Swan Defence and Heavy Industries

What Swan Defence and Heavy Industries does

Swan Defence and Heavy Industries Limited (SDHI) operates India's largest integrated shipbuilding and heavy engineering complex at Pipavav, Gujarat, spanning roughly 600 acres and anchored by India's largest dry dock (662m x 65m, 400,000 DWT capacity), a 600-ton Goliath Crane, a 2.41 million sq ft covered fabrication facility, and 1.2 km of dedicated waterfront. The company is a step-down subsidiary of Swan Corp Limited, a century-old diversified conglomerate, and was created when Swan Corp acquired the insolvent Pipavav Shipyard from Reliance Naval and Engineering Limited through the NCLT in January 2024, investing approximately USD 250 million in refurbishment. SDHI is publicly listed on BSE (533107) and NSE (SWANDEF).

The business operates three core verticals: Newbuilds (commercial vessels such as chemical tankers and ammonia dual-fuel bulk carriers, plus defence platforms including warships and naval training vessels), Ship Repair and Refits (dry-docking, hull treatment, mechanical overhaul, modernisation), and Heavy Engineering (offshore fabrication under the F.A.S.T. ecosystem, material handling equipment, and high-energy X-ray cargo scanning systems built with Varex Imaging). Technical capabilities rest on India's largest dry dock and on partnerships with Samsung Heavy Industries, DNV, KMS-EMEC, Marinform, StoGda, and Varex Imaging, with the firm being the first private shipyard licensed by India's Ministry of Defence to build warships and associated combat systems.

Revenue is generated almost entirely through direct enterprise sales of long-cycle, project-based contracts (typically 18-33 months) negotiated with government defence ministries, friendly foreign navies, and commercial shipowners, with recent order values ranging from Rs 1,500-3,000 crore per vessel package. Customer segments span Commercial Shipping, Defence and Government, Offshore and Energy, and Port Security and Infrastructure. FY26 total income was approximately Rs 440 crore with a consolidated net loss of Rs 225.97 crore, reflecting the early stage of order-book conversion following the yard's relaunch.

Name

Swan Defence and Heavy Industries

Legal name

Swan Defence and Heavy Industries Limited

Website

https://sdhi.co.in

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

Swan Defence and Heavy Industries operates India's largest integrated shipyard at Pipavav, Gujarat, designing and building commercial vessels, defence platforms, and heavy fabrication projects for government agencies and international shipping clients across three business lines.

Ownership category

akta.pro rank

Product category

Shipbuilding and Heavy Engineering

NAICS

Ship Building and Repairing (336611), Ship and Boat Building (33661), Overhead Traveling Crane, Hoist, and Monorail System Manufacturing (333923)

SIC

Construction, Mining & Materials Handling Machinery & Equip (3530), Special Industry Machinery, Nec (3559)

akta.pro primary industry

General Cargo & Multipurpose Vessel (MPV) Shipbuilding (IMAJAAAH)

akta.pro secondary industries

Bulk Carrier Shipbuilding (Dry Bulk: Capesize/Panamax/Handysize) (IMAJAAAA), Heavy Lifting & Material Handling Infrastructure (Goliath Cranes, Jib Cranes, Hoists) (IMAJALAD), Offshore Wind & Renewable Support Vessel Construction (SOV, CTV, WTIV) (IMAJACAG)

Keywords

• Commercial shipbuilding
• Naval vessel construction
• Ship repair services
• Offshore fabrication
• Heavy engineering manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Technology or R&D

Revenue model

1. Ship Newbuilding: Construction of commercial vessels (chemical tankers, ammonia dual-fuel bulk carriers, offshore support vessels) and defence platforms (naval training vessels) for domestic and international clients. Revenue recognised on project completion basis with long construction cycles typically spanning 18-33 months.
2. Ship Repair & Refits: Dry-docking services, hull treatments, mechanical overhauls, and modernisation projects for defence vessels, commercial carriers, and offshore assets. Provides steady recurring revenue stream alongside newbuild projects.
3. Heavy Engineering & Fabrication: Large-scale steel fabrication, modular components, and industrial equipment for energy, infrastructure, mining sectors, and material handling equipment including ship-to-shore cranes and gantry systems.
4. Cargo Security Systems: Indigenised high-energy X-ray cargo scanning systems with installation, commissioning, and long-term AMC support for ports and high-security installations.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Swan Defence and Heavy Industries (SDHI) operates India's largest integrated shipbuilding and heavy engineering complex at Pipavav, Gujarat, where it designs and constructs commercial vessels (chemical tankers, ammonia dual-fuel bulk carriers, offshore support vessels), defence platforms (naval training vessels, warships), and undertakes ship repair, refits, offshore fabrication, and material handling equipment manufacturing. The company leverages India's largest dry dock (662m x 65m) with 400,000 DWT capacity, a 600-ton Goliath Crane, and a 2.41 million sq ft covered fabrication facility to deliver end-to-end maritime and heavy engineering solutions.

Product overview

Swan Defence and Heavy Industries Limited (SDHI) operates as a diversified shipbuilding and heavy engineering conglomerate offering three core business lines: Newbuilds (commercial and defence vessel construction), Ship Repair & Refits, and Heavy Engineering (offshore fabrication and material handling equipment). The company’s flagship product is its shipbuilding newbuilds programme spanning commercial vessels (chemical tankers, ammonia dual-fuel bulk carriers, offshore support vessels) and defence platforms (naval training vessels, warships). Its ship repair and refit services leverage India’s largest dry dock, while the heavy engineering vertical encompasses offshore fabrication and the manufacture of high-energy X-ray cargo scanning systems (via a partnership with Varex Imaging Corporation) as well as port material handling equipment. SDHI’s Pipavav shipyard in Gujarat, spanning 600 acres with India’s largest dry dock (662m x 65m), serves as the primary operational hub for all these product lines.

Differentiator

Problem solved

Functional benefit

Products and services

• Newbuilds (Commercial and Defence Vessel Construction) End-to-end design and construction of large-capacity commercial carriers, next-generation green vessels, and advanced defence platforms for international shipowners, navies, and government clients.
• Ship Repair & Refits Comprehensive dry-docking services including hull treatments, mechanical overhauls, steel renewal, blasting and painting, valve and pump overhauling, shafting and electrical works, equipment overhauling, accommodation refurbishment, and navigation/communication equipment services for commercial, defence, and offshore assets.
• Heavy Engineering and Material Handling Equipment Large-scale, high-precision fabrication of steel structures, modular components, ship-to-shore cranes, gantry cranes, bulk material unloaders, hoppers, and conveyor systems serving oil & gas, renewables, ports, border security, and mining sectors.
• Offshore Fabrication Integrated fabrication, assembly, storage, and load-out services for offshore structures including oil & gas platforms, offshore wind foundations, marine structures, port equipment, and heavy modules up to 10,000 tonnes with direct deep-water access via a jetty with up to 10m draft.
• High-Energy X-Ray Cargo Scanning Systems Indigenised high-energy X-ray cargo scanning systems with 400+ mm steel penetration and AI-driven material discrimination, powered by Varex Linear Accelerators, with installation, commissioning, and long-term AMC support for sea ports, land ports, and high-security installations.

Quantifiable outcome

• India's first ammonia dual-fuel bulk carrier order - four 92,500 DWT vessels for Energy ONE
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• DNVcoreTechnology or Integration · 23 May 2026Strategic partnership to strengthen India's maritime and shipbuilding ecosystem, focusing on ship classification standards, maritime technology integration, green shipping solutions, and international best practices for commercial and defence shipbuilding. Aligns with India's Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. Partnership designed to help India compete with established shipbuilding nations by ensuring international certification, safety compliance, and sustainability standards.
• Samsung Heavy IndustriescoreTechnology or IntegrationStrategic MoU for shipbuilding and maritime projects collaboration. Samsung provides vessel designs and engineering packages while SDHI handles construction at Pipavav yard. Collaboration starts with medium-range product tankers and very large gas carriers, with potential evolution into formal joint venture. Partnership aligns with India's Maritime Amrit Kaal Vision 2047 targeting global top 10 in shipbuilding by 2030.
• Varex Imaging Corporation (USA)coreTechnology or IntegrationPartnership to advance India's port security by building and integrating next-generation High-Energy X-Ray Cargo Scanning Systems. Varex supplies world-leading Linear Accelerators and imaging solutions while SDHI provides heavy engineering capabilities, infrastructure, and localised manufacturing. Enables India to deploy high-performance, indigenized scanning systems across major sea and land ports.
• KMS-EMEC (South Korea)coreTechnology or IntegrationSouth Korean design partner for ammonia dual-fuel bulk carriers. KMS-EMEC designed the four 92,500 DWT ammonia dual-fuel vessels, among the largest commercial ships built at an Indian shipyard.
• Marinform AS and StoGda Ship Design & EngineeringcoreTechnology or IntegrationDesign partners for chemical tanker order. Marinform AS and StoGda designed the six 18,000 DWT IMO Type II chemical tankers with dual-fuel LNG-ready hybrid propulsion systems.
• Transworld Shipping LinesminorStrategic or Co-development PartnerMOU to explore newbuilding container vessel options. SDHI and Transworld evaluating potential collaboration for container ship construction as Transworld shifts tanker deployments following Strait of Hormuz closure.
• Det Norske Veritas (DNV)coreTechnology or IntegrationClassification society for ammonia dual-fuel bulk carriers. DNV classed vessels ensuring compliance with international safety and environmental standards.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Cochin Shipyard Limited: India's largest listed public-sector shipyard and historically India's most prolific commercial and naval vessel builder. Directly comparable to SDHI as the principal Indian competitor for domestic newbuilds, defence contracts, and ship repair work, with a similar product mix spanning tankers, bulk carriers, and naval platforms.
• Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering): Korean tier-1 shipbuilder of LNG carriers, VLCCs, and ultra-large offshore platforms, and a major global exporter of naval vessels including submarines. Comparable in product portfolio breadth and export orientation, competing with SDHI in commercial tanker/bulker bids and selected defence export tenders.
• Fincantieri: Italian global shipbuilder and one of the world's largest naval vessel constructors, with diversified commercial cruise, offshore, and heavy-engineering operations. Comparable to SDHI in combining complex naval shipbuilding, large-scale commercial vessels, and integrated ship repair services; useful reference for global defence export positioning.
• Hyundai Heavy Industries: World's largest shipbuilder by capacity, building tankers, bulkers, LNG carriers, and offshore structures. Closest global peer on commercial vessel mix, scale economics, and green-fuel product roadmap (LNG, ammonia, methanol); SDHI competes with HHI for the same international commercial shipowner customers in chemical tankers and bulkers.
• Hindustan Shipyard Limited: Public-sector shipyard in Visakhapatnam building naval platforms (submarines, destroyers, offshore patrol vessels) and commercial vessels including bulk carriers and offshore structures. Direct Indian peer competing for defence newbuilds and repair/refit work, with a comparable heavy-engineering profile on India's east coast.
• Imabari Shipbuilding: Largest Japanese shipbuilder by volume, dominant in bulk carriers and a growing player in LNG-fuelled and ammonia-ready newbuilds. Closest peer to SDHI's bulk-carrier green-fuel strategy and a key competitor in the international dry-bulker order book SDHI is targeting with the Energy ONE ammonia carriers.
• Garden Reach Shipbuilders & Engineers (GRSE): Public-sector shipyard focused on fast patrol vessels, frigates, and naval platforms for the Indian Navy and Coast Guard, with growing commercial export orders. Direct Indian peer competing for the same domestic defence shipbuilding allocation and a comparable export narrative to friendly foreign navies.
• Mazagon Dock Shipbuilders Limited: Public-sector defence shipbuilder (under MoD) specialising in warships and submarines for the Indian Navy, including destroyers and Scorpene-class submarines. Closest direct peer to SDHI's defence shipbuilding segment; SDHI holds an exclusive teaming agreement with MDL for Landing Platform Docks, making them collaborators and competitors within the same procurement pool.
• Samsung Heavy Industries: South Korean tier-1 shipbuilder of LNG carriers, tankers, drillships, and offshore platforms. Both partner and aspirational benchmark — SDHI's strategic MoU covers vessel designs and potential JV evolution, while SHI sets the global cost and quality standard SDHI must close to win premium export newbuilds.

Broad incumbents

• Konecranes: Global leader in port and material handling equipment including ship-to-shore cranes, gantry cranes, and container handling solutions. Directly comparable to SDHI's material handling equipment business (ship-to-shore cranes, gantry cranes, bulk unloaders, conveyors) and the relevant benchmark for product quality, pricing, and aftermarket service intensity in that segment.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/sdhi
• YouTubeyoutube.com/@sdhi
• LinkedInlinkedin.com/company/swan-defence-and-heavy-industries

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Swan Defence and Heavy Industries