| Metric | Value (₹ Cr) | Q3 FY26 | Q4 FY25 |
|---|---|---|---|
| Revenue | 236.28 | 3923.8% | 4712.2% |
| Total Income | 366.34 | 3240.1% | 2935.2% |
| Expenditure | 508.97 | 1047.5% | 1455.1% |
| PBT | -142.63 | 327.2% | 523.1% |
| Net Profit | -142.63 | 327.2% | 523.1% |
| OPM | — | ||
| NPM | -38.93% | ||
| EPS | 27.07 | 527.0% | 523.7% |
Swan Defence FY26: Total Income ~₹440 Cr, PAT ₹34.5 Cr
27 May 2026 · 27 May, 10:22 pm
Summary
Swan Defence and Heavy Industries Limited (SDHI) announced a landmark turnaround year, reporting a Total Income of ~₹440 Crores for the fiscal year ended March 31, 2026. This represents an exceptional growth of over 2400% compared to ₹17.5 Crores in FY25. The company achieved an Adjusted Profit After Tax of ₹34.5 Crores, marking a sharp operational improvement. This robust performance was underpinned by the successful conclusion of its CIRP Resolution Plan and the securing of a ~$500 million order book from both commercial and defence sectors. Management hailed FY26 as a watershed year, emphasizing the transformation of a defunct shipyard into a world-class asset through strategic upgrades and diversification, backed by supportive government initiatives.
Key Highlights
- 1
Total Income for FY26 surged to ~₹440 Crores from ₹17.5 Crores in FY25, demonstrating an exceptional year-on-year growth of over 2400% and reflecting a record performance.
- 2
The company achieved an Adjusted Profit After Tax of ₹34.5 Crores for FY26, signaling a sharp turnaround in its business operations.
- 3
SDHI has secured a robust order book valued at approximately ~$500 million, including landmark commercial and defence export contracts, setting a strong foundation for future accelerated growth.
- 4
A significant operational milestone was the successful conclusion of its CIRP Resolution Plan, achieved through early prepayment of obligations originally due in December 2026 and 2027.
- 5
Strategic global collaborations were established with premier shipbuilders like Samsung Heavy Industries, Royal IHC, and Mazagon Dock Shipbuilders Limited to accelerate technical capabilities and scale future opportunities.
- 6
The promoters successfully completed an Offer for Sale (OFS) aggregating approximately ₹500 Crores, fulfilling minimum public shareholding requirements and resulting in ~5% equity dilution at a valuation of around ₹10,000 Crores.
Management Comments
Vivek Merchant
FY2025–26 has been a watershed year for SDHI. Within a record 12 months, we have successfully transformed a defunct shipyard into a world-class asset, effectively unlocking a quarter of India’s total shipbuilding capacity. Over the past year, we aggressively upgraded our infrastructure, sharpened our operational capabilities, and scaled our execution teams. At the same time, we diversified our revenue streams across newbuilds, repairs & refits, and heavy engineering. This operational turnaround is strongly backed by structural tailwinds. Progressive government initiatives, including the revised Shipbuilding Financial Assistance Scheme (SBFAS), have significantly sharpened the cost competitiveness of Indian yards. This macro support, paired with our mega infrastructure, powered SDHI to secure several landmark commercial and defence orders this year
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