Swan Defence And Heavy Industries533107Quarterly results
Q2, H1 FY27 results approved; Triumph Offshore amalgamation effective, 159,49,68,750 preference shares allotted
The Company has approved the allotment of 159,49,68,750 preference shares to the equity shareholders of Triumph Offshore Private Limited, whose amalgamation with the Company is effective 17 September 2026.
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 6,884.65 | 3,957.00 | +74% | 3,061.14 | +125% |
| Total income | 12,568.45 | 7,023.93 | +78.9% | 4,218.31 | +198% |
| Profit before tax | 328.59 | 579.33 | −43.3% | (4,165.81) | — |
| Profit after tax | 56,643.76 | (55.33) | — | (4,165.82) | — |
| Total comprehensive income | 56,377.04 | (54.70) | — | (4,251.93) | — |
| Basic EPS | 107.52 | (0.11) | — | (7.91) | — |
- Total income YoY growth
- +78.9%
- Period
- Quarter Ended 30.09.2026 Unaudited
Auditor's review
Conclusion: Unmodified
- Group's share of net loss of associate of INR 74.90 lakhs is based on unaudited/unreviewed management information, stated as not material.
- Interim financial information of three subsidiaries was not available and has not been included in the consolidated results; stated as not material to the group.
Notes to the results
- Scheme of amalgamation of Triumph Offshore Pvt Ltd with the Company approved by NCLT Ahmedabad; effective date September 17, 2026, appointed date April 1, 2024; comparatives restated.
- Company approved allotment of 159,49,68,750 Preference shares of ₹10 each to equity shareholders of the Transferor Company under the Scheme.
- Tax provision of ₹56,315.17 Lakhs carried forward from Transferor Company written back as at September 30, 2026 as no longer necessary.
- Net surplus credited to retained earnings up to the effective date amounted to ₹9,287.18 Lakhs after amalgamation adjustments.
What the Board decided
- The Board of Directors met on 12 October 2026, from 2:45 P.M. to 5:45 P.M.
- It approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the Limited Review Report of the statutory auditors.
- The Company is engaged in ship building, ship repairs and Heavy Fabrication, and has no separate reportable segments.
- The figures for the quarter ended September 30, 2026 are the balancing figures between the unaudited half year figures and the year to date figures for the quarter ended June 30, 2026.
Amalgamation of Triumph Offshore Private Limited
- Under a Scheme of Amalgamation approved by the Hon'ble National Company Law Tribunal, Ahmedabad Bench, Triumph Offshore Private Limited (the Transferor Company) has amalgamated with the Company, with an appointed date of 1 April 2024 and an effective date of 17 September 2026.
- The Company has approved the allotment of 159,49,68,750 preference shares to the equity shareholders of the Transferor Company.
- The amalgamation is accounted for using the pooling-of-interests method in accordance with Appendix C to Ind AS 103, Business Combinations, at the carrying amounts of the assets and liabilities of the Transferor Company, and the comparative financial information has been restated to give effect to the amalgamation from the appointed date.
- An amalgamation surplus credited to retained earnings amounted to ₹9,287.18 Lakhs.
- A tax provision of ₹56,315.17 Lakhs carried forward in the books of the Transferor Company has been written back in the books of the combined entity as at September 30, 2026, the provision being considered no longer necessary.
Standalone results, quarter ended 30.09.2026 (INR in Lakhs)
- Revenue from Operations: 6,884.65
- Profit / (Loss) Before Tax: 395.27
- Profit / (Loss) After Tax: 56,710.44
- The distance between the last two lines is largely explained by the write-back of the tax provision, shown as the excess provision of earlier years written back of 56,315.17.
Consolidated results, quarter ended 30.09.2026 (INR in Lakhs)
- Profit / (Loss) After Tax: 56,643.76
- The Group's share of net loss of its associate, Conceptia Software Technologies Private Limited, was INR 74.90 lakhs for the quarter and half year.
Auditor's review conclusion
- The auditors state that nothing has come to their attention that causes them to believe that the statements have not been prepared in all material respects in accordance with the applicable accounting standards and disclosure requirements, or that they contain any material misstatement. The review is not an audit and no audit opinion is expressed.
- In the consolidated review, the auditor notes that for certain subsidiaries the interim financial information for the quarter and half year ended September 30, 2026 is not available and has therefore not been included in the unaudited consolidated results; in the auditor's opinion and according to management, this information is not material to the group.
What stands out for a reader
- Of the standalone Profit / (Loss) After Tax of 56,710.44 (INR in Lakhs) for the quarter, a tax provision written back of 56,315.17 (INR in Lakhs) is a large part; Profit / (Loss) Before Tax was 395.27 (INR in Lakhs).
- The amalgamation has been given effect from an appointed date of 1 April 2024, so the half year numbers and the comparative periods include the transferor company and have been restated.
- The consolidated Profit / (Loss) After Tax of 56,643.76 (INR in Lakhs) includes the Group's share of its associate's net loss and is built on the restated standalone base.
₹56,643.76 lakhConsolidated Profit / (Loss) After Tax, quarter ended 30.09.
Total comprehensive income, latest quarter56,377.04 (INR in Lakhs)
Profit before tax, latest quarter328.59 (INR in Lakhs)
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Board meeting on 12 October 2026 to consider and approve unaudited Q2 and H1 FY27 results
6 Oct 2026
More numbers
- Preference shares allotted to Triumph Offshore equity shareholders159,49,68,750
- Standalone Profit / (Loss) Before Tax, quarter ended 30.09.2026395.27
- Standalone Profit / (Loss) After Tax, quarter ended 30.09.202656,710.44
- Tax provision written back in the books of the combined entity₹56,315.17 Lakhs
- Amalgamation surplus credited to retained earnings₹9,287.18 Lakhs
- Group's share of net loss after tax in associateINR 74.90 lakhs
- Total income, latest quarter12,568.45 (INR in Lakhs)
- Total income, year-ago quarter7,023.93 (INR in Lakhs)
- Total income, previous quarter4,218.31 (INR in Lakhs)
- Total comprehensive income, latest quarter56,377.04 (INR in Lakhs)
- Total comprehensive income, year-ago quarter(54.70) (INR in Lakhs)
- Total comprehensive income, previous quarter(4,251.93) (INR in Lakhs)
- Profit after tax, latest quarter56,643.76 (INR in Lakhs)
- Profit after tax, year-ago quarter(55.33) (INR in Lakhs)
- Profit after tax, previous quarter(4,165.82) (INR in Lakhs)
- Revenue from operations, latest quarter6,884.65 (INR in Lakhs)
- Revenue from operations, year-ago quarter3,957.00 (INR in Lakhs)
- Revenue from operations, previous quarter3,061.14 (INR in Lakhs)
- Profit before tax, latest quarter328.59 (INR in Lakhs)
- Profit before tax, year-ago quarter579.33 (INR in Lakhs)
- Profit before tax, previous quarter(4,165.81) (INR in Lakhs)
Source: BSE · 12 Oct 2026
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