Swan Defence shares hit 5% upper circuit after bagging India’s first ammonia bulk carrier order worth Rs 1,500-3,000 crore

Shares of Swan Defence and Heavy Industries were locked in a 5% upper circut of Rs 1,703.45 on the BSE on Tuesday after the company secured an order to build four 92,500 DWT dual-fuel ammonia bulk carriers, marking a first-of-its-kind project in India.

The company said that the order lies in the category 4 which ranges between Rs 1,500-Rs 3,000 crore. These will be the first ammonia dual-fuel ships built in India and are also among the largest commercial vessels ever to be built at an Indian shipyard, representing a significant step forward in both technological capability and scale for the domestic shipbuilding industry.

Measuring 229.5m in length with a beam of 37m, each of the dual-fuel vessels will be equipped with an ammonia-fuelled propulsion system. The vessels will be designed by KMS-EMEC, South Korea and classed by Det Norske Veritas (DNV), the company said in a press release.


The first vessel is expected to be delivered in October 2029, with subsequent deliveries scheduled at four-month intervals.

Commenting on the development, Vivek Merchant, Director, Swan Defence and Heavy Industries Limited (SDHI), said, “Winning this project is an important step forward for us. It reflects the confidence global stakeholders are placing in Indian shipbuilding, and in the capabilities, we have developed at Pipavav. Ammonia as a marine fuel is still at an early stage, and we are proud to be part of that transition - building vessels that are not just relevant for today but aligned with where the industry is heading.

Swan Defence and Heavy Industries, formerly known as Reliance Naval and Engineering, is a shipbuilding and heavy fabrication company based on India’s west coast. It operates the country’s largest dry dock, measuring 662m by 65m, and has a fabrication capacity of 164,000 tonnes per annum.

Swan Defence share price has risen a staggering 155% in just 6 months. As for 2026, the share price is up 17%.

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