Swan Defence and Heavy Industries Limited (SDHI), India’s largest shipbuilding and heavy fabrication company, announced its audited financial results for the financial year ended March 31, 2026, marking a defining year in the company’s transformation journey. The company delivered a sharp operational turnaround, supported by strong order inflows, strategic partnerships, and accelerated execution across commercial and defence segments.
For FY26, SDHI reported total income of approximately ₹440 crore, a significant rise from ₹17.5 crore in FY25, reflecting the company’s first full year of operations under the new management. Adjusted Profit After Tax stood at ₹34.5 crore, underlining the successful revival of business operations and improved operational efficiencies.
During the year, SDHI successfully completed its Corporate Insolvency Resolution Process (CIRP) Resolution Plan through the prepayment of obligations to the Committee of Creditors, originally scheduled for 2026 and 2027. The milestone strengthened the company’s financial position and reaffirmed management’s commitment to revitalising one of India’s most strategic maritime assets.
The company established a strong future revenue pipeline with an order book of nearly $500 million, driven by multiple landmark contracts. In the commercial shipbuilding segment, SDHI secured an order from Norway-based Rederiet Stenersen AS for the construction of six 18,000 DWT IMO Type II chemical tankers. The company also won an order for four 92,500 DWT ammonia dual-fuel bulk carriers from Energy ONE Limited, reinforcing its focus on environmentally advanced vessels.
Expanding its defence capabilities, SDHI secured an export order from the Government of the Sultanate of Oman for the construction of a next-generation training vessel. The repair and refit division also recorded strong momentum, successfully executing nearly 20 projects during the year, with deliveries completed on or ahead of schedule.
To enhance technological capabilities and scale future opportunities, SDHI entered into strategic collaborations with leading global and domestic shipbuilders, including Samsung Heavy Industries, Royal IHC, and Mazagon Dock Shipbuilders Limited. The company also signed a key agreement with DNV to strengthen technology integration, sustainability standards, digital transformation, and workforce development across its operations.
During FY26, SDHI promoters successfully completed an Offer for Sale aggregating around ₹500 crore to meet minimum public shareholding requirements. The transaction resulted in nearly 5% equity dilution at a valuation of approximately ₹10,000 crore and attracted participation from leading institutional investors.
Commenting on the performance, Vivek Merchant, Director, Swan Defence and Heavy Industries Limited, said, “FY26 has been a transformational year for SDHI. In a short span, we have revived and operationalised one of India’s largest shipbuilding facilities while establishing a diversified business pipeline across commercial, defence, repairs, and heavy engineering. The strong response from global customers and strategic partners reflects confidence in India’s growing shipbuilding ecosystem and in SDHI’s execution capabilities. Going forward, we remain focused on disciplined growth, operational excellence, and contributing meaningfully to India’s maritime manufacturing ambitions.”
Formerly known as Reliance Naval and Engineering Limited, Swan Defence and Heavy Industries Limited is a leading shipbuilding and heavy fabrication company with operations on India’s western coast. The company operates the country’s largest dry dock measuring 662 metres by 65 metres and has a fabrication capacity of 164,000 tonnes annually, positioning it as a key player in India’s maritime and industrial growth story.
