Key Highlights
- GRSE reports highest-ever turnover of ₹6,400 crore in FY26 (provisional unaudited).
- Company declares interim dividend of 129% on paid-up share capital.
- Total turnover rises from ₹5,076 crore in FY25 to ₹6,400 crore in FY26.
- Eight vessels delivered to the Indian Navy during FY26.
- Five naval vessels commissioned including INS Himgiri and INS Ikshak.
- Shipyard progresses on 12 export vessels for a German client.
- GRSE launches indigenous Modular Foot Suspension Bridge with 400 feet span capability.
- Company receives 26 awards including Excellence in Financial Performance.
Garden Reach Shipbuilders & Engineers Ltd. (GRSE), a defence public sector undertaking under the Ministry of Defence, has reported its highest-ever annual turnover of ₹6,400 crore for the financial year 2025–26 (provisional and unaudited). The company has also announced an interim dividend of 129% on its paid-up share capital, reflecting strong financial performance and operational execution.
The shipbuilding company recorded significant growth compared to its turnover of ₹5,076 crore in FY 2024–25, supported by robust execution across naval and commercial projects. GRSE maintained momentum in its core warship construction segment while also expanding into diversified engineering and export opportunities.
During FY26, GRSE achieved key milestones in naval shipbuilding, including the commissioning of five vessels such as INS Himgiri, the first Project 17A advanced frigate, and INS Ikshak, the third survey vessel. The company also commissioned three Anti-Submarine Warfare Shallow Water Crafts — INS Arnala, INS Androth, and INS Anjadip.
Marking a strong delivery performance, GRSE delivered a total of eight vessels to the Indian Navy during the year. These included two Project 17A frigates, two Survey Vessel Large ships, and four Anti-Submarine Warfare Shallow Water Crafts. Notably, the company executed the simultaneous delivery of three warships—Dunagiri, Sandhodhak, and Agray—on the same day, highlighting its execution capabilities.
The company is also in advanced stages of finalising a major contract for the construction of five next-generation corvettes, which could further strengthen its order book visibility.
Beyond defence shipbuilding, GRSE expanded its portfolio into specialised and commercial segments, including acoustic research vessels, hybrid ferries, and coastal and ocean research platforms. The company also reported substantial progress in building 12 export vessels for a German client, along with a dredger project for an international customer.
GRSE continued to maintain its leadership as the only defence public sector shipyard in India engaged in the manufacturing of prefabricated steel bridges. During the year, it launched a first-of-its-kind Modular Foot Suspension Bridge (FSB), an indigenous structure capable of spanning up to 400 feet without requiring piers.
In addition, the shipyard delivered seven 30mm Naval Surface Gun systems to the Indian Navy and executed multiple refit projects. It also strengthened its technological capabilities through the inauguration of a Next Generation Virtual Reality (NGVR) Lab and entered into strategic partnerships with companies such as Hindustan Shipyard Ltd., K2 Cranes & Components Pvt. Ltd., Kalyani Strategic Systems Ltd., SWAN Defence & Heavy Industries Ltd., and Germany-based Reintjes GmbH.
The company’s performance was recognised with 26 awards during the year, including the Excellence in Financial Performance award presented by Defence Minister Rajnath Singh.