The global shipbuilding industry is worth over $152 billion in 2025 and is expected to grow to about $193 billion by 2030. Right now, China, South Korea, and Japan dominate the sector, controlling more than 85% of global ship production. India is trying to change that.
Even though India moves around 95% of its trade by sea, it builds less than 1% of the world’s ships. The country now wants to become a top-five shipbuilding nation by 2047, supported by growing defence and commercial demand. The Indian Navy is expected to expand its fleet by around 80% by 2030, while public sector companies may place ship orders worth about $20 billion over the next decade and the ship repair market could reach $1.7 billion by 2033.
In this context, two companies gaining attention are Knowledge Marine & Engineering Works (KMEW) and Swan Defence and Heavy Industries (SDHI).
KMEW has entered shipbuilding focusing mainly on small vessels like tugs and support boats and does not plan to build large ships. It acquired Kamal Marine in 2025 and renamed it Knowledge Shipyard Private Limited, which now handles its shipbuilding operations. The company builds vessels for customers and also uses some for its own charter business. It has won contracts worth over ₹230 crore and a long-term green tug project worth around ₹700 crore.
KMEW is also focusing on eco-friendly green tugs and expects demand for over 120 vessels in India while investing about ₹100 crore to expand its shipyard. In FY26, its revenue rose to ₹256 crore and profit increased to ₹79.1 crore, though borrowings have also gone up.
Swan Defence and Heavy Industries (SDHI), earlier known as Reliance Naval and Engineering, has been revived under the Swan Group and operates one of India’s largest shipyards in Gujarat with a massive dry dock capable of building large vessels. The company works in both defence and commercial shipbuilding and has partnerships with global firms like Mazagon Dock, GRSE, Samsung Heavy Industries, and others.
In FY26, SDHI recorded ₹282 crore in revenue but posted a loss of ₹225 crore due to past one-time losses. However, it has secured large future orders including international contracts for ammonia-powered ships and other vessels. It also plans to raise ₹4,000 crore for expansion and is targeting major defence projects such as submarines and warships.
Overall, India is still a small player in global shipbuilding but is aiming for strong growth driven by defence expansion and commercial demand. KMEW is already profitable and growing steadily, while SDHI is focusing on future large-scale orders despite current losses, and both are positioned for long-term growth in the sector.
