Garden Reach Shipbuilders & Engineers Ltd(GRSE)

NSE: GRSEBSE: 542011

₹ 1,861.65-4.86%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 21,326 crNext results: 4 Nov 2026Website: www.grse.inUpdated: 24 Oct 2026

About

Garden Reach Shipbuilders & Engineers Ltd (GRSE) is a Kolkata-based Indian defence public sector shipyard that builds warships for the Indian Navy and Coast Guard, along with commercial vessels, portable steel bridges and autonomous vehicles. It has built around 800 platforms, including 111 warships, which its FY25 annual report calls the highest number of warships built and delivered by any shipyard in India. Revenue for FY26 was 7002.16 crore. The Government of India gave it Navratna status on 19 June 2026.^[1][2]

Business segments

Shipbuilding is the main segment: ₹13,296 crore of the ₹13,596 crore total order book in Q1 FY27.^[3]
Non-defence platforms made up 22.5% of the ₹15,324 crore order book at end-FY26. They include research vessels, hybrid ferries, multipurpose vessels for a German client and a dredger for Bangladesh.^[4]
In FY26 the bridge division's revenue passed ₹200 crore for the first time. It delivered 110 bridges, 30 of them for export.^[4]
The FY25 annual report says the Bailey Bridge division leads the Indian market for portable steel bridges.^[2]
Ship repair revenue was ₹113.82 crore in FY25, up from ₹92.89 crore in FY24.^[2]
A new-technology vertical develops autonomous subsurface and surface vehicles. One product has gone to a DRDO organisation, and GRSE is taking part in the Make-I and Make-II schemes for autonomous underwater vessels.^[4]

Order book and pipeline

The order book was ₹13,596 crore in Q1 FY27, the first time in ten years it was below ₹15,000 crore. Management linked the fall to faster delivery of 8 warships in FY26.^[5]
In Q1 FY27 naval work was about 74% of the shipbuilding order book; non-defence and commercial platforms made up the other ~26%.^[5]
GRSE is L1 for the Next Generation Corvette project (~₹33,000 crore, 5 ships). The contract was expected in Q2 FY27, with revenue starting in FY28.^[5]
As of Q1 FY27 there were five live Navy and Coast Guard tenders worth more than ₹80,000 crore in total, the largest being P-17 Bravo at about ₹70,000 crore.^[5]
RFPs for MCM ships (12 ships, ₹36,000 crore) and LPDs (4 ships, ₹35,000 crore) were expected in CY2026. Together with the live tenders, the near-term defence opportunity is about ₹1,50,000 crore.^[5]
The FY25 annual report says the Navy and Coast Guard plan to order more than 150 warships in the coming years.^[2]

Operations and capacity

GRSE has four shipyards in Kolkata: three for shipbuilding and one for ship repair. It also has a fitting-out jetty that can outfit four large ships at a time (FY25).^[2]
GRSE has 7 plants and 6 offices, all in India (FY25).^[2]
Concurrent shipbuilding capacity was 28 platforms in Q1 FY27, up from 24 two years earlier. In-premises modernisation targets 32 platforms by end-CY2026.^[5]
GRSE leases three dry docks at Syama Prasad Mookerjee Port's Khidderpore complex under a concession signed 07 Oct 2021. One more dock is being taken over (FY25).^[2]
Indigenisation across overall ship construction was 80 - 85% in Q1 FY27.^[5]
Payroll manpower was 1,690 as on 31 Mar 2025.^[2]

Deliveries and exports

GRSE delivered 8 warships in FY26, including 3 on a single day, and laid the keels of 19 platforms.^[4]
Export revenue was more than ₹270 crore in FY26, from 30 bridge exports and commercial vessel contracts.^[4]
GRSE was the first Indian shipyard to export a warship: an Offshore Patrol Vessel to Mauritius in 2014.^[2]

Vessels under construction

As of Q1 FY27, the last P-17 Alpha frigate was about 85% complete, with delivery targeted for November 2026. The 4 remaining ASW craft are due in FY27; the 4 NGOPVs are due from Q2 FY28 to Q2 FY29.^[5]
Commercial work includes 12 multipurpose vessels for a German client, West Bengal hybrid ferries (the last due by April 2027) and 4 Platform Support Vessels for ONGC.^[6]
GRSE supplies 30mm Naval Surface Guns: 10 contracted, 4 supplied and 3 installed as of Q2 FY26. The Coast Guard has enquired about 49 more.^[3]

Customers

Most supplies go to the Indian Navy, Indian Coast Guard, Indian Army and Border Roads Organisation. Other customers include CPWD, state PWDs and state government bodies (FY25).^[2]
Export customers include a German shipowner (12 MPVs) and a European client that signed an MoI. Management noted growing interest from European shipowners.^[3]
GRSE is pursuing water metro ferry work with several state governments, worth about ₹1,500 crore across 30 - 40 platforms (Q1 FY27).^[5]

Expansion and capex

A greenfield shipyard is planned at Raichak, West Bengal (₹2,200 crore capex). Its DPR is in final stages, approvals were expected in CY2026 and building is to start in 2027.^[5]
A greenfield facility in Gujarat (₹2,000 crore capex, PPP model) has environmental clearance and a completed DPR. Work starts in 2027.^[5]
Once both greenfield yards are running, concurrent capacity would rise from 28 to 43 platforms.^[5]
Brownfield revitalisation of two Syama Prasad Mookerjee Port facilities (₹200 crore capex) is targeted for completion within 18 months of Q1 FY27.^[5]

Recent developments

The Department of Public Enterprises gave GRSE Navratna status on 19 June 2026.^[5]
In Q1 FY27 GRSE received letters of intent for four ONGC Platform Support Vessels and a fully electric tug for Syama Prasad Mookerjee Port.^[5]
The government activated a ₹69,725 crore shipbuilding stimulus package that includes a ₹24,736 crore construction subsidy.^[6]
GRSE is working with sister shipyards on MR tankers and VLGCs, and with another Indian yard on container ships.^[5]

Market Cap

₹21,326 Cr

High / Low

₹3,339 / 1,853

Stock P/E

26.6

Price / Book

8.1

Book Value

₹229

EPS

₹65.3

No. of Shares

11.46 Cr

ROCE

43.0%

ROE

31.8%

OPM

14.0%

Debt / Equity

0.00

Sales

₹7,002 Cr

Net Profit

₹748 Cr

Promoter holding

74.5%

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