Annual Report for the financial year ended 31st March, 2026.

swan/nse/bse 12th August, 2026 Dept. of Corporate Compliances, Dept. of Corporate Service National Stock Exchange Limited, BSE Limited, Exchange Plaza, Plot No. C/1, G Block, P.J. Tower, Dalal Street, Fort, Bandra –Kurla Complex, Bandra-East, Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 503310 Symbol: SWANCORP Dear Sir / Madam, Sub: 118th Annual Report for the F.Y. 2025-26. Dear Sir/Madam, This is further reference to our Announcement dated 29th May, 2026, wherein we have mentioned about Annual General Meeting (‘AGM’) of the Company will be held on 04th September, 2026, at 11:30 AM (IST). The AGM is being held via two-way Video Conferencing / Other Audio-Visual Means (VC / OAVM). This is in compliance with the General Circulars issued by the Ministry of Corporate Affairs dated 08th April, 2020, 13th April, 2020, 05th May, 2020, 05th May, 2022, and subsequent circulars issued in this regard, the latest being circular dated 22nd September, 2025 (collectively referred to as ‘MCA Circulars’). Please find enclosed herewith the 118th Annual Report of the Company for the F.Y. 2025-26 along-with Notice. In compliance with the MCA Circulars read with Regulations 36, and 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), the Annual Report including the Notice of AGM is being sent only through electronic mode, to those Members whose e-mail addresses are registered with the Company / Registrar and Transfer Agent / Depository Participant / Depositories. The Company will be sending physical letters, providing the web-link, including the exact path where complete details of the Annual Report including the Notice of AGM is available, to those shareholder(s) who have not registered their e-mail address with the Company / Registrar and Transfer Agent / Depositories / Depository Participants. The Notice which forms part of the Annual Report is also available on the Company’s website https://www.swan.co.in/wp-content/uploads/2026/08/Annual-Report.pdf and the website of National Securities Depository Limited at www.evoting.nsdl.com. This disclosure is being submitted pursuant to Regulation(s) 34, 30, and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Thanking you, Yours faithfully, For Swan Corp Limited Saptarshi Ganguly Company Secretary Encl. as above SWAN CORP LIMITED (Formerly, SWAN ENERGY LIMITED) 118TH ANNUAL REPORT For the year ended 31.03.2026 From the Desk of the Chairman & Managing Director Dear Shareholders, FY 2025-26 was a defining year in Swan Corp's evolution as we continued to transform strategic investments into scalable operating businesses. Despite geopolitical uncertainty, supply chain disruptions and volatile global markets, India remained one of the world's fastest-growing major economies, driven by investments in infrastructure, manufacturing and defence. These structural trends reinforce our conviction that Swan is well positioned to contribute to India's next phase of industrial growth. We remain committed to building strategic industrial platforms of national importance while creating enduring shareholder value. During the year, we focused on execution and scaling our businesses. While our financial performance reflects the normalization of earnings following the exceptional gains recognized in the previous year, our businesses strengthened operational momentum and are well positioned for continued growth. The defining milestone during the year was the transformation of Swan Defence and Heavy Industries Limited (SDHI). Following the successful revival of one of India's largest integrated shipyards, FY26 marked SDHI's emergence as a strategic maritime manufacturing platform. The shipyard delivered around twenty ship repair and refit projects while securing the country's first chemical tanker order, first dual-fuel ammonia bulk carrier order, and a prestigious defence export order for a naval training vessel. Strategic collaborations with leading maritime organizations further strengthened our capabilities across commercial, defence and green shipbuilding. The year also marked the successful completion of the shipyard's Corporate Insolvency Resolution Process through the early repayment of all committee of creditors obligations, providing a strong financial foundation for future growth. The successful offer for sale ensured compliance with minimum public shareholding requirements, broadened our investor base and reflected strong institutional confidence in the business. Our petroleum and energy businesses adapted to volatile markets through an order-backed trading model, optimized working capital and lower inventory exposure. The Jafrabad LNG Terminal progressed towards operational readiness with marine infrastructure substantially completed, supporting India's energy transition. Our Real Estate business continued to deliver stable annuity income while advancing its development pipeline, with encouraging sales at Cardinal One and significant progress at our premium Bodhi development in Bengaluru. Despite a challenging operating environment, our Textile business remained focused on operational discipline and cost efficiency. As we enter FY2026-27, our priorities remain clear: scaling our shipbuilding and defence capabilities, unlocking value across our real estate portfolio, progressing the operationalization of our LNG infrastructure, and strengthening our core businesses. The investments made over the past several years have created a strong platform for sustainable growth and long-term shareholder value. India stands at the threshold of a new industrial era. The nation's emphasis on self-reliance, manufacturing excellence, strategic infrastructure and defence capability presents unprecedented opportunities. Swan's journey is closely aligned with this national transformation, and we remain committed to building India's industrial future while creating enduring value for all our stakeholders. On behalf of the Board, I thank our shareholders for their continued trust and confidence. I also extend my sincere appreciation to our employees and all our stakeholders whose continued support and commitment have been integral to our journey. Together, we look forward to achieving new milestones in the years ahead. Warm regards, Nikhil V. Merchant Managing Director Swan Corp Limited BOARD OF DIRECTORS KEY MANAGERIAL PERSONNEL In terms of the Companies Act, 2013 CHAIRMAN MR. CHETAN K. SELARKA Chief Financial Officer & Whole-Time Director MR. NAVINBHAI DAVE (DIN: 01787259) MR. BHUSHAN JOSHI Non-Executive Director (ICSI Membership No. A48131) Company Secretary DIRECTORS (from 16th September, 2025 upto 14th November, 2025) MR. SAPTARSHI GANGULY MR. NIKHIL MERCHANT (DIN:00614790) (ICSI Membership No. F12416) Managing Director Company Secretary (w.e.f. 14th November, 2025) MR. PARESH MERCHANT (DIN: 00660027) AUDITORS Whole-Time Director STATUTORY AUDITORS M/s. N. N. Jambusaria & Co., Mumbai MR. SUGAVANAM PADMANABHAN (DIN: 03229120) SECRETARIAL AUDITORS Whole-Time Director M/s. SKJP & Associates, Mumbai COST AUDITORS MR. CHETAN K. SELARKA (DIN: 03224037) M/s. Nisha Patel & Associates, Ahmedabad Whole-Time Director 118th ANNUAL GENERAL MEETING MR. ROHINTON ERUCH SHROFF (DIN: 00234712) ON FRIDAY, 4TH SEPTEMBER, 2026 AT 11:30 A.M. Independent Director THROUGH VIDEO CONFERENCE/ OTHER AUDIO-VISUAL MEANS MR. PRABHAKAR REDDY PATIL (DIN: 00377406) DEEMED VENUE : Independent Director 6, FELTHAM HOUSE, 2ND FLOOR, 10, J. N. HEREDIA MARG, MR. JAYARAMAKRISHNAN KANNAN (DIN: 06551104) BALLARD ESTATE, MUMBAI – 400 001 Independent Director CONTENTS MR. ASHISH CHHABRIA (DIN: 11564611) Notice .....................................................................................04 Directors’ Report ..................................................................70 Independent Director (w.e.f. 25th March, 2026 [Showing first 8,000 characters — download PDF for full document]