Swan Defence & Heavy Industries Limited (SDHIL), formerly known as Reliance Naval and Engineering Limited, has reported its financial results for the second quarter of fiscal year 2026, along with plans for potential fund-raising through debenture issuance.

Financial Performance

For the quarter ended September 30, 2025, SDHIL reported:

The company's net loss for Q2 FY26 decreased by 35.5% compared to the previous quarter, while revenue from operations saw a significant increase of 842.1%.

For the half-year period ending September 30, 2025, SDHIL posted a net loss of ₹53.39 crore.

Fund Raising Considerations

The Board of Directors, in their meeting held on November 12, 2025, approved a proposal to raise funds through the issuance of unsecured non-convertible debentures on a private placement basis. Key details of the proposed debenture issue include:

• Issue size: Up to ₹1,000 crore
• Listing: Proposed to be listed on BSE Limited
• Tenure: 10 years from the date of allotment
• Interest rate: Zero percent per annum

The company plans to seek shareholder approval for this fund-raising initiative through a postal ballot process.

Corporate Actions

In addition to the financial results and fund-raising plans, SDHIL disclosed that its Board has approved a merger scheme with Triumph Offshore Private Limited. This merger is subject to regulatory approvals, including sanction from the National Company Law Tribunal (NCLT).

About Swan Defence and Heavy Industries Limited

Swan Defence and Heavy Industries Limited, operating from Pipavav Port in Gujarat, is engaged in the shipbuilding and ship repairs business. The company continues to navigate challenges in the defence manufacturing sector while exploring strategic initiatives for growth and financial stability.

The Board meeting, which commenced at 4:30 p.m. and concluded at 5:30 p.m. on November 12, 2025, addressed these key financial and strategic matters, setting the stage for SDHIL's future operations and capital structure.

Swan Defence & Heavy Industries Limited (SDHI), India's largest shipbuilding and heavy fabrication company, has signed a significant agreement with Norwegian ship owner Rederiet Stenersen AS. The deal involves the construction of six advanced chemical tankers, each with a capacity of 18,000 DWT (deadweight tonnage), marking a major milestone in India's shipbuilding industry.

Key Details of the Agreement

Advanced Features of the Tankers

The chemical tankers to be built under this agreement are designed with several advanced features:

• Ice Class 1A standards
• Advanced hybrid propulsion system
• Improved maneuverability and lower emissions
• Future-ready design allowing conversion to methanol or LNG fuel
• Provision for battery capacity upgrade up to 5,000-kWh

Significance of the Deal

This agreement represents a significant step forward for India's shipbuilding industry. Vivek Merchant, Director of SDHI, emphasized the importance of this deal, stating, "This partnership marks a defining moment for SDHI and for Indian shipbuilding — our first major export of advanced chemical tankers to Norway." He further added that this reflects global confidence in India's shipbuilding capabilities and SDHI's commitment to delivering world-class, future-ready vessels.

About the Companies

Swan Defence and Heavy Industries Limited (SDHI)

• Formerly known as Reliance Naval and Engineering Limited
• Operates India's largest dry dock (662m x 65m)
• Annual fabrication capacity of 164,000 tons

Rederiet Stenersen AS

• Established in 1974
• Owns and operates a fleet of 19 chemical/product tankers
• Primarily trades in Northern Europe
• Known for high standards in vessel quality and environmental compliance

The signing of this Letter of Intent marks a significant step in strengthening India's position in the global shipbuilding market. It not only showcases SDHI's capabilities but also opens doors for potential future collaborations and exports in the maritime sector.

Looking Ahead

While the Letter of Intent has been signed, the delivery timelines and detailed commercial terms are yet to be finalized under the subsequent shipbuilding contract. This agreement, however, sets the stage for a promising partnership between SDHI and Rederiet Stenersen AS, potentially leading to more opportunities for Indian shipbuilding in the international market.

As the project moves forward, it will be interesting to observe how this collaboration influences India's shipbuilding industry and its global competitiveness in producing advanced, environmentally conscious vessels.