Swan Defence and Heavy Industries Limited, formerly known as Reliance Naval and Engineering Limited, is an Indian shipbuilding and heavy industry company. Incorporated in 1997, Swan Defence and Heavy Industries Ltd is engaged in the construction of vessels, repairs and refits of ships and rigs, and heavy engineering, establishing itself as a significant player in India's defense and maritime sectors.
The company holds the distinction of being the first private sector company in India to obtain a license and contract to build warships and owns the largest shipyard in India, accounting for 30% of the country's shipbuilding capacity.
As part of a recent acquisition, a new board of directors was appointed on 8 December 2023, and Swan Energy's management officially took over control of the company on 4 January 2024. In January 2025, the new name, Swan Defence and Heavy Industries Limited, became effective, and the company relisted on the Indian stock exchanges.
The company's shipyard is strategically located near the village of Pipavav in Gujarat, on the west coast of India. This location offers a significant advantage for both domestic and international customers.
SDHI operates from one of the world's most advanced shipbuilding facilities, spread over 600 acres (2.4 km2) in Port Pipavav. The shipyard boasts a 1.2km sea front, supporting activities such as berthing, docking, and launching of vessels. A key feature of the facility is India's largest drydock, measuring 662 meters in length and 65 meters in breadth, capable of accommodating ships up to 400,000 DWT.
The shipyard's manufacturing infrastructure is designed for large-scale and efficient production. The fabrication facility, spanning 2.1 million sq. ft., has an annual capacity of 144,000 tons/year.
Key equipment includes a pre-erection berth of 980 meters length and 40 meters width, and a Goliath crane with a lifting capacity of 600 tonnes. Additionally, the dry dock is home to India's largest Goliath Crane, with a lifting capacity of 600 MT, spanning 148m and a hook height of 75m, alongside an outfitting berth length of 780 meters.
Swan Defence and Heavy Industries has forged significant partnerships within the defense sector. On 12 September 2011, Pipavav Shipyard (the company's predecessor) announced a joint venture with Mazagon Dock Limited to collaboratively build warships and submarines using Pipavav's facilities. This partnership aimed to alleviate Mazagon shipyard's congested order book and boost Pipavav's presence in defense shipbuilding.
The Company is the first private sector company in India to obtain the licence and contract to build Naval Offshore Patrol Vessels (NOPVs) for the Indian Navy. Its shipyard at Pipavav, Gujarat, also received international recognition by being certified by the US Navy in 2020 for servicing warships from the US Navy's Seventh Fleet.
• Market Capitalization: ₹1,327 crore (as of recent data)
• Promoter Holding: 94.9% (as of Mar 2025, up from 94.91% as of Sep 2024), indicating strong management control by Swan Energy.
The company reported challenging financial performance in FY2025.
• Sales: ₹7.03 crore in the year ended March 2025 (no sales reported in FY2024).
• Net Loss: ₹181.51 crore in the year ended March 2025 (against a net loss of ₹121.36 crore in FY2024).
• Sales: ₹4.91 crore in the quarter ended March 2025 (no sales reported in Q4 FY2024).
• Net Loss: ₹22.89 crore in the quarter ended March 2025 (against a net loss of ₹38.85 crore in Q4 FY2024).
During FY2023-24, the company experienced no business operations as it was under a Corporate Insolvency Resolution Process (CIRP) until January 09, 2023, and under the supervision of a Monitoring Committee until January 04, 2024. Following the resolution process, the company has resumed operations under new management.
Significant progress was made in debt management during the resolution process. Reliance Naval & Engineering (RNEL) made a payment of ₹196 crore to its lender consortium in accordance with the NCLT-approved Resolution Plan for RNEL, completing the payment ahead of schedule on 19 December 2024.
The company has a strong track record of delivering significant projects for India's defense forces and other public sector undertakings:
• Naval Offshore Patrol Vessels (2017-18): Launched the first two Naval Offshore Patrol Vessels at the Pipavav shipyard, constructed for the Indian Navy.
• Vessel Delivery and Refit: Delivered a 75,000 DWT Panamax vessel 'Golden Opal' and completed refits of two naval ships.
• Training Ship for ICG (2019-20): Launched the largest next-generation training ship for the Indian Coast Guard (ICG), entirely designed by the company's Design Bureau.
• Services for ONGC (2020): Provided dry docking and other services for ONGC's Jack up Rig "Sagar Ratna," undocking it in April 2020.
Swan Defence and Heavy Industries Limited represents a significant player in India's defense manufacturing ecosystem, with its combination of advanced infrastructure, strategic location, and proven capabilities in shipbuilding and heavy engineering. The company's resumption of operations under new management and its established position as India's largest private shipbuilder positions it for potential growth in the expanding defense sector.
