Kolkata-based defence PSU Garden Reach Shipbuilders & Engineers Limited (GRSE) has reported its highest-ever annual turnover of ₹6,400 crore (provisional and unaudited) for FY 2025–26, marking a strong rise from ₹5,076 crore in the previous fiscal. Reflecting improved financial performance, the shipyard has also announced an interim dividend of 129% on paid-up share capital, up from 89.5% in FY25.
The year was marked by significant milestones in naval shipbuilding, with the commissioning of five vessels, including the advanced stealth frigate INS Himgiri, survey vessel INS Ikshak, and three Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC)—INS Arnala, INS Androth and INS Anjadip.
In total, GRSE delivered eight vessels to the Indian Navy during the year, comprising two Project 17A frigates, two Survey Vessel Large (SVL) ships and four ASW-SWC vessels. A key highlight was the simultaneous delivery of three warships—INS Dunagiri, INS Sanshodhak and INS Agray—on a single day, underscoring the yard’s execution capability.
The company is also in advanced stages of finalising a major contract for the construction of five Next Generation Corvettes, further strengthening its naval order book.
Beyond warship construction, GRSE expanded its portfolio into specialised platforms such as acoustic research vessels, coastal and ocean research ships, hybrid ferries and other commercial vessels. It also made substantial progress on 12 export vessels for a German client and is executing a dredger project for a friendly foreign nation.
Maintaining its unique position among defence shipyards, GRSE continues to manufacture prefabricated steel bridges. During FY26, it launched an indigenously designed Modular Foot Suspension Bridge capable of spanning up to 400 feet without piers. Additionally, the yard delivered seven 30mm Naval Surface Gun systems and completed multiple refit projects.
In line with its technology-driven approach, GRSE inaugurated a Next Generation Virtual Reality (NGVR) Lab and signed strategic MoUs with key industry players, including Hindustan Shipyard Ltd, K2 Cranes & Components Pvt. Ltd., Kalyani Strategic Systems Ltd, SWAN Defence & Heavy Industries Ltd, and Reintjes GmbH.
The shipyard also sustained industry engagement through the third edition of GAINS 2025 and received wide recognition for its performance, securing 26 awards during the year. Among them was the “Excellence in Financial Performance” award presented by Defence Minister Rajnath Singh.
