The share price of Garden Reach Shipbuilders & Engineers (GRSE) has soared nearly 19% in the intraday session today. The defence PSU reported its highest-ever annual turnover of Rs 6,400 crore for FY26, marking a sharp 26.08% jump from Rs 5,076 crore in FY25.
The defence PSU also announced an interim dividend of 129% of paid-up share capital, higher than 89.5% declared in FY25.
“FY26 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,” GRSE said in its regulatory release.
GRSE delivers 8 warships to Indian Navy in FY26
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 ASW Shallow Water Crafts.
A key highlight was the simultaneous delivery of three warships — Dunagiri, Sanshodhak and Agray — to the Indian Navy on a single day.
GRSE eyes next growth phase with corvette deal, export push
The shipyard is also in advanced stages of finalising a major contract for five Next Generation Corvettes, which could further boost its order book.
Beyond defence, GRSE expanded its portfolio to include specialised platforms such as research vessels, hybrid ferries and other commercial ships.
The company also made progress on 12 export vessels for a German client and is building a dredger for a friendly foreign country.
Expansion into bridges and defence equipment
During the year, GRSE launched a first-of-its-kind Modular Foot Suspension Bridge, an indigenous structure capable of spanning up to 400 feet without requiring piers.
The company also delivered seven 30mm Naval Surface Gun systems to the Indian Navy and carried out multiple refit projects.
Focus on technology and partnerships
GRSE strengthened its technological capabilities with the launch of a Next Generation Virtual Reality (NGVR) Lab.
It also signed strategic MoUs with Hindustan Shipyard Limited, K2 Cranes & Components Pvt Ltd, Kalyani Strategic Systems Ltd, SWAN Defence & Heavy Industries Ltd and Reintjes GmbH.
The company also hosted the third edition of GAINS 2025, signalling continued industry engagement.
GRSE announces senior management exits; four officials to step down
Garden Reach Shipbuilders & Engineers has also announced multiple changes in its senior management.
The company said three senior officials will retire on March 31, and will cease to hold office with effect from April 1, 2026.
These include Cdr Bhubaneshwar Mishra, Chief General Manager (Tech & Projects), Sujoy Chakravorty, Chief General Manager (Material), and Col Sanjay Anand, General Manager (Security, Fire & OL).
Separately, Cmde Rajiv Sreedharan (Retd), Chief General Manager (Design & PS-NWD), has resigned from his position on personal and domestic grounds.
GRSE share price
The share price of Garden Reach Shipbuilders & Engineers (GRSE) has declined 4.34% so far this year.