Defence PSU boom! Garden Reach Shipbuilders & Engineers stock rockets 20%—what’s driving the surge?

The company recorded the highest annual turnover in its history for FY 2025-26, amounting to ₹6,400 crore (Provisional & Unaudited), as against ₹5,076 crore in FY 2024–25. The shipyard has also declared an interim dividend @ 129% of paid-up share capital against 89.5% in FY 2024–25.

FY 2025–26 saw key milestones in naval shipbuilding, with the commissioning of five vessels during the year, including INS Himgiri, the first Project 17A Advanced Frigate, INS Ikshak, the third Survey Vessel (Large) and the first three Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC)—INS Arnala, INS Androth and INS Anjadip.

Marking a significant year in execution and delivery, GRSE delivered a total of eight vessels to the Indian Navy during FY 2025–26, comprising two Project 17A (P17A) frigates, two Survey Vessel Large (SVL) ships and four Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC). Notably, these delivery milestones include the simultaneous delivery of three warships—Dunagiri, Sanshodhak and Agray—to the Indian Navy on the same day. GRSE is also in the advanced stages of concluding a prestigious contract for the construction of five Next Generation Corvettes.

The Shipyard further strengthened its portfolio beyond complex warship construction, encompassing specialised platforms such as Acoustic, Coastal and Ocean Research Ships, Hybrid Ferries and other commercial vessels. It has also achieved significant progress in the construction of 12 export vessels for a German client, as well as a Dredger for a friendly foreign country.

GRSE continues to remain the only Defence Public Sector Shipyard engaged in the manufacture of prefabricated steel bridges. During FY 2025–26, GRSE achieved a significant milestone with the launch of a first-of-its-kind Modular Foot Suspension Bridge (FSB), a fully indigenous structure designed to span up to 400 feet without the requirement of piers. The shipyard also delivered seven 30mm Naval Surface Gun systems to the Indian Navy and executed multiple refit projects.

In line with its focus on advanced technologies, GRSE strengthened its capabilities through the inauguration of a Next Generation Virtual Reality (NGVR) Lab and strategic MoUs with Hindustan Shipyard Ltd, K2 Cranes & Components Pvt. Ltd., Kalyani Strategic Systems Ltd, SWAN Defence & Heavy Industries Ltd and Reintjes GmbH, Germany. It continued to build strong momentum with the third consecutive edition of GAINS 2025, reflecting its growing impact and sustained traction.