Swan Defence H1FY27 Order Book Hits ₹6,500 Crore

Date: 15th October, 2026

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Board Meeting Outcomes

Not Specified

Financial Results (Standalone & Consolidated)

Unaudited Consolidated Financial Results for the Quarter and Half Year Ended September 30, 2026 (All values in INR Crore):

| Revenue from Operations | 99.46 | 39.99 | 68.85 | 30.61 | 39.57 |

| Total Income | 167.87 | 111.49 | 125.68 | 42.18 | 70.23 |

| PBT | (38.37) | (3.48) | 3.29 | (41.66) | 5.79 |

| PAT | 524.78 | (15.17) | 566.44 | (41.66) | (0.55) |

Please Note: Financials have been restated to reflect the Triumph Offshore Private Limited (TOPL) merger with appointed date from 1st April 2024.

Disinvestment / Strategic Actions

Completed the resolution plan and cleared out of CIRP (Corporate Insolvency Resolution Process)
Prepaid all CoC (Committee of Creditors) obligations
Merger of Triumph Offshore Private Limited (TOPL) with appointed date from 1st April 2024

Key Operational Updates:

Early CIRP Closure: Prepaid CoC obligations, creating a clean operating platform
Order Book Expansion: Two new export orders bringing total firm order book to ~ ₹6,500 crore
Energy One: 4 × 92,500 DWT ammonia dual-fuel bulk carriers (India-first order, deliveries commence FY30)
Svitzer: 4 × 80T bollard pull transverse 3200 tugs (biofuel, IMO Tier III and FiFi1-ready design, deliveries commence early 2028)

Regulatory Support:

Gujarat Shipbuilding Policy 2026 provides second layer of incentives:
Shipbuilding Financial Assistance: 8-10% of contract price (up to ₹50 crore)
Subsidy on Procurement from MSMEs: 5% subsidy on goods and services from Gujarat-registered MSMEs
Skill Development, Training and R&D: 60% assistance with various caps
NABFID Financing: ₹1,150 crore term loan secured
Regulatory Support for Capacity Expansion: Received in-principle approval for brownfield expansion under Shipbuilding Development Scheme for 600T Goliath Crane and 40T ELL Crane with 25% capital assistance

Other Operational Updates:

Project SWAVALAMBAN: India's first shipbuilding-specific curriculum, co-designed with MoPSW, MSDE & IMU, trained 300+ in first year
1st DNV MOU in India: Partnership with leading classification society
5 barge unloaders for L&T: Steel cutting underway for L&T mines and minerals
SMM Hamburg 2026 participation
ICGS Pavak: Significant Coast Guard project delivered ahead of schedule
Completed seven ship repair and refits (ICG vessels, commercial ships and offshore rigs) with ~30 days dry docking time per vessel

CEO Commentary:

Rear Admiral Vipin Kumar Saxena (Retd.), Chief Executive Officer, stated: "The first half of FY27 marks SDHI's transition from turnaround to scaled execution. Having completed our resolution plan and settled our obligations to the Committee of Creditors, we have focused on building the systems, processes and teams needed to deliver our order book. Winning export orders again in H1 FY27 reflects the growing confidence of international customers in SDHI and in India as a credible shipbuilding partner. Our priority now is to deliver on time and to global quality standards. At the same time, we expect domestic shipbuilding demand to pick up over the next 12 to 18 months, driven by the Government of India's push to expand commercial shipbuilding and by proposed defence programmes. SDHI is well placed to win at home and abroad, and to turn that into sustained growth for our shareholders."

Outlook:

Firm order book of ~ ₹6,500 crore provides revenue visibility through FY31
Phased delivery schedule ensures balanced yard utilization and steady revenue recognition
Revenue recognition follows IND AS 115 Input Method

Other Operational / Legal / Strategic Disclosures

Not Specified