Kolkata: Garden Reach Shipbuilders and Engineers (GRSE) Ltd, a Navratna Defence Public Sector Undertaking (DPSU), highlighted its strongest-ever financial and operational performance during its 110th Annual General Meeting (AGM) held on Friday, September 25, 2026.
The AGM was attended by Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE; Cdr Shantanu Bose, IN (Retd), Director (Shipbuilding); Capt (IN) P Sunilkumar (Retd), Director (Corporate Planning & Personnel); Niranjan Bhalerao, Director (Finance); Government Nominee Director Dr. Vijay Namdeorao Zade; Independent Director Kamleshbhai Mirani; Company Secretary Sandeep Mahapatra; and shareholders of the company.
The company said FY 2025-26 was the most successful year in its history in terms of key financial and operational performance parameters.
GRSE Reports Strong Growth Across Key Financial Parameters
GRSE recorded substantial growth across revenue, income, EBITDA, profit and earnings per share during FY 2025-26.
Key financial highlights include:
- Revenue from Operations: Increased 37.95% from ₹5,075.69 crore in FY25 to ₹7,002.16 crore in FY26.
- Total Income: Rose 34.49% from ₹5,410.53 crore to ₹7,276.54 crore, an increase of ₹1,866.01 crore.
- EBITDA: Increased 41.47% from ₹756.10 crore to ₹1,069.69 crore.
- Profit After Tax (PAT): Rose 41.81% from ₹527.40 crore to ₹747.93 crore.
- Earnings Per Share (EPS): Increased from ₹46.04 in FY25 to ₹65.29 in FY26.
The financial performance reflects strong growth in the company’s overall business during the financial year.
GRSE Shareholders Approve 196% Total Dividend
At the 110th AGM, shareholders approved a total dividend of 196% of the paid-up share capital for FY 2025-26, compared with 138.5% in FY25.
This includes a final dividend of 67% of the paid-up share capital, compared with 49% in FY25.
The final dividend amounts to ₹6.70 per equity share of ₹10 face value.
The final dividend is in addition to the two interim dividends already paid during FY26:
- First Interim Dividend: ₹5.75 per equity share
- Second Interim Dividend: ₹7.15 per equity share
- Final Dividend: ₹6.70 per equity share
- Total Dividend: ₹19.60 per equity share
Thus, the total dividend declared for FY 2025-26 stands at ₹19.60 per equity share of ₹10 face value.
GRSE Order Book Stands at ₹15,324 Crore
Speaking at the AGM, GRSE CMD Cmde PR Hari said the company delivered another year of strong performance and described FY26 as the best performance in its 66-year history as a DPSU.
As of March 31, 2026, GRSE had an order book of ₹15,324 crore.
The CMD said the company’s robust order book, new initiatives and progress in the commercial shipbuilding segment provide a strong foundation for its future performance.
GRSE Delivers Eight Warships to Indian Navy
On the operational front, GRSE achieved several major milestones during FY 2025-26.
The shipyard delivered eight warships to the Indian Navy during the financial year, of which five were commissioned during the year.
GRSE also continued its work in specialised defence manufacturing and ship repair activities.
GRSE Launches Indigenous Modular Foot Suspension Bridge
GRSE continued to expand beyond conventional shipbuilding and strengthened its capabilities in prefabricated steel bridge manufacturing.
The company remains the only Defence Public Sector Shipyard engaged in the manufacture of prefabricated steel bridges.
During FY 2025-26, GRSE achieved a significant milestone with the launch of a first-of-its-kind Modular Foot Suspension Bridge (FSB).
The fully indigenous structure is designed to span up to 400 feet without requiring piers, highlighting the shipyard’s engineering and indigenous technology capabilities.
Seven 30mm Naval Surface Gun Systems Delivered
During the year, GRSE also delivered seven 30mm Naval Surface Gun systems to the Indian Navy.
The shipyard additionally executed multiple refit projects, further contributing to its defence production and maintenance capabilities.
Focus on Advanced Technology and Innovation
GRSE continued to strengthen its technology and innovation capabilities during FY 2025-26.
One of the key initiatives was the inauguration of a Next Generation Virtual Reality (NGVR) Lab, aimed at supporting advanced technology applications.
The company also organised the third consecutive edition of GAINS 2025, reflecting its continued focus on innovation and collaboration in the shipbuilding and defence ecosystem.
GRSE Receives 26 Awards in FY26
GRSE’s performance during FY 2025-26 was recognised through 26 awards, under the theme “26 in 26.”
Among the recognitions was the “Excellence in Financial Performance” Award, presented by Defence Minister Rajnath Singh.
The awards recognised the company’s performance across various areas during the year.
GRSE Elevated to Navratna Status in 2026
Another major milestone for GRSE in 2026 was its elevation to Navratna status by the Government of India.
The status marks an important development in the company’s growth and reflects its expanding role within India’s defence manufacturing and shipbuilding sector.
With strong financial results, a sizeable order book, increased operational output and its new Navratna status, GRSE enters the current financial year with a continued focus on shipbuilding, defence production, innovation and commercial shipbuilding.
Key Highlights of GRSE’s FY26 Performance
The major achievements highlighted at the 110th AGM include:
- Revenue from operations of ₹7,002.16 crore.
- PAT of ₹747.93 crore.
- EBITDA of ₹1,069.69 crore.
- Order book of ₹15,324 crore as of March 31, 2026.
- Delivery of eight warships to the Indian Navy.
- Five warships commissioned during FY26.
- Launch of an indigenous 400-foot Modular Foot Suspension Bridge.
- Delivery of seven 30mm Naval Surface Gun systems.
- Inauguration of the Next Generation Virtual Reality Lab.
- 26 awards received during FY26.
- Elevation to Navratna status in 2026.
- Shareholders approved a 196% total dividend, amounting to ₹19.60 per equity share.
About Garden Reach Shipbuilders and Engineers (GRSE)
Garden Reach Shipbuilders and Engineers Ltd (GRSE) is a Government of India-owned defence shipyard headquartered in Kolkata. The company is engaged primarily in the construction of warships for the Indian Navy and Indian Coast Guard and also undertakes ship repair, bridge construction and other engineering activities. GRSE was accorded Navratna status in 2026 and has emerged as a key player in India’s indigenous defence shipbuilding capabilities.
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