SDHI H1 FY27 Operating Revenue Jumps 148% To ₹99.46 Crore, Order Book At ₹6,500 Crore

Mumbai: Swan Defence and Heavy Industries Limited (SDHI) on Monday announced its unaudited financial results for the half year ended September 30, 2026, reporting a 148% rise in revenue from operations to ₹99.46 crore, compared to ₹39.99 crore in the same period last year.

Financial Performance

SDHI’s total income for H1 FY27 increased to ₹167.87 crore from ₹111.49 crore in H1 FY26. The company reported a pre-tax loss (PBT) of ₹38.37 crore for H1 FY27, widening from a loss of ₹3.48 crore in H1 FY26. However, reported profit after tax (PAT) stood at ₹524.78 crore for H1 FY27, a turnaround from a loss of ₹15.17 crore in the prior corresponding period.

Order Book

As of September 30, 2026, SDHI's firm order book was approximately ₹6,500 crore, providing revenue visibility through FY31. The order book includes six chemical tankers for Rederiet Stenersen AS, four ammonia dual-fuel bulk carriers for Energy ONE Limited, four harbour tugs for Svitzer, and a training ship for the Royal Navy of Oman.

New Orders and Deliveries

SDHI secured an order from Energy ONE Limited for four 92,500 DWT ammonia dual-fuel bulk carriers, with deliveries anticipated from FY30. The company also received an order from A.P. Moller – Maersk backed Svitzer for four TRAnsverse 3200 harbour tugs, scheduled for early 2028 deliveries.

Ship Repair and Refit

The company completed seven ship repair and refit projects during the half year. These projects involved Indian Coast Guard vessels, commercial ships, and offshore rigs, including the refit and dry-docking of ICGS Samudra Pavak.

Capacity Expansion

SDHI has received in-principle approval for a brownfield expansion under the Shipbuilding Development Scheme. This investment will include a 600-tonne Goliath crane and a 40-tonne ELL crane, aimed at expanding capabilities and improving operational efficiency at India’s largest dry dock.

Management Commentary

Rear Admiral Vipin Kumar Saxena (retd.), Chief Executive Officer of Swan Defence and Heavy Industries Limited, said, “The first half of FY27 marks SDHI’s transition from turnaround to scaled execution.” Saxena added that winning export orders reflects growing confidence from international customers and that the company is well-placed to secure domestic shipbuilding demand over the next 12 to 18 months.

Regulatory Support

The company noted that the Gujarat Shipbuilding Policy 2026 offers additional incentives beyond central government subsidies, making SDHI competitive. This includes 8-10% financial assistance on contract price (up to ₹50 crore) and a 5% subsidy on procurement from MSMEs in Gujarat.

Financing Options

SDHI has a ₹1,150 crore term loan from NaBFID with an initial coupon rate of 8.85%. A 3% interest support from the Central Government Policy results in an effective coupon rate of 5.85%.

Quarterly Performance

For the quarter ended September 30, 2026, revenue from operations was ₹68.85 crore, with total income at ₹125.68 crore. PBT for the quarter was ₹3.29 crore, and PAT stood at ₹566.44 crore. This compares to revenue from operations of ₹30.61 crore and a PAT loss of ₹41.66 crore for the previous quarter ended June 30, 2026.

Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.