Swan Defence and Heavy Industries Ltd(SWANDEF)

NSE: SWANDEFBSE: 533107

₹ 2,696.9-5.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 14,208 crWebsite: www.rnaval.co.inUpdated: 24 Oct 2026

About

Swan Defence and Heavy Industries runs the former Pipavav/RNEL shipyard, which it took over after insolvency and repossessed in Jan 2024. The yard builds ships, repairs and refits vessels, and does heavy engineering. It has a 662m x 65m dry dock, which the company calls India's largest. Revenue was 282.14 (Rs Cr) in FY26, and the firm order book was about ₹6,500 Cr as of Q2 FY27.^[1][2][3]

Order book and execution

Firm order book was about ₹6,500 Cr in Q2 FY27, which management says gives visibility to FY31.^[2]
Planned cumulative order book completion: 6% in FY27, 23% by FY28, 65% by FY29, 93% by FY30 and 100% by FY31.^[2]
Delivery schedule: Svitzer tugs from early 2028, the Oman training ship in FY28, Stenersen tankers from FY29 and Energy ONE carriers from FY30.^[2]
Revenue from operations was ₹99.46 Cr in H1 FY27 vs ₹39.99 Cr in Q1. Q2 FY27 alone was ₹68.85 Cr vs ₹30.61 Cr in Q1 FY27.^[2]

Shipyard and capacity

The yard's 662m x 65m dry dock is, per the company, the largest in India and the world's 7th largest.^[1]
Fabrication capacity was 164,000 MT a year per the Q3 FY26 presentation, up from 144,000 MT a year stated in the FY25 annual report. The yard can build vessels up to 400,000 DWT.^[1][4]
The yard has a land bank of more than 75 acres for expansion or a vendor park. Its wet basin could be converted into a second dry dock with further capex.^[1][4]
The workforce was 400+ in-house staff plus 600+ vendor workers as of FY25. The company targets 550+ additional hires by March 2027.^[4][2]

Ship repair and heavy engineering

The company completed seven repair and refit projects in H1 FY27 for Indian Coast Guard vessels, commercial ships and offshore rigs. Dry docking took about 30 days per vessel.^[2]
ICGS Samudra Pavak was delivered ahead of schedule. Ship repair work began in Aug 2024 with the Indian Coast Guard.^[2][1]
Steel cutting has started on five barge unloaders for L&T Mines and Minerals, each rated at 2,500 tonnes per hour (Q2 FY27).^[2]

Customers and partners

New export orders in FY27: 4 ammonia dual-fuel bulk carriers for Energy ONE and 4 TRAnsverse 3200 tugs for Svitzer.^[2]
Partners include MDL, under an exclusive teaming agreement for Landing Platform Docks for the Indian Navy, plus GRSE, Samsung Heavy, Royal IHC and Fincantieri.^[1]
The company holds a 26% stake in the design firm Conceptia.^[1]

Expansion and financing

The company has in-principle approval under the Shipbuilding Development Scheme for a 600T Goliath crane and a 40T ELL crane, with 25% capital assistance and a 3% interest incentive (Q2 FY27).^[2]
It has a ₹1,150 Cr NaBFID loan at 8.85%, which falls to an effective 5.85% after the 3% subvention.^[2]
Gujarat Shipbuilding Policy 2026 adds assistance of 8-10% of the contract price.^[2]
The company plans to sell its legacy NOPVs in FY27/28.^[2]

Recent developments

The company has completed its resolution plan and exited CIRP, with all committee of creditors (CoC) obligations settled (Q2 FY27).^[2]
The FY26 annual report seeks an enabling resolution to raise up to ₹4,000 crore, partly to meet minimum public shareholding. The promoter holds 89.90%.^[5]
The FY26 annual report also seeks approval for loans, guarantees and investments of up to ₹10,000 crore, including to group entities, and for promoter-group borrowings in FY27.^[5]
Triumph Offshore is to be amalgamated into the company in exchange for 1,325 8% redeemable preference shares. The deal was pending NCLT approval as of FY25.^[4]

Market Cap

₹14,208 Cr

High / Low

₹2,995 / 774

Stock P/E

40.6

Price / Book

6.3

Book Value

₹13

EPS

₹-42.9

No. of Shares

5.27 Cr

ROCE

-7.6%

ROE

-123.7%

OPM

-48.9%

Debt / Equity

39.13

Sales

₹282 Cr

Net Profit

₹-226 Cr

Promoter holding

89.9%

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