Swan Defence and Heavy Industries Limited approved a long-term refinancing facility and reviewed its financial performance for the quarter and nine months ended 31 December 2025 at a board meeting held on 4 February 2026. The board also approved the constitution of a risk management committee.
The board approved the availing of a rupee term loan of INR 11.50 billion from the National Bank for Financing Infrastructure and Development (NaBFID). According to the company’s stock exchange filing, the facility is intended to refinance the balance amount payable under the company’s resolution plan to existing financial creditors and is subject to execution of the loan agreement.
The sanctioned loan carries a door-to-door tenure of approximately 10.75 years. The interest rate is linked to the one-year NaBFID lending rate with an additional margin of 1.25 percent. The one-year NaBFID lending rate stood at 7.75 percent at the time of the board approval. The company stated that NaBFID does not have any shareholding in Swan Defence and that the transaction does not constitute a related-party transaction.
The board also approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, along with the limited review reports issued by the statutory auditors. The financial results were reviewed by the audit committee prior to board consideration.
On a standalone basis, Swan Defence reported total income of INR 1.10 billion for the quarter ended 31 December 2025, compared with INR 4.43 billion in the preceding quarter. For the nine-month period ended 31 December 2025, standalone total income stood at INR 7.36 billion. The company reported a standalone net loss of INR 3.34 billion for the December quarter, while the net loss for the nine-month period amounted to INR 8.49 billion.
On a consolidated basis, total income for the quarter ended 31 December 2025 was INR 1.10 billion, while consolidated total income for the nine-month period was INR 7.36 billion. The consolidated net loss for the December quarter stood at INR 3.31 billion, and the consolidated net loss for the nine months ended 31 December 2025 was INR 8.38 billion. The consolidated results include the group’s share of profit from its associate, Conceptia Software Technologies Private Limited.
The board further approved the constitution of a risk management committee of the board. The committee will be chaired by independent director Ashishkumar Bairagra, with Paresh Vasantlal Merchant, non-executive non-independent director, and Rajesh Bhardwaj, chief financial officer, as members.
Swan Defence and Heavy Industries Limited, formerly known as Reliance Naval and Engineering Limited, is engaged in shipbuilding and ship repair activities and operates from its facilities in Gujarat, with its corporate office located in Mumbai.