Garden Reach Shipbuilders & Engineers Ltd. (GRSE) has signed five Memorandums of Understanding (MoUs) with key partners, marking a significant step toward India’s goal of becoming one of the world’s top five shipbuilding nations by 2047. The agreements were announced at Bhavnagar during the ‘Samudra Se Samriddhi’ Mission, launched by Prime Minister Narendra Modi.
Commitment to Collaboration and Self-Reliance
Cmde P. R. Hari, IN (Retd.), Chairman & Managing Director of GRSE, highlighted the company’s dedication to revitalizing the Indian maritime sector and contributing to Aatmanirbhar Bharat and the Maritime Amritkal vision. He emphasized that the MoUs will foster a collaborative ecosystem among partners, enabling joint efforts in shipbuilding, port development, and logistics.
Strategic Partnerships
The MoUs were signed on behalf of GRSE by Cmde A. Vinith, IN (Retd.), Chief General Manager, with five strategic partners:
- Deendayal Port Authority (DPA), Kandla
- Syama Prasad Mookerjee Port Authority (SMPA), Kolkata
- Indian Port Rail & Ropeway Corporation Limited (IPRCL)
- The Shipping Corporation of India (SCI)
- Modest Infrastructure Private Limited (MIPL)
These agreements create a formal framework for collaboration on projects ranging from new vessel construction, green and low-emission ships, ship repairs, and tugboat building, to port infrastructure development, jetty and berth construction, and enhanced multimodal logistics and last-mile connectivity.
Driving Sustainable Growth
The partnerships aim to build globally competitive and sustainable solutions that will shape the future of Indian shipbuilding.
Company Overview
Founded in 1884 as a small workshop and nationalized in 1960, GRSE became India’s first shipyard to build a warship for the Indian Navy. Since then, it has constructed over 800 platforms, including 114 warships—the highest number by any Indian shipyard. GRSE has diversified into engineering, producing prefabricated steel bridges and marine diesel engines, and can simultaneously construct up to 28 ships across its four shipyards.
Financial Performance
GRSE has witnessed robust growth, with revenue from operations rising to Rs 5,076 crore in FY25 from Rs 3,593 crore in FY24, a 41% increase. Profit After Tax (PAT) grew 48%, reaching Rs 527 crore from Rs 357 crore in the previous year. The President of India holds a 74.50% stake in the company, amounting to 8,53,41,240 shares. As of June 30, 2025, GRSE’s order book stands at Rs 21,700 crore.
Stock Performance
The company’s stock has delivered strong returns, gaining 134% from its 52-week low and an impressive 1,475% over the past five years, underscoring GRSE’s position as a multibagger stock.
