Swan Defence and Heavy Industries MD, chairman and AGM
NSE: SWANDEFBSE: 533107Industrial ManufacturingSmall Cap
Share price at the NSE close on 27 Oct 2026. Previous close ₹2,696.70.
27 Oct: open ₹2,648.20, high ₹2,693.70, low ₹2,610.00
- 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
- ₹13,970 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
- 4,109
Swan Defence and Heavy Industries' chairperson and managing director is Nikhil V. Merchant, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 2 Sep 2026.
Swan Defence and Heavy Industries board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and managing directorNikhil V. Merchant
- Company Secretary and Compliance OfficerPriti P. Dave
10 directors5 independent2 executive3 non-executive
- Nikhil V. Merchant · Chairperson and managing directorExecutive · joined Dec 2023 · reappointed Dec 2024 · 2 listed boards
- Paresh V. MerchantNon-executive · joined Dec 2023 · reappointed Sep 2025 · 3 listed boards · 4 committee seats, 1 as chair
- Vivek P. MerchantNon-executive · joined Dec 2023 · reappointed Sep 2026 · 1 listed board · 1 committee seat
- Bhavik N. MerchantNon-executive · joined Dec 2023 · reappointed Sep 2026 · 1 listed board
- Arvind J. MorbaleExecutive · joined Dec 2023 · 1 listed board
- Kaiyoze Beji BillimoriaIndependent · joined Dec 2023 · reappointed Dec 2023 · 33 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
- Arun SinhaIndependent · joined Dec 2023 · reappointed Dec 2023 · 33 months as independent · 1 listed board · 1 as independent
- Prabhakar Reddy PatilIndependent · joined Dec 2023 · reappointed Dec 2023 · 33 months as independent · 4 listed boards · 4 as independent · 5 committee seats, 2 as chair
- Maya Swaminathan SinhaIndependent · joined Dec 2023 · reappointed Dec 2023 · 33 months as independent · 4 listed boards · 4 as independent · 4 committee seats, 1 as chair
- Jayaramakrishnan KannanIndependent · joined Mar 2026 · reappointed Mar 2026 · 6 months as independent · 5 listed boards · 5 as independent · 4 committee seats, 2 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
1 director who left
- Ashishkumar Bairagra, left 20 Feb 2026: Others
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 11 Aug 20268 of 10 present5 independent · 75 days in between
- 27 May 202610 of 10 present5 independent
Audit Committee
Chair Kaiyoze Beji Billimoria
Paresh V. Merchant, Prabhakar Reddy Patil
- 11 Aug 20263 of 3 present2 independent · 75 days in between
- 27 May 20263 of 3 present2 independent
Nomination and remuneration committee
Chair Maya Swaminathan Sinha
Kaiyoze Beji Billimoria, Paresh V. Merchant
- 27 May 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Paresh V. Merchant
Vivek P. Merchant, Prabhakar Reddy Patil
No meeting listed in the filing.
Risk Management Committee
Chair Kaiyoze Beji Billimoria
Paresh V. Merchant, Jignesh Shah
- 11 Aug 20262 of 2 present1 independent
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Mar 2026.
- N. N. Jambusaria & Co.Peer-review certificate valid to Jul 2026
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Swan Defence and Heavy Industries AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.
Annual general meeting, 2 Sep 2026
83,786 shareholders on the register on 26 Aug 2026; present: 1 promoter and 49 others; votes counted by Jignesh M Pandya / Ms Jignesh Pandya & Co..
- Adoption of the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Reports of the Board of Directors and Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 91.73% · promoters 100.00% · institutions 71.69% · other public 2.06%
- Adoption of the Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Report of Auditors thereonOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.06%
Turnout: all 91.73% · promoters 100.00% · institutions 71.69% · other public 2.06%
- Re-appointment of Mr. Vivek Merchant (DIN: 06389079) as a Director, retiring by rotationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.09%
Turnout: all 91.73% · promoters 100.00% · institutions 71.69% · other public 2.06%
- Re-appointment of Mr. Bhavik Merchant (DIN: 06389064) as a Director, retiring by rotationOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 91.73% · promoters 100.00% · institutions 71.69% · other public 2.06%
- Approval of Fund Raising by way of Issuance of Securities through Qualified Institutions Placement, Debt Issue, Preferential Issue, etc.Special100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.08%
Turnout: all 91.73% · promoters 100.00% · institutions 71.69% · other public 2.06%
- Approval of Material Related Party Transactions of the CompanyOrdinaryPromoters have an interest in it77.38% for22.62% against
Against: promoters 0.00% · institutions 24.79% · other public 0.08%
Turnout: all 1.83% · promoters 0.00% · institutions 71.69% · other public 2.06%
- Approval of giving loans or guarantee or providing security under Section 185 of the Companies Act, 2013Special99.55% for0.45% against
Against: promoters 0.00% · institutions 24.79% · other public 0.09%
Turnout: all 91.73% · promoters 100.00% · institutions 71.69% · other public 2.06%
- Approval of making investments, giving loans, guarantees and securities in excess of the limits specified under Section 186 of the Companies Act, 2013Special99.55% for0.45% against
Against: promoters 0.00% · institutions 24.79% · other public 0.10%
Turnout: all 91.73% · promoters 100.00% · institutions 71.69% · other public 2.06%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Meeting called by the tribunal, 25 May 2026, 1 resolution
87,969 shareholders on the register on 18 May 2026; present: 0 promoters and 73 others; votes counted by Mubassir Jalees Khan / Mubassir Jalees Khan.
- To consider and approve the Scheme of Arrangement and Amalgamation between Triumph Offshore Private Limited and Swan Defence and Heavy Industries LimitedSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.02%
Turnout: all 93.97% · promoters 100.00% · institutions 93.72% · other public 20.20%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 19 May 2026, 1 resolution
89,506 shareholders on the register on 10 Apr 2026; votes counted by Jignesh M Pandya / Ms Jignesh Pandya & Co..
- Appointment of Mr. Jayaramakrishnan Kannan (DIN: 06551104) as Non-Executive Independent Director of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 5.39%
Turnout: all 91.62% · promoters 100.00% · institutions 60.32% · other public 0.75%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 24 Sep 2025, 5 resolutions
98,493 shareholders on the register on 17 Sep 2025; present: 0 promoters and 46 others; votes counted by Mr. Savyasachi Joshi / M/s. DM & Associates Company Secretaries LLP.The company's voting result
To consider and adopt the Audited Standalone & Consolidated Financial Statements of the Company for the financial year ended March 31, 2025, together with Reports of the Board of Directors and the Auditors thereon.MoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 94.99% · promoters 100.00% · institutions 0.00% · other public 1.70%
- Re-appointment of Mr. Paresh Merchant (DIN: 00660027) as a Director of the Company, who retires by rotation and being eligible, offers himself for re-appointment.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.21%
Turnout: all 94.99% · promoters 100.00% · institutions 0.00% · other public 1.71%
- Appointment of M/s. DM & Associates, Practicing Company Secretaries, as the Secretarial Auditor of the Companyfor a term of five consecutive years commencing from 2025-26 to 2029-30Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.16%
Turnout: all 94.99% · promoters 100.00% · institutions 0.00% · other public 1.70%
- Approval of limits and terms & conditions of transactions to be entered into with Material Related Parties.OrdinaryPromoters have an interest in it99.79% for0.21% against
Against: promoters 0.00% · institutions 0.00% · other public 0.21%
Turnout: all 0.08% · promoters 0.00% · institutions 0.00% · other public 1.71%
- Alteration of Articles of Association by adoption of new set of Articles of Association of the Company, in the place and exclusion and substitution ofSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.25%
Turnout: all 94.99% · promoters 100.00% · institutions 0.00% · other public 1.71%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 27 Dec 2024, 4 resolutions
1,02,445 shareholders on the register on 18 Dec 2024; present: 1 promoter and 52 others; votes counted by Mr. Jignesh M. Pandya / M/s. Jignesh M. Pandya & Co.The company's voting result
To receive, consider and adopt the audited Financial Statements (Standalone & Consolidated) of the Company for the Financial Year ended March 31, 2024 together with the reports of the Board of Directors and the Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 95.91% · promoters 100.00% · institutions 0.00% · other public 21.58%
- Appointment of Mr. Nikhil Merchant (DIN: 00614790) who retire by rotation and being eligible, offer himself for re-appointmentOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.11%
Turnout: all 95.91% · promoters 100.00% · institutions 0.00% · other public 21.58%
- Appointment of Statutory Auditors and fix their remuneration for a term of 5 yearsOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 95.91% · promoters 100.00% · institutions 0.00% · other public 21.58%
- Approval of Material Related TransactionOrdinaryPromoters have an interest in it99.90% for0.10% against
Against: promoters 0.00% · institutions 0.00% · other public 0.10%
Turnout: all 1.01% · promoters 0.00% · institutions 0.00% · other public 21.58%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 8 Nov 2024, 1 resolution
Present: 1 promoter and 42 others.
To receive, consider and adopt the audited Financial Statements (Standalone & Consolidated) of the Company for the Financial Year ended March 31, 2021 togethernwith the reports of the Board of Directors and the Auditors thereonMoreLess
Ordinary100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 7.32%
Turnout: all 94.92% · promoters 100.00% · institutions 0.00% · other public 0.28%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Extraordinary general meeting, 7 Mar 2024, 12 resolutions
Present: 0 promoters and 56 others.
- Appointment of Mr. Paresh Vasantlal Merchant (DIN: 00660027) as a Director of the CompanyOrdinary99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Vivek Paresh Merchant (DIN: 06389079) as a Director of the CompanyOrdinary99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Bhavik Nikhil Merchant (DIN: 06389064) as a Director of the CompanyOrdinary99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Nikhil Vasantlal Merchant (DIN: 00614790) as a Director of the CompanyOrdinary99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Nikhil Vasantlal Merchant (DIN: 00614790) as a Chairman & Managing Director of the CompanySpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Arvind Jayasing Morbale (DIN: 10366188) as a Whole-time Director of the CompanySpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Kaiyoze Beji Billimoria (DIN: 00021204) as an Independent Director of the CompanySpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mrs. Maya Swaminathan Sinha (DIN: 03056226) as an Independent Director of the CompanySpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Ashishkumar Bairagra (DIN: 00049591) as an Independent Director of the CompanySpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Arun Sinha (DIN: 00280485) as an Independent Director of the CompanySpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Appointment of Mr. Prabhakar Reddy Patil (DIN: 00377406) as an Independent Director of the CompanySpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
- Change in name of the Company from ‘Reliance Naval and Engineering Limited’ to ‘Swan Defence and Heavy Industries Limited’ and consequential alteration to MOA and AOA of the CompanySpecial99.87% for0.13% against
Against: promoters 0.00% · institutions 0.00% · other public 0.13%
Turnout: all 20.12% · promoters 0.00% · institutions 0.00% · other public 21.97%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 28 Sep 2019, 8 resolutions
Present: 1 promoter and 40 others.
To consider and adopt:na) the audited financial statement of the Company for the financial year ended March 31, 2019 and the reports of Board of Directors and Auditors thereon; andnb) the audited consolidated financial statement of the Company for the financial year ended March 31, 2019 and the report of Auditors thereon.nMoreLess
Ordinary99.99% for0.01% againstAgainst: promoters 0.00% · institutions 0.00% · other public 3.55%
Turnout: all 29.90% · promoters 100.00% · institutions 0.00% · other public 0.09%
- To appoint a director in place of Shri Debashis Bir (DIN: 01932925), who retires by rotation under the provisions of the Companies Act, 2013 and being eligible, offers himself for re-appointmentOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 3.75%
Turnout: all 29.90% · promoters 100.00% · institutions 0.00% · other public 0.09%
- Appointment of Ms Ankita Tallur as a DirectorOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 4.05%
Turnout: all 29.90% · promoters 100.00% · institutions 0.00% · other public 0.09%
- Appointment of Ms Shiby Jobby as a DirectorOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 4.07%
Turnout: all 29.90% · promoters 100.00% · institutions 0.00% · other public 0.09%
- Appointment of Shri Venkata Rachakonda as a DirectorOrdinary99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 4.07%
Turnout: all 29.90% · promoters 100.00% · institutions 0.00% · other public 0.09%
- Appointment of Shri Pankaj Pandya as an Independent DirectorSpecial99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 4.07%
Turnout: all 29.90% · promoters 100.00% · institutions 0.00% · other public 0.09%
- Re-appointment of Shri Debashis Bir as the Whole-time DirectorSpecial99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 4.47%
Turnout: all 29.90% · promoters 100.00% · institutions 0.00% · other public 0.09%
- Change of name of the CompanySpecial99.99% for0.01% against
Against: promoters 0.00% · institutions 0.00% · other public 6.02%
Turnout: all 29.90% · promoters 100.00% · institutions 0.00% · other public 0.09%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.
Mutual fund votes, meeting of 2 Sep 2026, 3 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- Adoption of the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Reports of the Board of Directors and Auditors thereon3 for0 against
- Adoption of the Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Report of Auditors thereon3 for0 against
- Re-appointment of Mr. Vivek Merchant (DIN: 06389079) as a Director, retiring by rotation3 for0 against
- Re-appointment of Mr. Bhavik Merchant (DIN: 06389064) as a Director, retiring by rotation3 for0 against
- Approval of Fund Raising by way of Issuance of Securities through Qualified Institutions Placement, Debt Issue, Preferential Issue, etc.3 for0 against
- Approval of Material Related Party Transactions of the Company
Against Bank of India Mutual Fund
- Bank of India Mutual FundThe company seeks approval to enter into material related party transactions with Swan Corp Limited (SCL), its ultimate holding company, and Hazel Infra Limited (HIL), its immediate holding company and fellow subsidiary - Triumph Offshore Private Limited. SDHI was acquired pursuant to an NCLT - approved resolution plan under the Insolvency and Bankruptcy Code, 2016, through HIL. HIL holds 89.9% of SDHI’s equity share capital, while SCL holds 99% of HIL and Hazel Mercantile Limited holds the remaining 1%. The proposed transactions include lending by the three companies to to SDHI. The approval is sought for FY27 with an aggregate transaction value of up to Rs. 106.0 bn. The transactions are intended to meet SDHI’s working capital requirements, which is expected to benefit the group on a consolidated basis. We note that there are no details of the proposed financial support, including the interest rate, maturity, repayment terms, whether the loans will be secured or unsecured, and applicable security or covenants. The company should provide greater clarity on the terms of the proposed financial support. Given this, we do not support the resolution.
2 for1 against - Approval of giving loans or guarantee or providing security under Section 185 of the Companies Act, 2013
Against Bank of India Mutual Fund
- Bank of India Mutual FundThe company seeks approval to extend loans, give guarantees, or provide securities to group companies, associate companies, joint venture companies, subsidiary companies or related companies in which any directors of the company are deemed to be interested. The proposed approval is enabling in nature. Further, under Section 185, financial support may be extended to promoter entities as well. The company should have provided clarity on the specific entities involved, the nature of the company’s interest, and the rationale for extending such support. In the absence of clarity, we do not support the enabling resolution.
2 for1 against - Approval of making investments, giving loans, guarantees and securities in excess of the limits specified under Section 186 of the Companies Act, 20131 for0 against
1 proposal not matched to one resolution
To (a) give any loan to any person or other body corporate, (b) give any guarantee or provide security in connection with a loan to any other body corporate or person, and (c) acquire by way of subscription, purchase or otherwise, the securities of any other body corporate from time to time in one or more tranches as the Board of Directors in their absolute discretion deem beneficial and in the interest of the Company, for an amount up to Rs. 10,000 Crore, or sixty per cent of its paid-up share capital, free reserves and securities premium account or one hundred per cent of its free reserves and securities premium account, whichever is more.MoreLess
Against Bank of India Mutual Fund
- Bank of India Mutual FundAs on 31 March 2026, SDHI’s investments and loans to body corporates under Section 186 are Nil. While securities premium is positive at Rs. 15,001.1 mn, negative retained earnings of Rs. 25,155.0 mn result in a negative balance of Rs. 10,153.9 mn, leading to a nil automatic limit under Section 186. The approval under Section 186 of the Companies Act, 2013 would allow the company to extend loans, guarantees, or securities to companies in which its directors have an interest, including promoter companies. The company must disclose granular details, including the names of these companies, the nature and size of their operations and terms of support, to enable shareholders to make an informed decision. Further, the rationale for seeking such a high limit is unclear, particularly given the company’s deteriorated financial position. Given the lack of clarity, we do not support the resolution.
1 for1 against
Mutual fund votes, meeting of 25 May 2026, 2 fund houses
- To consider and approve the Scheme of Arrangement and Amalgamation between Triumph Offshore Private Limited and Swan Defence and Heavy Industries Limited2 for0 against
Mutual fund votes, meeting of 19 May 2026, 1 fund house
1 proposal
- Appointment of Mr. Jayaramakrishnan Kannan (DIN: 06551104) as Non-Executive Independent Director of the Company1 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Tax disputes
Reported in the filing for the quarter to Sep 2026.
- Tax disputeGoods and Service Tax-State Tax Officer and appeal TribunalSince 30 Aug 2024
A personal hearing was conducted on 13.01.2026 to understand and examine the facts and circumstances of the case. However, no order has been issued to date, and the matter is presently under process with the concerned authority.MoreLess
At the filing before: With respect to Order (Order No - ZD240824113408H DRC 07) under section 73 on EOU for FY 2019-20 passed on 30/08/2024, demand was raised for excess ITC availed/utilised amounting to Rs 82,47,889/- under CGST, Rs 82,47,889/- under SGST, and Rs 12,76,961/- under IGST, along with interest of Rs 1,55,95,132/- and a penalty of Rs 17,77,274/- i.e. Total Rs.3,51,45,145/-. The company has filed an appeal before the Appellate Authority against the order passed by the department on 26 December 2024.MoreLess
- Tax disputeGoods and Service Tax-State Tax Officer and appeal TribunalSince 30 Aug 2024
A personal hearing was conducted on 13.01.2026 to understand and examine the facts and circumstances of the case. However, no order has been issued to date, and the matter is presently under process with the concerned authority.MoreLess
At the filing before: With respect to Order (Order no- ZD240824113141X (DRC 07) under section 74 on EOU for FY 2019-20 passed on 30/08/2024, demand of Rs 1,00,35,447/- under CGST and Rs 1,00,35,447/- under SGST has been raised, along with interest of Rs 1,77,66,866/- and a penalty of Rs 2,00,70,894/-, on the grounds that ineligible ITC, as per Section 16(2), was claimed from cancelled, non-genuine, and non-existent taxpayers, as well as from return/tax defaulters. The company has filed an appeal before the Appellate Authority against the order passed by the department on 26 December 2024.MoreLess
- Tax disputeGoods and Service Tax-State Tax Officer and appeal TribunalSince 30 Aug 2024
A personal hearing was conducted on 13.01.2026 to understand and examine the facts and circumstances of the case. However, no order has been issued to date, and the matter is presently under process with the concerned authority.MoreLess
At the filing before: With respect to Order (Order no. ZD240824113705H (DRC 07) under section 73 for FY 2019-20 on SEZ passed on 30/08/2024, demand of Rs 1,43,24,657/- under IGST has been raised towards differential tax liability on B2B outward supplies, based on discrepancies between E-way Bill data and GSTR-1. The demand also includes interest of Rs 1,26,80,265/- and a penalty of RS 14,32,466/-. The company has filed an appeal before the Appellate Authority against the order passed by the department on 26 December 2024.MoreLess
- Tax disputeGoods and Service Tax-State Tax Officer and appeal TribunalSince 21 Feb 2025
A personal hearing was conducted on 13.01.2026 to understand and examine the facts and circumstances of the case. However, no order has been issued to date, and the matter is presently under process with the concerned authority.MoreLess
At the filing before: With respect to Order (Order No. ZD240225083308G (DRC 07) under section 73 for FY 2020-21 on EOU passed on 21/02/2025, differential tax liability of RS 10,40,779/- and excess ITC claimed on B2B supplies amounting to Rs 88,95,879/-, along with short reversal of ITC of Rs 77,227/-, Total GST amount Rs. 1,00,13,885/- have been raised. The demand also includes interest of Rs 78,51,984/- and a penalty of Rs 10,01,389/-. The company has filed an appeal before the Appellate Authority against the order on 19 May 2025.MoreLess
- Tax disputeGoods and Service Tax-State Tax Officer and appeal TribunalSince 22 Feb 2025
A personal hearing was conducted on 13.01.2026 to understand and examine the facts and circumstances of the case. However, no order has been issued to date, and the matter is presently under process with the concerned authority.MoreLess
At the filing before: With respect to Order (Order no. ZD240225086978U (DRC 07) under section 74 for FY 2020-21 on EOU passed on 22.02.2025, An excess ITC claim of Rs 4,71,092/-, in violation of Section 16(2), was identified as having been availed from cancelled, non-genuine, or non-existent taxpayers, as well as from return/tax defaulters. The demand also includes interest of Rs 3,72,872/- and a penalty of Rs 4,71,092/-. The company has filed an appeal before the Appellate Authority against the order on 19 May 2025.MoreLess
- Tax disputeGoods and Service Tax-State Tax Officer and appeal TribunalSince 19 Sep 2025Request to adjourn the hearing fixed on 19.06.2026, no further update has received, and the matter is presently under process with the concerned authority.
At the filing before: With respect to Order (Order No.ZD2412251126201,DRC 07) dated 23.12.2025 under Section 73 for the Financial Year 2021–22 in respect of the EOU. The notice pertains to the assessment of tax liability under reverse charge, excess Input Tax Credit (ITC) availed, and ineligible ITC claimed of Rs.2,97,259/- SGST,Rs.2,97,259/- CGST & Rs.25,80,462/- IGST.The demand also includes interest of Rs 24,17,509/- a penalty of Rs 3,17,498/- and Fees Rs.1,80,200/-. The company has filed an appeal before the Appellate Authority against the order on 23 March 2026.MoreLess
- Tax disputeGoods and Service Tax-State Tax Officer and appeal TribunalSince 19 Sep 2025Request to adjourn the hearing fixed on 19.06.2026, no further update has received, and the matter is presently under process with the concerned authority.
At the filing before: With respect to Order (Order No.ZD241225112662T,DRC 07) dated 23.12.2025 under Section 74 for the Financial Year 2021–22 in respect of the EOU. The notice pertains to ineligible Input Tax Credit (ITC) availed in violation of Section 16(2), involving credit claimed from cancelled, non-genuine, or non-existent taxpayers, as well as from return or tax defaulters of Rs.20,471/-SGST,Rs.20,471/-CGST & 1,21,500/- of IGST.The demand also includes interest of Rs 1,23,687/- and a penalty of Rs 1,62,442/-.The company has filed an appeal before the Appellate Authority against the order on 23 March 2026.MoreLess
In the company's own words, from its latest governance filing.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- Yes
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.