Swan Defence and Heavy Industries Limited has informed the Exchange regarding Change in Auditors of the company.
SWANDEF · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Board of Swan Defence approved FY2026 audited financial results showing standalone loss of Rs. 22,751 lakhs (vs Rs. 18,149 lakhs loss in FY25), though revenue surged to Rs. 28,214 lakhs from Rs. 703 lakhs. A significant one-time book loss of Rs. 26,200 lakhs was recorded from selling 5 semi-finished offshore vessels (book value Rs. 33,200 lakhs) at Rs. 7,000 lakhs. The Board also approved a fund-raising plan of up to Rs. 4,000 crores via QIP, debt issue, or other modes. Key management change occurred with CFO Mr. Rajesh Bhardwaj resigning (May 27) and Mr. Jignesh Shah appointed new CFO (May 28). The NCLT-approved merger scheme with Frumeh Offshore Private Limited received shareholder approval on May 25, 2026. Auditors gave unmodified opinion on financials.
The company remains deeply loss-making but shows sharp revenue growth. The Rs. 26,200 lakh asset sale loss is a major one-time write-off. The Rs. 4,000 crore fundraising plan signals significant capital dilution risk. CFO change may cause short-term uncertainty.