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Swan Defence and Heavy Industries Q2 FY27 results: net profit ₹566.44 crore vs ₹19.86 crore loss
Swan Defence and Heavy Industries Limited reported consolidated revenue of ₹68.85 crore in Q2 FY27, up 74.0% from Q2 FY26 and 124.9% from Q1 FY27. The company reported a net profit of ₹566.44 crore and EPS of ₹107.52, versus a net loss of ₹19.86 crore in the year-ago quarter, while EBITDA remained negative at ₹17.02 crore.
Key points
- Consolidated Q2 FY27 revenue was ₹68.85 crore, up 74.0% from Q2 FY26 and 124.9% from Q1 FY27.
- The company reported a net profit of ₹566.44 crore, compared with a net loss of ₹19.86 crore in Q2 FY26 and a net loss of ₹41.68 crore in Q1 FY27.
- Basic EPS was ₹107.52, compared with negative EPS of ₹3.77 in Q2 FY26 and negative EPS of ₹7.91 in Q1 FY27.
- EBITDA was a loss of ₹17.02 crore, with an EBITDA margin of -24.7%, against a loss of ₹7.69 crore and a margin of -19.4% in Q2 FY26.
- H1 FY27 revenue was ₹99.46 crore, total income was ₹167.87 crore, and the company reported a net profit of ₹524.78 crore.
How did Swan Defence and Heavy Industries perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹68.85 crore, up ₹29.28 crore or 74.0% from ₹39.57 crore in Q2 FY26 and up ₹38.24 crore or 124.9% from ₹30.61 crore in Q1 FY27. Total income was ₹125.68 crore, compared with ₹44.3 crore in the year-ago quarter and ₹41.61 crore in the previous quarter.
EBITDA was a loss of ₹17.02 crore in Q2 FY27, compared with a loss of ₹7.69 crore in Q2 FY26 and ₹20.94 crore in Q1 FY27. The EBITDA margin was -24.7%, down 5.3 percentage points from -19.4% a year earlier and up 43.7 percentage points from -68.4% in the previous quarter.
The company reported profit before tax of ₹3.95 crore in Q2 FY27, against a loss of ₹20.32 crore in Q2 FY26 and a loss of ₹41.60 crore in Q1 FY27. Net profit was ₹566.44 crore, compared with a net loss of ₹19.86 crore and ₹41.68 crore, respectively, while basic EPS was ₹107.52. On a standalone basis, revenue was ₹68.85 crore and reported PAT was ₹566.44 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 68.85 | 30.61 | 39.57 | +74.0% | +124.9% |
| Other income | 56.84 | 11 | 4.73 | +1101.7% | +416.7% |
| Total expenses | 121.73 | 83.21 | 64.62 | +88.4% | +46.3% |
| EBITDA | −17.02 | −20.94 | −7.69 | ||
| EBITDA margin | -24.7% | -68.4% | -19.4% | −5.3 pp | +43.7 pp |
| Profit before tax | 3.95 | −41.60 | −20.32 | turned to profit | turned to profit |
| Tax | −563.15 | 0 | 0 | ||
| Net profit | 566.44 | −41.68 | −19.86 | turned to profit | turned to profit |
| EPS (₹) | 107.52 | −7.91 | −3.77 | turned to profit | turned to profit |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Swan Defence and Heavy Industries' costs and profit?
Total expenses were ₹121.73 crore in Q2 FY27, up ₹57.11 crore or 88.4% from ₹64.62 crore in Q2 FY26. Cost of materials fell ₹9.99 crore or 55.0% to ₹8.19 crore, while employee cost rose ₹7.41 crore or 80.5% to ₹16.62 crore, finance costs rose ₹17.04 crore or 747.4% to ₹19.32 crore, depreciation rose ₹1.46 crore or 9.7% to ₹16.54 crore, and other expenses rose ₹41.70 crore or 209.9% to ₹61.57 crore.
Other income was ₹56.84 crore in Q2 FY27, compared with ₹4.73 crore in Q2 FY26, an increase of ₹52.11 crore or 1101.7%. The company reported no exceptional item. Against the previous quarter, total expenses rose ₹38.52 crore or 46.3%, while other income rose ₹45.84 crore or 416.7% from ₹11 crore.
Tax was a credit of ₹563.15 crore in Q2 FY27, compared with no tax in Q2 FY26 and Q1 FY27. The filings identify the tax credit as an excess provision of earlier years written back. Management’s presentation said profitability was supported by one-off items linked to the Committee of Creditors settlement.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 8.19 | 18.18 | −9.99 | −55.0% |
| Employee cost | 16.62 | 9.21 | +7.41 | +80.5% |
| Finance costs | 19.32 | 2.28 | +17.04 | +747.4% |
| Depreciation | 16.54 | 15.08 | +1.46 | +9.7% |
| Other expenses | 61.57 | 19.87 | +41.70 | +209.9% |
| Total expenses | 121.73 | 64.62 | +57.11 | +88.4% |
| Other income | 56.84 | 4.73 | +52.11 | +1101.7% |
| Tax | −563.15 | 0 | −563.15 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹99.46 crore, up ₹59.47 crore or 148.7% from ₹39.99 crore in H1 FY26. Total income was ₹167.87 crore, compared with ₹62.67 crore in H1 FY26, an increase of ₹105.2 crore or 167.9%.
Profit before tax remained negative at ₹37.62 crore in H1 FY27, compared with a loss of ₹51.49 crore in H1 FY26. The company reported PAT of ₹524.78 crore, versus a net loss of ₹50.65 crore, and EPS of ₹99.61, compared with negative EPS of ₹9.61.
The company’s press release and presentation gave restated H1 figures that reflected the Triumph Offshore Private Limited merger with an appointed date from 1 April 2024. The presentation showed H1 FY27 revenue of ₹99.46 crore, total income of ₹167.87 crore, reported PBT of ₹38.37 crore and reported PAT of ₹524.78 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 99.46 | 39.99 | +148.7% |
| Profit before tax | −37.62 | −51.49 | |
| Net profit | 524.78 | −50.65 | turned to profit |
| EPS (₹) | 99.61 | −9.61 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹3895.61 crore at 30 September 2026, compared with ₹3167.19 crore at 31 March 2026. Total equity was ₹2261.99 crore, against ₹69.64 crore, while borrowings were ₹1144.38 crore, down from ₹2725.06 crore. Cash was ₹87.48 crore, compared with ₹184.02 crore.
Inventories were ₹954.26 crore at 30 September 2026, against ₹952.08 crore at 31 March 2026. Trade receivables were ₹11.65 crore, compared with ₹12.32 crore, and trade payables were ₹46.01 crore, against ₹39.13 crore.
H1 FY27 operating cash flow was ₹447.44 crore, compared with negative ₹56.12 crore in H1 FY26. Investing cash flow was negative ₹592.75 crore, compared with negative ₹74.28 crore, while financing cash flow was ₹48.65 crore, against ₹112.99 crore. Capital expenditure was ₹66.43 crore, compared with ₹49.98 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,896 | 3,167 |
| Total equity | 2,262 | 69.64 |
| Borrowings | 1,144 | 2,725 |
| Cash and equivalents | 87.48 | 184.02 |
| Inventories | 954.26 | 952.08 |
| Trade receivables | 11.65 | 12.32 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 447.44 | −56.12 |
| Cash from investing | −592.75 | −74.28 |
| Cash from financing | 48.65 | 112.99 |
| Capital expenditure | 66.43 | 49.98 |
Source: Company's results filing (XBRL).
How has Swan Defence and Heavy Industries done over the last 8 quarters?
Revenue increased year on year in each of the last five quarters. It reached its highest level in Q4 FY26 at ₹236.28 crore and its lowest level in Q1 FY26 at ₹0.42 crore before falling to ₹30.61 crore in Q1 FY27 and recovering to ₹68.85 crore in Q2 FY27.
PAT moved from a net loss of ₹142.15 crore in Q4 FY26 to a net loss of ₹41.68 crore in Q1 FY27, before turning to a net profit of ₹566.44 crore in Q2 FY27. The lowest quarterly PAT was a net loss of ₹142.15 crore.
The EBITDA margin remained negative throughout the eight-quarter period. It was -68.4% in Q1 FY27 and improved to -24.7% in Q2 FY27, but remained below -19.4% in Q2 FY26 and was far below the -106.0% recorded in Q4 FY26.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the limited review report of the statutory auditors. The meeting ran from 2:45 p.m. to 5:45 p.m. on 12 October 2026.
The company filed a press release and presentation on 12 October 2026 and a further corporate presentation on 15 October 2026. The same-day investor communications reported an order book of approximately ₹6,500 crore and H1 FY27 operating revenue of ₹99.46 crore. No dividend, fund raise or appointment was disclosed in the provided filings.
What did Swan Defence and Heavy Industries' management say?
Management said the first half of FY27 marked the company’s transition from turnaround to scaled execution after completion of its resolution plan and settlement of obligations to the Committee of Creditors. The CEO said its priority was delivery on time and to global quality standards, while also expecting domestic shipbuilding demand to pick up over the next 12 to 18 months.
Management said the firm order book was approximately ₹6,500 crore and provided revenue visibility through FY31. The presentation assigned order book revenue recognition of 6% in FY27, 23% in FY28, 65% in FY29, 93% in FY30 and 100% in FY31.
The company is targeting 550+ additional hires by March 2027 through the SWAVALAMBAN initiative, which had trained 300+ people in its first year. Management also said legacy NOPV sale monetisation was targeted for FY27/28, Svitzer tug deliveries were scheduled to commence in early 2028, and Stenersen chemical tanker deliveries were scheduled from FY29 onwards.
Management identified execution of the order book, dependence on regulatory and subsidy support, the long delivery horizon, working-capital and cash-flow strain during the build phase, and ₹1,150 crore of NaBFID term debt as risks. The presentation also said the company had received in-principle approval for a 600T Goliath Crane and a 40T ELL Crane under the Shipbuilding Development Scheme, with 25% capital assistance and a 3% interest incentive on eligible expansion financing.
How did Swan Defence and Heavy Industries shares react?
After the filing appeared after market hours, the stock fell 1.0% in five minutes, 2.0% in 15 minutes and 1.7% in 30 minutes. It closed the reaction day unchanged from its previous close. By the next day’s close, it was down 0.7% from its pre-results close, and by the fifth session it was down 1.2%.
| After the filing | Stock |
|---|---|
| 5 minutes | −1.0% |
| 15 minutes | −2.0% |
| 30 minutes | −1.7% |
| Reaction day | +0.0% |
| Next day | −0.7% |
| 5 days | −1.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −5.8% |
| 27 May 2026 | +4.3% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Swan Defence and Heavy Industries' revenue in Q2 FY27?
Revenue from operations was ₹68.85 crore, up 74.0% from ₹39.57 crore in Q2 FY26 (consolidated).
Did Swan Defence and Heavy Industries make a profit in Q2 FY27?
Yes. Net profit was ₹566.44 crore, against a net loss of ₹19.86 crore in Q2 FY26.
What was Swan Defence and Heavy Industries' EPS in Q2 FY27?
Basic earnings per share were ₹107.52, against a loss of ₹3.77 in Q2 FY26.
How did Swan Defence and Heavy Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.0% from the previous close.
When did Swan Defence and Heavy Industries announce its Q2 FY27 results?
On 12 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for The Unaudited Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 6 October 2026) · PDF
- Outcome of Board Meeting (NSE, 12 October 2026) · PDF
- The investor presentation (15 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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