SDHI reports ₹4.4 billion income, builds $500 million order book

Swan Defence and Heavy Industries (SDHI) reported a total income of around ₹4.4 billion for FY26 and secured an order book worth nearly $500 million, marking a turnaround year for the company under new management.

The company announced its audited financial results for the year ended March 31, 2026, reporting total income of around ₹4.4 billion compared with ₹175 million in FY25. Adjusted profit after tax stood at ₹345 million after accounting for the impact of exceptional losses linked to the sale of legacy offshore support vessels.

SDHI said it built an order book of around $500 million through a series of contracts secured during the year. The company received orders for six 18,000 DWT IMO Type II chemical tankers from European shipowner Rederiet Stenersen AS and four 92,500 DWT ammonia dual-fuel bulk carriers for Energy ONE Limited.

The company also expanded its defence business after securing an export order from the Government of the Sultanate of Oman to build a training vessel. In addition, its repair and refit division completed around 20 projects during the year, on or ahead of schedule.

During FY26, SDHI completed its resolution plan under the Corporate Insolvency Resolution Process (CIRP) through the prepayment of obligations to the Committee of Creditors that were originally due in December 2026 and 2027. The company said this strengthened its financial position and supported efforts to revive the shipyard.

To strengthen technical capabilities and future growth, SDHI entered partnerships with shipbuilders including Samsung Heavy Industries, Royal IHC and Mazagon Dock Shipbuilders Limited. It also signed an agreement with DNV to support technology integration, sustainability standards, digital transformation and skill development across its commercial, defence, offshore and green vessel businesses.

The company also completed an Offer for Sale (OFS) of around ₹5 billion during the year to meet minimum public shareholding requirements. The move led to around 5% equity dilution at a valuation of about ₹100 billion and attracted participation from institutional investors.

Commenting on the performance, Vivek Merchant, Director of Swan Defence and Heavy Industries Limited, said FY2025–26 marked a major year for the company as it transformed a defunct shipyard into a functioning asset within 12 months, while expanding infrastructure, operational capabilities and revenue streams across newbuilds, repairs, refits and heavy engineering.

Merchant added that government support measures, including the revised Shipbuilding Financial Assistance Scheme, helped improve the competitiveness of Indian shipyards and supported the company in securing commercial and defence contracts. He said SDHI expects opportunities from growing global demand linked to decarbonisation and supply chain diversification and remains focused on execution and long-term capability building.