Swan Defence H1FY27 Order Book ₹6500 Cr

Date: 12th October, 2026

Financial Results (Standalone & Consolidated)

Unaudited Consolidated Financial Results for the Quarter and Half Year Ended September 30, 2026 (All values in ₹ 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.

Board Meeting Outcomes

The presentation covers key operational and strategic updates from H1FY27, including:

Completion of resolution plan and prepayment of all Committee of Creditor (CoC) obligations
Securing of two new export orders
Regulatory approvals and policy benefits
Operational milestones

Other Operational / Legal / Strategic Disclosures

Early CIRP Closure: Prepaid CoC Obligations

SDHI has completed the resolution plan and cleared out of CIRP, creating a stronger base for scale-up. Outcome: A clean operating platform with all CoC settled.

Order Book Expansion

Total order book stands at approximately ₹6,500 Cr from multiple clients including Stenersen, Energy ONE, Royal Navy (Oman), and Svitzer.

New Export Orders:

Energy ONE: 4 × 92,500 DWT ammonia dual-fuel bulk carriers (India-first order for ammonia dual-fuel bulk carriers, designed for lower-emission next-generation shipping, deliveries scheduled to commence in FY30)
Svitzer: 4 × 80T bollard pull transverse 3200 tugs (High-maneuverability harbour tug design, biofuel, IMO Tier III and FiFi1-ready design, deliveries scheduled to commence in early 2028)

Regulatory Boost - Gujarat Shipbuilding Policy 2026:

Shipbuilding Financial Assistance: 8-10% of Contract Price (up to ₹50 crore)
Subsidy on Procurement from MSMEs: 5% subsidy on goods and services procured from MSMEs registered in Gujarat
Skill Development, Training and R&D: 60% assistance with caps by category (up to ₹3 Cr for ECI training centres, ₹20,000 per employee for advanced technical training up to ₹5 crore, up to ₹5 crore for R&D infrastructure and ₹1 crore for research projects)

Financing Options:

Secured ₹1,150 Cr term loan from NABFID
Interest subvention available

Regulatory Support for Capacity Expansion:

Received in-principle approval for brownfield expansion under the Shipbuilding Development Scheme for 600T Goliath Crane and a 40T ELL Crane
25% capital assistance against approved project cost

Key Events in H1FY27:

Project SWAVALAMBAN: India's first shipbuilding-specific curriculum, co-designed with MoPSW, MSDE & IMU; 300+ trained in first year; Won Maritime Skilling & Workforce Development Initiative of the 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; Fabrication to load-out, 2,500 tonnes per hour each
SMM Hamburg 2026: Participation in international maritime exhibition
ICGS Pavak and Other Repairs & Refits: Successfully executed ICGS Pavak 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

Outlook

Firm Order Book Snapshot:

Firm order book of ~₹6,500 Cr provides revenue visibility
Phased delivery schedule ensures balanced yard utilization and steady revenue recognition
FY27-FY31 revenue visibility secured by current contracts
Revenue recognition follows IND AS 115 Input Method

Execution Calendar & Vessel Milestones:

Expected percentage completion of current orderbook shown graphically with phased delivery schedule from 2026 through 2031.