Swan Defence and Heavy Industries Q2 FY27 Results: Standalone Net Profit ₹567 Crore on Total Income of ₹126 Crore

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The profit is a tax write-back, not an operating result. Net profit was ₹567.10 crore against a loss of ₹1.01 crore a year earlier, but ₹563.15 crore of it is the tax line: excess provision of earlier years written back. The notes say the tax provisions in the books of Triumph Offshore Private Limited, which merged into the company, were reassessed on the merged accounts, and a provision of that amount carried forward from its books was written back as no longer necessary. Profit before tax was ₹3.95 crore against ₹5.33 crore a year earlier, so before the write-back the quarter was a small profit that is lower than last year.

Revenue from operations rose 74% to ₹68.84 crore, but finance costs rose to ₹19.32 crore from ₹2.28 crore, and other income was ₹56.84 crore against ₹30.67 crore, so other income is 45% of total income of ₹125.68 crore (derived), more than the core business revenue. The filing does not say what the other income consists of.

The merger of Triumph Offshore Private Limited took effect on 17 September 2026 with an appointed date of 1 April 2024, and the comparative figures are restated for it. Earnings per share were ₹107.65 against a loss of ₹0.19. In the June quarter the company made a loss of ₹41.60 crore, and for H1 FY27 the profit is ₹525.53 crore against a loss of ₹16.01 crore. The company reports one business, ship building, ship repair and heavy fabrication. Consolidated results are also in the filing; the consolidated profit of ₹566.44 crore is within ₹0.7 crore of the standalone figure.

Inference

Swan Defence's reported profit of ₹567 crore is almost entirely a tax write-back linked to the merger; profit before tax was ₹3.95 crore, lower than a year earlier.

The filing does not explain the other income or the jump in finance costs, so the underlying earnings are not clear from it.

Reference: Original filing (PDF)