Swan Defence H1FY27: Transitions to Scaled Execution with ₹6,500 Cr Order Book
Swan Defence and Heavy Industries Limited has transitioned to scaled execution with a ₹6,500 Crore order book. Key orders include six Chemical Tankers for Rederiet Stenersen AS ($227 Million) and four ammonia dual-fuel bulk carriers for Energy ONE. The company secured a ₹1,150 Crore term loan from NaBFID and benefits from Gujarat's shipbuilding policy. H1FY27 PAT stood at ₹524.78 Crore.
The announcement details significant progress in operational execution, substantial order book growth with international clients, and favorable financial and regulatory support, indicating a strong positive outlook for the company's future performance and market position.
The company has successfully completed its resolution plan, secured a substantial order book with export orders, obtained attractive financing, and is benefiting from government policies. The reported PAT is also positive.
Swan Defence and Heavy Industries Limited (SDHI), formerly Reliance Naval and Engineering Limited, has announced its transition from a turnaround phase to scaled execution in H1FY27. The company has successfully completed its resolution plan, settling all obligations to the Committee of Creditors, establishing a clean operating platform.
The company has secured a firm order book of approximately ₹6,500 Crore, which includes significant export orders. These include six 18,000 DWT IMO Type II Chemical Tankers for Rederiet Stenersen AS (valued at $227 Million, approximately ₹2,160 Crore), with deliveries scheduled from FY29 onwards. Additionally, SDHI has received an order for four 92,500 DWT dual-fuel ammonia bulk carriers from Energy ONE Limited, with deliveries commencing in FY30, and one state-of-the-art training ship for the Royal Navy of Oman, expected by FY28. The company also has an order for four 80T Bollard Pull Transverse 3200 Tugs from Svitzer (A.P. Moller – Maersk Group), with deliveries starting in FY28.
SDHI is also benefiting from regulatory support, including the Gujarat Shipbuilding Policy 2026, which offers incentives such as an 8-10% subsidy on the contract price and subsidies on procurement from MSMEs. Furthermore, the company has secured a ₹1,150 Crore term loan from NaBFID with an effective interest rate of 5.85% after government subvention. In-principle approval has been received for brownfield expansion under the Shipbuilding Development Scheme for new cranes.
For the half-year ended September 30, 2026, SDHI reported revenue from operations of ₹99.46 Crore and a Profit After Tax (PAT) of ₹524.78 Crore. The company has also been recognized for its Project SWAVALAMBAN initiative, winning the Maritime Skilling & Workforce Development Initiative of the Year award. The CEO, Rear Admiral Vipin Kumar Saxena (Retd.), stated that the company is well-positioned to capitalize on the anticipated pickup in domestic shipbuilding demand and to achieve sustained growth.
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Swan Defence and Heavy Industries Limited filed this with the NSE as a statutory disclosure, categorised under other company updates. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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