New Delhi: State-owned Garden Reach Shipbuilders & Engineers (GRSE) Limited is poised for a major leap in its shipbuilding business, buoyed by strong defence acquisition plans and expanding presence in non-defence and export markets. In its latest Annual Report (2024–25), the Kolkata-based shipyard outlined ambitious growth prospects, highlighting a likely ₹25,000 crore order under the Indian Navy’s New Generation Corvette (NGC) programme.
L1 for ₹25,000 Cr Corvette Deal
In a major boost to its order pipeline, GRSE has emerged as the L1 (lowest bidder) for the Navy’s New Generation Corvette project. The deal, estimated at ₹25,000 crore, is expected to be among the largest corvette procurement programmes in India.
The multi-role stealth corvettes under this project will be capable of executing anti-surface, anti-submarine, anti-air warfare and land-attack missions, and will feature advanced stealth technology, weapons, sensors, and propulsion systems.
“This order, once finalised, will be a game-changer for GRSE, firmly placing it among the top global defence shipbuilders,” the company said.
Surging Performance and Reputation
GRSE has built a total of 110 warships, with the Survey Vessel Large INS Nirdeshak being the most recent delivery to the Navy in October 2024. The company prides itself on unmatched expertise in constructing large, medium, and small vessels, earning a reputation that, according to the management, remains “unparalleled by any other domestic yard.”
As of March 31, 2025, GRSE’s order book stood at a strong ₹22,681 crore.
Expanding Footprint in Ship Repair and Commercial Segments
To augment its ship repair capabilities, GRSE is utilising three dry docks at the Syama Prasad Mookerjee Port in Kolkata under a concession agreement. These facilities have already supported refits of both Coast Guard and commercial vessels during FY25. The company is now ramping up its repair teams to meet rising demand and expand the segment.
Additionally, GRSE has formed a dedicated Commercial Shipbuilding Division to capture non-defence and export orders, while also investing in R&D for autonomous platforms, green energy vessels, and portable steel bridges — all part of its diversification and innovation strategy.
Robust Financial Performance
GRSE’s financials for FY2024–25 show strong performance:
- Revenue from operations rose 41% to ₹5,075 crore
- Profit after tax (PAT) surged 48% to ₹527 crore
- Market capitalisation crossed ₹33,000 crore during the financial year
Chairman & Managing Director Cmde P R Hari (Retd) stated that the company is “strategically positioned to progress exponentially” owing to its strong operational base and expanding order pipeline.
About Garden Reach Shipbuilders & Engineers Ltd (GRSE)
Garden Reach Shipbuilders & Engineers Ltd, headquartered in Kolkata, is a leading warship builder for the Indian Navy and Coast Guard. Established in 1884, GRSE has delivered over 100 warships, making it a key contributor to India’s maritime defence capability. The company also engages in ship repair, marine engine assembly, and infrastructure development.
Read also: GRSE Strengthens MSME Linkages Through MoU for Ship and Submarine Component Supply – Know More
