GRSE upbeat on shipbuilding growth, eyes Rs 25,000-cr corvette order

Garden Reach Shipbuilders & Engineers Ltd (GRSE) said its shipbuilding segment continues to show strong prospects in both defence and non-defence markets, backed by the Indian Navy and Coast Guard's acquisition plans and government initiatives aimed at boosting the broader shipbuilding industry.

"Despite competition from international and Indian shipyards, GRSE is maintaining healthy growth momentum and is actively pursuing shipbuilding orders in both domestic and export markets," the company management stated in the latest annual report of 2024-25.

The defence PSU, which delivered its 110th warship - Survey Vessel Large INS Nirdeshak - to the Navy on October 8, 2024, said it has gained significant expertise in building large, medium and small vessels and enjoys a reputation unmatched by any other domestic yard.


In a major boost, GRSE has been declared L1 (lowest bidder) for the Navy's New Generation Corvette (NGC) programme, estimated at Rs 25,000 crore.

The multi-role corvettes will be equipped for anti-surface, anti-submarine and anti-air warfare, as well as land attack missions, and will feature stealth technology, advanced weapons, sensors and modern propulsion systems.

The company said that the NGC order is expected to significantly strengthen its business pipeline and position it among the top global defence shipbuilders. GRSE order book stood at Rs 22,681 crore as of March 31, 2025.

To strengthen its ship repair business, GRSE said it is utilising three dry docks at Syama Prasad Mookerjee Port in Kolkata under a concession agreement, which has already enabled refits of Coast Guard and commercial vessels during FY25.

The company is also augmenting its repair teams to tap new opportunities in this segment.

In a bid to diversify, the Kolkata-based shipyard has created a dedicated Commercial Shipbuilding Division to accelerate non-defence orders, particularly in exports, while simultaneously investing in new product development such as autonomous platforms, green energy vessels and portable steel bridges.

Chairman & Managing Director Cmde P R Hari (Retd) stated that the defence PSU is "strategically positioned to progress exponentially" on the back of a strong order pipeline and sustained operational gains.

Revenue from operations rose 41 per cent to Rs 5,075 crore, with profit after tax at Rs 527 crore-up 48 per cent year-on-year in FY25. GRSE's market capitalisation crossed Rs 33,000 crore during FY25, the CMD noted.