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At a Glance
Swan Defence (formerly Reliance Naval) owns one of the largest shipbuilding docks in the world. But despite that, it hasn’t built profits in over a decade. Negative ROE, chronic losses, debt that rivals PSU banks, and yet… the stock is up from ₹36 to ₹240. Kya hai yeh jugad?
1. 🛳️ WTF Do They Even Do?
Let’s break it down:
One of the world’s largest dry docks (662 x 65 m, 4 lakh DWT capacity)
Can handle defence and commercial vessels – shipbuilding, repairs, refits
Was once part of Anil Ambani’s Reliance Group as Reliance Naval
Has been in and out of NCLT rumors, restructuring, and public shareholder tantrums
Today, Swan Defence is trying to float again… even if its balance sheet still screams SOS.
2. 💀 Financials: Welcome to the Titanic
Revenue Collapse:
From ₹2,534 Cr in FY14 ➡ to just ₹7 Cr in FY25.
Net Profit:
From tiny profits in FY14 ➡ to a loss of ₹182 Cr in FY25.
