Swan Defence reports 2.5-fold rise in H1 FY27 operating revenue

Swan Defence and Heavy Industries (SDHI) reported revenue from operations of ₹994.6 million for the first half of FY27, up 149% from ₹399.9 million in the corresponding period last year. The shipyard's firm order book stood at around ₹65 billion as of September 30, 2026, providing revenue visibility through FY31.

The company's total income increased to ₹1.68 billion in the first half of FY27 from ₹1.11 billion a year earlier. It reported a loss before tax (PBT) of ₹383.7 million, compared with a loss before tax of ₹34.8 million in the corresponding period last year.

SDHI reported a profit after tax (PAT) of ₹5.25 billion for the half year, compared with a loss of ₹151.7 million a year earlier. The company said its consolidated financial statements had been restated to reflect the merger of Triumph Offshore, with an appointed date of April 1, 2024.

The order book comprises six chemical tankers for Rederiet Stenersen AS, four ammonia dual-fuel bulk carriers for Energy ONE, four harbour tugs for Svitzer and a training ship for the Royal Navy of Oman.

During the first half of FY27, SDHI secured an order from Energy ONE for four 92,500 deadweight tonnes (DWT) ammonia dual-fuel bulk carriers, described by the company as the first order of its kind for an Indian shipyard. Deliveries are expected to begin in FY30.

The company also secured an order from Svitzer, backed by A.P. Moller-Maersk, for four TRAnsverse 3200 harbour tugs, with deliveries scheduled to begin in early 2028.

In ship repair and refit, SDHI completed seven projects involving Indian Coast Guard vessels, commercial ships and offshore rigs. These included the refit and dry-docking of ICGS Samudra Pavak, a pollution control vessel. The work covered robotic hull scanning, hydroblasting, overhauls of propulsion, steering and main engine systems, and upgrades to pollution control systems. The project was completed ahead of schedule.

In its heavy engineering business, the company began steel cutting for five barge unloaders, each with a capacity of 2,500 tonnes per hour, for L&T Mines and Minerals.

SDHI also signed a memorandum of understanding with DNV to strengthen its capabilities in areas including design certification, ship repair, research and development, supplier development, maritime technologies, digital adoption and cybersecurity.

The company 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 expand its capabilities and improve operational efficiency at its dry dock.

Commenting on the company's progress, Rear Admiral Vipin Kumar Saxena (retd.), Chief Executive Officer of SDHI, said the first half of FY27 marked the company's transition from turnaround to scaled execution.

He said the company was focusing on delivering its order book on time and meeting global quality standards. He also expects domestic shipbuilding demand to increase over the next 12 to 18 months, supported by the Indian government's efforts to expand commercial shipbuilding and proposed defence programmes.

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