GRSE upbeat on shipbuilding, emerges frontrunner for ₹25,000-cr corvette order

Garden Reach Shipbuilders & Engineers Ltd (GRSE) sees robust growth ahead in its shipbuilding business, buoyed by strong defence procurement plans and government initiatives to promote the domestic shipbuilding industry.

“Despite competition from global and Indian yards, GRSE continues to maintain healthy growth momentum and is actively pursuing opportunities in both domestic and export markets,” the management said in its FY25 annual report.

The Kolkata-based defence PSU, which handed over its 110th warship — Survey Vessel Large INS Nirdeshak — to the Indian Navy in October 2024, has been declared L1 bidder for the Navy’s ₹25,000-crore New Generation Corvette (NGC) programme. The multi-role stealth corvettes will be equipped for anti-surface, anti-submarine and anti-air warfare, land attack missions, and feature advanced sensors, weapons and propulsion systems.

The project is expected to significantly boost GRSE’s order pipeline, which stood at ₹22,681 crore as of March 31, 2025, and strengthen its position among leading global defence shipbuilders.

GRSE is also ramping up its ship repair operations through three dry docks at Syama Prasad Mookerjee Port, Kolkata, under a concession agreement, which has already enabled refits of Coast Guard and commercial vessels in FY25. A dedicated Commercial Shipbuilding Division has been set up to accelerate non-defence orders, particularly exports, while investments are being made in new products such as autonomous platforms, green energy vessels and portable steel bridges.

Chairman and Managing Director Cmde P R Hari (Retd) said GRSE is “strategically positioned to progress exponentially” on the strength of a healthy order pipeline and operational efficiencies.

For FY25, revenue from operations rose 41% to ₹5,075 crore, while profit after tax grew 48% to ₹527 crore. The company’s market capitalisation crossed ₹33,000 crore during the year.