H1 FY27 results: revenue from operations Rs 99.46 crore, firm order book about Rs 6,500 crore

Swan Defence shared its H1 FY27 press release and presentation: revenue from operations Rs 99.46 crore vs Rs 39.99 crore in H1 FY26, reported PAT Rs 524.78 crore, reported PBT (38.37) crore, firm order book about Rs 6,500 crore.

Mon 12 Oct 2026

Revenue from Operations (H1 FY27)

Rs 99.46 crore vs Rs 39.99 crore in H1 FY26

Reported PAT

Rs 524.78 crore

Firm Order Book

about Rs 6,500 crore

Results update for H1 FY27

The company shared its press release and presentation on the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026.

Key numbers (as printed, in INR crore)

• Revenue from Operations: 99.46 in H1 FY27 against 39.99 in H1 FY26
• Total Income: 167.87 in H1 FY27
• Reported PBT: (38.37) in H1 FY27, and reported PBT was also negative in H1 FY26
• Reported PAT: 524.78 in H1 FY27

The consolidated financial statement has been restated to reflect the Triumph Offshore Private Limited (TOPL) merger, with appointed date from 1 April 2024.

Order book and revenue visibility

• The firm order book stood at approximately ₹ 6,500 crore as of September 30, 2026, which the company states provides revenue visibility through FY31.
• It comprises chemical tankers for Rederiet Stenersen AS, ammonia dual-fuel bulk carriers for Energy ONE Limited, harbour tugs for Svitzer and a training ship for the Royal Navy of Oman.

Business updates reported

• Newbuilds: an order from Energy ONE Limited for ammonia dual-fuel bulk carriers, described as the first of its kind for an Indian shipyard, with deliveries expected from FY30; and an order from A.P. Moller – Maersk backed Svitzer for TRAnsverse 3200 harbour tugs, with deliveries scheduled from early 2028.
• Ship repair and refit: ship repair and refit projects completed, spanning Indian Coast Guard vessels, commercial ships and offshore rigs, including the refit and dry-docking of ICGS Samudra Pavak.
• Heavy engineering: steel cutting commenced for barge unloaders for L&T Mines and Minerals.
• Partnership: a strategic MoU with DNV covering design certification, repair projects, R&D, supplier ecosystem, next-generation maritime technologies, digital adoption and cybersecurity.
• Capacity expansion: in-principle approval for a brownfield expansion under the Shipbuilding Development Scheme (SbDS), with the proposed investment including a Goliath crane and an ELL crane.

What the CEO said

The CEO stated that the first half of FY27 marks the transition from turnaround to scaled execution, that the resolution plan is complete and obligations to the Committee of Creditors have been settled, and that the company expects domestic shipbuilding demand to pick up, helped by the Government of India's push to expand commercial shipbuilding and by proposed defence programmes.

Clean slate

The presentation describes CIRP closure and prepayment of Committee of Creditors obligations, with the resolution plan closed and the focus now on execution.

Regulatory boost

The presentation refers to the Gujarat Shipbuilding Policy 2026 as a second layer of incentive on top of central shipbuilding incentives, including shipbuilding financial assistance of 8-10% of contract price and a 5% subsidy on goods and services procured from MSMEs registered in Gujarat.

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