About
Swan Defence and Heavy Industries Limited engages in the construction of vessels, repairs, and refits of ships and rigs and heavy engineering in India and internationally. The company builds vessels for building large commercial; cargo and niche and specialized vessels; and defence vessels. It also provides solutions for all kinds of ships and structures including large commercial and defence vessels, jack-up rigs, and offshore vessels, as well as steel repairs, and conversions; machinery, piping, electrical, and propeller repairs; tailshaft & rudder service; blasting, coating, and cathodic protection. In addition, the company offers engineering, procurement and construction, as well as loading services from its Offshore Yard. The company was formerly known as Reliance Naval and Engineering Limited and changed its name to Swan Defence and Heavy Industries Limited in January 2025. The company was incorporated in 1997 and is based in Mumbai, India. Swan Defence and Heavy Industries Limited operates as a subsidiary of Hazel Mercantile Limited.
Key Metrics
as of Sep 2026Market Cap12,992 Cr
P/E—
Div Yield0.00 %
Book Value₹13.20
52w High₹2,770.00
52w Low₹499.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Mar 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 31.00 | 236.00 | 6.00 | 40.00 | 0.00 | 5.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Expenses | 52.00 | 487.00 | 26.00 | 47.00 | 32.00 | 14.00 | 37.00 | 35.00 | 28.00 | 12.00 | 6.00 | 5.00 | 5.00 |
| Operating Profit | -21.00 | -250.00 | -20.00 | -8.00 | -32.00 | -9.00 | -36.00 | -34.00 | -28.00 | -12.00 | -6.00 | -5.00 | -5.00 |
| OPM % | -68.00 | -106.00 | -342.00 | -19.00 | -7,529.00 | -192.00 | -3,117.00 | -3,550.00 | — | — | — | — | — |
| Other Income | 11.00 | 130.00 | 5.00 | 5.00 | 18.00 | 5.00 | 1.00 | 0.00 | 2.00 | 0.00 | 0.00 | 1.00 | 0.00 |
| Depreciation | 15.00 | 18.00 | 16.00 | 15.00 | 15.00 | 16.00 | 15.00 | 15.00 | 15.00 | 17.00 | 17.00 | 17.00 | 17.00 |
| Interest | 16.00 | 5.00 | 3.00 | 2.00 | 2.00 | 2.00 | 2.00 | 6.00 | 10.00 | 10.00 | 5.00 | 8.00 | 4.00 |
| Profit before tax | -42.00 | -143.00 | -33.00 | -20.00 | -31.00 | -23.00 | -53.00 | -54.00 | -51.00 | -39.00 | -27.00 | -30.00 | -26.00 |
| Tax % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Profit | -42.00 | -143.00 | -33.00 | -20.00 | -31.00 | -23.00 | -53.00 | -54.00 | -51.00 | -39.00 | -27.00 | -30.00 | -26.00 |
| EPS in Rs | -7.90 | -27.07 | -6.34 | -3.86 | -5.92 | -4.34 | -10.03 | -10.31 | -9.77 | -7.37 | -5.21 | -5.66 | -0.35 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 282.00 | 7.00 | 0.00 | 3.00 | 6.00 | 6.00 | 75.00 | 180.00 | 335.00 | 519.00 | 307.00 | 831.00 |
| Expenses | 591.00 | 115.00 | 29.00 | 36.00 | 33.00 | 30.00 | 252.00 | 195.00 | 524.00 | 496.00 | 464.00 | 760.00 |
| Operating Profit | -309.00 | -108.00 | -29.00 | -33.00 | -27.00 | -24.00 | -176.00 | -15.00 | -189.00 | 22.00 | -157.00 | 71.00 |
| OPM % | -110.00 | -1,619.00 | — | -1,039.00 | -421.00 | -376.00 | -234.00 | -8.00 | -56.00 | 4.30 | -51.00 | 9.00 |
| Other Income | 158.00 | 8.00 | 2.00 | 19,508.00 | 13.00 | -1,298.00 | -42.00 | -8,742.00 | -84.00 | 45.00 | 40.00 | 31.00 |
| Interest | 12.00 | 21.00 | 26.00 | 1,470.00 | 1,999.00 | 2,032.00 | 1,328.00 | 1,278.00 | 697.00 | 573.00 | 472.00 | 453.00 |
| Depreciation | 63.00 | 61.00 | 68.00 | 68.00 | 74.00 | 74.00 | 75.00 | 66.00 | 198.00 | 201.00 | 214.00 | 197.00 |
| Profit before tax | -228.00 | -181.00 | -121.00 | 17,937.00 | -2,086.00 | -3,427.00 | -1,621.00 | -10,101.00 | -1,169.00 | -706.00 | -804.00 | -548.00 |
| Tax % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.00 | -18.00 | -26.00 | -34.00 | -38.00 |
| Net Profit | -228.00 | -181.00 | -121.00 | 17,937.00 | -2,086.00 | -3,427.00 | -1,621.00 | -10,481.00 | -956.00 | -523.00 | -529.00 | -341.00 |
| EPS in Rs | -43.19 | -34.45 | -23.04 | 243.18 | -28.29 | -46.46 | -21.98 | -142.10 | -12.96 | -7.11 | -7.18 | -4.63 |
| Dividend Payout % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 53.00 | 53.00 | 3.00 | 3.00 | 738.00 | 738.00 | 738.00 | 738.00 | 738.00 | 736.00 | 736.00 | 736.00 |
| Reserves | 12.00 | 239.00 | 471.00 | 542.00 | -18,130.00 | -16,043.00 | -12,617.00 | -10,996.00 | -515.00 | 434.00 | 958.00 | 1,486.00 |
| Borrowings | 2,788.00 | 2,505.00 | 2,219.00 | 2,148.00 | 15,436.00 | 15,433.00 | 12,197.00 | 10,916.00 | 9,878.00 | 8,753.00 | 7,657.00 | 6,332.00 |
| Other Liabilities | 310.00 | 91.00 | 48.00 | 91.00 | 5,697.00 | 3,678.00 | 3,726.00 | 2,702.00 | 1,676.00 | 1,388.00 | 1,408.00 | 1,867.00 |
| Total Liabilities | 3,162.00 | 2,888.00 | 2,740.00 | 2,783.00 | 3,741.00 | 3,805.00 | 4,043.00 | 3,360.00 | 11,777.00 | 11,312.00 | 10,760.00 | 10,421.00 |
| Fixed Assets | 1,187.00 | 1,180.00 | 1,168.00 | 1,232.00 | 1,332.00 | 1,406.00 | 1,480.00 | 1,446.00 | 4,966.00 | 5,064.00 | 5,263.00 | 5,459.00 |
| CWIP | 166.00 | 155.00 | 43.00 | 37.00 | 37.00 | 37.00 | 37.00 | 103.00 | 4,486.00 | 4,110.00 | 3,750.00 | 3,419.00 |
| Investments | 253.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 20.00 | 20.00 | 21.00 | 31.00 | 21.00 | 21.00 |
| Other Assets | 1,556.00 | 1,551.00 | 1,528.00 | 1,513.00 | 2,370.00 | 2,361.00 | 2,506.00 | 1,791.00 | 2,304.00 | 2,108.00 | 1,726.00 | 1,522.00 |
| Total Assets | 3,162.00 | 2,888.00 | 2,740.00 | 2,783.00 | 3,741.00 | 3,805.00 | 4,043.00 | 3,360.00 | 11,777.00 | 11,312.00 | 10,760.00 | 10,421.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 182.00 | -96.00 | -70.00 | 1,428.00 | 2,007.00 | 710.00 | -1,253.00 | -258.00 | -245.00 | -335.00 | -610.00 | 448.00 |
| Cash from Investing Activity | -440.00 | -162.00 | -11.00 | 12.00 | 2.00 | -1.00 | 41.00 | 81.00 | 34.00 | -100.00 | -22.00 | -1,009.00 |
| Cash from Financing Activity | 413.00 | 268.00 | 91.00 | -1,460.00 | -1,999.00 | -707.00 | 1,177.00 | 151.00 | 252.00 | 427.00 | 651.00 | 540.00 |
| Net Cash Flow | 156.00 | 10.00 | 10.00 | -20.00 | 11.00 | 1.00 | -35.00 | -27.00 | 41.00 | -8.00 | 18.00 | -20.00 |
| Free Cash Flow | 104.00 | -259.00 | -80.00 | 1,440.00 | 2,007.00 | 710.00 | -1,253.00 | -259.00 | -260.00 | -442.00 | -636.00 | -520.00 |
| CFO/OP % | -59.00 | 89.00 | 243.00 | -4,343.00 | -7,543.00 | -2,994.00 | 712.00 | 1,727.00 | 134.00 | -1,550.00 | 386.00 | 639.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 16.00 | 25.00 | 149.00 | 2.00 | 11.00 | 16.00 | 2.00 | 13.00 | 20.00 |
| Inventory Days | 739.00 | 165,503.00 | — | 7,331.00 | 1,466.00 | 740.00 | 1,054.00 | 3,980.00 | 551.00 |
| Days Payable | 30.00 | 6,676.00 | — | 4,443.00 | 663.00 | 305.00 | 364.00 | 1,763.00 | 541.00 |
| Cash Conversion Cycle | 725.00 | 158,852.00 | 149.00 | 2,891.00 | 814.00 | 451.00 | 692.00 | 2,230.00 | 30.00 |
| Working Capital Days | 1,099.00 | 63,122.00 | -969,876.00 | -63,737.00 | -23,748.00 | -9,661.00 | -2,023.00 | -2,455.00 | -775.00 |
| ROCE % | -8.00 | -6.00 | -33.00 | -47.00 | -1.00 | -3.00 | -1.00 | -4.00 | -1.00 |
Corporate Actions
1 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Other | 14 Jul 2023 | 14 Jul 2023 | — | — | Resolution Plan -Suspension |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
-
Rating update22 Jul from icra