Swan Defence and Heavy Industries Ltd Share Price – NSE

Ship Building, Small Cap

Hazel Infra, the company?s promoter, offered a base lot of 26,38,747 shares, representing 5.01% of the company?s equity.

The floor price was set at Rs 1,900 per share, a discount of 20.82% to the stock's closing price of Rs 2399.70 on 17 March 2026.

The OFS opened on March 18 for non-retail investors. Retail investors participated on March 19, along with non-retail bidders carrying forward unallotted bids. The offer was conducted through a special window on the BSE and NSE during market hours.

On Day 1 (T-day), the OFS received subscription for 28,39,234 shares. It was subscribed 119.55% on the total non-retail offer size of 23,74,872 shares.

On Day 2 (T+1 day), the OFS received subscription for 4,29,280 shares. It was subscribed 16.27% on the total offer size of 26,38,747 shares.

As of December 2025, Hazel Infra held a 94.91% stake in Swan Defence and Heavy Industries.

Swan Defence, formerly known as Reliance Naval and Engineering, is a shipbuilding and heavy fabrication company in India. Strategically located on the west coast of India, the shipyard operates the country?s largest dry dock and has a fabrication capacity of 144,000 tons per annum.

The company had reported a consolidated net loss of Rs 33.11 crore in the quarter ended December 2025 as against net loss of Rs 53.35 crore during the previous quarter ended December 2024. Sales surged to Rs 5.87 crore in Q3 FY26 from Rs 1.16 crore in Q3 FY25.

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Hazel Infra, the company?s promoter, is offering a base lot of 26,38,747 shares, representing 5.01% of the company?s equity.

The floor price has been set at Rs 1,900 per share, a discount of 20.82% to the stock's previous close of Rs 2399.70 on 17 March 2026.

The OFS opened on March 18 for non-retail investors. Retail investors can participate on March 19, along with non-retail bidders carrying forward unallotted bids. The offer is being conducted through a special window on the BSE and NSE during market hours.

By 3:30 p.m. on T Day, the non-retail portion was subscribed 119.55% of the offer size. Bids were received for 28.39 lakh shares against 23.74 lakh shares on base non-retail offer.

As of December 2025, Hazel Infra held a 94.91% stake in Swan Defence and Heavy Industries.

Swan Defence, formerly known as Reliance Naval and Engineering, is a shipbuilding and heavy fabrication company in India. Strategically located on the west coast of India, the shipyard operates the country?s largest dry dock and has a fabrication capacity of 144,000 tons per annum.

The company had reported a consolidated net loss of Rs 33.11 crore in the quarter ended December 2025 as against net loss of Rs 53.35 crore during the previous quarter ended December 2024. Sales surged to Rs 5.87 crore in Q3 FY26 from Rs 1.16 crore in Q3 FY25.

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Swan Defence and Heavy Industries (SDHI), will complete five (5) Offshore Support Vessels (OSVs) for Kakinada based San Maritime India. San Maritime has begun the docking of the vessels at SDHI's shipyard in Pipavav for completion under IR Class and subsequently cater to the demands of the offshore industry.

The completion of these five OSVs of San Maritime will strengthen Indian-flag tonnage & offshore capability; create maritime jobs, reinforcing the Government of India's vision of advancing indigenous self-reliant shipbuilding through targeted financial assistance and incentive schemes. The commencement of the project will support local vendors & service providers of the shipbuilding ecosystem.

The hulls were acquired by SDHI as a part of the acquisition plan of Reliance Naval and Engineering (RNEL) through NCLT. The hulls were subsequently acquired by San Maritime from SDHI. While the construction of the vessels originally started during the previous regime, the revived shipyard will complete the vessels, highlighting the operational readiness and executional capabilities under the new leadership.

Located on the west coast of India, the shipyard offers unmatched shipbuilding capabilities including the country's largest dry dock (662m x 65m), wet basin (340m x60m) and 1.2km dedicated waterfront for berthing, docking, and launching of vessels.

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Swan Defence and Heavy Industries (SDHI) has secured a prestigious defence export order from the Government of Sultanate of Oman to supply a state-of-the-art training ship. The vessel that will support the Royal Navy of Oman's (RNO) advanced naval training and maritime operations, is expected to be delivered within 18 months.

This landmark export order from Oman, reinforces India's indigenous shipbuilding capabilities and its growing stature as a global maritime hub. It further strengthens the deep-rooted bilateral relations and maritime cooperation between the two countries.

Measuring 104.25 m in length, with a beam of 13.88 m and displacement of up to 3500 T, the training vessel will be equipped with modern classrooms, training offices and accommodation facilities. It will house an auditorium to provide a world-class learning environment at sea for up to 70 officer cadets. The vessel will feature a state-of-the-art navigation system, an advanced communications suite, and the capability to conduct helicopter operations.

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