Swan Defence FY26 Income ₹440 Cr vs ₹17.5 Cr; Secures $500M Order Book
Swan Defence and Heavy Industries Limited reported FY26 Total Income of ~₹440 Crores, a substantial rise from ₹17.5 Crores in FY25. Adjusted PAT was ₹34.5 Crores. The company secured a ~$500 million order book with newbuilds and repair projects. An Offer for Sale (OFS) of ~₹500 Crores was completed.
The announcement details a remarkable financial turnaround, a significant increase in revenue, a positive profit, and the securing of a substantial order book, indicating a strong positive impact on the company's financial health and future prospects.
The company has shown a significant turnaround with a massive increase in total income and a positive adjusted profit after tax. Securing a substantial order book and forging strategic partnerships further contributes to the positive sentiment.
Swan Defence and Heavy Industries Limited (SDHI), formerly Reliance Naval and Engineering Limited, announced its audited financial results for the fiscal year ended March 31, 2026. The company reported a Total Income of approximately ₹440 Crores for FY26, a significant increase from ₹17.5 Crores in FY25, marking a turnaround under new management.
Adjusted Profit After Tax stood at ₹34.5 Crores. This performance follows the successful closure of its Resolution Plan under CIRP, with early prepayment of Committee of Creditors obligations. SDHI has secured a robust order book of approximately $500 million (₹4,150 Crores) in its first year. This includes orders for six 18,000 DWT IMO Type II chemical tankers from Rederiet Stenersen AS, four 92,500 DWT ammonia dual-fuel bulk carriers for Energy ONE Limited, and a defense export order from the Government of the Sultanate of Oman for a training vessel.
The company also executed around 20 repair and refit projects. Strategic global collaborations were forged with Samsung Heavy Industries, Royal IHC, and Mazagon Dock Shipbuilders Limited, along with DNV, to enhance technical capabilities and drive technology integration and sustainability.
During the year, an Offer for Sale (OFS) aggregating approximately ₹500 Crores was concluded to meet minimum public shareholding requirements, resulting in about 5% equity dilution at a valuation of around ₹10,000 Crores.
Vivek Merchant, Director of SDHI, commented that FY2025-26 was a watershed year, transforming a defunct shipyard into a world-class asset. He highlighted aggressive infrastructure upgrades, operational capability sharpening, and diversification of revenue streams. He also noted the supportive government initiatives like the revised Shipbuilding Financial Assistance Scheme (SBFS). Looking ahead, SDHI is positioned to capitalize on global maritime sector momentum driven by decarbonization and supply chain diversification.
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