New Delhi: State-run shipbuilder Garden Reach Shipbuilders & Engineers Limited (GRSE) has reported its highest-ever annual turnover of Rs 6,400 crore (provisional and unaudited) for FY 2025–26. The company has also declared an interim dividend of 129 percent on paid-up share capital.
The company’s turnover marks a significant increase from Rs 5,076 crore recorded in FY 2024–25. The interim dividend is also higher compared to 89.5 percent declared in the previous fiscal.
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During the year, GRSE achieved key milestones in naval shipbuilding, including the commissioning of five vessels such as INS Himgiri, the first Project 17A advanced frigate, INS Ikshak, and three Anti-Submarine Warfare Shallow Water Crafts — INS Arnala, INS Androth and INS Anjadip.
The shipyard delivered a total of eight vessels to the Indian Navy in FY 2025–26, comprising two Project 17A frigates, two Survey Vessel Large ships and four Anti-Submarine Warfare Shallow Water Crafts. Notably, GRSE achieved the rare feat of delivering three warships—Dunagiri, Sanshodhak and Agray—on the same day.
GRSE is also in advanced stages of finalising a contract for five Next Generation Corvettes, further strengthening its order pipeline. Beyond warship construction, the company expanded its portfolio to include specialised platforms such as research vessels, hybrid ferries and commercial ships, while making steady progress on 12 export vessels for a German client and a dredger for a friendly foreign nation.
The company maintained its leadership as the only Defence Public Sector Undertaking manufacturing prefabricated steel bridges and launched a first-of-its-kind indigenous Modular Foot Suspension Bridge capable of spanning up to 400 feet without piers.
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In addition, GRSE delivered seven 30mm Naval Surface Gun systems to the Indian Navy and executed multiple refit projects. The shipyard also enhanced its technological capabilities with the inauguration of a Next Generation Virtual Reality Lab and signed strategic MoUs with industry partners, including Hindustan Shipyard Limited and Kalyani Strategic Systems Limited, among others.
GRSE’s performance during the year earned it 26 awards, including the “Excellence in Financial Performance” award conferred by Defence Minister Rajnath Singh, highlighting its operational and financial excellence.
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