Swan Defence Revenue Rises 2.5x in H1 FY27 as Order Book Reaches ₹6,500 Crore

Summary

Swan Defence and Heavy Industries Limited (SDHI) reported a 2.5-fold increase in revenue from operations to ₹99.46 crore in H1 FY27, compared with ₹39.99 crore in the corresponding period last year. Its order book stood at approximately ₹6,500 crore as of September 30, 2026, comprising chemical tankers, ammonia dual-fuel bulk carriers, harbour tugs and a training ship. The company also advanced its ship repair, heavy engineering and capacity expansion activities.

Article

Swan Defence and Heavy Industries Limited (SDHI) reported revenue from operations of ₹99.46 crore for the half year ended September 30, 2026, up from ₹39.99 crore in H1 FY26. The company announced its unaudited financial results on October 12, 2026, with its order book reaching approximately ₹6,500 crore and providing revenue visibility through FY31.

Total income increased to ₹167.87 crore from ₹111.49 crore in the corresponding period last year. However, reported profit before tax (PBT) stood at a loss of ₹38.37 crore, compared with a loss of ₹3.48 crore in H1 FY26. Reported profit after tax (PAT) was ₹524.78 crore, against a loss of ₹15.17 crore in the year-ago period.

The consolidated financial statements have been restated to reflect the merger of Triumph Offshore Private Limited (TOPL), with an appointed date of April 1, 2024.

Financial Highlights

All the below values are in INR Cr

Particulars	Half Year Ended
	H1 FY27	H1 FY26
Revenue from Operations	99.46	39.99
Total Income	167.87	111.49
Reported PBT	(38.37)	(3.48)
Reported PAT	524.78	(15.17)

SDHI Order Book Covers Tankers, Bulk Carriers and Harbour Tugs

SDHI’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 H1 FY27, the shipyard secured an order from Energy ONE for four 92,500 DWT ammonia dual-fuel bulk carriers. The vessels represent the first order of their kind for an Indian shipyard, with deliveries expected to begin in FY30.

SDHI also secured an order from Svitzer, backed by A.P. Moller – Maersk, for four TRAnsverse 3200 harbour tugs. Deliveries are scheduled to commence in early 2028.

Ship Repair and Refit Operations

SDHI completed seven ship repair and refit projects during the reporting period, covering Indian Coast Guard vessels, commercial ships and offshore rigs.

The projects included the refit and dry-docking of ICGS Samudra Pavak, a Pollution Control Vessel. Work involved robotic hull scanning, hydroblasting, overhauls of the propulsion, steering and main engine systems, and upgrades to the vessel’s pollution control systems. The project was completed ahead of schedule.

Heavy Engineering and DNV Partnership

In its heavy engineering division, SDHI commenced steel cutting for five barge unloaders, each with a handling capacity of 2,500 tonnes per hour, for L&T Mines and Minerals.

The company also signed a strategic memorandum of understanding (MoU) with classification society DNV. The partnership covers seven areas: design certification, ship repair projects, research and development, supplier ecosystem development, next-generation maritime technologies, digital adoption and cybersecurity.

Shipyard Capacity Expansion

SDHI has received in-principle approval for a brownfield expansion under the Shipbuilding Development Scheme (SbDS). The proposed investment includes a 600-tonne Goliath crane and a 40-tonne ELL crane to expand shipyard capabilities and improve operational efficiency at its dry dock.

Capital assistance and interest incentives remain subject to the eligibility requirements and conditions of the scheme.

Management Outlook

Commenting on the company’s progress, Rear Admiral Vipin Kumar Saxena IN (retd.), Chief Executive Officer of Swan Defence and Heavy Industries Limited, said, “The first half of FY27 marks SDHI’s transition from turnaround to scaled execution. Having completed our resolution plan and settled our obligations to the Committee of Creditors, we have focused on building the systems, processes and teams needed to deliver our order book. Winning export orders again in H1 FY27 reflects the growing confidence of international customers in SDHI and in India as a credible shipbuilding partner. Our priority now is to deliver on time and to global quality standards. At the same time, we expect domestic shipbuilding demand to pick up over the next 12 to 18 months, driven by the Government of India’s push to expand commercial shipbuilding and by proposed defence programmes. SDHI is well placed to win at home and abroad, and to turn that into sustained growth for our shareholders.”

SDHI operates a dry dock measuring 662 metres by 65 metres and has a fabrication capacity of 164,000 tonnes per annum. The company is backed by Swan Corp Limited.

FAQs

1. What was SDHI’s operating revenue in H1 FY27?

Swan Defence and Heavy Industries reported revenue from operations of ₹99.46 crore in H1 FY27, compared with ₹39.99 crore in H1 FY26.

2. What was SDHI’s order book as of September 30, 2026?

The company reported an order book of approximately ₹6,500 crore, with revenue visibility extending through FY31.

3. Which vessels are included in SDHI’s order book?

The order book comprises 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.

4. What new shipbuilding orders did SDHI secure in H1 FY27?

SDHI secured an order for four 92,500 DWT ammonia dual-fuel bulk carriers from Energy ONE Limited and four TRAnsverse 3200 harbour tugs from Svitzer.

5. What capacity expansion has SDHI proposed?

The proposed brownfield expansion under the Shipbuilding Development Scheme includes a 600-tonne Goliath crane and a 40-tonne ELL crane. Financial incentives remain subject to the scheme’s conditions.

6. What is SDHI’s shipyard capacity?

SDHI operates a 662-metre-by-65-metre dry dock and has an annual fabrication capacity of 164,000 tonnes.