SWANDEF
Swan Defence and Heavy Industries share price & financials
- Price
- ₹2,229.6
- Market cap
- ₹14.2k Cr
- Sector
- Capital Goods
What Swan Defence and Heavy Industries Limited does
Swan Defence and Heavy Industries (formerly Reliance Naval and Engineering) operates the Pipavav shipyard in Gujarat, offering commercial and defence shipbuilding, ship repair, and heavy engineering and fabrication services. It builds vessels at its dry dock and fabricates steel structures and offshore platforms for oil & gas, defence and commercial customers, drawing on technology partnerships with firms including Mazagon Dock, GRSE, Samsung Heavy Industries, Royal IHC and Fincantieri. The Pipavav yard was acquired by Swan Corp (formerly Swan Energy) in 2022 through the insolvency resolution process, with possession taken over in January 2024 and ship-repair operations restarting in August 2024.
Segments
- Shipbuilding (Commercial & Defence)
- Ship Repair
- Heavy Engineering & Fabrication
- Dry dock size
- 662m x 65m — largest in India, world's 7th largest
- Vessel building capacity
- Up to 4,00,000 DWT
- Annual steel fabrication capacity
- 1,64,000 MT
- Dedicated ONGC-approved offshore yard
- 750m x 265m
- Wet basin size
- 340m x 60m
- Goliath crane lifting capacity
- 600 MT (India's largest, 148m span, 75m hook height)
Quarterly results
Q1 FY27: net profit down 35.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 5 | 0 | 40 +3900% | 6 +500% | 236 +4620% | 31 |
| EBITDA | -34 | -37 | -9 | -32 | -8 +76% | -20 +46% | -250 −2678% | -21 +34% |
| Net profit | -53 | -53 | -23 | -31 | -20 +62% | -33 +38% | -142 −517% | -42 −35% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +421.1% 1Y
1Y: ₹523.5 on 8 Sept 2025 → ₹2,727.9. High ₹2,727.9 (11 Sept 2026), low ₹523.5 (8 Sept 2025).
Financials, as filed
Revenue grew 55.5% a year over 3 years, FY20 to FY26. Operating margin widened to -109.9%.
| Year ending | FY20 | FY23 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹75 Cr | ₹3 Cr | ₹7 Cr | ₹282 Cr |
| Operating profit | ₹-177 Cr | ₹-50 Cr | ₹-108 Cr | ₹-310 Cr |
| Operating margin | -236.0% | -1666.7% | -1542.9% | -109.9% |
| Interest | ₹1.5k Cr | ₹1.5k Cr | ₹20 Cr | ₹12 Cr |
| Depreciation | ₹71 Cr | ₹68 Cr | ₹61 Cr | ₹64 Cr |
| Net profit | ₹-1.8k Cr | ₹-1.6k Cr | ₹-180 Cr | ₹-226 Cr |
| Net margin | -2348.0% | -54266.7% | -2571.4% | -80.1% |
| Cash from operations | ₹-1.2k Cr | ₹1.4k Cr | ₹-96 Cr | ₹182 Cr |
| Free cash flow | ₹-1.2k Cr | ₹1.4k Cr | ₹-259 Cr | ₹104 Cr |
| ROCE | -22.0% | -26.0% | -6.0% | -8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹738 Cr | ₹738 Cr | ₹3 Cr | ₹3 Cr | ₹53 Cr | ₹53 Cr |
| Reserves | ₹-16.0k Cr | ₹-18.1k Cr | ₹545 Cr | ₹474 Cr | ₹192 Cr | ₹17 Cr |
| Borrowings | ₹15.4k Cr | ₹15.4k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹2.6k Cr | ₹2.8k Cr |
| Other liabilities | ₹3.7k Cr | ₹5.7k Cr | ₹91 Cr | ₹48 Cr | ₹52 Cr | ₹310 Cr |
| Total liabilities | ₹3.8k Cr | ₹3.7k Cr | ₹2.8k Cr | ₹2.7k Cr | ₹2.9k Cr | ₹3.2k Cr |
| Fixed assets | ₹1.4k Cr | ₹1.3k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Capital work in progress | ₹37 Cr | ₹37 Cr | ₹37 Cr | ₹43 Cr | ₹160 Cr | ₹166 Cr |
| Investments | ₹3 Cr | ₹4 Cr | ₹4 Cr | ₹5 Cr | ₹26 Cr | ₹258 Cr |
| Other assets | ₹2.4k Cr | ₹2.4k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.6k Cr |
| Total assets | ₹3.8k Cr | ₹3.7k Cr | ₹2.8k Cr | ₹2.7k Cr | ₹2.9k Cr | ₹3.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −5.01 pp while the public added +2.83 pp. The shareholder count shrank 14% to 84,204.
- Promoters
- 89.9%
- FIIs
- 0.7%
- DIIs
- 1.9%
- Public
- 7.5%
Since Jun 2025
- Promoters −5.01 pp
- Public +2.83 pp
- DIIs +1.53 pp
How it drifted, 12 quarters
Over this window promoters went from 0.0% to 89.9% — +89.9 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 0.5%, DIIs 7.9%, Public 91.6%.Dec '23: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Mar '24: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Jun '24: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Sep '24: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Dec '24: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Mar '25: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Jun '25: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Sep '25: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Dec '25: Promoters 94.9%, FIIs 0.0%, DIIs 0.4%, Public 4.7%.Mar '26: Promoters 89.9%, FIIs 0.6%, DIIs 2.0%, Public 7.4%.Jun '26: Promoters 89.9%, FIIs 0.7%, DIIs 1.9%, Public 7.5%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Swan Defence and Heavy Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hazel Infra Limited | 89.90% | unchanged |
| Quant Mutual Fund-Quant ELSS Tax Saver Fund Mutual fund | 1.25% | unchanged |
| Zerodha Broking | 1.04% | unchanged |
| Vistra Itcl India Limited | 1.00% | unchanged |
| Swan Corp Limited (formerly known as Swan Energy Limited) | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Swan Defence and Heavy Industries Limited
Guides on how to read this kind of business and the numbers that matter.