Swan Defence and Heavy Industries share price
NSE: SWANDEFBSE: 533107Industrial ManufacturingSmall Cap
Swan Defence and Heavy Industries Limited · Formerly Reliance Defence and Engineering · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Oct 2009 on BSE, Jul 2010 on NSE
Last close ₹2,651.60down ₹0.10 (0.00%)BSE ₹2,673.75
Share price at the NSE close on 28 Oct 2026. Previous close ₹2,651.70.
28 Oct: open ₹2,644.00, high ₹2,710.10, low ₹2,545.00
52-week range of traded prices to 28 Oct 2026
₹773.25Low, 3 Nov 2025₹3,020.00High, 13 Oct 2026
- Delivery only: shares bought must be paid for in full, with no selling on the same day.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹13,969 Cr562nd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 39.97
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 6.18
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 27.9%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- −11.0%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.51
- Volume, NSEVolume. Shares traded on the last trading day. Volume in the glossary
- 9,440
About Swan Defence and Heavy Industries
Swan Defence and Heavy Industries Limited builds commercial and defence ships, repairs and refits vessels, and carries out heavy engineering and fabrication at its shipyard at Pipavav Port in Amreli, Gujarat.12 It builds ships for overseas shipowners and defence customers, and repairs coast guard vessels, commercial ships and offshore rigs.345
It was incorporated in 1997.6 The company reports a single business segment.7 It went through a corporate insolvency resolution process (a tribunal-run rescue of a company that cannot repay its lenders), and the National Company Law Tribunal, Ahmedabad, approved its resolution plan on 23 Dec 2022.8 In its presentation of 15 Oct 2026, the company described ship repair and refit at the yard as continuous and cash-positive since Aug 2024.9 The company has collaborations with Mazagon Dock Shipbuilders, Garden Reach Shipbuilders & Engineers, Royal IHC, Samsung Heavy Industries and Fincantieri.4
Hazel Infra Limited, the promoter, holds 89.90% of the shares, and Swan Corp Limited, which owns 99% of Hazel Infra, is the ultimate holding company.1011 Swan Corp's businesses span textiles, energy, defence, shipbuilding and heavy engineering, and realty.12 Nikhil V. Merchant is chairman and managing director.13 In March 2026, Hazel Infra sold 26,38,747 shares, or 5.01% of the company, through an offer for sale on the stock exchanges, lifting public shareholding to 10.10%.811
Swan Defence and Heavy Industries key points
Results
- In the quarter to Sep 2026, consolidated revenue from operations was ₹68.85 crore, against ₹39.57 crore a year earlier; profit before tax was ₹3.29 crore and profit after tax ₹566.44 crore, on figures restated for the Triumph Offshore merger.1415
- In the half year to Sep 2026, restated likewise, consolidated revenue from operations was ₹99.46 crore, against ₹39.99 crore a year earlier; the loss before tax was ₹38.37 crore and profit after tax ₹524.78 crore, against a loss of ₹15.17 crore.1415
- In the year to Mar 2026, before the Triumph Offshore merger, consolidated revenue from operations was ₹28,213.87 lakh, against ₹703.46 lakh; EBITDA (earnings before interest, tax, depreciation and amortisation) was a loss of ₹15,192.23 lakh and profit after tax a loss of ₹22,750.97 lakh.1617
Plants and capacity
- The company says its Pipavav yard has India's largest dry dock, 662 metres long and 65 metres wide.18
- The yard has an annual fabrication capacity of 1,64,000 metric tonnes, can build vessels of up to 4,00,000 deadweight tonnes (DWT, the cargo weight a ship can carry) and has more than 75 acres of land for expansion.1819
Order book
- In its presentation of 15 Oct 2026, the company put its order book (orders received but not yet delivered) at about ₹6,500 crore, including government subsidy, at ₹95.15 to the US dollar.20
- Value of each order, as the company states it21
Item quarter to Sep 2026 Rederiet Stenersen AS (chemical tankers) $227 million (about ₹2,160 crore) Energy ONE Limited (ammonia dual-fuel bulk carriers) ₹1,501 crore to ₹3,000 crore Svitzer (harbour tugs) ₹251 crore to ₹750 crore - The order from Norway's Rederiet Stenersen AS is for 6 chemical tankers of 18,000 DWT, with an option for 6 more; the company says it is the first chemical tanker order awarded to an Indian shipyard.22
Expansion and capital spending
- In its presentation of 15 Oct 2026, the company said it had in-principle approval under the Shipbuilding Development Scheme for a brownfield expansion (at its existing yard) covering a 600T Goliath crane, with capital assistance of 25% of approved project cost.23
- The company stated in its annual report for the year to Mar 2026 that it sought approval to raise up to ₹4,000 crore, partly to reach the 25% minimum public shareholding, and for capital spending, debt repayment and working capital; its documents give no outcome.2425
What the company expects
- In its presentation of 15 Oct 2026, the company's chief executive said he expects domestic shipbuilding demand to pick up over the next 12 to 18 months, driven by the government's push on commercial shipbuilding and proposed defence programmes.26
Debt and financing
- The company has a ₹1,150 crore term loan from the National Bank for Financing Infrastructure and Development (NaBFID), at 8.85% interest before a 3% central government interest subvention (subsidy) and 5.85% after it.27
- In its exchange filing of 22 Jul 2026, the company said the credit rating agency ICRA had assigned credit ratings (opinions on its ability to repay debt) of BBB (Stable) to its term loan and BBB (Stable)/A3+ to its unallocated limits.28
- In the year to Mar 2026, the company took an interest-free unsecured loan of ₹61,096.20 lakh from Hazel Infra Limited, its promoter.29
- The auditor noted the company's significant accumulated losses and that its accounts assume it remains a going concern (keeps operating) on continuing financial support from the promoter group.30
Recent events
- Triumph Offshore Private Limited, a Swan Corp subsidiary formed to run a floating storage and regasification unit (a vessel that turns stored LNG back into gas), merged into the company on 17 Sep 2026, with an appointed date (accounting start) of 1 Apr 2024.1731
- On 6 Aug 2026, the company won a contract from Denmark-based Svitzer A/S to build 4 TRAnsverse 3200 tugs, which it called its fourth consecutive export contract; deliveries are scheduled to start in early 2028.32
- On 27 Mar 2026, the company completed full and final repayment to all members of its committee of creditors under the resolution plan, prepaying obligations originally scheduled for December 2026 and 2027.3334
- On 5 Feb 2026, the company won a defence export order from the Government of the Sultanate of Oman for a training ship 104.25 metres long, with delivery expected within 18 months.35
Litigation and regulatory matters
- The company has a ₹7,370 lakh refundable deposit for leased special economic zone land with E Complex Private Limited, which it holds 100% of but does not control; as of its annual report of 10 Aug 2026, insolvency litigation was pending before the Supreme Court.3637
- Stock exchanges fined the company ₹66,57,560 in the year to Mar 2026 and ₹2,36,46,624 a year earlier for breaches of SEBI listing regulations.38
Last updated
All 38 sources, each with its page
- 1. Annual report, 10 Aug 2026, page 23
- 2. Annual report, 10 Aug 2026, page 73
- 3. Investor presentation, 15 Oct 2026, page 9
- 4. Annual report, 10 Aug 2026, page 53
- 5. Investor presentation, 15 Oct 2026, page 14
- 6. Annual report, 10 Aug 2026, page 5
- 7. Annual report, 10 Aug 2026, page 55
- 8. Annual report, 10 Aug 2026, page 44
- 9. Investor presentation, 15 Oct 2026, page 18
- 10. Annual report, 10 Aug 2026, page 29
- 11. Annual report, 10 Aug 2026, page 86
- 12. Annual report, 10 Aug 2026, page 28
- 13. Annual report, 10 Aug 2026, page 4
- 14. Investor presentation, 15 Oct 2026, page 13
- 15. Investor presentation, 15 Oct 2026, page 13
- 16. Annual report, 10 Aug 2026, page 41
- 17. Exchange filing, 17 Sep 2026, page 1
- 18. Annual report, 10 Aug 2026, page 53
- 19. Investor presentation, 15 Oct 2026, page 5
- 20. Investor presentation, 15 Oct 2026, page 16
- 21. Investor presentation, 15 Oct 2026, page 16
- 22. Annual report, 10 Aug 2026, page 42
- 23. Investor presentation, 15 Oct 2026, page 12
- 24. Annual report, 10 Aug 2026, page 21
- 25. Annual report, 10 Aug 2026, page 44
- 26. Investor presentation, 15 Oct 2026, page 19
- 27. Investor presentation, 15 Oct 2026, page 11
- 28. Exchange filing, 22 Jul 2026, page 1
- 29. Annual report, 10 Aug 2026, page 90
- 30. Annual report, 10 Aug 2026, page 89
- 31. Annual report, 10 Aug 2026, page 33
- 32. Exchange filing, 6 Aug 2026, page 2
- 33. Exchange filing, 27 Mar 2026, page 1
- 34. Annual report, 10 Aug 2026, page 43
- 35. Exchange filing, 5 Feb 2026, page 2
- 36. Annual report, 10 Aug 2026, page 89
- 37. Annual report, 10 Aug 2026, page 90
- 38. Annual report, 10 Aug 2026, page 73
Results
Consolidated; ₹ crore.Swan Defence and Heavy Industries quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +641.7%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- –
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹69 Crup 124.90%
- Net profitNet profit. Under it, net profit in the quarter before. A change in per cent is not worked out where either period is a loss or nothing. Net profit in the glossary
- ₹566 CrQuarter to Jun 2026: −₹42 Cr
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 822.8%
Revenue by quarter
Peak revenue ₹236 Cr, quarter to Mar 2026; lowest ₹0.42 Cr, quarter to Jun 2025
Net profit by quarter, a loss in red
- Net profit
- Loss
Back to profit in the quarter to Sep 2026, ₹566 CrA loss in 7 of the 8 quarters shown
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 5 | 0 | 40 | 6 | 236 | 31 | 69 |
| Net profit | −53 | −23 | −31 | −20 | −33 | −142 | −42 | 566 |
| Net margin | −4,600.0% | −463.7% | −7,331.0% | −50.2% | −563.8% | −60.2% | −136.2% | 822.8% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹282 Crup 3,913.35%
- Net profitNet profit. Under it, net profit in the year before. A change in per cent is not worked out where either period is a loss or nothing.
- −₹226 CrYear to Mar 2025: −₹181 Cr
- Net margin
- −80.1%
Revenue by year
Peak revenue ₹564 Cr, year to Mar 2017; lowest ₹0.00 Cr, year to Mar 2024
Net profit by year, a loss in red
- Net profit
- Loss
A loss in 9 of the 10 years shown
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 564 | 379 | 180 | 75 | 6 | 6 | 3 | 0 | 7 | 282 |
| Net profit | −577 | −1,012 | −10,927 | −1,761 | −3,427 | −2,086 | 17,937 | −121 | −181 | −226 |
| Net margin | −102.3% | −267.3% | −6,070.3% | −2,332.4% | −54,385.4% | −33,005.6% | 5,67,451.5% | – | −2,575.4% | −80.1% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
In the year to Mar 2026 the company reports one business segment which carries all its revenue.
Valuation
Today, against the company's own history. Dividend yield is not shown: no dividend in the years on record.Swan Defence and Heavy Industries PE ratio and valuation
Price to book
At or below today's level on 1% of 188 trading days over the last year.
LowestHighest
Its median100.38Industry median2.57
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +1,747.6% | – | – | 0.0% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 1 year is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.
Mutual fund holdings
5 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before.
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 5
| Fund | |||
|---|---|---|---|
 quant ELSS Tax Saver Fundquant Mutual Fund | 6,57,922 | 1.38% | ₹181.4 Cr |
 Bank of India Small Cap FundBank of India Mutual Fund | 1,40,841 | 1.06% | ₹38.8 Cr |
| Bank of India Aggressive Hybrid FundBank of India Mutual Fund | 60,000 | 0.75% | ₹16.5 Cr |
| Bank of India Manufacturing & Infrastructure FundBank of India Mutual Fund | 17,000 | 0.48% | ₹4.69 Cr |
 Samco Multi Cap FundSamco Mutual Fund | 2,775 | 0.35% | ₹0.77 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Swan Defence and Heavy Industries insider trading
Bought on the marketBought on the market. The value each filer stated for its purchases on the exchange, added up; gifts, transfers and pledges are not counted. A purchase filed with no value is counted under the sum, not in it. Sold on the marketSold on the market. The value each filer stated for its sales on the exchange, added up; gifts, transfers and pledges are not counted. A sale filed with no value is counted under the sum, not in it.
- Promoters and promoter group0 purchases, 1 saleNo purchase₹490 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹490 Cr
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Swan Defence and Heavy Industries competitors and peers
Industrial Manufacturing, 200 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Swan Defence and Heavy Industries in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Zetwerk Manufacturing BusinessesZETWERK | 26,781 | – | – | – | – | – | – | 0.00% |
 Jyoti CNC AutomationJYOTICNC | 21,132 | 65.68 | 10.56 | +17.4% | −4.4% | 17.4% | 16.9% | 0.00% |
 Kaynes Technology IndiaKAYNES | 21,108 | 61.08 | 4.45 | +34.9% | +8.7% | 9.1% | 8.5% | 0.00% |
 LMWLMW | 17,509 | 85.37 | 5.76 | +19.4% | +71.6% | 7.0% | 5.1% | 0.21% |
 Tega IndustriesTEGA | 13,062 | 618.22 | 3.83 | +84.9% | −89.4% | 0.9% | 2.3% | 0.12% |
 Lloyds Engineering WorksLLOYDSENGG | 13,001 | – | 7.78 | – | – | – | 11.8% | 0.30% |
 Bonfiglioli TransmissionsBONFIG | 11,439 | – | – | – | – | – | – | 0.00% |
 Titagarh Rail SystemsTITAGARH | 9,326 | – | 3.80 | −10.2% | – | – | 10.5% | 0.14% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Latest announcements
Routine notices left out.Swan Defence and Heavy Industries announcements
Oct 2026
12 Oct · Results
8 Oct · Analysts
Swan Defence and Heavy Industries annual report, year to Mar 2026
Swan Defence and Heavy Industries share price by year
Each calendar year to 2025.Swan Defence and Heavy Industries share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,388.20 | +61,054.2% | 1,388.20 | 37.80 |
| 2023BSE close | 2.27 | −11.3% | 3.68 | 1.65 |
| 2022BSE close | 2.56 | −47.2% | 4.65 | 2.33 |
| 2021 | 4.85 | +54.0% | 6.65 | 2.60 |
| 2020 | 3.15 | −30.0% | 4.70 | 1.00 |
| 2019 | 4.50 | −67.7% | 14.00 | 0.95 |
| 2018BSE close | 13.95 | −71.7% | 65.15 | 11.15 |
| 2017BSE close | 49.25 | −10.7% | 68.65 | 34.70 |
| 2016BSE close | 55.15 | −37.9% | 91.45 | 48.75 |
| 2015BSE close | 88.75 | +120.5% | 100.25 | 40.50 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2025 is from its first session, 21 Jan 2025. The change in 2025 is on the close at the end of 2023, the last year before it with a trade. The 2023 close is its last trade, on 13 Jul 2023.
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume |
|---|---|---|---|---|---|---|
| 27 Oct 2026 | 2,648.20 | 2,693.70 | 2,610.00 | 2,651.70 | 2,641.98 | 4,109 |
| 26 Oct 2026 | 2,577.10 | 2,733.90 | 2,576.40 | 2,696.70 | 2,634.11 | 13,719 |
| 23 Oct 2026 | 2,786.00 | 2,900.00 | 2,711.90 | 2,711.90 | 2,734.81 | 18,854 |
| 22 Oct 2026 | 2,920.00 | 2,920.00 | 2,810.10 | 2,854.60 | 2,863.59 | 7,036 |
| 21 Oct 2026 | 2,948.80 | 2,999.00 | 2,784.10 | 2,941.50 | 2,887.07 | 38,158 |
| 19 Oct 2026 | 2,985.00 | 3,000.00 | 2,797.50 | 2,930.60 | 2,883.96 | 18,207 |
| 16 Oct 2026 | 2,895.00 | 2,989.90 | 2,895.00 | 2,944.70 | 2,932.82 | 10,977 |
| 15 Oct 2026 | 2,886.10 | 3,000.00 | 2,851.00 | 2,944.80 | 2,925.00 | 18,019 |
| 14 Oct 2026 | 2,969.00 | 2,975.00 | 2,851.00 | 2,939.20 | 2,928.96 | 20,768 |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Offer for sale history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 17 May 2018 | Price move | – | Between two trading sessions the price moved by a fifth or more. The company made an announcement in time for trading that day or the trading day before. Not adjusted for. |
| 1 Jan 2018 | Price move | – | Between two trading sessions the price moved by a fifth or more. No corporate action is on record. Not adjusted for. |
Each event is noted and not adjusted for.
Company details
- NSE symbol
- SWANDEF
- BSE code
- 533107
- ISIN
- INE542F01020
- Industry
- Industrial Manufacturing
- Former symbols
- RNAVAL, RDEL, RDEL, PIPAVAVDOC, PIPAVAVYD
- Website
- www.sdhi.co.in
- CIN
- L35110GJ1997PLC033193
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1997
- Registered office
- Pipavav Port, Post Ucchaiya, Via Rajula, Amreli 365560, Gujarat
- Share registrar
- KFin Technologies Ltd
- Keeps the register of shareholders and handles transfers and dividend payments