Garden Reach Shipbuilders & Engineers Ltd
NSE:GRSE
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Garden Reach Shipbuilders & Engineers Ltd
In the bustling corridors of India's defense and maritime manufacturing realm, Garden Reach Shipbuilders & Engineers Ltd. (GRSE) stands as a stalwart symbol of engineering prowess and innovation. Founded in 1884 and headquartered in Kolkata, GRSE has carved its space as one of the premier shipbuilding companies in the nation. With a rich historical lineage, it stepped into government ownership post-1947 and went on to play a pivotal role in modernizing India's naval fleet. From designing complex warships to producing lightweight assault crafts, GRSE's core competency lies in its ability to deliver high-quality, technologically advanced vessels. The company's extensive capabilities are not limited to naval builds; they encompass civil infrastructure ventures, such as bridges and deck machinery, signifying its strategic diversification approach.
GRSE generates revenue through a blend of defense contracts and product sales, with a primary focus on catering to the maritime needs of the Indian Navy and Coast Guard. Each project commences with a robust bidding process where GRSE contends with global and domestic competitors. Its competitive edge is honed by its state-of-the-art facilities, innovative R&D, and a skilled workforce committed to excellence. The company also eyes international waters, seeking export opportunities in friendly foreign nations to further consolidate its revenue streams. By maintaining synergies between government military objectives and its shipbuilding expertise, GRSE not only reinforces its financial health but also fortifies India's defense capabilities, thereby securing a crucial segment in the nation's strategic industrial framework.
In the bustling corridors of India's defense and maritime manufacturing realm, Garden Reach Shipbuilders & Engineers Ltd. (GRSE) stands as a stalwart symbol of engineering prowess and innovation. Founded in 1884 and headquartered in Kolkata, GRSE has carved its space as one of the premier shipbuilding companies in the nation. With a rich historical lineage, it stepped into government ownership post-1947 and went on to play a pivotal role in modernizing India's naval fleet. From designing complex warships to producing lightweight assault crafts, GRSE's core competency lies in its ability to deliver high-quality, technologically advanced vessels. The company's extensive capabilities are not limited to naval builds; they encompass civil infrastructure ventures, such as bridges and deck machinery, signifying its strategic diversification approach.
GRSE generates revenue through a blend of defense contracts and product sales, with a primary focus on catering to the maritime needs of the Indian Navy and Coast Guard. Each project commences with a robust bidding process where GRSE contends with global and domestic competitors. Its competitive edge is honed by its state-of-the-art facilities, innovative R&D, and a skilled workforce committed to excellence. The company also eyes international waters, seeking export opportunities in friendly foreign nations to further consolidate its revenue streams. By maintaining synergies between government military objectives and its shipbuilding expertise, GRSE not only reinforces its financial health but also fortifies India's defense capabilities, thereby securing a crucial segment in the nation's strategic industrial framework.
Strong Revenue Growth: Revenue from operations grew by 45% year-on-year in Q2 FY '26, reaching INR 1,677 crores, with healthy profit growth as well.
Profit Surge: Profit after tax increased by 57% year-on-year to INR 154 crores for the quarter.
Robust Order Book: Order book stood at INR 20,205.56 crores as of September 30, 2025, with management expecting it to exceed INR 50,000 crores by year-end.
No Near-Term Revenue Decline: Management does not anticipate any revenue depletion in the next 2–4 quarters due to ongoing large projects and new smaller orders.
Expansion Plans: Shipbuilding capacity is being raised from 24 to 32 ships by 2026, with brownfield and greenfield expansions underway to reach 40 ships in four years.
Future Growth Opportunities: Large defense and commercial shipbuilding projects totaling over INR 152,000 crores in potential orders were discussed.
Naval Gun Business Expanding: GRSE is scaling its naval surface gun production, with successful trials, new orders, and significant future demand from the Navy and Coast Guard.
Guidance Maintained: Revenue growth guidance of 25%–30% year-on-year was reiterated for the current fiscal year.