Swan Defence and Heavy Industries Limited has informed the Exchange regarding Resignation of Mr Rajesh Bhardwaj as Chief Financial Officer of the company w.e.f. May 27, 2026.
SWANDEF · price
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Swan Defence and Heavy Industries Limited reported its FY2026 audited results showing total income of Rs. 4,400 lakhs vs Rs. 1,754 lakhs YoY. However, the company posted a standalone loss before tax of Rs. 2,275 lakhs (vs Rs. 1,815 lakhs loss YoY) and consolidated loss of Rs. 2,259 lakhs. A major one-time book loss of Rs. 2,620 lakhs was recorded from selling 5 Offshore Support Vehicles (book value Rs. 3,320 lakhs) for just Rs. 700 lakhs. The Board also approved raising funds up to Rs. 4,000 crores via QIP, debt issues, or preferential issues. In KMP changes, CFO Rajesh Bhardwaj resigned effective May 27, 2026, with Jignesh Shah appointed as new CFO from May 28, 2026. Borrowings stand at Rs. 27,251 lakhs, up from Rs. 22,437 lakhs YoY.
The CFO transition creates short-term uncertainty on financial strategy execution, though the immediate appointment suggests continuity. The massive Rs. 4,000 crore fund-raising plan indicates significant capital requirements, likely for debt servicing and operations. The large one-time asset sale loss and ongoing losses may pressure stock sentiment despite revenue growth.