Corporate presentation for H1FY27: order book ~ ₹ 6,500 Cr, NaBFID term loan ₹1,150 Cr, capex approval

Corporate presentation for the quarter and half year ended 30 September 2026.

Mon 12 Oct 2026

Order Book

~ ₹ 6,500 Cr

NaBFID Term Loan

₹1,150 Cr at 8.85% initial coupon, 5.85% effective after 3% interest support

Capex Approval

in-principle approval for brownfield crane expansion with 25% capital assistance

The attachment is the corporate presentation that accompanies the company's unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It is a business and strategy deck covering the shipyard, the order book, government incentives and financing.

Order book

• The presentation states an order book of about ₹ 6,500 Cr, with customer names listed as Stenersen, Energy ONE, Royal Navy (Oman) and Svitzer.
• The two newest export orders are with Energy ONE — ammonia dual-fuel bulk carriers of 92,500 DWT, described as an India-first order, designed for lower-emission next-generation shipping, with deliveries for the order scheduled to commence in FY30 — and with Svitzer, whose order is for high-manoeuvrability harbour tugs with a biofuel, IMO Tier III and FiFi1-ready design, with deliveries scheduled to commence in early 2028.

The presentation also describes the plant's journey: production at Pipavav Shipyard Limited, a listing on the stock exchanges, a Ministry of Defence order for a training ship for the Indian Coast Guard, the Anil Dhirubhai Ambani Group takeover and renaming as RNEL, an ADAG financial crisis after which lenders initiated the CIRP process, a new management chosen as successful resolution applicant in December 2022, physical possession of the shipyard in January 2024, ship repair operations and the first ICG refit in August 2024, and a first export order for chemical tankers in January 2026.

Financing

• A NaBFID term loan of ₹1,150 Cr is described as providing a more structured financing base for the next phase of operational ramp-up.
• The initial coupon rate is stated as 8.85%. With 3% interest support under a central government policy, the effective coupon rate is stated as 5.85%.

State policy and capex

• The Gujarat Shipbuilding Policy 2026 is presented as a second layer of incentive on top of central shipbuilding incentives, including shipbuilding financial assistance of 8-10% of contract price, a subsidy on procurement from MSMEs registered in Gujarat, and assistance for skill development, training and R&D with caps by category.
• The company states it has received in-principle approval for brownfield expansion under the Shipbuilding Development Scheme for a 600T Goliath Crane and a 40T ELL Crane, and shows 25% capital assistance against approved project cost, along with an interest incentive on eligible expansion financing.

Operational backdrop

• The presentation describes the resolution plan as closed, with committee of creditors obligations prepaid, creating what it calls a clean operating platform with the focus now on execution.
• The Pipavav, Gujarat shipyard is described as India's largest private shipyard, with a dry dock, fabrication, plate bending and pipe shop facilities, and land available for future expansion.
• It lists a teaming agreement with MDL, an equity stake in Conceptia, and established collaborations with Samsung, Royal IHC, Fincantieri, Kongsberg and DNV.
• The workforce is said to have more than doubled in 18 months, with further hiring targeted by March 2027 and SWAVALAMBAN feeding the skilled pipeline.

In short, the deck is a company-prepared summary of order wins, incentive support and borrowing terms for the half year, which is what a reader can weigh alongside the financial results.

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