GRSE Strengthens Shipbuilding Momentum, Frontrunner for Rs 250-Bn Corvette Order

29 Aug 2025 CW Team

Garden Reach Shipbuilders & Engineers (GRSE) expects robust growth in its shipbuilding business, supported by defence procurement plans and government initiatives to promote indigenous shipbuilding.

“Despite competition from global and Indian yards, GRSE continues to maintain healthy growth momentum and is actively pursuing opportunities in both domestic and export markets,” the management said in its FY25 annual report.

The Kolkata-based defence PSU, which delivered its 110th warship — Survey Vessel Large INS Nirdeshak — to the Indian Navy in October 2024, has emerged as the lowest bidder (L1) for the Navy’s Rs 250-billion New Generation Corvette (NGC) programme. These multi-role stealth corvettes will be equipped for anti-surface, anti-submarine, and anti-air warfare, land attack missions, and will feature advanced sensors, weapons, and propulsion systems.

The project is expected to significantly enhance GRSE’s order pipeline, which stood at Rs 226.81 billion as of March 31, 2025, and reinforce its standing among leading global defence shipbuilders.

GRSE is also expanding its ship repair business through three dry docks at Syama Prasad Mookerjee Port, Kolkata, under a concession agreement. This has already enabled refits of Coast Guard and commercial vessels in FY25. A dedicated Commercial Shipbuilding Division has also been set up to drive non-defence orders, particularly exports, alongside investments in new products such as autonomous platforms, green energy vessels, and portable steel bridges.

Chairman and Managing Director Cmde P R Hari (Retd) said GRSE is “strategically positioned to progress exponentially” on the back of a strong order pipeline and operational efficiencies.

For FY25, revenue from operations rose 41 per cent to Rs 50.75 billion, while profit after tax grew 48 per cent to Rs 5.27 billion. The company’s market capitalisation crossed Rs 330 billion during the year.

News source: Maritime Gateway

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