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GRSE - Garden Reach Sh.

📊 NSE: GRSE 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 22:17

📢 Recent Corporate Announcements

GRSE Reports Record FY26 Profit of ₹748 Cr; Recommends ₹6.70 Final Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Apr 2026, 07:16 PM

Garden Reach Shipbuilders (GRSE) delivered its best-ever financial performance in FY26, with annual revenue growing 38% to ₹7,002.16 crore. Net profit for the year surged 42% to ₹747.93 crore, driven by strong execution in major shipbuilding projects. The company's Board has recommended a final dividend of ₹6.70 per share, which, combined with previous interim dividends, brings the total payout for FY26 to ₹19.60 per share. Q4 FY26 also showed robust growth with a 24% YoY increase in net profit to ₹303.20 crore.

Annual Revenue from operations increased by 38% YoY to ₹7,002.16 crore in FY26.
Full-year Net Profit grew 42% to ₹747.93 crore compared to ₹527.40 crore in FY25.
Recommended a final dividend of ₹6.70 per share, taking the total FY26 dividend to ₹19.60.
Earnings Per Share (EPS) rose significantly to ₹65.29 from ₹46.04 in the previous year.
Q4 FY26 Net Profit stood at ₹303.20 crore, up from ₹244.25 crore in the same quarter last year.

💡 Investors should maintain a positive outlook given the record-breaking revenue and profit growth which underscores strong execution in the defense segment. The healthy dividend yield and increasing EPS make it an attractive hold for long-term portfolios.

GRSE Reports Record FY26 Turnover of ₹6,400 Cr and Declares 129% Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 31 Mar 2026, 04:06 PM

Garden Reach Shipbuilders & Engineers (GRSE) achieved its highest-ever annual turnover of ₹6,400 crore for FY 2025-26, marking a 26% growth over the previous year. Reflecting strong financial health, the company declared an interim dividend of 129%, significantly higher than the 89.5% declared in FY 2024-25. The year was marked by high operational execution, with 8 vessels delivered to the Indian Navy and 5 vessels commissioned. The company is also expanding its international footprint with 12 export vessels for Germany and is in advanced stages for a Next Generation Corvette contract.

Record provisional turnover of ₹6,400 crore in FY26, up from ₹5,076 crore in FY25.
Interim dividend declared at 129% of paid-up share capital versus 89.5% in the previous year.
Delivered 8 warships to the Indian Navy in FY26, including two Project 17A frigates and two Survey Vessels.
Strong order pipeline with 12 export vessels for a German client and upcoming Next Generation Corvette contracts.
Successful launch of a first-of-its-kind 400-foot indigenous Modular Foot Suspension Bridge.

💡 The record turnover and increased dividend payout demonstrate GRSE's strong execution capabilities and commitment to shareholder returns. Investors should maintain a positive outlook on the stock given the robust delivery milestones and diversifying order book in the defense and export sectors.

GRSE Announces Senior Management Changes: 3 Superannuations and 1 Resignation

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 31 Mar 2026, 03:54 PM

Garden Reach Shipbuilders & Engineers Limited (GRSE) has notified the stock exchanges of the departure of four senior management officials effective March 31, 2026. Three senior officers, including the CGMs of Tech & Projects and Material, are retiring due to superannuation. Additionally, Cmde Rajiv Sreedharan, CGM (Design & PS-NWD), has resigned from his post citing personal grounds. These changes involve key operational roles but appear to be part of the regular administrative cycle of a Public Sector Undertaking.

Cdr Bhubaneshwar Mishra, CGM (Tech & Projects), superannuates effective April 1, 2026
Mr. Sujoy Chakravorty, CGM (Material), retires from the company on March 31, 2026
Col Sanjay Anand, GM (Security, Fire & OL), ceases to hold office due to superannuation
Cmde Rajiv Sreedharan, CGM (Design & PS-NWD), resigned effective March 31, 2026

💡 Investors should monitor for subsequent announcements regarding the appointment of successors to ensure continuity in project execution and material management. No immediate impact on stock performance is expected as most departures are planned retirements.

GRSE to Close Trading Window from April 1, 2026, for FY26 Annual Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 12:34 PM

Garden Reach Shipbuilders & Engineers Limited (GRSE) has announced the closure of its trading window starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives. It will reopen 48 hours after the financial results are officially declared to the stock exchanges.

Trading window closure begins effective April 1, 2026.
Closure is related to the financial results for the quarter and year ended March 31, 2026.
The window will reopen 48 hours after the board meeting results are publicized.
The specific date for the board meeting to approve results will be announced in due course.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should wait for the announcement of the board meeting date to anticipate the earnings release.

GRSE Appoints Cmde Indrajit Dasgupta as Executive Director Effective March 25, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 25 Mar 2026, 04:40 PM

Garden Reach Shipbuilders & Engineers Limited (GRSE) has officially appointed Cmde Indrajit Dasgupta, IN (Retd.) as Executive Director. This announcement serves as a correction to a previous filing dated March 24, 2026, which had inadvertently listed the start date as March 23, 2026. The revised and final effective date for the assumption of charge is March 25, 2026. As a former Chief General Manager (CGM) at GRSE and a retired Navy Commodore, his appointment strengthens the senior leadership team with deep domain expertise.

Cmde Indrajit Dasgupta, IN (Retd.) appointed as Executive Director (ED) of GRSE.
Effective date of appointment corrected to March 25, 2026, from the previously mentioned March 23, 2026.
The appointee transitions to the ED role from his previous position as Chief General Manager (CGM) at GRSE.
The filing clarifies that all other facts and terms from the initial March 24, 2026, intimation remain unchanged.

💡 No immediate action is required as this is a routine administrative correction regarding a senior management appointment. Investors should view this as a standard leadership transition that maintains continuity in the company's defense-related operations.

GRSE Appoints Cmde Indrajit Dasgupta as Executive Director Effective March 23, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Mar 2026, 10:48 AM

Garden Reach Shipbuilders & Engineers Limited (GRSE) has announced the appointment of Cmde Indrajit Dasgupta, IN (Retd.) as Executive Director, effective March 23, 2026. He previously served as the Chief General Manager (Production Services) and has been with the company since March 2023. With over 35 years of experience in the Indian Navy and three years of internal experience at GRSE, his elevation is a strategic move to strengthen senior leadership. This transition involves his formal resignation from the CGM post to assume the higher executive role.

Cmde Indrajit Dasgupta appointed as Executive Director (ED) effective March 23, 2026.
Brings over 35 years of experience from the Indian Navy and 3 years of experience within GRSE.
He will be responsible for critical functions including NSG 30, SR & TU (Ship Repair & Technical Unit).
The appointment follows his resignation from the post of Chief General Manager to facilitate the promotion.

💡 This is a routine internal leadership transition and should be viewed as a move to maintain management continuity. No immediate portfolio action is required based on this announcement.

GRSE Announces Superannuation of GM Dilip Kumar Jagattar Singh Effective March 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Feb 2026, 10:49 AM

Garden Reach Shipbuilders & Engineers Limited (GRSE) has announced the superannuation of Shri Dilip Kumar Jagattar Singh, General Manager of the DEP Ranchi Unit. He is scheduled to retire on February 28, 2026, and will officially cease to hold office starting March 1, 2026. This disclosure is a routine regulatory filing under Regulation 30 of the SEBI Listing Regulations. The transition appears to be a standard administrative process due to age-related retirement.

Shri Dilip Kumar Jagattar Singh to superannuate on February 28, 2026
He currently serves as the General Manager for the DEP Ranchi Unit
Cessation of office will be effective from March 1, 2026
The filing complies with Regulation 30 of SEBI Listing Regulations

💡 No immediate action is required as this is a routine retirement of a unit-level executive. Investors should continue to monitor the company's operational performance and any future announcements regarding his successor.

GRSE Q3 PAT Jumps 74% YoY; Order Book Expected to Hit ₹50,000 Cr by March 2026

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 17 Feb 2026, 05:36 PM

GRSE reported a robust Q3 FY26 with revenue growing 49% YoY to ₹1,896 crore and PAT surging 74% to ₹171 crore. While the current order book stands at ₹18,482 crore, management expects it to reach approximately ₹50,000 crore by the end of FY26, primarily driven by the ₹33,000 crore Next-Generation Corvette contract. The company is eyeing a massive ₹2.5 lakh crore pipeline across defense and non-defense sectors over the next 18 months. To support this growth, GRSE is expanding its construction capacity from 28 to 32 platforms by the end of 2026.

Q3 Revenue grew 49% YoY to ₹1,896 crore, while PAT increased 74% YoY to ₹171 crore.
Order book expected to surge to ₹50,000 crore by March 2026 from the current ₹18,482 crore.
L1 status secured for the ₹33,000 crore Next-Generation Corvette project, with contract signing imminent.
Total addressable pipeline of ₹2.5 lakh crore identified over the next 12-18 months.
Shipbuilding capacity being enhanced to 32 platforms concurrently by the end of calendar year 2026.

💡 Investors should focus on the massive impending order book jump and the management's successful execution track record. The stock remains a strong play on India's defense indigenization with significant revenue visibility through 2029.

GRSE Receives GST Penalty Order of ₹10.19 Lakh for FY 2018-19

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 13 Feb 2026, 05:01 PM

Garden Reach Shipbuilders & Engineers Limited (GRSE) has been served an order by the West Bengal Commercial Taxes authority imposing a penalty of ₹10,19,377. The order pertains to the financial year 2018-19 and involves the reversal of Input Tax Credit (ITC) due to supplier non-compliance and GSTIN cancellations. The company has clarified that this penalty has no material impact on its financial or operational performance. GRSE is currently assessing the order and may exercise its right to appeal the decision.

Penalty of ₹10,19,377 imposed by West Bengal Commercial Taxes (GST) authority.
Order relates to FY 2018-19 regarding non-reversal of ITC and supplier-side defaults.
Management confirms no material impact on the company's financial or operational activities.
The company is evaluating legal options to appeal against the order.

💡 This is a minor regulatory matter with negligible financial impact relative to the company's scale. Investors should remain focused on GRSE's long-term order book and execution milestones.

GRSE Releases Recording of Analysts Meet for Q3 and 9M FY26 Performance

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 07:52 PM

Garden Reach Shipbuilders & Engineers (GRSE) has successfully conducted its Analysts and Brokers Meet on February 11, 2026. The session focused on the company's financial performance for the quarter and nine-month period ending December 31, 2025. Management discussed the current financial standing and the 'way forward' for the company. The audio and video recordings of the meeting have been made available on the company's website for public review.

Analysts and Brokers Meet held on February 11, 2026, following the Q3 FY26 results.
Discussion covered financial performance for the nine months ended December 31, 2025.
Audio and video recordings uploaded to the GRSE website under the investor presentations section.
Compliance filing completed under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should review the meeting recordings to understand management's commentary on the order book and future execution timelines. This provides better context than standalone financial figures.

GRSE and HSL Form Consortium to Bid for Shipping Corporation of India (SCI) Tender

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 09 Feb 2026, 04:31 PM

Garden Reach Shipbuilders & Engineers (GRSE) has signed a Memorandum of Understanding with Hindustan Shipyard Limited (HSL) on February 09, 2026. The partnership forms a consortium specifically to bid for a large-scale shipbuilding tender issued by the Shipping Corporation of India (SCI). GRSE, which has delivered 115 warships and can build 28 ships concurrently, seeks to leverage HSL's strengths to secure this strategically significant national project. This move strengthens GRSE's position in the indigenous maritime sector and enhances its potential future order book.

MoU signed with HSL on Feb 09, 2026, for a joint consortium bid for a specific SCI tender.
GRSE has delivered the highest number of warships (115) among all Indian shipyards to date.
Company infrastructure allows for the concurrent construction of up to 28 ships at a time.
Strategic collaboration aimed at enhancing indigenous maritime capability and technological self-reliance.

💡 Investors should monitor the outcome of the SCI tender as a successful bid would significantly expand GRSE's already robust order book. The stock remains a key beneficiary of India's defense indigenization push.

GRSE Secures ₹33 Crore Contract for Refit of Seychelles Coast Guard Ship PS Zoroaster

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 07 Feb 2026, 04:55 PM

Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract worth approximately ₹33 crore with the Ministry of External Affairs for the second refit of the Seychelles Coast Guard Ship PS Zoroaster. The project is scheduled for a quick execution period of three months, starting in early March 2026. This repeat order highlights GRSE's competency in ship repair and its established relationship with international clients, as the vessel was originally built by GRSE. The contract aligns with India’s SAGAR vision, strengthening regional maritime security ties and the company's service portfolio.

Contract value of approximately ₹33 crore (excluding GST) for the 2nd refit of PS Zoroaster.
Project execution timeline is set for 3 months from the start date in March 2026.
The vessel was originally built by GRSE and delivered to Seychelles in April 2021.
Contract awarded by the Ministry of External Affairs (MEA), Government of India.
The ship's maiden short refit was previously carried out by GRSE in 2024.

💡 This is a positive development for GRSE's ship repair segment, which typically offers higher margins than new construction. Investors should monitor the company's ability to scale such international maintenance contracts to diversify revenue streams.

GRSE to Host Analysts' Meet on Feb 11 to Discuss Q3 & 9MFY26 Performance

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 05 Feb 2026, 05:25 PM

Garden Reach Shipbuilders & Engineers (GRSE) has scheduled an Analysts' and Brokers' Meet on February 11, 2026, at the BSE Convention Hall, Mumbai. The meeting is intended to discuss the company's financial performance for the quarter and nine months ended December 31, 2025. This interaction is a standard procedure following the release of quarterly results, allowing management to provide a 'way forward' outlook. Investors should watch for updates regarding the company's order book and execution timelines during this session.

Analysts' and Brokers' Meet scheduled for Wednesday, February 11, 2026, at 04:30 PM.
Meeting to be held at the BSE Convention Hall, Dalal Street, Mumbai.
Agenda focuses on Q3 and 9MFY26 financial performance and future growth strategy.
Management will provide insights into the 'way forward' for the shipbuilding company.

💡 Investors should monitor the company's website or exchange filings for the post-meet presentation and transcript to understand the management's guidance on the order pipeline. This is a routine event and does not require immediate portfolio changes.

GRSE Q3 PAT Surges 74% YoY to ₹171 Cr; Declares ₹7.15 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 29 Jan 2026, 09:45 AM

Garden Reach Shipbuilders & Engineers (GRSE) reported a stellar Q3 FY26 with revenue from operations growing 49% YoY to ₹1,896 crore. Net profit (PAT) jumped significantly by 74% to ₹171 crore, while EBITDA rose 59% to ₹234 crore. The company declared a second interim dividend of ₹7.15 per share, marking a strong return to shareholders. Management provided a robust outlook, expecting the order book to reach approximately ₹50,000 crore by the end of the fiscal year.

Revenue from operations increased 49% YoY to ₹1,896 crore in Q3 FY26
Profit After Tax (PAT) grew by 74% YoY to ₹171 crore with EPS rising to ₹14.91
EBITDA for the quarter stood at ₹234 crore, registering a 59% YoY growth
Declared a 2nd interim dividend of ₹7.15 per equity share for FY 2025-26
Order book projected to reach ~₹50,000 crore by year-end with 42 platforms under execution

💡 Investors should maintain a positive outlook as the company demonstrates strong execution capabilities and high revenue visibility through its massive order book. The combination of high growth and consistent dividends makes it a strong pick in the defense PSU space.

GRSE Signs MoU with K2 Cranes for Indigenous Marine and Defence Crane Manufacturing

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 28 Jan 2026, 06:57 PM

Garden Reach Shipbuilders & Engineers (GRSE) has signed a Memorandum of Understanding with K2 Cranes & Components to design and manufacture specialized marine, defense, and shipyard cranes. This strategic move aims to diversify GRSE's engineering portfolio beyond its core shipbuilding and modular bridge segments, where it has already delivered over 5,900 bridges. The partnership focuses on indigenous production to support 'Make in India' goals and reduce reliance on imported heavy equipment. This collaboration is expected to serve both domestic requirements and international clients, potentially opening new revenue streams.

MoU signed on January 28, 2026, for the development of marine and shipyard cranes.
Partnership with K2 Cranes & Components targets both Indian and international defense markets.
GRSE leverages its experience of delivering 115 warships and 5,900+ modular bridges for this expansion.
Strategic focus on 'Atmanirbharta' to reduce import dependency for critical shipyard infrastructure.
The initiative enables concurrent construction and equipment manufacturing for 28 ships at a time.

💡 Investors should view this as a positive diversification of GRSE's engineering business which reduces cyclical shipbuilding risks. Monitor for specific order book additions arising from this new crane manufacturing vertical.

View All GRSE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew by 41.28% from INR 3,592.64 Cr in FY24 to INR 5,075.69 Cr in FY25, primarily driven by the execution of the P-17A Frigate project. Value of Production increased by 41.13% to INR 5,070.98 Cr. Shipbuilding remains the dominant segment, with the P-17A project alone accounting for ~50% of the INR 22,681 Cr order book.

Geographic Revenue Split

Revenue is heavily concentrated in India, with ~88% of the order book coming from the Indian Navy and Coast Guard. Export revenue, though growing, remains small; exports increased by 57% from INR 46.90 Cr in FY24 to INR 73.63 Cr in FY25, representing approximately 1.45% of total revenue.

Profitability Margins

Net Profit (PAT) margin stood at 10.39% in FY25. PAT increased by 47.6% from INR 357.27 Cr in FY24 to INR 527.40 Cr in FY25. Profitability is bolstered by significant interest income from liquid funds, which amounted to INR 250 Cr in FY25.

EBITDA Margin

PBILDT margin improved from 6.77% in FY24 to 8.30% in FY25. This 153 basis point improvement was achieved through better absorption of fixed costs as the scale of operations expanded and equipment installation phases were reached in major projects.

Capital Expenditure

GRSE has no major debt-funded capex plans in the medium term. The company maintains a strong liquidity position with cash and bank balances of INR 3,732 Cr as of March 31, 2025, which supports its operational needs without external borrowing.

Credit Rating & Borrowing

The company maintains a 'Strong' liquidity profile with zero term debt. Interest coverage ratio significantly improved from 14.91x in FY24 to 40.81x in FY25. Working capital is primarily funded through milestone-linked advances from the Ministry of Defence, which stood at INR 2,265 Cr in FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include shipbuilding-grade steel, marine engines, and specialized electronic equipment. While specific % splits per material are not disclosed, total imports (largely equipment and specialized components) accounted for INR 419.00 Cr in FY25, up 25.8% YoY.

Import Sources

Sourced from domestic suppliers and international markets, including recent orders and collaborations involving the European market and Bangladesh for commercial and specialized vessels.

Key Suppliers

Not specifically named in the documents, but the company manages a vast network of vendors for equipment installation and material supply, backed by INR 2,584 Cr in bank guarantees for advances to suppliers as of March 2025.

Capacity Expansion

GRSE operates three major facilities in Kolkata: Main Works, Fitting Out Jetty, and Rajabagan Dockyard. A new Green Field Shipyard is planned in Andhra Pradesh following an MoU signed with the Andhra Pradesh Maritime Board on November 14, 2025.

Raw Material Costs

Profitability is susceptible to commodity price fluctuations because most work contracts are fixed-price. Unprecedented increases in steel or engine costs directly squeeze margins as the company cannot pass these costs to the Ministry of Defence after contract signing.

Manufacturing Efficiency

Efficiency is improving through fixed cost absorption; revenue per employee and asset utilization have increased as the P-17A project moved into the equipment-intensive installation phase.

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth will be driven by the execution of the existing INR 22,681 Cr order book and the L1 status for five Next Generation Corvettes worth ~INR 25,000 Cr. Strategy includes product diversification into Green Energy Platforms, Autonomous Vehicles, and expansion into the commercial shipping market in Europe and Bangladesh.

Products & Services

Stealth Frigates (P-17A), Anti-Submarine Warfare Corvettes, Survey Vessels (Large) like INS Nirdeshak, Missile Corvettes, Fleet Tankers, Fast Patrol Vessels, and Deck Machinery.

Brand Portfolio

GRSE (Garden Reach Shipbuilders & Engineers Ltd.)

New Products/Services

Green Energy Platforms and Autonomous Vehicles are being developed to diversify the portfolio beyond traditional naval warships.

Market Expansion

Targeting the commercial market in Europe and Bangladesh to reduce dependency on the Indian Navy. The Andhra Pradesh Green Field Shipyard project aims to expand the manufacturing footprint to the Eastern coast.

Market Share & Ranking

Leading Indian defense shipyard with a record of building 111 warships, including the first-of-its-kind Survey Vessel Large (INS Nirdeshak) delivered in Oct 2024.

Strategic Alliances

MoU with Andhra Pradesh Maritime Board (Nov 2025) for a new shipyard; partnerships with startups to minimize technology gaps in cutting-edge naval products.

🌍 External Factors

Industry Trends

The industry is shifting toward indigenization ('Atmanirbhar Bharat'). The GoI plans to float a new shipping entity with 1,000 ships, which is expected to provide a massive tailwind for domestic shipyards.

Competitive Landscape

Competes with other Indian PSUs and private shipyards. GRSE maintains an edge through its 70-year track record and specialized capabilities in stealth frigates.

Competitive Moat

Moat is based on its status as a CPSE (74.5% GoI ownership) and its strategic importance to national security, which allows it to receive large-scale orders (like the INR 11,436 Cr P-17A) on a nomination basis.

Macro Economic Sensitivity

Highly sensitive to the Union Budget's defense allocation. The FY26 budget increased MoD allocation by 9.5% to INR 6.81 lakh Cr, with the Navy receiving INR 97,149.80 Cr, directly impacting GRSE's future order pipeline.

Consumer Behavior

Not applicable as the primary customer is the Government of India.

Geopolitical Risks

Regional tensions drive demand for naval modernization, benefiting GRSE's warship division. However, global supply chain disruptions can delay critical component imports.

⚖️ Regulatory & Governance

Industry Regulations

Exempted by the Ministry of Corporate Affairs from segment reporting requirements for defense production to maintain strategic confidentiality.

Environmental Compliance

Exposed to risks from construction-related resource disruption. Mitigating through renewable energy and frequent energy audits. CSR policy is active.

Taxation Policy Impact

Standard corporate tax rates apply; PBT grew 46.24% to INR 703.29 Cr in FY25.

Legal Contingencies

The company received notices and fines from NSE and BSE on November 28, 2025, for non-compliance with SEBI LODR regulations regarding the lack of required Independent Directors (including a Woman Independent Director) and the non-constitution of Audit and Nomination committees.