Swan Defence hits record high on LoI win for $220 million shipbuilding deal

Swan Defence share price today: Swan Defence and Heavy Industries (Swan Defence),  India’s largest shipbuilding and heavy fabrication company, shares were locked in 5 per cent upper circuit at ₹1,036.45 apiece, on Tuesday, November 11, 2025. The stock also hit a fresh all-time high (record high).

 

Around 11:00 AM, Swan Defence share price continued to remain locked in the 5 per cent upper circuit at ₹1,036.45 per share. By comparison, BSE Sensex was trading 0.46 per cent lower at 83,148.86 levels.

Why did Swan Defence share hit record high and 5% upper circuit today?

 

Swan Defence and Heavy Industries (Swan Defence) shares surged on Tuesday after the company signed a Letter of Intent (LoI) with European ship owner and operator Rederiet Stenersen AS for the construction of six IMO Type II chemical tankers, each with an 18,000 DWT capacity.

 

The deal, valued at around $220 million, marks a major milestone for India’s shipbuilding exports, with an option to build six additional vessels under the same class.

 

Vivek Merchant, director, Swan Defence said, “This partnership marks a defining moment for Swan Defence and for Indian shipbuilding — our first major export of advanced chemical tankers to Norway. We see this as a step towards realising India’s maritime ambitions by building large and complex vessels across tankers, bulkers, and specialised segments. The trust placed in us by Rederiet Stenersen AS reflects global confidence in India’s shipbuilding capabilities and Swan Defence’s commitment to deliver world-class, future-ready vessels.”   ALSO READ | Syrma SGS shares rally 6% after Q2 results; forays into defence business 

The tankers will be constructed at Swan Defence’s state-of-the-art facility in Pipavav, Gujarat. Designed by Norway’s Marinform AS and classed by DNV, the ships will meet Ice Class 1A standards and feature hybrid propulsion systems for enhanced efficiency, lower emissions, and greater manoeuvrability.

 

Each vessel has been conceptualised as future-ready, allowing conversion to methanol or LNG fuel and the potential to upgrade battery capacity up to 5,000 kWh –  boosting environmental performance and adaptability to emerging green technologies, Swan Defence said.

 

Delivery timelines and commercial terms will be finalised under a detailed shipbuilding contract.

Swan Defence Q2 results 

 

The company is set to release its September quarter of financial year 2026 (Q2FY26) results tomorrow i.e. November 12, 2025.

 

In an exchange filing dated November 6, the company said, “...a meeting of the Board of Directors of the Company will be held on Wednesday, November 12, 2025, inter alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2025.”

 

The board will also consider and approve the proposal for raising of fund by way of issue of debenture, whether non-convertible or otherwise, unlisted or otherwise and unsecured or otherwise on private placement basis.  ALSO READ | HEG, Graphite soar up to 12% on heavy volume; what's driving GE stocks?

About Swan Defence

 

Swan Defence and Heavy Industries Limited (SDHI), formerly Reliance Naval and Engineering Limited, is one of India’s leading shipbuilding and heavy fabrication companies.

 

Strategically positioned on the west coast of India, the company operates the nation’s largest dry dock (662m x 65m) and boasts an annual fabrication capacity of 164,000 tonnes — offering a distinct edge in advancing India’s maritime and industrial goals.