India's Richest People 2026 edition · 1 director · Source: Hurun India
- #478 Nikhil V Merchant ₹7,300 Cr
Market Cap
₹15,039 Cr
SWANDEF · NSE
Share Price
₹2,711.90
-5.00% today
Revenue
₹282 Cr
FY 2025-26 · +3913.4% YoY
EBITDA
−₹310 Cr
Margin -109.8%
Net Profit
−₹226 Cr
FY 2025-26 · -24.2% YoY
P/E (TTM)
44.2x
P/B 6.8x
Debt / Equity
14.49
Interest cover -3.3x
Authorised capital
₹15,000 Cr
Registered with MCA
About Swan Defence and Heavy Industries Limited
Data last updated:
Swan Defence and Heavy Industries Limited is a public limited company based in Rajual, Gujarat, India. It operates in the shipbuilding and repair services segment of the transport and logistics sector. It was incorporated on 17 October 1997 and has been in existence for over 29 years.
Its director Nikhil V Merchant is #478 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L35110GJ1997PLC033193. Its GSTIN is 24AABCP1491L1ZC (Gujarat). The company holds 4 GST registrations, of which 3 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 533107 and NSE: SWANDEF.
The company has an authorised share capital of ₹15,000 Cr and a paid-up capital of ₹52.68 Cr. It was formerly known as Reliance Defence and Engineering Limited and Pipavav Defence and Offshore Engineering Company Limited. It is led by directors including Nikhil Vasantlal Merchant (Managing Director) and Arvind Jayasing Morbale (Whole-Time Director).
Its last annual general meeting (AGM) was held on 24 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Pipavav Shipyard Limited Pipavav Port Post Ucchaya Via Rajula, Rajual, Gujarat, India – 365560.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹282.14 Cr, reflecting significant growth compared to the previous year. For the same year it recorded a net loss of ₹225.74 Cr (net margin -80%) and EBITDA of -₹309.75 Cr (EBITDA margin -109.8%). The net worth stands at ₹69.64 Cr (down 76.4% YoY). Total assets are valued at ₹2,857.58 Cr (up 2% YoY).
The company has about 54 employees on its provident fund (EPFO) records. Its group structure includes 5 subsidiaries.
The company is associated with 1 brand: Reliance Naval and Engineering. As per MCA filings, the company has open charges of ₹16,176 Cr and satisfied charges of ₹4,716.3 Cr on record. Court records list 237 cases involving the company, including 101 filed by the company and 141 filed against it; 50 cases are pending. The company has 85 deals on record (62 market trades, 16 funding rounds, 4 secondary share transfers), with disclosed funding of ₹1,660.48 Cr; the latest was in January 2024. The company has 7 MSME Form 1 returns on record between 2017 and 2024, listing 42 overdue payments to 19 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website rnaval.co.in.
Company details
CIN L35110GJ1997PLC033193
Registration Number 033193
Incorporation Date 17 October 1997
ROC Ahmedabad
Listing Status Listed - Listed on NSE (SWANDEF); Listed on BSE (533107)
Company Status Active
Date of Last AGM 24 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
Name history
Swan Defence and Heavy Industries has undergone 9 name changes throughout its history. The current legal name is Swan Defence And Heavy Industries Limited.
| Company Name | Status |
|---|---|
| Swan Defence and Heavy Industries Limited | Current |
| Reliance Defence And Engineering Limited | Previous |
| Pipavav Defence And Offshore Engineering Company Limited | Previous |
| Pipavav Shipyard Limited | Previous |
| Pipavav Ship Dismantling And Engineering Limited | Previous |
| Nel Limited | Previous |
| Nel Engineering Limited | Previous |
| Nel Shipyard Limited | Previous |
| Reliance Naval & Engineering Limited | Previous |
CIN history
Swan Defence and Heavy Industries has one previous CIN (Corporate Identification Number): U35110GJ1997PLC033193. The current CIN is L35110GJ1997PLC033193, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L35110GJ1997PLC033193 | Current |
| U35110GJ1997PLC033193 | Previous |
Key People
Nikhil Vasantlal Merchant Managing Director Arvind Jayasing Morbale Whole-Time Director Paresh Vasantlal Merchant Director Recognitions & Rankings of Swan Defence and Heavy Industries
Contact details
Swan Defence and Heavy Industries Limited's registered office is in Rajual, Gujarat. Its website is rnaval.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressPipavav Shipyard Limited Pipavav Port Post Ucchaya Via Rajula, Rajual, Gujarat, India – 365560
- IndustryTransport and Logistics, Shipbuilding & Repair Services
To see the full contact details of Swan Defence and Heavy Industries Limited, buy the company report.
Comprehensive company report
Swan Defence and Heavy Industries Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Swan Defence and Heavy Industries operates one associated brand: Reliance Naval and Engineering. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Shipbuilding services for the defense industry are provided. | rnaval.co.in |
Business activity
The main business activity of Swan Defence and Heavy Industries is manufacturing. In detail, this covers repair & installation of machinery & equipment, motor vehicles.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C12 | Repair & installation of machinery & equipment, motor vehicles |
Financials of Swan Defence and Heavy Industries Limited
FY 2025-26 filings availableSwan Defence and Heavy Industries Limited reported revenue of ₹282.14 Cr (up 3913.4% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹282 Cr
+3913.4% YoY
EBITDA
−₹310 Cr
-181.1% YoY
Profit After Tax
−₹226 Cr
-24.2% YoY
Net Worth
₹69.64 Cr
-76.4% YoY
Total Assets
₹2,858 Cr
+2.0% YoY
Total Debt
₹2,788 Cr
+11.3% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 282 | 7.03 | 0.00 | 3.16 | 6.32 | 6.30 | 75.49 |
| Revenue growth | +3913.4% | - | -100.0% | -50.0% | +0.3% | -91.7% | - |
| EBITDA | (310) | (110) | (28.96) | (969) | (26.60) | (1,506) | (244) |
| EBITDA margin | -109.8% | -1567.6% | - | - | -420.9% | - | -322.9% |
| Profit before tax | (228) | (182) | (121) | 17,937 | (2,086) | (3,427) | (1,761) |
| Net profit | (226) | (182) | (121) | (1,566) | (2,088) | (2,105) | (1,695) |
| Net profit margin | -80.0% | -2585.4% | - | - | - | - | -2244.9% |
| EPS (₹) | (42.88) | (34.36) | (449.61) | 66,874.73 | (28.28) | (46.46) | (23.87) |
| Balance sheet | |||||||
| Total assets | 2,858 | 2,801 | 2,696 | 2,695 | (1,953) | 129 | 777 |
| Net worth | 69.64 | 296 | 477 | 547 | (17,376) | (15,292) | (12,166) |
| Total debt | 2,788 | 2,505 | 2,219 | 2,148 | 15,423 | 15,420 | 12,906 |
| Cash & bank | 289 | 29.18 | 18.95 | 8.10 | 27.82 | 18.91 | 15.93 |
| Net working capital | 1,154 | 1,384 | 1,386 | 1,329 | (3,403) | (1,394) | (1,541) |
| Cash flow | |||||||
| Cash from operations | 182 | (96.21) | (70.14) | 1,428 | 2,007 | 710 | (1,183) |
| Cash from investing | (440) | (162) | (10.87) | 11.68 | 2.35 | (1.46) | 49.27 |
| Cash from financing | 413 | 268 | 91.12 | (1,460) | (1,999) | (707) | 1,099 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68.85 | 30.61 | 236 | 5.87 | 39.57 | 0.42 | 4.91 | 1.16 |
| Revenue growth (YoY) | +74.0% | +7188.1% | +4712.2% | +406.0% | +4021.9% | - | - | - |
| Other income | 56.84 | 11.57 | 131 | 5.37 | 31.13 | 18.33 | 7.16 | 0.87 |
| EBITDA | (17.68) | (21.10) | (250) | (20.05) | (7.97) | (31.62) | (11.67) | (36.17) |
| EBITDA margin | -25.7% | -68.9% | -106.0% | -341.6% | -20.1% | -7528.6% | -237.7% | -3118.1% |
| Depreciation | 16.54 | 15.18 | 17.51 | 15.53 | 15.08 | 15.15 | 15.92 | 15.08 |
| Interest | 19.32 | 16.95 | 4.78 | 2.91 | 2.28 | 2.35 | 2.46 | 2.49 |
| Profit before tax | 3.30 | (41.66) | (142) | (33.12) | 5.80 | (30.79) | (22.89) | (52.87) |
| Tax | (563) | 0.00 | 0.00 | 0.00 | 6.35 | 0.00 | 0.00 | 0.00 |
| Net profit | 566 | (41.66) | (142) | (33.12) | (0.55) | (30.79) | (22.89) | (52.87) |
| EPS (₹) | 107.52 | (7.91) | (26.98) | (6.28) | (3.77) | (5.84) | (4.32) | (10.13) |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 282 | 7.03 | 0.00 | 3.16 | 6.32 | 6.30 | 75.49 |
| Revenue growth | +3913.4% | - | -100.0% | -50.0% | +0.3% | -91.7% | - |
| EBITDA | (310) | (110) | (28.96) | (969) | (26.60) | (1,506) | (242) |
| EBITDA margin | -109.8% | -1567.6% | - | - | -420.9% | - | -321.1% |
| Profit before tax | (228) | (182) | (121) | 17,937 | (2,086) | (3,427) | (1,621) |
| Net profit | (227) | (182) | (121) | (1,566) | (2,088) | (2,105) | (1,555) |
| Net profit margin | -80.6% | -2591.8% | - | - | - | - | -2060.2% |
| EPS (₹) | (43.19) | (34.45) | (452.46) | 66,873.95 | (28.29) | (46.46) | (21.98) |
| Balance sheet | |||||||
| Total assets | 2,852 | 2,798 | 2,692 | 2,693 | (1,956) | 127 | 318 |
| Net worth | 64.37 | 292 | 473 | 545 | (17,379) | (15,293) | (11,868) |
| Total debt | 2,788 | 2,505 | 2,219 | 2,148 | 15,423 | 15,420 | 12,185 |
| Cash & bank | 289 | 29.18 | 18.95 | 8.10 | 27.82 | 18.91 | 15.80 |
| Net working capital | 1,154 | 1,384 | 1,386 | 1,329 | (3,403) | (1,394) | (1,299) |
| Cash flow | |||||||
| Cash from operations | 182 | (96.21) | (70.14) | 1,428 | 2,007 | 710 | (1,253) |
| Cash from investing | (440) | (162) | (10.87) | 11.68 | 2.35 | (1.33) | 41.31 |
| Cash from financing | 413 | 268 | 91.12 | (1,460) | (1,999) | (707) | 1,177 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68.85 | 30.61 | 236 | 5.87 | 39.57 | 0.42 | 4.91 | 1.16 |
| Revenue growth (YoY) | +74.0% | +7188.1% | +4712.2% | +406.0% | +4021.9% | - | - | - |
| Other income | 56.84 | 11.57 | 130 | 5.10 | 30.67 | 17.95 | 7.16 | 0.88 |
| Total expenses | 85.87 | 51.63 | 487 | 25.92 | 47.54 | 32.04 | 16.57 | 37.33 |
| EBITDA | (17.02) | (21.02) | (250) | (20.05) | (7.97) | (31.62) | (11.66) | (36.17) |
| EBITDA margin | -24.7% | -68.7% | -106.0% | -341.6% | -20.1% | -7528.6% | -237.5% | -3118.1% |
| Depreciation | 16.54 | 15.18 | 17.51 | 15.53 | 15.08 | 15.15 | 15.92 | 15.08 |
| Interest | 19.32 | 16.95 | 4.78 | 2.91 | 2.28 | 2.35 | 2.46 | 2.49 |
| Profit before tax | 3.96 | (41.58) | (143) | (33.39) | 5.34 | (31.17) | (22.88) | (52.86) |
| Tax | (563) | 0.00 | 0.00 | 0.00 | 6.35 | 0.00 | 0.00 | 0.00 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 23 Oct 2026
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68.85 | 30.61 | 236 | 5.87 | 39.57 | 0.42 | 4.91 | 1.16 |
| Revenue growth (YoY) | +74.0% | +7188.1% | +4712.2% | +406.0% | +4021.9% | - | - | - |
| Other income | 56.84 | 11.57 | 131 | 5.37 | 31.13 | 18.33 | 7.16 | 0.87 |
| EBITDA | (17.68) | (21.10) | (250) | (20.05) | (7.97) | (31.62) | (11.67) | (36.17) |
| EBITDA margin | -25.7% | -68.9% | -106.0% | -341.6% | -20.1% | -7528.6% | -237.7% | -3118.1% |
| Depreciation | 16.54 | 15.18 | 17.51 | 15.53 | 15.08 | 15.15 | 15.92 | 15.08 |
| Interest | 19.32 | 16.95 | 4.78 | 2.91 | 2.28 | 2.35 | 2.46 | 2.49 |
| Profit before tax | 3.30 | (41.66) | (142) | (33.12) | 5.80 | (30.79) | (22.89) | (52.87) |
| Tax | (563) | 0.00 | 0.00 | 0.00 | 6.35 | 0.00 | 0.00 | 0.00 |
| Net profit | 566 | (41.66) | (142) | (33.12) | (0.55) | (30.79) | (22.89) | (52.87) |
| EPS (₹) | 107.52 | (7.91) | (26.98) | (6.28) | (3.77) | (5.84) | (4.32) | (10.13) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 282 | 7.03 | 0.00 | 3.16 | 6.32 | 6.30 | 75.49 |
| Revenue growth | +3913.4% | - | -100.0% | -50.0% | +0.3% | -91.7% | - |
| Other income | 158 | 10.50 | 2.46 | 20,444 | 12.73 | 185 | 23.72 |
| Total expenses | 592 | 117 | 28.96 | 972 | 32.92 | 1,512 | 319 |
| Employee cost | 36.07 | 21.89 | 4.72 | 3.26 | 4.80 | 7.69 | 20.54 |
| EBITDA | (310) | (110) | (28.96) | (969) | (26.60) | (1,506) | (244) |
| EBITDA margin | -109.8% | -1567.6% | - | - | -420.9% | - | -322.9% |
| Depreciation | 63.27 | 60.88 | 68.46 | 68.29 | 73.96 | 73.78 | 71.95 |
| Interest | 12.32 | 20.94 | 26.39 | 1,470 | 1,999 | 2,032 | 1,469 |
| Profit before tax | (228) | (182) | (121) | 17,937 | (2,086) | (3,427) | (1,761) |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net profit | (226) | (182) | (121) | (1,566) | (2,088) | (2,105) | (1,695) |
| Net profit margin | -80.0% | -2585.4% | - | - | - | - | -2244.9% |
| EPS (₹) | (42.88) | (34.36) | (449.61) | 66,874.73 | (28.28) | (46.46) | (23.87) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 52.68 | 52.68 | 2.68 | 2.68 | 751 | 750 | 749 |
| Reserves & surplus | 16.96 | 243 | 424 | 545 | (18,127) | (16,042) | (12,915) |
| Shareholders' funds (net worth) | 69.64 | 296 | 477 | 547 | (17,376) | (15,292) | (12,166) |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Secured loans | 1,014 | 1,332 | 1,840 | 2,040 | 0.00 | 0.00 | 3,581 |
| Unsecured loans | 1,773 | 1,173 | 379 | 108 | 15,423 | 15,420 | 9,326 |
| Total debt | 2,788 | 2,505 | 2,219 | 2,148 | 15,423 | 15,420 | 12,906 |
| Total liabilities | 2,858 | 2,801 | 2,696 | 2,695 | (1,953) | 129 | 777 |
| Assets | |||||||
| Gross block | 6,132 | 6,107 | 6,033 | 6,029 | 6,367 | 6,367 | 6,912 |
| Net block | 1,187 | 1,180 | 1,168 | 1,232 | 1,332 | 1,406 | 1,973 |
| Capital work in progress | 166 | 155 | 43.07 | 36.69 | 36.69 | 36.69 | 36.69 |
| Investments | 258 | 5.26 | 4.81 | 4.05 | 3.84 | 3.39 | 303 |
| Inventories | 952 | 1,401 | 1,405 | 1,405 | 2,086 | 2,089 | 495 |
| Sundry debtors | 12.32 | 0.46 | 0.00 | 0.00 | 0.81 | 2.58 | 2.90 |
| Cash & bank balances | 289 | 29.18 | 18.95 | 8.10 | 27.82 | 18.91 | 15.93 |
| Loans & advances | 211 | 43.93 | 9.52 | 5.83 | 179 | 174 | 1,915 |
| Total current assets | 1,464 | 1,475 | 1,434 | 1,419 | 2,294 | 2,284 | 2,429 |
| Total current liabilities | 310 | 90.48 | 47.65 | 90.25 | 5,696 | 3,678 | 3,970 |
| Net working capital | 1,154 | 1,384 | 1,386 | 1,329 | (3,403) | (1,394) | (1,541) |
| Total assets | 2,858 | 2,801 | 2,696 | 2,695 | (1,953) | 129 | 777 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 28.38 | 18.21 | 8.10 | 27.82 | 16.78 | 15.64 | 50.31 |
| Net cash from operating activities | 182 | (96.21) | (70.14) | 1,428 | 2,007 | 710 | (1,183) |
| Net cash from investing activities | (440) | (162) | (10.87) | 11.68 | 2.35 | (1.46) | 49.27 |
| Net cash from financing activities | 413 | 268 | 91.12 | (1,460) | (1,999) | (707) | 1,099 |
| Net change in cash | 156 | 10.17 | 10.11 | (19.72) | 11.04 | 1.14 | (34.67) |
| Closing cash | 289 | 29.18 | 18.95 | 8.10 | 27.82 | 18.91 | 15.93 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +3913.4% | - | -100.0% | -50.0% | +0.3% | -91.7% | - |
| EBITDA growth | -181.1% | -280.5% | +97.0% | -3543.4% | +98.2% | -517.8% | - |
| PBT growth | -25.3% | -49.6% | - | +9998.0% | +39.1% | -94.6% | +83.3% |
| Net income growth | -24.2% | -50.7% | +92.3% | +25.0% | +0.8% | -24.2% | - |
| Revenue CAGR (3Y) | +347.0% | +3.6% | -100.0% | -65.3% | -67.3% | -74.5% | -48.8% |
| EBITDA CAGR (3Y) | -31.6% | +60.6% | -73.2% | +58.4% | -85.7% | +64.1% | - |
| Profitability & leverage | |||||||
| Net income margin | -80.6% | -2582.1% | - | - | - | - | -2332.6% |
| Return on capital employed | 0.0% | 0.0% | 0.0% | -7.1% | 0.0% | 0.0% | 0.0% |
| Return on net worth | 0.0% | 0.0% | 0.0% | +21.1% | 0.0% | 0.0% | 0.0% |
| Debt / equity | 14.49 | 6.12 | 4.26 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | 13.89 | 4.80 | 3.25 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | -3.30 | -12.24 | -27.09 | -141.67 | -1,987.44 | -128.60 | -465.21 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| Inventory turnover | 0.24 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.14 |
| Debtors turnover | 44.15 | 30.57 | 0.00 | 7.80 | 3.73 | 2.30 | 17.87 |
| EPS (₹) | (42.88) | (34.36) | (449.61) | 66,874.73 | (28.28) | (46.46) | (23.87) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 13.22 | 56.11 | 1,590.67 | 2,040.28 | (235.77) | (207.49) | (165.10) |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68.85 | 30.61 | 236 | 5.87 | 39.57 | 0.42 | 4.91 | 1.16 |
| Revenue growth (YoY) | +74.0% | +7188.1% | +4712.2% | +406.0% | +4021.9% | - | - | - |
| Other income | 56.84 | 11.57 | 130 | 5.10 | 30.67 | 17.95 | 7.16 | 0.88 |
| Total expenses | 85.87 | 51.63 | 487 | 25.92 | 47.54 | 32.04 | 16.57 | 37.33 |
| EBITDA | (17.02) | (21.02) | (250) | (20.05) | (7.97) | (31.62) | (11.66) | (36.17) |
| EBITDA margin | -24.7% | -68.7% | -106.0% | -341.6% | -20.1% | -7528.6% | -237.5% | -3118.1% |
| Depreciation | 16.54 | 15.18 | 17.51 | 15.53 | 15.08 | 15.15 | 15.92 | 15.08 |
| Interest | 19.32 | 16.95 | 4.78 | 2.91 | 2.28 | 2.35 | 2.46 | 2.49 |
| Profit before tax | 3.96 | (41.58) | (143) | (33.39) | 5.34 | (31.17) | (22.88) | (52.86) |
| Tax | (563) | 0.00 | 0.00 | 0.00 | 6.35 | 0.00 | 0.00 | 0.00 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 282 | 7.03 | 0.00 | 3.16 | 6.32 | 6.30 | 75.49 |
| Revenue growth | +3913.4% | - | -100.0% | -50.0% | +0.3% | -91.7% | - |
| Other income | 158 | 10.51 | 2.46 | 20,444 | 12.73 | 185 | 23.71 |
| Total expenses | 592 | 117 | 28.96 | 972 | 32.92 | 1,512 | 318 |
| Employee cost | 36.07 | 21.89 | 4.72 | 3.26 | 4.80 | 7.69 | 20.54 |
| EBITDA | (310) | (110) | (28.96) | (969) | (26.60) | (1,506) | (242) |
| EBITDA margin | -109.8% | -1567.6% | - | - | -420.9% | - | -321.1% |
| Depreciation | 63.27 | 60.88 | 68.46 | 68.29 | 73.96 | 73.78 | 74.61 |
| Interest | 12.32 | 20.94 | 26.39 | 1,470 | 1,999 | 2,032 | 1,328 |
| Profit before tax | (228) | (182) | (121) | 17,937 | (2,086) | (3,427) | (1,621) |
| Tax | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net profit | (227) | (182) | (121) | (1,566) | (2,088) | (2,105) | (1,555) |
| Net profit margin | -80.6% | -2591.8% | - | - | - | - | -2060.2% |
| EPS (₹) | (43.19) | (34.45) | (452.46) | 66,873.95 | (28.29) | (46.46) | (21.98) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 52.68 | 52.68 | 2.68 | 2.68 | 751 | 750 | 749 |
| Reserves & surplus | 11.69 | 239 | 421 | 542 | (18,130) | (16,043) | (12,617) |
| Shareholders' funds (net worth) | 64.37 | 292 | 473 | 545 | (17,379) | (15,293) | (11,868) |
| Secured loans | 1,014 | 1,332 | 1,840 | 2,040 | 0.00 | 0.00 | 3,548 |
| Unsecured loans | 1,773 | 1,173 | 379 | 108 | 15,423 | 15,420 | 8,637 |
| Total debt | 2,788 | 2,505 | 2,219 | 2,148 | 15,423 | 15,420 | 12,185 |
| Total liabilities | 2,852 | 2,798 | 2,692 | 2,693 | (1,956) | 127 | 318 |
| Assets | |||||||
| Gross block | 6,132 | 6,107 | 6,033 | 6,029 | 6,367 | 6,367 | 6,367 |
| Net block | 1,187 | 1,180 | 1,168 | 1,232 | 1,332 | 1,406 | 1,480 |
| Capital work in progress | 166 | 155 | 43.07 | 36.69 | 36.69 | 36.69 | 36.69 |
| Investments | 253 | 1.53 | 1.53 | 1.53 | 1.53 | 1.53 | 20.50 |
| Inventories | 952 | 1,401 | 1,405 | 1,405 | 2,086 | 2,089 | 495 |
| Sundry debtors | 12.32 | 0.46 | 0.00 | 0.00 | 0.81 | 2.58 | 0.46 |
| Cash & bank balances | 289 | 29.18 | 18.95 | 8.10 | 27.82 | 18.91 | 15.80 |
| Loans & advances | 211 | 43.93 | 9.52 | 5.83 | 179 | 174 | 1,915 |
| Total current assets | 1,464 | 1,475 | 1,434 | 1,419 | 2,294 | 2,284 | 2,426 |
| Total current liabilities | 310 | 90.48 | 47.65 | 90.25 | 5,696 | 3,678 | 3,725 |
| Net working capital | 1,154 | 1,384 | 1,386 | 1,329 | (3,403) | (1,394) | (1,299) |
| Total assets | 2,852 | 2,798 | 2,692 | 2,693 | (1,956) | 127 | 318 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 28.38 | 18.21 | 8.10 | 27.82 | 16.78 | 15.51 | 50.06 |
| Net cash from operating activities | 182 | (96.21) | (70.14) | 1,428 | 2,007 | 710 | (1,253) |
| Net cash from investing activities | (440) | (162) | (10.87) | 11.68 | 2.35 | (1.33) | 41.31 |
| Net cash from financing activities | 413 | 268 | 91.12 | (1,460) | (1,999) | (707) | 1,177 |
| Net change in cash | 156 | 10.17 | 10.11 | (19.72) | 11.04 | 1.27 | (34.55) |
| Closing cash | 289 | 29.18 | 18.95 | 8.10 | 27.82 | 18.91 | 15.80 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +3913.4% | - | -100.0% | -50.0% | +0.3% | -91.7% | - |
| EBITDA growth | -181.1% | -280.5% | +97.0% | -3543.4% | +98.2% | -521.3% | - |
| PBT growth | -25.3% | -49.6% | - | +9998.0% | +39.1% | -111.4% | +84.0% |
| Net income growth | -24.8% | -50.1% | +92.3% | +25.0% | +0.8% | -35.4% | - |
| Revenue CAGR (3Y) | +347.0% | +3.6% | -100.0% | -65.3% | -67.3% | -73.4% | -47.4% |
| EBITDA CAGR (3Y) | -31.6% | +60.6% | -73.2% | +58.7% | -85.5% | +62.4% | - |
| Profitability & leverage | |||||||
| Net income margin | -80.6% | -2581.9% | - | - | - | - | -2147.7% |
| Return on capital employed | 0.0% | 0.0% | 0.0% | -7.1% | 0.0% | 0.0% | 0.0% |
| Return on net worth | 0.0% | 0.0% | 0.0% | +21.1% | 0.0% | 0.0% | 0.0% |
| Debt / equity | 14.86 | 6.17 | 4.29 | 0.00 | 0.00 | 0.00 | 0.00 |
| Long-term debt / equity | 14.24 | 4.85 | 3.27 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | -3.30 | -12.24 | -27.09 | -141.67 | -1,987.44 | -128.60 | -418.89 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| Inventory turnover | 0.24 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.14 |
| Debtors turnover | 44.15 | 30.57 | 0.00 | 7.80 | 3.73 | 4.14 | 25.12 |
| EPS (₹) | (43.19) | (34.45) | (452.46) | 66,873.95 | (28.29) | (46.46) | (21.98) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 12.22 | 55.40 | 1,578.45 | 2,030.92 | (235.80) | (207.51) | (161.06) |
To see the full year-wise statements and ratios of Swan Defence and Heavy Industries Limited, buy the company report.
Board of directors of Swan Defence and Heavy Industries Limited
Swan Defence and Heavy Industries has 10 current directors and 64 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
Showing 6 of 10 current directors. View all directors
Auditor
Swan Defence and Heavy Industries Limited is audited by Pathak H.D. & Associates for the financial year 2019.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Pathak H.D. & Associates | FY 2019 | 107783W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 89.90%, foreign institutional investors hold 0.70%, domestic institutional investors hold 1.90% and retail and other public shareholders hold 7.50%.
Sep 2026
QUARTER
89.90% Promoters
1.90% DII (Domestic Institutional)
0.70% FII (Foreign Institutional)
7.50% Retail & Others
Promoter holding - history
Now 89.90% · Sep 2026High 94.90% · Dec 2025Low 89.90% · Jun 2026
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 89.90% | 89.90% | 94.90% | 94.90% |
| Public | 10.10% | 10.10% | 5.10% | 5.10% |
Charges & borrowings
Open charges
₹16,176 Cr
Satisfied charges
₹4,716.3 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 17 Jun 2026 | 101324611 | Idbi Bank Limited | ₹50 Cr | Open | |
| 12 Jun 2026 | 101320312 | Others | ₹66.9 Cr | Open | |
| 11 Jun 2026 | 101320366 | Others | ₹33 Cr | Open | |
| 07 Mar 2018 | 100160549 | Others | ₹2,500 Cr | Open | |
| 20 Apr 2015 | 10601169 | Il & Fs Trust Company Limited | ₹1,689 Cr | Open |
To see the full charge records of Swan Defence and Heavy Industries Limited, buy the company report.
Total charge records: 63 View all charges
Deals & funding
Swan Defence and Heavy Industries Limited has 85 deals on record (62 market trades, 16 funding rounds, 4 secondary share transfers), with disclosed funding of ₹1,660.48 Cr; the latest was in January 2024.
Total deals
85
Market trades
62
Funding rounds
16
Secondary share transfers
4
IPO
1
Disclosed funding
₹1,660.48 Cr
Deals on record (5 of 85)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2024 | Acquisition | ₹50 Cr | Buyer: Hazel Infra Limited |
| Jul 2021 | Market trade | ₹2.66 Cr | Seller: Il&Fs Financial Services Limited |
| Jul 2021 | Market trade | ₹3.63 Cr | Seller: Il&Fs Financial Services Limited |
| Jul 2021 | Market trade | ₹2.05 Cr | Seller: Il&Fs Financial Services Limited |
| Oct 2020 | Market trade | ₹2.77 Cr | Buyer: Topgain Finance Private Limited , an individual Seller: Valiant Capital Partners, Topgain Finance Private Limited , an individual |
To see the full deal history of Swan Defence and Heavy Industries Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Swan Defence and Heavy Industries Limited has 237 court cases on record: 101 filed by Swan Defence and Heavy Industries, 141 filed against it. 50 cases are pending and 187 are disposed.
Total cases
237
Filed by the company
101
Filed against the company
141
Pending
50
Disposed
187
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 97 | 38 | 22 |
| District courts | 86 | 70 | 14 |
| NCLT | 22 | 15 | 10 |
| NCLAT | 21 | 11 | 1 |
| Supreme Court | 11 | 7 | 3 |
Cases on record (5 of 237)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Commercial suit | Filed by the company against National Insurance Company Limited and 2 others | Pending |
| High Court, GUJARAT | Special civil application | Filed against the company by Simms Engineering Pvt. Ltd. | Pending |
| High Court, MAHARASHTRA | Writ petition | Filed against the company by Gujarat Positra Steel Company Ltd | Pending |
| District court, Mumbai Small Causes Court, Maharashtra | Court case (Revision) | Filed against the company by Gujarat Positra Steel Company Limited(Authorised Chetan Kothari) | Pending |
| District court, Ahmedabad, Gujarat | Court case (SMST S) | Filed against the company by Globe Ecologistics Ltd. | Pending |
To see the full case history of Swan Defence and Heavy Industries Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Swan Defence and Heavy Industries Limited was last rated by Brickwork on 24 Sep 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Brickwork | 24 Sep 2021 |
To see the full credit ratings and regulatory alerts of Swan Defence and Heavy Industries Limited, buy the company report.
MSME payment delays
Swan Defence and Heavy Industries Limited has 7 MSME Form 1 returns on record between 2017 and 2024, listing 42 overdue payments to 19 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 19)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| M/S Escort Security & Personnel Services | |||
| Electromac Industries | |||
| Royal Enviro. Auditing & Conslt. Se | |||
| Mascot Outsourcing Services Private Limited | |||
| Patel Microdata Private Limited |
To see the full MSME payment records of Swan Defence and Heavy Industries Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Swan Defence and Heavy Industries has 5 subsidiary companies and 1 associated company. This group structure data is as of FY 2019. The table lists each entity with its relationship and holding.
5
Subsidiary companies
1
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Reds Marine Services Limited | U29219GJ2012PLC070565 | |
| Reliance Underwater Systems Private Limited | U29241GJ2013PTC077604 | |
| Reliance Technologies and Systems Private Limited | U29248MH2013PTC247148 | |
| Rmol Engineering and Offshore Limited | U35100GJ2012PLC070568 | |
| E Complex Private Limited | U63000GJ1995PTC026113 |
To see the full group structure of Swan Defence and Heavy Industries Limited, buy the company report.
Employees & EPFO
Swan Defence and Heavy Industries Limited has a workforce of 54 employees on its EPFO records as of Mar 30, 2024, across 2 active EPFO establishments.
Employee count
54
Active EPFO establishments
2
Employee growth
-10%
GST
Swan Defence and Heavy Industries has 4 GST registrations: 3 active and 1 cancelled or inactive.
Total GSTINs
4
Active
3
Cancelled / inactive
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AABCP1491L1ZC | Gujarat | Active | 01 Jul 2017 |
| 24AABCP1491L2ZB | Gujarat | Active | 10 Jul 2017 |
| 27AABCP1491L2Z5 | Maharashtra | Active | 26 Jul 2017 |
To see the full GST registrations and return filing status of Swan Defence and Heavy Industries Limited, buy the company report.
Recent activity
Swan Defence and Heavy Industries Limited has 132 board changes on record since 1997: 72 appointments and 60 cessations. The latest: Jayaramakrishnan Kannan was appointed as Director on 31 Mar 2026.
Charges
A charge with Idbi Bank Limited amounted to Rs. 50.00 Cr with Charge ID 101324611 was registered on 17 Jun 2026.
Charges
A charge with Others amounted to Rs. 66.90 Cr with Charge ID 101320312 was registered on 12 Jun 2026.
Charges
A charge with Others amounted to Rs. 33.00 Cr with Charge ID 101320366 was registered on 11 Jun 2026.
Charges
A charge registered on 11 Jul 2014 via Charge ID 10530975 with Idbi Bank Limited was fully satisfied on 13 Apr 2026.
Filing
Swan Defence And Heavy Industries Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Appointed
Jayaramakrishnan Kannan was appointed as Director.
AGM
Swan Defence And Heavy Industries Limited last Annual general meeting of members was held on 24 Sep 2025 as per latest MCA records.
Ceased
Rishi Tarun Chopra ceased to be CFO.
Appointed
Vipin Kumar Saxena was appointed as CEO.
Charges
A charge with Others of Rs. 5,009.00 Cr registered on 03 Dec 2008 with Charge ID 10134372 was modified on 03 Aug 2024.
Appointed
Prabhakar Reddy Patil was appointed as Director.
Appointed
Arun Sinha was appointed as Director.
248 earlier events are in the company report.
News
Swan Defence Set to Secure ₹1,897 Crore Order for Four Oil Product Tankers
Swan Defence And Heavy Industries: To Hold Meeting With Analysts And Investors On September 21
Frequently asked questions
Swan Defence and Heavy Industries is an active public limited company based in Rajual, Gujarat, India. The company works in shipbuilding and repair services, within the transport and logistics industry. It was incorporated on 17 October 1997 (29+ years old) and is registered under CIN L35110GJ1997PLC033193. Listed on BSE: 533107 and NSE: SWANDEF.
Swan Defence and Heavy Industries reported revenue of ₹282.14 Cr for FY 2025-26 (up 3913.4% YoY) based on consolidated financials.
Swan Defence and Heavy Industries has 10 current directors:
- Nikhil Vasantlal Merchant - Managing Director
- Arvind Jayasing Morbale - Whole-Time Director
- Paresh Vasantlal Merchant - Director
- Bhavik Nikhil Merchant - Director
- Vivek Paresh Merchant - Director
- Kaiyoze Beji Billimoria - Director
- Arun Sinha - Director
- Prabhakar Reddy Patil - Director
- Maya Swaminathan Sinha - Director
- Jayaramakrishnan Kannan - Director
The latest financial statements of Swan Defence and Heavy Industries on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 24 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Swan Defence and Heavy Industries is 24AABCP1491L1ZC, registered in Gujarat. The company has 4 GST registrations in all, of which 3 are active and 1 is cancelled or inactive. Other active GSTINs include 24AABCP1491L2ZB (Gujarat), 27AABCP1491L2Z5 (Maharashtra).
The CIN (Corporate Identification Number) of Swan Defence and Heavy Industries is L35110GJ1997PLC033193. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Swan Defence and Heavy Industries is a listed company as per MCA records. Its shares are listed on both BSE (code: 533107) and NSE (symbol: SWANDEF).
Swan Defence and Heavy Industries has 237 court cases on record: 101 filed by the company and 141 filed against it. 50 are pending. Most are in the high courts.
Swan Defence and Heavy Industries was incorporated on 17 October 1997, making it 29+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Swan Defence and Heavy Industries has 85 deals on record (62 market trades, 16 funding rounds, 4 secondary share transfers), with disclosed funding of ₹1,660.48 Cr; the latest was in January 2024.
Jayaramakrishnan Kannan was appointed as Director on 31 Mar 2026. Rishi Tarun Chopra ceased to be CFO on 22 Nov 2024. Vipin Kumar Saxena was appointed as CEO on 06 Nov 2024. Swan Defence and Heavy Industries has 132 board changes on record in total.