Swan Defence and Heavy Industries Limited (SDHI) reported a 2.5-fold increase in operating revenue for the first half of FY27, as the shipbuilding and heavy engineering company expanded project execution and secured new orders. Its firm order book stood at approximately ₹6,500 crore as of September 30, 2026, providing revenue visibility through FY31.
The company’s order book includes six chemical tankers for Rederiet Stenersen AS, four ammonia dual-fuel bulk carriers for Energy ONE Limited, four harbour tugs for Svitzer and a training ship for the Royal Navy of Oman. During the period, SDHI secured an order from Energy ONE for four 92,500-deadweight-tonne ammonia dual-fuel bulk carriers. The company said the vessels would be the first of their kind to be built by an Indian shipyard, with deliveries expected to begin in FY30.
It also received an order from Svitzer, backed by AP Moller – Maersk, for four TRAnsverse 3200 harbour tugs. Deliveries are scheduled to begin in early 2028. SDHI completed seven ship repair and refit projects during the half year, covering Indian Coast Guard vessels, commercial ships and offshore rigs. One of the projects involved the refit and dry-docking of ICGS Samudra Pavak, a pollution control vessel. The work included robotic hull scanning, hydroblasting, overhauls of propulsion, steering and main engine systems, and upgrades to pollution control equipment. The project was completed ahead of schedule.
In its heavy engineering business, the company began steel cutting for five barge unloaders, each designed to handle 2,500 tonnes per hour, for L&T Mines and Minerals. SDHI also signed a memorandum of understanding with DNV to develop capabilities in seven areas, including design certification, ship repair, research and development, supplier development, maritime technologies, digital adoption and cybersecurity.
The shipyard has received in-principle approval for a brownfield expansion under the Shipbuilding Development Scheme. The proposed investment includes a 600-tonne Goliath crane and a 40-tonne ELL crane to improve capacity and operational efficiency. Any capital assistance and interest incentives will remain subject to the scheme’s conditions.
Rear Admiral Vipin Kumar Saxena (retd), Chief Executive Officer of SDHI, said the first half of FY27 marked a shift from turnaround to larger-scale execution. He said the company was focusing on delivering its order book on time and to international quality standards, while preparing for expected growth in domestic commercial and defence shipbuilding demand.
Formerly known as Reliance Naval and Engineering Limited, SDHI is a shipbuilding and heavy fabrication company backed by Swan Corp Limited. Located on India’s west coast, the shipyard has a 662-metre-by-65-metre dry dock and fabrication capacity of 164,000 tonnes per year.
