Swan Defence Q4 FY26: Sales to ₹236 cr, loss ₹142 cr

Results snapshot: sharp revenue jump, losses deepen

Swan Defence and Heavy Industries Ltd reported a steep year-on-year rise in quarterly revenue from operations for the March 2026 quarter, but the company remained in the red. Reported consolidated net sales stood at ₹236.28 crore in Q4 FY26, compared with ₹4.91 crore in Q4 FY25. The company also reported a consolidated net loss of ₹142.15 crore for the March 2026 quarter versus a net loss of ₹22.89 crore in the year-ago quarter. EBITDA for the quarter was negative at ₹120.34 crore.

The results were presented in both consolidated and standalone formats, with revenue from operations shown at the same ₹236.28 crore for Q4 FY26 in both. The loss line differed marginally between the two sets of numbers. Standalone net loss was reported at ₹142.63 crore for the March 2026 quarter.

These results come at a time when Swan Defence’s stock has been volatile but has also posted very large trailing returns, as reflected in the data points provided across different market snapshots.

Consolidated Q4 FY26: revenue at ₹236.28 crore

On a consolidated basis, Swan Defence reported net sales (income from operations) of ₹236.28 crore in Q4 FY26. In the December 2025 quarter (Q3 FY26), consolidated net sales were ₹5.87 crore, while the corresponding quarter last year (Q4 FY25) was ₹4.91 crore.

Alongside the revenue surge, profitability remained under pressure. Consolidated quarterly net loss was reported at ₹142.15 crore in Q4 FY26, compared with a net loss of ₹22.89 crore in Q4 FY25. EBITDA was reported as negative at ₹120.34 crore for the quarter, versus negative ₹2.28 crore in Q4 FY25.

The reported growth rates in the data highlight the scale of change in reported sales and the deterioration in losses. While the reported year-on-year sales growth was cited at over 4,700%, the loss and EBITDA lines were also shown as worsening sharply.

Standalone Q4 FY26: loss broadly similar, revenue unchanged

Reported standalone net sales for Q4 FY26 were also ₹236.28 crore, compared with ₹4.91 crore in Q4 FY25 and ₹5.87 crore in Q3 FY26. Standalone quarterly net loss was reported at ₹142.63 crore for Q4 FY26, compared with a net loss of ₹22.89 crore in Q4 FY25.

The close alignment between standalone and consolidated revenue suggests the core operating swing is visible in both views of the business for the quarter, at least for the revenue line. The slight difference in net loss between consolidated and standalone indicates differences below EBITDA and in items captured in consolidation.

The data provided does not specify detailed cost breakups, exceptional items, interest costs, or tax effects, so the reasons for the reported losses are not detailed here beyond the net loss and negative EBITDA figures.

Full-year FY26: revenue jumps to ₹282.14 crore, loss at ₹225.97 crore

For the year ended March 2026, the company reported net loss of ₹225.97 crore, compared with a net loss of ₹181.04 crore in the year ended March 2025. Over the same period, sales rose to ₹282.14 crore in FY26 from ₹7.03 crore in FY25.

The yearly revenue figures show a sharp expansion in reported operations relative to the previous year’s base. At the same time, the full-year loss indicates that the company did not translate the higher revenue into profitability during FY26.

The combination of sharply higher sales and continued losses makes FY26 an important period for tracking how the company’s operating model and cost structure evolve, especially since EBITDA for Q4 FY26 was reported as materially negative.

What the company does: shipbuilding and repair focus

Swan Defence and Heavy Industries Ltd is described as specialising in shipbuilding and repairs. It operates a large facility capable of constructing various naval vessels and conducting extensive repair work.

The shipbuilding and ship repair segment typically involves project-based execution, milestone-linked billing, and working-capital intensity. Quarterly numbers can therefore show significant swings depending on when projects are billed or recognised. The provided data does not give project-level details, but it does show a step change in reported sales between Q3 FY26 and Q4 FY26.

The dataset also notes that over the last five years, the company’s revenue has grown at a yearly rate of -29.3%, compared with an industry average of 16.82%, indicating a weaker longer-term revenue trajectory versus peers over that window.

Stock price and returns: sharp moves across snapshots

The stock’s price points and return numbers in the dataset reflect rapid moves. Swan Defence shares were reported to have closed at ₹1,914.50 on May 25, 2026 (NSE). The same data set states the stock delivered 67.62% returns over the last six months and 1,022.28% over the last 12 months.

Another market snapshot in the data shows the stock ending at ₹1,958.35 on May 27, 2026, up 3.16% from the previous close of ₹1,898.45. The dataset also lists a “current share price” of ₹1,962.10 and provides a 52-week high of ₹1,990.00 and a 52-week low of ₹1,882.70.

Separately, one share-price update in the provided text cites a one-year return figure of 3,200.84% and also mentions a one-month return of -0.92%. These figures are presented as part of the provided market snapshots and indicate that different reference points or data pulls can show different trailing-return calculations.

Shareholding and identifiers

The shareholding pattern data included in the text states promoter holding remained unchanged at 89.90% in the March 2026 quarter.

The dataset also lists the company’s trading identifiers: NSE symbol SWANDEF and BSE code 533107, and categorises the sector as ship building.

Market capitalisation figures in the data were shown at around ₹10,336.76 crore based on one snapshot, while another snapshot cited ₹9,696.40 crore on a different date and time. These differences align with changes in share price and timestamp.

Key figures table: Q4 and FY comparison

Market impact: what investors are likely watching

The immediate market focus is likely to remain on the quality and sustainability of the revenue step-up seen in Q4 FY26, given the jump from ₹5.87 crore in Q3 FY26 to ₹236.28 crore in Q4 FY26. Investors also have to reconcile the headline sales jump with the continued losses and negative EBITDA reported for the quarter.

From a trading perspective, the stock’s quoted levels around ₹1,900-₹1,960 and the very high trailing returns cited in the dataset suggest heightened attention and potentially elevated volatility. The 52-week range cited in the same dataset is narrow and near the current price, which indicates those particular values reflect a specific recent period captured in the text.

Promoter holding remaining unchanged at 89.90% in March 2026 provides one stable datapoint in an otherwise fast-moving set of financial and market numbers.

Why the numbers matter: scale-up versus profitability

The reported Q4 FY26 sales figure of ₹236.28 crore is the central operational data point, especially when compared with ₹4.91 crore in Q4 FY25 and ₹5.87 crore in Q3 FY26. It indicates a major scale-up in reported operations during the quarter. However, the loss of about ₹142 crore and negative EBITDA of ₹120.34 crore indicate that the business did not generate operating profitability alongside the revenue expansion.

At the full-year level, the revenue jump to ₹282.14 crore in FY26 from ₹7.03 crore in FY25 similarly highlights scale, while the FY26 net loss of ₹225.97 crore shows the company still has significant profitability challenges.

The longer-term revenue trend cited in the dataset, with a five-year revenue CAGR of -29.3% versus an industry average of 16.82%, adds context that FY26’s numbers represent a sharp break from the prior longer-term pattern shown in the same text.

Conclusion: strong top-line change, losses still sizeable

Swan Defence’s reported Q4 FY26 results show a sharp rise in revenue from operations to ₹236.28 crore, but the company also reported a net loss of about ₹142 crore and negative EBITDA. For FY26, revenue increased to ₹282.14 crore, while the net loss was ₹225.97 crore.

With promoter holding unchanged at 89.90% in the March 2026 quarter and the stock trading near ₹1,900-₹1,960 across the cited snapshots, the next set of reported financial updates and any additional detail on drivers of the revenue jump are likely to be closely tracked.