Date: 12th October, 2026

Financial Highlights

Half Year Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹99.46 Cr (vs ₹39.99 Cr in H1 FY26) - 149% increase
  • Total Income: ₹167.87 Cr (vs ₹111.49 Cr in H1 FY26)
  • Reported PBT: (₹38.37) Cr loss (vs (₹3.48) Cr loss in H1 FY26)
  • Reported PAT: ₹524.78 Cr profit (vs (₹15.17) Cr loss in H1 FY26)

Quarterly Performance (Q2 FY26 vs Q1 FY26 vs Q2 FY25)

  • Revenue from Operations: ₹68.85 Cr (Q2 FY26) vs ₹30.61 Cr (Q1 FY26) vs ₹39.57 Cr (Q2 FY25)
  • Total Income: ₹125.68 Cr (Q2 FY26) vs ₹42.18 Cr (Q1 FY26) vs ₹70.23 Cr (Q2 FY25)
  • PBT: ₹3.29 Cr profit (Q2 FY26) vs (₹41.66) Cr loss (Q1 FY26) vs ₹5.79 Cr profit (Q2 FY25)
  • PAT: ₹566.44 Cr profit (Q2 FY26) vs (₹41.66) Cr loss (Q1 FY26) vs (₹0.55) Cr loss (Q2 FY25)

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

Business Highlights

Order Book Position

  • Firm order book stood at approximately ₹6,500 crore as of September 30, 2026
  • Provides revenue visibility through FY31
  • Order book composition:
  • Six chemical tankers for Rederiet Stenersen AS
  • Four ammonia dual-fuel bulk carriers for Energy ONE Limited (92,500 DWT each)
  • Four harbour tugs for Svitzer (TRAnsverse 3200, 80T bollard pull)
  • One training ship for the Royal Navy of Oman

New Contract Wins

  • Energy ONE Limited: Four 92,500 DWT ammonia dual-fuel bulk carriers (first of its kind for Indian shipyard)
  • Deliveries expected from FY30
  • Svitzer (A.P. Moller – Maersk backed): Four TRAnsverse 3200 harbour tugs
  • Deliveries scheduled from early 2028

Operational Execution

  • Completed seven ship repair and refit projects including Indian Coast Guard vessels, commercial ships and offshore rigs
  • Significant project: Refit and dry-docking of ICGS Samudra Pavak (Pollution Control Vessel)
  • Robotic hull scanning and hydroblasting
  • Overhaul of propulsion, steering and main engine systems
  • Full upgrade of pollution control systems
  • Delivered ahead of schedule

Heavy Engineering

  • Steel cutting commenced for five barge unloaders for L&T Mines and Minerals
  • Each with capacity of 2,500 tonnes per hour

Strategic Developments

Partnerships

  • Signed strategic MoU with DNV (first such partnership with Indian shipyard)
  • Covers seven key areas: design certification, repair projects, R&D, supplier ecosystem, next-generation maritime technologies, digital adoption and cybersecurity

Regulatory Approvals

  • Received in-principle approval for brownfield expansion under Shipbuilding Development Scheme (SbDS)
  • Proposed investment includes:
  • 600-tonne Goliath crane
  • 40-tonne ELL crane
  • Eligible for capital assistance and interest incentives subject to scheme conditions

Policy Benefits

  • Gujarat Shipbuilding Policy 2026 provides additional incentives:
  • Shipbuilding Financial Assistance: 8-10% of contract price (up to ₹50 crore)
  • 5% subsidy on procurement from Gujarat MSMEs
  • Skill Development: 60% assistance for ECI training centers (up to ₹3 Cr), ₹20,000 per employee for technical training (up to ₹5 crore)
  • R&D: 60% support for infrastructure and research projects (up to ₹5 crore and ₹1 crore)

Financing

  • Secured ₹1,150 Cr term loan from NABFID
  • Provides structured financing base for operational ramp-up

Corporate Actions

  • Completed resolution plan and cleared out of CIRP (Corporate Insolvency Resolution Process)
  • Prepaid all obligations to Committee of Creditors
  • Company formerly known as Reliance Naval and Engineering Limited

Management Commentary

Rear Admiral Vipin Kumar Saxena IN (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."

Facility Overview

  • Home to country's largest dry dock (662m x 65m)
  • Largest fabrication capacity of 164,000 tons per annum
  • Backed by diversified industrial conglomerate Swan Corp Limited

Additional Updates

  • Project SWAVALAMBAN: India's first shipbuilding-specific curriculum, co-designed with MoPSW, MSDE & IMU
  • 300+ trained in first year
  • Participation in SMM Hamburg 2026 industry event
  • Completed ~30 days dry docking time per vessel for repair projects