State-run defence shipbuilder Garden Reach Shipbuilders & Engineers has received a Letter of Intent from Syama Prasad Mookerjee Port Authority for the construction of an electric battery-powered harbour tug and associated shore charging infrastructure. The order is valued at Rs 379.4 million (mn), inclusive of GST and other taxes, and the company said it received the LoI on 3 August 2026. The work is slated for the Kolkata Dock System.

The contract covers the construction of one 15 tonne (t) bollard pull electric battery propulsion tug and the installation of shore charging facilities to support harbour operations. The vessel specification reflects a growing focus on decarbonisation and port electrification.

The order follows a quarter in which the defence public sector undertaking reported robust financial results for the period ended June 2026. Consolidated net profit rose 43.8 per cent to Rs 1.728 billion (bn), compared with Rs 1.202 billion in the year-ago quarter, while revenue from operations climbed 38.5 per cent to Rs 18.146 billion from Rs 13.099 billion.

Operating performance improved, with EBITDA increasing 33.3 per cent to Rs 1.492 billion and the EBITDA margin narrowing slightly to 8.2 per cent from 8.5 per cent a year earlier, reflecting higher input costs. Total income rose to Rs 19.142 billion from Rs 13.824 billion, and profit before tax increased 38.9 per cent to Rs 2.315 billion. Earnings per share improved to Rs 15.09 from Rs 10.49 in the year-ago quarter.

The company reported a marked rise in material costs, with the cost of materials consumed rising to Rs 12.442 billion from Rs 6.799 billion a year earlier. Shares of Garden Reach Shipbuilders & Engineers were trading at Rs 2,555, down 1.15 per cent.