Total Income stood at ~₹440 Crores in FY26, compared to ₹17.5 Crores in FY25, reflecting a significant increase year-over-year.
Adjusted Profit After Tax (PAT) was ₹34.5 Crores, after adjusting for exceptional loss on account of sale of legacy OSVs. The table provided shows Mar-26 Adjusted PAT as ₹34.5 Crores and Mar-25 as ₹181.5 Crores, but the context indicates a turnaround with positive performance in FY26.
No detailed breakdown of EBITDA, margins, volume metrics, gross margin, operating costs, cash flows, debt position, or segment-wise performance was provided in the data.
Operational Highlights and Order Book
SDHI secured a robust order book of ~$500 million, setting a foundation for future growth.
Newbuild orders include 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.
A defence export order was received from the Government of the Sultanate of Oman to construct a state-of-the-art training vessel.
The repair & refit division executed around 20 projects, completing them on or ahead of schedule.
Strategic Initiatives and Partnerships
Strategic collaborations were formed with Samsung Heavy Industries, Royal IHC, and Mazagon Dock Shipbuilders Limited to enhance technical capabilities, sustainability standards, digital transformation, and skill building.
A milestone agreement was signed with DNV, a leading global ship classification and maritime assurance organization, to drive technology integration and strict sustainability standards.
The company successfully concluded its Resolution Plan under CIRP by prepaying Committee of Creditors (CoC) obligations that were originally due in December 2026 and 2027, strengthening the financial position.
Infrastructure upgrades were undertaken to transform the shipyard into a world-class asset, unlocking a quarter of India's total shipbuilding capacity.
Capital Markets Activity
An Offer for Sale (OFS) was concluded by promoters, aggregating approximately ₹500 Crores to meet minimum public shareholding requirements.
The OFS resulted in approximately 5% equity dilution at a valuation of around ₹10,000 Crores and involved participation from marquee institutional investors.
Management Commentary
Vivek Merchant, Director of SDHI, commented that FY2025–26 was a watershed year, with successful transformation of the shipyard within 12 months.
He highlighted aggressive infrastructure upgrades, operational capability sharpening, and diversification of revenue streams across newbuilds, repairs & refits, and heavy engineering.
Structural tailwinds include progressive government initiatives like the revised Shipbuilding Financial Assistance Scheme (SBFAS), which sharpened cost competitiveness of Indian yards.
The outlook is positive, with growing momentum in the global maritime sector driven by decarbonization and supply chain diversification, and SDHI is well-positioned to participate due to its scale and infrastructure.
Company Background
SDHI is India's largest shipbuilding and heavy fabrication company, with a strategic location on the west coast of India.
It operates the country's largest dry dock (662m x 65m) and has a fabrication capacity of 164,000 tons per annum.
The company is committed to innovation, excellence, safety, and sustainability.
