore covers the payout 8x
- Operating cash flow turned positive (₹6.10 crore) for the first time in five years
What Concerns
- Free cash flow was negative (−₹0.65 crore), so the payout is funded from cash on hand
- Cash reserves mainly came from ₹103 crore raised through rights issues, not from operations
- Profit fell 13.8% even though revenue grew 19%
Overall, the dividend is a small, affordable token payment. It is not yet backed by self-generated free cash.
Swiss Military Consumer Goods Future Outlook
Growth Levers
- In-house luggage production at the Faridabad plant
- A plan to open 50 exclusive brand outlets by FY29 (company disclosure)
- NSE trading access since August 2026, which could broaden the investor base
Near-Term Pressure
- Q1 FY27 revenue fell 3.4% YoY to ₹53.65 crore
- Q1 FY27 net profit fell 29.5% to ₹1.36 crore
- Quarterly depreciation rose to ₹0.52 crore from ₹0.14 crore
The FY27 dividend will depend on whether the new plant lifts margins enough to offset higher depreciation and interest costs. The balance sheet can afford another ₹0.10 payout. Declining earnings are the swing factor.
Swiss Military Consumer Goods Dividend Announcement Summary
On 22 May 2026, the board of Swiss Military Consumer Goods Ltd approved the Q4 FY26 results. At the same meeting, it recommended a final dividend of ₹0.10 per equity share (5%) on the ₹2 face value, subject to shareholder approval. The resolution was placed before the 37th AGM on 25 September 2026.
- Shares Outstanding: 23,61,38,290
- Paid-up Capital: ₹47.23 crore
- Total Outflow: ₹2.36 crore
- AGM Approval: Required
- Management Commentary on Dividend: Not Disclosed by Company
- Dividend Policy Statement: "Prudent" policy linked to performance (Rights Letter of Offer, 2024)
Swiss Military Consumer Goods Dividend Record Date and Key Dates Timeline
- 22-05-2026: Board recommends a final dividend of ₹0.10 with the Q4 FY26 results
- 14-08-2026: Board approves the Q1 FY27 results and the AGM notice
- 17-08-2026: Shares begin trading on NSE (Permitted to Trade category)
- 18-09-2026: Record date and ex-dividend date
- 25-09-2026: 37th Annual General Meeting
- By 25-10-2026: Payment deadline — 30 days from declaration under Section 127 of the Companies Act, 2013
India's T+1 settlement cycle puts the ex-date on the same day as the record date. Shareholders who held the shares at the close of 17 September 2026 were eligible. The record date and payment timeline come from S&P Global data (StockAnalysis). Verify them against the company's BSE filing.
Swiss Military Consumer Goods Dividend Yield Analysis
- Headline (on face value): 5.00%
- Yield at CMP ₹14.01: 0.71%
- Yield near announcement (₹17.33): 0.58%
The 5% headline overstates the real yield about 7x. A ₹10,000 investment at today's price earns about ₹71 in dividends before tax.
Yield reality check: The yield rose from 0.58% to 0.71% only because the share price fell 19.2% after the announcement. The dividend itself did not change. The stock is also about 49% below its 52-week high of ₹27.50. Rising yield here reflects price weakness, not a richer payout. The announcement-day price is a BSE week-end reference cited by MarketsMOJO; the NSE listing began only in August 2026.
Swiss Military Consumer Goods Dividend Payment History Analysis
Classification: Irregular Payer
The company has declared only three dividends since FY23 and skipped FY25. It paid nothing between FY17 and FY22.
Trend: Declining
Adjusted for the rights issue, the dividend per share fell 30.5%, from ₹0.144 (FY23) to ₹0.10 (FY26).
The FY25 skip stands out. That year's profit of ₹8.77 crore was the company's highest, but it also spent ₹44 crore on land, a building and machinery for its plant. When a large capital spending need arose, the board preferred to hold cash rather than pay a dividend. There have been no special dividends, bonus issues or stock splits in this period.
Swiss Military Consumer Goods Dividend vs Profit Growth – Financial Performance
FY26 showed negative operating leverage: sales grew, but profit fell. Revenue rose 19.0%, EBITDA declined 4.8% and net profit fell 13.8%.
Why Profit Fell
- Operating margin fell by 100 bps to 4.01%; Q4 margin was just 2.47%
- Interest cost rose to ₹1.35 crore from ₹0.41 crore (3.3x)
- Depreciation rose 31% to ₹0.47 crore
Earnings Quality
Other income of ₹1.73 crore made up about 17% of pre-tax profit. Excluding it, core operating profit is thinner than reported.
Swiss Military Consumer Goods Cash Flow Analysis
- Operating Cash Flow (FY26): ₹6.10 cr (81% of PAT)
- Capex: ₹6.74 cr
- Free Cash Flow: −₹0.65 cr
- Receivables: +9.1% vs revenue +19.0%
Payables did the lifting. Trade payables rose 58.9%, adding ₹10.04 crore to operating cash. Without that increase, operating cash flow would have been about −₹3.94 crore.
The five-year picture: From FY22 to FY26, total operating cash flow was −₹29.48 crore. Over the same period, the company raised ₹103.2 crore through three rights issues and paid out ₹5.51 crore in dividends. The dividend is therefore funded from cash reserves built with shareholder capital, not from current free cash flow. Data: S&P Global via StockAnalysis.
Swiss Military Consumer Goods Balance Sheet Strength
- Cash & Equivalents: ₹34.82 cr
- Total Debt: ₹15.86 cr
- Net Cash: ₹18.97 cr
- Net Worth: ₹136.44 cr
- Debt / Equity: 0.12x
- Debt / EBITDA: 1.52x
- Fixed Assets: ₹51.1 cr (incl. land ₹25.6 cr)
- Cash Conversion Cycle: 85 days
The balance sheet is conservative. Debt came down by ₹1.17 crore in FY26 even as the dividend resumed, so the payout is not being funded with borrowings. The weak spot is working capital: about ₹101 crore sits in receivables and inventory. That ties up cash in a business with operating margins of around 4%. Figures are as of 31-Mar-2026.
Swiss Military Consumer Goods Dividend Sustainability
| Test | Coverage | Result |
|---|---|---|
| Earnings (EPS ÷ DPS) | 3.2x | Pass |
| Operating cash flow ÷ outflow | 2.6x | Pass (driven by payables) |
| Free cash flow ÷ outflow | −0.27x | Fail |
| Cash ÷ outflow | 14.7x (net cash 8.0x) | Pass |
Verdict: Moderately Sustainable. A ₹2.36 crore payout is easily affordable against ₹34.82 crore of cash. However, earnings are falling: on trailing profit of ₹6.99 crore, coverage has already slipped to 3.0x, and free cash flow remains negative. Debt was reduced, not increased, during the payout year.
Swiss Military Consumer Goods Peer Comparison
| Company | Yield | FY26 Payout | ROE | ROCE | Borrowings |
|---|---|---|---|---|---|
| Swiss Military | 0.71% | 31% | 5.9% | 8.1% | ₹16 cr (net cash) |
| TTK Prestige | 1.43% | 64% | 9.0% | 12.1% | ₹174 cr |
| Safari Industries | 0.27% | 12% | 15.9% | 19.3% | ₹117 cr |
| Stove Kraft | 0.44% | Not verified | Not verified | Not verified | Not verified |
| VIP Industries | 0.00% | 0% (loss) | −92.4% | −28.9% | ₹738 cr |
Swiss Military Consumer Goods yields more than luggage leader Safari but less than half of TTK Prestige. Its return ratios are the lowest among the profitable peers. Source: Screener.in, prices as of 25–28 Sep 2026.
Swiss Military Consumer Goods Promoter Impact Analysis
- Promoter Holding: 63.10% → ₹1.49 crore
- Public Holding: 36.89% → ₹0.87 crore
- FII / DII Holding: 0.00%
The public share of the payout, spread across 61,173 shareholders, works out to an average of about ₹142 per shareholder.
Nearly two-thirds of the payout goes to the promoter group, whose stake has held steady at 63.1–63.2% since September 2024. With no institutional investors on the register, the dividend mainly signals intent to retail holders. Meanwhile, the number of shareholders has fallen 14% from its December 2024 peak of 71,154. Shareholding as of June 2026 (Screener.in).
Swiss Military Consumer Goods Dividend Taxation Analysis
Dividends are taxed at your income-tax slab rate. From 1 April 2026, TDS on dividends falls under Section 393(1) of the Income-tax Act, 2025 (formerly Section 194). The rate is 10% if total dividends from a company exceed ₹10,000 in a year, and 20% if no PAN is provided. Form 121 replaces Forms 15G/15H.
Worked Example (₹10/share)
1,000 shares × ₹10 = ₹10,000 gross. Tax at 30% plus 4% cess = ₹3,120. Net = ₹6,880. The post-tax yield is 68.8% of the gross yield (for example, 2.00% becomes 1.38%). No TDS applies, because ₹10,000 does not exceed the threshold.
Applied to Swiss Military
1,000 shares earn ₹100 gross, or ₹68.80 after tax — an effective yield of 0.49%. TDS would apply only to holdings above 1 lakh shares.
Key Risks for Swiss Military Consumer Goods Shareholders
- Margin compression: The operating margin fell to 4.01%, and Q4 FY26 was just 2.47%, leaving little room to absorb cost shocks.
- Earnings momentum: Net profit has fallen for four straight quarters, from ₹2.26 crore to ₹1.36 crore.
- Brand licensing: The business depends on a licence to use the Swiss Military brand. The licence terms and renewal dates are Not Disclosed by Company in the sources reviewed.
- Plant execution: The new manufacturing plant raises fixed costs (depreciation and interest) before it adds to profit.
- Dilution history: Three rights issues since 2021 plus ESOP allotments have expanded the share count.
- Liquidity: The stock is thinly traded, with no institutional holders.
What to Monitor at Swiss Military Consumer Goods
- Q2 FY27 operating margin: whether it recovers toward the FY25 level of 5.0%
- Faridabad plant utilisation: whether in-house luggage production lifts gross margins
- Payables and receivable days: whether the FY26 improvement in operating cash flow holds without stretching suppliers
- Interest cost and term debt: repayment progress on the roughly ₹16 crore loan
- Exclusive brand outlet rollout: progress toward the target of 50 outlets by FY29
- FY27 dividend decision: due around May 2027, and whether the FY25 pattern of skipping a year repeats
Swiss Military Consumer Goods Dividend – Conclusion
The Swiss Military Consumer Goods dividend of ₹0.10 per share is affordable. It costs just ₹2.36 crore against ₹34.82 crore of cash, and FY26 earnings cover it 3.2x. But the "5% dividend" headline hides a real yield of just 0.71%, and that yield is rising only because the share price has fallen.
More important is the funding source. Free cash flow is negative, and over five years the company has consumed operating cash while raising ₹103 crore from shareholders. Whether dividends continue depends on the new plant turning revenue growth into cash profits. Investors should weigh the falling earnings trend and irregular payment record against the net-cash balance sheet.
Frequently Asked Questions About Swiss Military Consumer Goods Dividend
What dividend has Swiss Military Consumer Goods announced for FY2025-26?
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What was the Swiss Military dividend record date?
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When will the Swiss Military dividend be paid?
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Is the Swiss Military Consumer Goods dividend sustainable?
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Why did Swiss Military skip the dividend for FY2024-25?
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Disclaimer – Swiss Military Consumer Goods Dividend Analysis
This article is for educational and informational purposes only. It is not investment advice or a recommendation to buy, sell or hold any security. ShareBazaar Online is not a SEBI-registered investment adviser or research analyst. Figures come from company disclosures, BSE filings, Screener.in and S&P Global data via StockAnalysis, and were accurate to the best of our knowledge as of 29 September 2026. Dates and amounts should be verified against official BSE/NSE announcements. Tax information is general and may not apply to your situation, so consult a qualified tax professional. Stock investments carry market risk, including possible loss of capital.