Swan Defence and Heavy Industries Limited has informed the Exchange regarding Resignation of CFO w.e.f. the close of business hours on 27th May, 2026.
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Swan Defence and Heavy Industries held a Board meeting on 27th May 2026, which approved the audited standalone and consolidated financial results for Q4 and FY2026 ended 31st March 2026. The company reported total income of Rs. 4,400 crore (standalone) but posted a net loss of Rs. 2,275 crore, heavily impacted by a one-time book loss of Rs. 2,620 crore from the sale of 5 Offshore Support Vessels (OSV) that had a book value of Rs. 3,320 crore but were sold for only Rs. 700 crore. The auditors gave an unmodified opinion. Key management changes include the resignation of CFO Mr. Rajesh Bhardwaj effective 27th May 2026 and appointment of Mr. Jignesh Shah as the new CFO effective 28th May 2026. The Board also approved raising funds of up to Rs. 4,000 crore through securities issuance (QIP, debt, preferential issue etc.) subject to shareholder approval, and scheduled the 29th AGM for 2nd September 2026.
The company remains deeply loss-making with negative equity of Rs. 11,689 lakh as of March 2026. The CFO change is a routine transition with no red flags. The massive OSV sale loss signals ongoing financial distress. The Rs. 4,000 crore fundraise plan is ambitious and will require significant shareholder and regulatory approvals.