Swan Defence and Heavy Industries Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Swan Defence and Heavy Industries Limited (formerly Reliance Naval and Engineering Limited) reported standalone revenue from operations of ₹28,213.87 lakhs for FY 2025-26, a significant increase from ₹703.46 lakhs in the prior year. However, the company posted a massive standalone loss before tax of ₹22,750.97 lakhs (prior year loss: ₹18,149.30 lakhs). The auditors issued an unmodified (clean) opinion. A key highlight is the sale of 5 Offshore Support Vehicles (OSV) in semi-finished stage for ₹7,000 lakhs against a book value of ₹33,200 lakhs, resulting in a one-time book loss of ₹26,200 lakhs. The company also received NCLT approval for a scheme of amalgamation with Jumho Offshore Private Limited. The board approved raising funds up to ₹4,000 crores and witnessed a CFO change (resignation of Rajesh Bhardwaj, appointment of Jignesh Shah).
Despite massive revenue surge, the company continues to burn cash with losses exceeding ₹22,000 lakhs and debt exceeding ₹2.72 lakh crores. The one-time OSV sale loss of ₹26,200 lakhs is a significant non-recurring charge. Shareholders face dilution risk from the proposed ₹4,000 crore capital raise.