Swan Defence and Heavy Industries Ltd Share Price – NSE

Ship Building, Small Cap

The order is classified as Category 4, indicating a value between Rs 1,501 crore and Rs 3,000 crore.

The vessels, to be built for Energy ONE, will be among the largest ever constructed at an Indian shipyard. It will feature next-generation ammonia-based propulsion systems aligned with global decarbonisation trends.

The project reflects the company?s capability in complex shipbuilding. It also aligns with the global shift toward low-emission shipping.

The first vessel is expected to be delivered in October 2029. Subsequent deliveries will follow at four-month intervals.

Swan Defence and Heavy Industries, formerly known as Reliance Naval and Engineering, is a leading shipbuilding and heavy fabrication company in India.

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.

Swan Defence and Heavy Industries (SDHI) has secured a Category 4 order (valued between Rs 1,500 crore to Rs 3,000 crore) from Energy ONE for the construction of four (4) 92,500 DWT dual-fuel ammonia bulk carriers - marking a first for the country.

These will be the first ammonia dual-fuel ships built in India and are also among the largest commercial vessels ever to be built at an Indian shipyard, representing a significant step forward in both technological capability and scale for the domestic shipbuilding industry. This milestone underscores SDHI's growing capability to execute complex, next-generation shipbuilding programs aligned with the global transition toward lower-emission shipping.

Measuring 229.5m in length with a beam of 37m, each of the dual-fuel vessels will be equipped with ammonia-fuelled propulsion system. The vessels will be designed by KMS-EMEC, South Korea and classed by Det Norske Veritas (DNV) - one of the leading Class societies in the world.

Commenting on the development, Vivek Merchant, Director, Swan Defence and Heavy Industries (SDHI), said, ?Winning this project is an important step forward for us. It reflects the confidence global stakeholders are placing in Indian shipbuilding, and in the capabilities, we have developed at Pipavav. Ammonia as a marine fuel is still at an early stage, and we are proud to be part of that transition - building vessels that are not just relevant for today but aligned with where the industry is heading.?

The first vessel is expected to be delivered in October 2029, with subsequent deliveries scheduled at four-month intervals.

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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