India’s shipbuilding sector is shifting from reliance on foreign vessels to domestic ambition, with nearly 90% of trade historically carried on foreign ships. A ₹70,000 crore allocation under Make in India marks a decisive push to boost local capability, secure trade routes, and reduce strategic risk. Domestic yards are poised to benefit from defence orders, commercial demand, and global supply chain shifts, scaling up capacity and expertise.
Mazagon Dock Shipbuilders leads with a ₹23,758 crore order book, building destroyers, submarines, and commercial vessels, while also handling oil-sector engineering and offshore projects. Garden Reach Shipbuilders (GRSE) has an ₹18,482 crore backlog, focusing on warships and support vessels, with a ₹2.5 lakh crore pipeline and plans to expand capacity from 28 to 35 ships.
Cochin Shipyard (CSL) is anchoring India’s ₹2.2 lakh crore Maritime Vision 2047, with an order book of ₹23,000 crore and partnerships with HD KSOE for high-value LNG vessels, alongside commercial and naval projects. CSL’s future pipeline of ₹94,000 crore offers significant revenue visibility, including potential contracts for Landing Platform Docks and Very Large Gas Carriers.
Financially, Mazagon shows the strongest returns, followed by GRSE and CSL, though CSL trades at a higher multiple due to lower profitability. Overall, India’s ₹70,000 crore shipbuilding drive is taking shape, with robust order books, improving execution, and expanding capacity, making these yards key players to watch.
