SWANDEFSwan Defence And Heavy Industries Ltd
Swan Defence and Heavy Industries reports a ₹567 crore standalone September-quarter profit after writing back a ₹563 crore tax provision
- Earnings
- Defence
Swan Defence and Heavy Industries Limited, formerly Reliance Naval and Engineering Limited, has told the exchanges that its board, at a meeting on 12 Oct 2026, approved the unaudited standalone results for the quarter and half year ended 30 Sep 2026. Standalone profit after tax for the September quarter was ₹56,710.44 lakh (₹567.10 crore), against a loss of ₹101.24 lakh a year earlier and a loss of ₹4,157.60 lakh in the June 2026 quarter.
Most of the profit comes from a tax item. The statement shows “excess provision of earlier years written back” of ₹56,315.17 lakh (₹563.15 crore). The notes say the tax provisions carried in the books of Triumph Offshore Private Limited, which merged into the company, were reassessed on the merged accounts, and that a provision of that amount carried forward from its books was written back because it was considered no longer necessary.
Before that item, profit before tax was ₹395.27 lakh, against ₹533.42 lakh a year earlier, even though revenue from operations rose 74% to ₹6,884.65 lakh from ₹3,957.00 lakh. Other income was ₹5,683.80 lakh, against ₹3,066.93 lakh, and total income was ₹12,568.45 lakh, against ₹7,023.93 lakh. Finance cost was ₹1,932.10 lakh, against ₹227.97 lakh. Basic earnings per share were ₹107.65, against a loss of ₹0.19 per share.
The notes say the merger of Triumph Offshore Private Limited took effect on 17 Sep 2026, with 1 Apr 2024 as the appointed date, and that the comparative figures have been restated for it. The half-year profit was ₹52,552.84 lakh, against a loss of ₹1,600.97 lakh a year earlier.
Inference
The profit in the quarter is mainly an accounting adjustment on tax and is not a result of operations: profit before tax was lower than a year earlier, and before the write-back the company would have shown a small pre-tax profit.
Finance cost was more than eight times last year’s figure, and the comparative figures include the merged company from the appointed date. The filing’s notes describe the merger accounting, and shareholders can read them for the detail.
Reference: Original filing (PDF)
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