Swan Defence and Heavy Industries Limited (SDHI) has secured a landmark defence export contract from the Government of Sultanate of Oman, marking a significant milestone in India's shipbuilding sector. The company announced on February 5, 2026, that it will deliver a state-of-the-art training ship to support the Royal Navy of Oman's advanced naval training and maritime operations within an 18-month timeframe.

Vessel Specifications and Capabilities

The training vessel represents advanced maritime engineering with comprehensive specifications designed for naval education excellence. The ship's technical parameters and facilities demonstrate SDHI's capability to deliver world-class naval vessels.

The vessel will feature modern classrooms, training offices, and comprehensive accommodation facilities. An onboard auditorium will provide a world-class learning environment at sea, while the ship will be equipped with state-of-the-art navigation systems, advanced communications suite, and helicopter operation capabilities.

Strategic Significance for India-Oman Relations

This export order reinforces India's indigenous shipbuilding capabilities and elevates the country's stature as a global maritime hub. The contract strengthens the deep-rooted bilateral relations and maritime cooperation between India and Oman, demonstrating growing international confidence in Indian naval engineering expertise.

Rear Admiral V.K. Saxena (retd), CEO of Swan Defence and Heavy Industries Limited, emphasized the contract's significance: "This contract stands as a testament to our advanced technical expertise and world-class shipbuilding capabilities that meet global benchmarks. Earning the confidence of the Royal Navy of Oman reinforces SDHI's commitment to excellence and drives us to consistently deliver high-quality vessels distinguished by innovation, reliability and performance."

Company Capabilities and Infrastructure

Swan Defence and Heavy Industries Limited, formerly Reliance Naval and Engineering Limited, operates as India's leading shipbuilding and heavy fabrication company. The company's strategic advantages include:

• India's largest dry dock measuring 662 m × 65 m
• Fabrication capacity of 164,000 tonnes per annum
• Strategic location on India's West coast
• Commitment to innovation, operational excellence, safety, and sustainability

Alignment with National Maritime Vision

The development occurs as Indian shipyards increasingly demonstrate global competitiveness, supported by strategic initiatives from the Ministry of Defence (Defence Production). This partnership aligns with India's Amrit Kaal Vision, reinforcing the country's evolving status as an exporter of indigenously built vessels and strengthening India's position in the international maritime industry.

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.

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.

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.