Swan Defence Reports Reduced Q3 FY26 Loss, Revenue Jumps to ₹59M from ₹12M YoY
Swan Defence and Heavy Industries reported improved Q3 FY26 results with net loss reducing to ₹334M from ₹529M year-on-year, while revenue increased significantly to ₹59M from ₹12M. The shipbuilding company's Board approved a major ₹1,150 crores refinancing loan from NaBFID to restructure existing debt, alongside establishing a Risk Management Committee for enhanced corporate governance.
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Swan Defence and Heavy Industries Limited reported improved financial performance for Q3 FY26, with the shipbuilding company significantly reducing its net loss while achieving substantial revenue growth. The company posted a standalone net loss of ₹334M in Q3 FY26, representing a notable improvement from the ₹529M loss recorded in the corresponding quarter of the previous year.
Financial Performance Overview
The company's operational metrics demonstrated strong improvements during the quarter under review. Revenue surged to ₹59M in Q3 FY26 compared to ₹12M in Q3 FY25, marking substantial business activity growth.
| Financial Metric | Q3 FY26 | Q3 FY25 | Performance |
|---|---|---|---|
| Revenue | ₹59M | ₹12M | Increased |
| Net Loss | ₹334M | ₹529M | Reduced |
| Loss Reduction | - | - | 37% improvement |
| Revenue Growth | - | - | 392% increase |
Nine-Month Performance
For the nine-month period ended December 31, 2025, Swan Defence reported a net loss of ₹8,488.19 lakhs on a standalone basis, compared to ₹15,860.97 lakhs in the corresponding period of the previous year. The company's revenue from operations for the nine-month period reached ₹4,586.08 lakhs, substantially higher than ₹212.22 lakhs in the same period last year.
Major Refinancing Initiative
The Board of Directors approved a significant refinancing initiative during their meeting held on February 4, 2026. The company will avail a Rupee Term Loan (RTL) of ₹1,150 crores from National Bank for Financing Infrastructure and Development (NaBFID), subject to actual execution of the facility agreement.
| Loan Details | Specifications |
|---|---|
| Lender | National Bank for Financing Infrastructure and Development (NaBFID) |
| Loan Amount | ₹1,150 crores |
| Purpose | Refinancing existing financial creditors |
| Tenure | Approximately 10.75 years |
| Interest Rate | 1.25% plus 1 year NaBFID Lending Rate (currently 7.75%) |
Corporate Governance Enhancement
The Board constituted a Risk Management Committee to strengthen corporate governance practices. The three-member committee includes Mr. Ashishkumar Bairagra as Chairman (Independent Director), Mr. Paresch Vasantlal Merchant as Member (Non-Executive Non-Independent Director), and Mr. Rajesh Bhardwaj as Member (Chief Financial Officer).
Business Operations
Swan Defence and Heavy Industries Limited operates primarily in the shipbuilding and ship repair segment. The company, formerly known as Reliance Naval and Engineering Limited, maintains its registered office at Pipavav Port in Gujarat and corporate office in Mumbai. The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 4, 2026.
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