Swan Defence and Heavy Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
SWANDEF · price
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Swan Defence (formerly Reliance Naval and Engineering) reported a weak Q1 FY26 with revenue from operations of just ₹42 lakhs, down sharply from ₹703 lakhs in the same quarter last year. However, total income stood at ₹1,837 lakhs, supported by other income of ₹1,795 lakhs. The company posted a net loss of ₹3,117 lakhs, narrower than the ₹5,145 lakh loss in Q1 FY25 but still significant. Basic EPS came in at (₹5.92) for the quarter. The auditor (N.N. Jambusaria & Co.) issued a clean limited review report with no qualifications. The Board also approved the draft notice for the 28th AGM on September 24, 2025, and a new set of Articles of Association. The amalgamation scheme involving TOPL is still pending NCLT approval.
Continued operational losses and near-zero core revenue indicate the shipbuilding business is still struggling to scale. Investors should watch for progress on the NCLT-approved amalgamation scheme and any fresh order inflows, as sustained losses could pressure the stock in the absence of a clear turnaround plan.