Swan Defence and Heavy Industries reported a net profit of ₹566.44 crore for Q2, compared with a year-ago loss of ₹0.55 crore. The profit includes the write-back of excess provisions made in earlier years, as disclosed in the company's financial results. Revenue from operations rose 74% year-on-year to ₹69 crore from ₹40 crore, while sequentially, revenue increased 125% from the previous quarter. However, the company reported an EBITDA loss of ₹17.02 crore, compared with a loss of ₹7.97 crore in the corresponding quarter last year, with EBITDA margin standing at -24.72% against -20.15% a year ago.
Swan Defence and Heavy Industries shares rose 5.00% to ₹2,874.55 on BSE on Monday after the company emerged as the lowest bidder for a ₹1,897 crore order to build four medium-range product tankers. According to reports from The Economic Times, the stock touched an intraday high of ₹2,874.55, which was also its 52-week high and the upper price band for the day. The proposed contract would strengthen the shipbuilder's order book as India looks to revive domestic shipbuilding after a gap of 25 years in locally built oil tankers.
As reported by The Economic Times, the company quoted around $48.9 million per vessel when price bids were opened on Friday, October 9, beating state-run Cochin Shipyard Ltd, which quoted around $4 million more per vessel. The proposed contract would be executed through a joint venture led by state-run Shipping Corporation of India (SCI). Swan Defence has a technical tie-up with Samsung Heavy Industries, one of South Korea's top three shipbuilders, and restarted operations in 2024 under new management led by Swan Corp.
According to The Economic Times, the proposed tanker order comes amid the government's push to strengthen domestic shipbuilding, backed by a ₹69,725 crore package approved by the Cabinet in September 2025. If finalised, the contract would add to Swan Defence's growing pipeline of orders as the industry seeks to expand local vessel manufacturing. The development represents a significant milestone for India's domestic shipbuilding sector after a 25-year gap in locally built oil tankers.
Beyond the tanker order, Swan Defence has secured another significant contract with Copenhagen-based Svitzer Group to construct four biofuel-powered TRAnsverse tugs worth around ₹500 crore. As reported by The Economic Times, the company has restarted operations in 2024 under new management led by Swan Corp and has since secured multiple vessel-building contracts, demonstrating its expanding capabilities in the domestic shipbuilding sector.
