Swan Defence and Heavy Industries Limited (formerly known as Reliance Naval and Engineering Limited) announced its unaudited financial results for the quarter ended December 31, 2025, during its Board Meeting held on February 4, 2026. The company reported a standalone revenue from operations of ₹5.87 Crores for the current quarter, representing a significant increase from ₹0.39 Crores in the previous quarter (QoQ) and ₹0.01 Crores in the corresponding quarter of the previous year (YoY). Despite the revenue growth, the company posted a standalone net loss of ₹33.39 Crores for the quarter, compared to a loss of ₹20.32 Crores in the previous quarter and ₹5.29 Crores in the same quarter last year. The Board also approved availing a Rupee Term Loan of ₹1,150 Crores from the National Bank for Financing Infrastructure and Development (NaBFID) to refinance existing debt and support its resolution plan.

Swan Defence and Heavy Industries Limited is an Indian conglomerate primarily engaged in shipbuilding, ship repair, and heavy engineering, operating India’s largest shipyard at Pipavav, Gujarat. Incorporated in 1997, the company was revitalized under the management of Swan Corp Limited (Swan Energy) following its acquisition through the NCLT process in late 2023. In 2025, the company achieved significant milestones, including signing a landmark $227 million (approx. ₹1,900 Crores) contract with Norway’s Rederiet Stenersen AS for six advanced chemical tankers and entering a strategic cooperation agreement with Samsung Heavy Industries. The company also partnered with Garden Reach Shipbuilders & Engineers (GRSE) in April 2025 to boost indigenous commercial shipbuilding. Prominent management includes Chairman and Managing Director Nikhil Merchant and CEO Rear Admiral Vipin Kumar Saxena (Retd), who are driving the shipyard’s transformation into a global hub. As of late 2025, the promoter group, led by Swan Energy, holds a dominant 94.91% stake in the company.