Swan Defence and Heavy Industries reported a net loss of ₹227.5 crore for the financial year ended March 31, 2026, compared to a net loss of ₹181.49 crore in the previous year. Revenue from operations for the year surged to ₹282.13 crore, a significant increase from ₹7.03 crore in FY25. The company's Board approved the audited financial results for both standalone and consolidated entities, along with a proposal to raise funds up to ₹4,000 crore through various instruments.

Financial Performance Overview

The company's operational scale-up was evident in the full-year results, with revenue climbing sharply year-on-year. However, the bottom line remained under pressure due to exceptional costs and operational expenses. For the quarter ended March 31, 2026, the company reported a net loss of ₹142.62 crore on a revenue of ₹236.27 crore.

The following table summarises the key financial metrics for the year ended March 31, 2026:

Key Board Decisions and Corporate Actions

The Board of Directors, in its meeting held on May 27, 2026, approved raising funds for an aggregate amount up to ₹4,000 crore. This capital raising initiative will be executed through the issuance of securities via Qualified Institutions Placement, debt issues, preferential issues, or other permissible modes, subject to shareholder and regulatory approvals.

Additionally, the Board approved the re-appointment of M/s Mahajan & Aibara, Chartered Accountant LLP as the Internal Auditors for the financial year 2026-27. The company also announced the convening of its 29th Annual General Meeting on September 2, 2026, via video conferencing.

Management Changes and Auditor Report

In a significant leadership change, Mr. Rajesh Bhardwaj resigned as the Chief Financial Officer effective the close of business hours on May 27, 2026. The Board appointed Mr. Jignesh Shah as the new Chief Financial Officer effective May 28, 2026. Mr. Shah brings over 27 years of experience in financial management to the role.

The statutory auditors, M/s N. N. Jambusaria & Co., issued an unmodified opinion on the audited financial results. However, the auditors drew attention to an emphasis of matter paragraph regarding the sale of five Offshore Vehicles (OSV) in a semi-finished stage. The assets, with a book value of ₹332 crore, were sold for ₹70 crore, resulting in a one-time book loss of ₹262 crore.

Swan Defence and Heavy Industries Limited shareholders have approved the Scheme of Arrangement and Amalgamation with Triumph Offshore Private Limited. The resolution was passed with a requisite majority at a court-convened meeting held on May 25, 2026, pursuant to orders from the National Company Law Tribunal (NCLT), Ahmedabad Bench. The approval allows the company to proceed with the amalgamation under Sections 230 to 232 read with Section 66 and Section 52 of the Companies Act, 2013.

The meeting was held through video conferencing and other audio-visual means, with Mr. Abhay Ranjan, Advocate, chairing the proceedings. Mr. Mubassir Jalees Khan, Advocate, served as the Scrutinizer for the electronic voting process. The remote e-voting period commenced on May 22, 2026, and concluded on May 24, 2026.

Voting Results

The resolution received overwhelming support from shareholders. A total of 49,506,198 votes were cast in favour, representing 99.9997% of the total votes polled, while 150 votes were cast against.

The Scrutinizer's Report confirmed that the resolution was passed with the requisite majority. Excluding promoter votes, public shareholders cast 2,144,945 votes in favour and 150 against. The results and the Scrutinizer's Report are available on the company's website and the website of KFin Technologies Limited.