# Garden Reach Shipbuilders & Engineers (GRSE) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/grse

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹2,132
- Change: -0.24%
- As of: 2026-11-06
- 1D return: -0.24%
- 5D return: +9.69%
- 1M return: +5.86%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

GRSE closed at ₹2,132.0 on 2026-11-06, exhibiting a sharp divergence between daily momentum and longer-term structure. The stock is trading above its 20-day EMA and SMA, with the Supertrend signaling bullishness on the daily chart. However, it remains below key long-term averages (50-day and 200-day SMAs) and the monthly/weekly Supertrends are bearish. This suggests a short-term bounce within a broader downtrend.

Momentum is elevated but indecisive. A high-participation anomaly on 2026-11-06 saw volume spike 2.92x with a wide intraday range (+15.0%) but minimal net return (-0.2%), indicating heavy exchange of hands without clear directional conviction. Prior days saw strong upside moves (+4.1% and +5.3%) with extreme volume, supporting the recent price recovery. ADX readings confirm established trend strength on both daily (35.1) and monthly (30.93) timeframes.

Price positioning is near the upper end of the 20-day range (+73.8%) but still significantly below the 252-day high (-39.0%). Immediate resistance lies at ₹2,148.67 (pivot, +0.78%) and ₹2,187.53 (high, +2.60%). Support is found at ₹2,098.33 (-1.58%) and ₹2,077.00 (-2.58%). With annualized volatility at 52.1% and a current drawdown of -39.0%, risk remains high. A break above ₹2,148.67 with sustained volume could validate further upside, while failure to hold above ₹2,098.33 may signal a resumption of the weekly/monthly bearish trend.

- Trend Divergence: Daily indicators (EMA 20, Supertrend) are bullish, but weekly and monthly structures remain bearish with price below all major moving averages on those horizons.
- High Volatility Participation: On 2026-11-06, volume was 2.92x normal with a 15.0% intraday range but only -0.2% price change, signaling indecision despite high activity.
- Key Levels: Immediate resistance at ₹2,148.67 (+0.78%); support at ₹2,098.33 (-1.58%). Price is in the top quartile of its 20-day range but 39% below its 52-week high.
- Risk Profile: Annualized volatility stands at 52.1% with a current drawdown of -39.0%, requiring strict monitoring of the ₹2,098.33 support level for trend validity.

- Harami
- Hammer
- Inside Bar
- Outside Bar

### News Context

Garden Reach Shipbuilders and Engineers (GRSE) reported significant operational milestones in early November 2026, reinforcing its role in India’s indigenous defense manufacturing. On November 5, GRSE delivered INS Amini, its fifth anti-submarine warfare shallow water craft, to the Indian Navy. This vessel marks the company’s 119th warship built and 81st delivered, featuring approximately 88% indigenous content designed for coastal surveillance and engagement.

Concurrently, on November 3, GRSE advanced its Next Generation Corvette program, valued at ₹32,000 crore for five vessels. AstraYAN, an IIT-Madras-incubated startup, emerged as the L1 bidder for the Propulsion System Integration contract, outbidding global majors such as Italy’s Fincantieri and Germany’s RENK after a year-long technical evaluation. The bid is currently in price negotiation, expected to finalize within a month. These developments align with broader strategic pushes for 'Aatmanirbharta' (self-reliance), highlighted by Indian Navy Chief Admiral Krishna Swaminathan on November 3, who emphasized the necessity of sustaining naval capabilities without external dependencies.

- INS Amini Delivery: Delivered on November 5, this is GRSE’s 119th warship built and 81st delivered, featuring ~88% indigenous content for anti-submarine warfare.
- Propulsion Contract Bid: AstraYAN (IIT-Madras) selected as L1 bidder for propulsion integration on five corvettes (₹32,000 cr project), beating global competitors; price negotiations ongoing.
- Strategic Context: Indian Navy Chief Admiral Krishna Swaminathan advocated for self-reliant naval sustainment on November 3, supporting domestic procurement trends.

- [Garden Reach Shipbuilders deliver INS Amini to the Indian Navy, bolstering anti-submarine capabilities](https://economictimes.indiatimes.com/news/defence/garden-reach-shipbuilders-deliver-ins-amini-to-the-indian-navy-bolstering-anti-submarine-capabilities/articleshow/135594848.cms)
- [119 warships and counting: Kolkata-based GRSE delivers fifth submarine-hunter ‘Amini’ to Navy](https://timesofindia.indiatimes.com/defence/news/119-warships-and-counting-kolkata-based-grse-delivers-fifth-submarine-hunter-amini-to-navy/articleshow/135585903.cms)
- [Stock market today: Sensex, Nifty cautious after rally; SBI, ITC gain](https://www.thehindubusinessline.com/markets/it-stocks-drag-nifty-even-as-fmcg-and-healthcare-hold-firm-fiis-buy-for-third-straight-session/article71663902.ece)
- [IIT-Madras start-up AstraYAN outbids global giants to bag propulsion integration contract for GRSE’s ₹32,000 cr warships](https://www.thehindubusinessline.com/news/education/iit-madras-start-up-astrayan-outbids-global-giants-to-bag-propulsion-integration-contract-for-grses-32000-cr-warships/article71662162.ece)
- [Need to build a Navy that can fight, sustain without any constraints: Admiral Swaminathan](https://www.thehindu.com/news/national/need-to-build-a-navy-that-can-fight-sustain-without-any-constraints-admiral-swaminathan/article71660444.ece)

### What Changed

On November 5, 2026, Garden Reach Shipbuilders & Engineers (GRSE) delivered the indigenous Anti-submarine Warfare Shallow Water Craft INS Amini to the Indian Navy. This delivery marks the fifth unit of its class and represents GRSE’s 119th warship built and 81st delivered since inception. The vessel features approximately 88% indigenous content, reinforcing domestic manufacturing capabilities for coastal underwater defense. This event underscores the company's ongoing execution capacity in constructing frontline naval platforms.

- New Delivery: GRSE handed over INS Amini to the Indian Navy on November 5, 2026, enhancing anti-submarine warfare capabilities with ~88% indigenous content.
- Production Milestone: The delivery brings GRSE’s total warships built to 119 and delivered to 81, highlighting sustained operational output.
- Strategic Continuity: The project continues the legacy of supporting India's domestic defense ecosystem, specifically replacing older Petya III-class corvette roles.

- [Garden Reach Shipbuilders deliver INS Amini to the Indian Navy, bolstering anti-submarine capabilities](https://economictimes.indiatimes.com/news/defence/garden-reach-shipbuilders-deliver-ins-amini-to-the-indian-navy-bolstering-anti-submarine-capabilities/articleshow/135594848.cms)
- [119 warships and counting: Kolkata-based GRSE delivers fifth submarine-hunter ‘Amini’ to Navy](https://timesofindia.indiatimes.com/defence/news/119-warships-and-counting-kolkata-based-grse-delivers-fifth-submarine-hunter-amini-to-navy/articleshow/135585903.cms)

### Official Filings

Garden Reach Shipbuilders & Engineers Limited (GRSE) disclosed a significant contract award on November 2, 2026, for the construction of five Next Generation Corvettes (NGCs) for the Indian Navy. The contract is valued at approximately ₹32,000 crore, with an execution period of 9 years and 4 months from the receipt of the first stage payment. GRSE emerged as the lowest bidder (L1) for this project, having been designated L1 in May 2025. Concurrently, the company appointed Shri Laishram Meenabanta Singh as a Part-Time Non-Official Director (Independent Director), effective November 2, 2026, for a three-year term. Additionally, GRSE rescheduled its Board meeting to review Unaudited Financial Results for the quarter and half-year ended September 30, 2026, from November 4 to November 11, 2026. Consequently, the trading window for insiders is closed from October 1, 2026, to November 13, 2026.

- Contract Award: Signed agreement with Indian Navy for 5 NGCs valued at ~₹32,000 crore; execution timeline is 9 years and 4 months from first stage payment receipt.
- Bidding Status: Company confirmed as L1 (lowest bidder) for the NGC project, following initial designation on May 22, 2025.
- Governance Change: Appointed Shri Laishram Meenabanta Singh as Independent Director effective November 2, 2026, for a three-year term or until further orders.
- Financial Reporting: Board meeting for Q2/HY Sep 2026 results rescheduled to November 11, 2026; insider trading window closed until November 13, 2026.

- [Financial Results |Meeting Date: 11-Nov-2026](https://nsearchives.nseindia.com/corporate/GRSE_02112026104859_Reschedule_of_date_of__Board_Meeting_for_Q2_and_FY_25-26_Results.pdf)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange about Board Meeting to be held on 11-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- [Board Meeting Intimation |Meeting Date: 11-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/GRSE_02112026151337_Appointment_of_Shri_Laishram_Meenabanta_Singh_ID.pdf)
- [GARDEN REACH SHIPBUILDERS & ENGINEERS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16762_WebXMLFile_20261102_151459969.xml)
- [In continuance of our earlier letter no. GRSE/BD-69/CA/14/25-26 dated 22 May 2025 on the subject matter GRSE become L1 to NGC Project and in terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform you that the Company has signed a contract with the Indian Navy in New Delhi today for the construction of five Next Generation Corvettes (NGCs). The contract, valued at approximately Rs. 32,000 Crore.Copy of the press release is enclosed herewith.This is for your information and record |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/GRSE_02112026164033_Corp_Ann__Press_Release_regarding_signing_of_contract_for_5_NGCs.pdf)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange about Bagging/Receiving of orders/contracts (Sub-para 4-Para B) |SUBJECT: Bagging/Receiving of orders/contracts (Sub-para 4-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_16762_WebXMLFile_20261102_172313524.xml)
- [In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has signed a contract on 02 Nov 2026 for Construction of Five (5) Next Generation Corvettes (NGCs) with the Indian Navy in New Delhi at a total value of Rs.32,000 Crore.The details of the Order are enclosed.This is for your information and record. |SUBJECT: Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/GRSE_02112026171922_Corp_Ann_Signing_of_contract_for_5_NGCs.pdf)
- [Financial Results |Meeting Date: 04-Nov-2026](https://nsearchives.nseindia.com/corporate/GRSE_23102026184852_Notice_of_Board_Meeting_for_Sep_Results_2026-27.pdf)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange about Board Meeting to be held on 04-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261023_185614809.xml)

### Fundamentals

GRSE demonstrates strong long-term earnings growth but faces near-term sequential volatility. Over the last three years, sales and profit compounded at 40% and 50% respectively, with Return on Equity reaching 32% in the last fiscal year. However, the most recent quarter (Q1 FY2026-27) saw a sharp sequential decline: Revenue from Operations fell to ₹1,814.62 crore from ₹2,119.21 crore in Q4 FY2025-26, while Net Profit dropped to ₹172.84 crore from ₹303.20 crore. Basic EPS similarly decreased to ₹15.09 from ₹26.47.

Financial health remains robust with negligible borrowings (₹37 crore as of Mar 2026) and improving efficiency metrics. The Cash Conversion Cycle shortened significantly to 206 days by Mar 2026, driven by lower inventory days (307 vs 648 in Mar 2024). ROCE improved to 43% in Mar 2026. Despite these balance-sheet strengths, operating cash flow turned negative (-₹290 crore in Mar 2026), contrasting with positive cash generation in Mar 2025 (+₹16 crore).

The key divergence is between strong annual profitability and recent quarterly contraction. Investors should monitor whether the sequential drop in Q1 FY2026-27 reflects seasonal project timing or margin pressure, particularly given the rise in Debtor Days to 64 days in Mar 2026.

- Sequential Earnings Decline: Q1 FY2026-27 revenue fell to ₹1,814.62 crore (from ₹2,119.21 crore in Q4 FY2025-26), with net profit dropping to ₹172.84 crore from ₹303.20 crore.
- Strong Long-Term Growth: 3-Year Compounded Sales Growth stands at 40%, with Return on Equity at 32% for the last fiscal year.
- Improving Balance Sheet: Borrowings reduced to ₹37 crore (Mar 2026) and ROCE improved to 43%, though Cash Conversion Cycle remained elevated at 206 days.
- Cash Flow Watch: Operating cash flow turned negative (-₹290 crore in Mar 2026) after being positive in the prior year, coinciding with a spike in Debtor Days to 64.

### Bull Case

GRSE presents a conditional constructive case anchored by sustained order execution and strategic supply-chain localization, despite near-term technical weakness. The company delivered its 119th warship (the fifth INS Amini class) on November 5, 2026, demonstrating consistent production throughput. Furthermore, an IIT-Madras startup, AstraYAN, emerged as the L1 bidder for propulsion integration on five Next Generation Corvettes valued at ₹32,000 crore, signaling deepening indigenous capability and potential margin stability through domestic sourcing. These operational milestones support long-term revenue visibility under India’s push for naval self-reliance. However, this fundamental strength is currently offset by significant price depreciation; the stock has declined -17.5% over the past year and sits in a -39.0% current drawdown from recent highs. While daily indicators show a bullish supertrend, monthly and weekly trends remain bearish, indicating that any upside requires confirmation of trend reversal amidst high volatility (+52.1% annualized).

- Production Milestone: Delivered the 119th warship (INS Amini) on November 5, 2026, with 88% indigenous content, validating ongoing execution capacity.
- Strategic Localization: AstraYAN selected as L1 bidder for propulsion systems on ₹32,000 crore Next Generation Corvette contracts, reducing reliance on global majors.
- Technical Divergence: Daily supertrend is bullish, but monthly/weekly trends are bearish, with the stock down -17.5% over one year and currently in a -39.0% drawdown.
- Volatility Context: High annualized volatility of +52.1% and negative returns across 3-month (-18.0%) and 6-month (-29.4%) periods suggest near-term consolidation risk.

- [Garden Reach Shipbuilders deliver INS Amini to the Indian Navy, bolstering anti-submarine capabilities](https://economictimes.indiatimes.com/news/defence/garden-reach-shipbuilders-deliver-ins-amini-to-the-indian-navy-bolstering-anti-submarine-capabilities/articleshow/135594848.cms)
- [119 warships and counting: Kolkata-based GRSE delivers fifth submarine-hunter ‘Amini’ to Navy](https://timesofindia.indiatimes.com/defence/news/119-warships-and-counting-kolkata-based-grse-delivers-fifth-submarine-hunter-amini-to-navy/articleshow/135585903.cms)
- [Stock market today: Sensex, Nifty cautious after rally; SBI, ITC gain](https://www.thehindubusinessline.com/markets/it-stocks-drag-nifty-even-as-fmcg-and-healthcare-hold-firm-fiis-buy-for-third-straight-session/article71663902.ece)
- [IIT-Madras start-up AstraYAN outbids global giants to bag propulsion integration contract for GRSE’s ₹32,000 cr warships](https://www.thehindubusinessline.com/news/education/iit-madras-start-up-astrayan-outbids-global-giants-to-bag-propulsion-integration-contract-for-grses-32000-cr-warships/article71662162.ece)
- [Need to build a Navy that can fight, sustain without any constraints: Admiral Swaminathan](https://www.thehindu.com/news/national/need-to-build-a-navy-that-can-fight-sustain-without-any-constraints-admiral-swaminathan/article71660444.ece)
- [Financial Results |Meeting Date: 11-Nov-2026](https://nsearchives.nseindia.com/corporate/GRSE_02112026104859_Reschedule_of_date_of__Board_Meeting_for_Q2_and_FY_25-26_Results.pdf)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange about Board Meeting to be held on 11-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- [Board Meeting Intimation |Meeting Date: 11-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/GRSE_02112026151337_Appointment_of_Shri_Laishram_Meenabanta_Singh_ID.pdf)
- [GARDEN REACH SHIPBUILDERS & ENGINEERS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16762_WebXMLFile_20261102_151459969.xml)

### Bear Case

GRSE faces significant near-term technical headwinds and elevated volatility. The stock is currently in a monthly bearish trend, with the weekly Supertrend also signaling bearish momentum. Price action has declined sharply over the medium term, posting a -29.4% return over six months and a -17.5% return over the past year. The share price trades at a -39.0% drawdown from its peak, with a maximum historical drawdown of -46.7%, indicating substantial recent weakness. Annualized volatility stands at +52.1%, reflecting high price instability. While the daily trend remains technically bullish, this contrasts with the broader monthly and weekly downtrends, suggesting potential consolidation or reversal risk as the stock tests immediate resistance levels.

- Monthly and weekly trends are bearish; daily trend is bullish but divergent.
- Six-month return is -29.4%; one-year return is -17.5%.
- Current drawdown is -39.0% against a maximum drawdown of -46.7%.
- Annualized volatility is +52.1%, indicating high price instability.

- [Garden Reach Shipbuilders deliver INS Amini to the Indian Navy, bolstering anti-submarine capabilities](https://economictimes.indiatimes.com/news/defence/garden-reach-shipbuilders-deliver-ins-amini-to-the-indian-navy-bolstering-anti-submarine-capabilities/articleshow/135594848.cms)
- [119 warships and counting: Kolkata-based GRSE delivers fifth submarine-hunter ‘Amini’ to Navy](https://timesofindia.indiatimes.com/defence/news/119-warships-and-counting-kolkata-based-grse-delivers-fifth-submarine-hunter-amini-to-navy/articleshow/135585903.cms)
- [Stock market today: Sensex, Nifty cautious after rally; SBI, ITC gain](https://www.thehindubusinessline.com/markets/it-stocks-drag-nifty-even-as-fmcg-and-healthcare-hold-firm-fiis-buy-for-third-straight-session/article71663902.ece)
- [IIT-Madras start-up AstraYAN outbids global giants to bag propulsion integration contract for GRSE’s ₹32,000 cr warships](https://www.thehindubusinessline.com/news/education/iit-madras-start-up-astrayan-outbids-global-giants-to-bag-propulsion-integration-contract-for-grses-32000-cr-warships/article71662162.ece)
- [Need to build a Navy that can fight, sustain without any constraints: Admiral Swaminathan](https://www.thehindu.com/news/national/need-to-build-a-navy-that-can-fight-sustain-without-any-constraints-admiral-swaminathan/article71660444.ece)
- [Financial Results |Meeting Date: 11-Nov-2026](https://nsearchives.nseindia.com/corporate/GRSE_02112026104859_Reschedule_of_date_of__Board_Meeting_for_Q2_and_FY_25-26_Results.pdf)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange about Board Meeting to be held on 11-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- [Board Meeting Intimation |Meeting Date: 11-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/GRSE_02112026151337_Appointment_of_Shri_Laishram_Meenabanta_Singh_ID.pdf)
- [GARDEN REACH SHIPBUILDERS & ENGINEERS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16762_WebXMLFile_20261102_151459969.xml)

### FAQs

**What recent operational milestones has GRSE achieved?**

On November 5, 2026, GRSE delivered the fifth Anti-submarine Warfare Shallow Water Craft, INS Amini, to the Indian Navy. This marks the company’s 119th warship built and 81st delivered. The vessel features over 80% indigenous content, reinforcing India's domestic defense manufacturing ecosystem.

**How is GRSE advancing its Next Generation Corvette program?**

IIT-Madras-incubated startup AstraYAN emerged as the L1 bidder for the Propulsion System Integration contract for five Next Generation Corvettes valued at ₹32,000 crore. AstraYAN outbid global majors including Italy’s Fincantieri and Germany’s RENK. The bid is currently in price negotiation, with finalization expected within a month.

**When will GRSE release its financial results for the half-year ended September 2026?**

GRSE rescheduled its Board of Directors meeting to November 11, 2026, to consider and approve Unaudited Financial Results for the quarter and half-year ended September 30, 2026. Consequently, the trading window for dealing in securities is closed from October 1, 2026, to November 13, 2026.

**What are the current technical support and resistance levels for GRSE stock?**

As of November 6, 2026, GRSE closed at ₹2,132.00. Immediate resistance sits at ₹2,148.67 (0.78% above), while immediate support is at ₹2,098.33 (1.58% below). The stock has declined -17.5% over the past year and is currently -12.7% year-to-date, with a maximum drawdown of -46.7%.

- [Garden Reach Shipbuilders deliver INS Amini to the Indian Navy, bolstering anti-submarine capabilities](https://economictimes.indiatimes.com/news/defence/garden-reach-shipbuilders-deliver-ins-amini-to-the-indian-navy-bolstering-anti-submarine-capabilities/articleshow/135594848.cms)
- [119 warships and counting: Kolkata-based GRSE delivers fifth submarine-hunter ‘Amini’ to Navy](https://timesofindia.indiatimes.com/defence/news/119-warships-and-counting-kolkata-based-grse-delivers-fifth-submarine-hunter-amini-to-navy/articleshow/135585903.cms)
- [Stock market today: Sensex, Nifty cautious after rally; SBI, ITC gain](https://www.thehindubusinessline.com/markets/it-stocks-drag-nifty-even-as-fmcg-and-healthcare-hold-firm-fiis-buy-for-third-straight-session/article71663902.ece)
- [IIT-Madras start-up AstraYAN outbids global giants to bag propulsion integration contract for GRSE’s ₹32,000 cr warships](https://www.thehindubusinessline.com/news/education/iit-madras-start-up-astrayan-outbids-global-giants-to-bag-propulsion-integration-contract-for-grses-32000-cr-warships/article71662162.ece)
- [Need to build a Navy that can fight, sustain without any constraints: Admiral Swaminathan](https://www.thehindu.com/news/national/need-to-build-a-navy-that-can-fight-sustain-without-any-constraints-admiral-swaminathan/article71660444.ece)
- [Financial Results |Meeting Date: 11-Nov-2026](https://nsearchives.nseindia.com/corporate/GRSE_02112026104859_Reschedule_of_date_of__Board_Meeting_for_Q2_and_FY_25-26_Results.pdf)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange about Board Meeting to be held on 11-Nov-2026 to inter-alia consider and approve the Unaudited Financial results of the Company for the Half Yearly ended September 2026 . |SUBJECT: Board Meeting Intimation](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- [Board Meeting Intimation |Meeting Date: 11-Nov-2026](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- [Garden Reach Shipbuilders & Engineers Limited has informed the Exchange regarding Change in Director(s) of the company. |SUBJECT: Change in Director(s)](https://nsearchives.nseindia.com/corporate/GRSE_02112026151337_Appointment_of_Shri_Laishram_Meenabanta_Singh_ID.pdf)
- [GARDEN REACH SHIPBUILDERS & ENGINEERS LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16762_WebXMLFile_20261102_151459969.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹2,148.67
- Risk regime: Higher Price Risk

### Support levels
- 2077
- 2000
- 1963.7

### Resistance levels
- 2596.675
- 2650.65
- 2691.935546875

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.24% |
| return_10 | +14.56% |
| return_1m | -0.25% |
| return_1y | -17.50% |
| return_20 | +5.86% |
| return_3m | -17.98% |
| return_5 | +9.69% |
| return_6m | -29.43% |
| return_since_start | +29.20% |
| return_ytd | -12.70% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -46.72% |
| annualized_volatility | +52.11% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue and Profit Rise Year-on-Year, Sequential Decline Mirrors Prior Year

Garden Reach Shipbuilders & Engineers Limited reported higher revenue and net profit for the quarter ended 30 June 2026 compared to the same quarter last year. Revenue from operations grew 38.5% and net profit increased 43.8%. On a sequential basis, revenue and profit declined from the March 2026 quarter, a pattern similar to the prior year. Profit margins were largely stable, and other income remained a significant contributor to pre-tax profit.

## Revenue and Profit Growth

Revenue from operations was ₹1,814.62 crore, up 38.5% from ₹1,309.87 crore in Q1 FY2025-26. Profit before tax (PBT) rose 38.9% to ₹231.53 crore, and net profit increased 43.8% to ₹172.84 crore.

Sequentially, revenue declined 14.4% from ₹2,119.21 crore in Q4 FY2025-26. PBT and net profit fell 43.6% and 43.0%, respectively. In the prior year, Q4 revenue was also higher than Q1, with a similar quarter-on-quarter movement.

## Profitability and Margin Stability

The PBT margin was 12.76%, nearly unchanged from 12.73% in the year-ago quarter. The net profit margin edged up to 9.52% from 9.18%, helped by a lower effective tax rate. Tax expense of ₹58.69 crore represented an effective rate of 25.4%, down from 27.9% a year earlier.

## Expense Composition and Other Income

Key expense items for the quarter included:

- Cost of materials consumed: ₹1,244.23 crore (68.6% of revenue)
- Employee benefit expense: ₹101.35 crore (5.6% of revenue)
- Finance costs: ₹3.76 crore, down 38.3% from ₹6.09 crore in Q1 FY2025-26
- Depreciation and amortisation: ₹13.50 crore

Other income was ₹99.57 crore, equivalent to 43% of profit before tax.

## Net Profit, Comprehensive Income, and EPS

Net profit of ₹172.84 crore translated to basic earnings per share of ₹15.09, up from ₹10.49 in the year-ago quarter. Comprehensive income for the period was ₹173.54 crore, nearly matching net profit.

## Key Takeaway

GRSE’s Q1 FY2026-27 results showed year-on-year growth in revenue and profit, with stable PBT margins and a lower tax rate supporting net profit. The sequential decline from the March 2026 quarter was similar to the pattern seen in the prior year. Other income continued to be a notable contributor to pre-tax profit.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +74.50%
- FII holding: +3.21%
- DII holding: +1.93%
- Mutual fund holding: +1.64%
- Retail holding: +16.46%
- Promoter pledged: +0.00%

### Major reported shareholders

- THE PRESIDENT OF INDIA — +74.50%

## Official filings

- 2026-11-02 — Board Meeting Notice: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_02112026104859_Reschedule_of_date_of__Board_Meeting_for_Q2_and_FY_25-26_Results.pdf)
- 2026-11-02 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- 2026-11-02 — Board Meeting Notice: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261102_105350806.xml)
- 2026-11-02 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_02112026151337_Appointment_of_Shri_Laishram_Meenabanta_Singh_ID.pdf)
- 2026-11-02 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16762_WebXMLFile_20261102_151459969.xml)
- 2026-11-02 — Press Release: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_02112026164033_Corp_Ann__Press_Release_regarding_signing_of_contract_for_5_NGCs.pdf)
- 2026-11-02 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_16762_WebXMLFile_20261102_172313524.xml)
- 2026-11-02 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_02112026171922_Corp_Ann_Signing_of_contract_for_5_NGCs.pdf)
- 2026-10-23 — Board Meeting Notice: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_23102026184852_Notice_of_Board_Meeting_for_Sep_Results_2026-27.pdf)
- 2026-10-23 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261023_185614809.xml)
- 2026-10-23 — Board Meeting Notice: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_16762_WebXMLFile_20261023_185614809.xml)
- 2026-10-16 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_16102026161925_Appointment_of_Shri_Dharminder_Kumar.pdf)
- 2026-10-16 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_16762_WebXMLFile_20261016_162334336.xml)
- 2026-10-07 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_07102026154136_Certificate_UR_74__5__-_Q2-FY_26-27.pdf)
- 2026-10-07 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_07102026154600_Compliance_Certificate_for_Quarter_Ended_30_Sep_2026_-_GRSE.pdf)
- 2026-10-06 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_06102026155258_Appointment_of_2_Independent_Directors_on_the_Board_of_GRSE.pdf)
- 2026-09-25 — Management Change: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_25092026133119_Intimation_of_Appointment_of_Statutary_Auditor_for_FY_2026-27.pdf)
- 2026-09-25 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_25092026193710_AGM_Proceedings_2025-26.pdf)
- 2026-09-24 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_16762_WebXMLFile_20260924_135955851.xml)
- 2026-09-24 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_24092026141136_Intimation_of_Trading_Window_Closure_for_Q2_2026_ended_30_Sep_2026.pdf)
- 2026-09-21 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_21092026182548_Corp_Ann__Outcome_of_423rd_Board_Meeting_-_Capex_in_Raichak_facility.pdf)
- 2026-09-14 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_14092026131604_Intimation_of_Record_Date_of_Dividend_GRSE.pdf)
- 2026-09-04 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_04092026113352_Newspaper_Clippings_Advertisement_after_dispatch_of_Notice.pdf)
- 2026-09-03 — Press Release: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_03092026094736_Corp_Ann_MoUs_signed_with_DNV_and_Damen_-_Reg_30.pdf)
- 2026-09-03 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_03092026155552_Intimation_of_110th_AGM_2026_Book_Closure_and_Dividend_GRSE.pdf)

## News and market events

- 2026-11-06 — Economic Times: **Garden Reach Shipbuilders deliver INS Amini to the Indian Navy, bolstering anti-submarine capabilities** — Garden Reach Shipbuilders and Engineers delivered the indigenous Anti-submarine Warfare Shallow Water Craft INS Amini to the Indian Navy on November 5, enhancing coastal underwater defense capabilities. The vessel features over 80% indigenous content and continues the legacy of a decommissioned Petya III-class corvette, supporting India's domestic defense manufacturing ecosystem. — [Source](https://economictimes.indiatimes.com/news/defence/garden-reach-shipbuilders-deliver-ins-amini-to-the-indian-navy-bolstering-anti-submarine-capabilities/articleshow/135594848.cms)
- 2026-11-05 — Times of India: **119 warships and counting: Kolkata-based GRSE delivers fifth submarine-hunter ‘Amini’ to Navy** — Kolkata-based defence PSU Garden Reach Shipbuilders & Engineers (GRSE) delivered the fifth anti-submarine warfare shallow water craft, 'Amini', to the Indian Navy, marking its 119th warship built and 81st delivered. Designed for coastal operations with 88% indigenous content, the vessel enhances India's maritime security capabilities through advanced surveillance and engagement systems. This delivery underscores GRSE's ongoing contribution to indigenous shipbuilding as it continues construction of multiple frontline naval platforms. — [Source](https://timesofindia.indiatimes.com/defence/news/119-warships-and-counting-kolkata-based-grse-delivers-fifth-submarine-hunter-amini-to-navy/articleshow/135585903.cms)
- 2026-11-04 — The Hindu: **Stock market today: Sensex, Nifty cautious after rally; SBI, ITC gain** — Indian markets opened cautiously on November 4, with the Sensex and Nifty trading slightly higher after a sharp four-session rally, as technology stocks dragged performance while banking and FMCG sectors gained. Continued foreign institutional investor buying supported sentiment, contrasting with domestic institutional selling, amid global pressures from US midterm election outcomes and mixed economic data. Analysts suggest near-term consolidation with a buy-on-dips strategy, citing easing crude prices and rotation into consumption and healthcare, while warning of potential profit-booking risk — [Source](https://www.thehindubusinessline.com/markets/it-stocks-drag-nifty-even-as-fmcg-and-healthcare-hold-firm-fiis-buy-for-third-straight-session/article71663902.ece)
- 2026-11-03 — The Hindu: **IIT-Madras start-up AstraYAN outbids global giants to bag propulsion integration contract for GRSE’s ₹32,000 cr warships** — AstraYAN, an IIT-Madras-incubated startup, has emerged as the L1 bidder for the Propulsion System Integration contract for five Next Generation Corvettes being built by GRSE for the Indian Navy at a cost of ₹32,000 crore. The Chennai-based company outbid global majors including Italy’s Fincantieri and Germany’s RENK after a technical evaluation spanning over a year, marking it as the first Indian firm to achieve this complex technological feat with a team of just 15 people. The bid now enters a price negotiation stage expected to take at least a month before the deal is finalized. — [Source](https://www.thehindubusinessline.com/news/education/iit-madras-start-up-astrayan-outbids-global-giants-to-bag-propulsion-integration-contract-for-grses-32000-cr-warships/article71662162.ece)
- 2026-11-03 — The Hindu: **Need to build a Navy that can fight, sustain without any constraints: Admiral Swaminathan** — Indian Navy Chief Admiral Krishna Swaminathan emphasized 'Aatmanirbharta' as a strategic necessity at the Delhi Defence Dialogue, advocating for a self-reliant navy capable of independent fight and sustainment without external dependencies. This push for indigenous capability is supported by ongoing initiatives such as Project 18A for next-generation stealth destroyers and recent contracts for eight indigenously built warships valued at ₹53,866 crore. — [Source](https://www.thehindu.com/news/national/need-to-build-a-navy-that-can-fight-sustain-without-any-constraints-admiral-swaminathan/article71660444.ece)
- 2026-11-03 — BUSINESS: **GRSE jumps 9% on ₹53,866-crore deal; logs best one-day gain in 6 months** — Garden Reach Shipbuilders & Engineers (GRSE) shares surged over 9% to their highest one-day gain in six months after the Defence Ministry awarded a ₹53,866 crore contract for the construction of five next-generation corvettes. The deal, part of an eight-ship procurement with Goa Shipyard Limited, marks a milestone in indigenous warship design and construction by defence public sector undertakings. — [Source](https://www.business-standard.com/markets/news/grse-jumps-9-on-53-866-crore-deal-logs-best-one-day-gain-in-6-months-126110300678_1.html)
- 2026-11-03 — MONEYCONTROL: **GRSE, Mazagon Dock, Cochin Shipyard to BEL: Defence stocks jump up to 7% on Rs 53,866-crore warship order** — Defence stocks including those of GRSE, Mazagon Dock, and Cochin Shipyard rose by up to 7% following a Rs 53,866-crore warship order. The announcement also involved BEL, contributing to the upward movement in these specific equities. — [Source](https://www.moneycontrol.com/news/business/stocks/grse-mazagon-dock-cochin-shipyard-to-bel-defence-stocks-jump-up-to-7-on-rs-53-866-crore-warship-order-14067400.html)
- 2026-11-03 — MONEYCONTROL: **GRSE shares jump over 5% on Rs 53,866 crore Indian Navy warship contract win** — Shares of Garden Reach Shipbuilders & Engineers (GRSE) rose by over 5% after the company secured a contract worth Rs 53,866 crore from the Indian Navy for warship construction. The market movement reflects investor response to this significant order win for the defense manufacturing entity. — [Source](https://www.moneycontrol.com/news/business/stocks/grse-shares-jump-over-4-on-rs-53-866-crore-indian-navy-warship-contract-win-14067274.html)
- 2026-11-03 — The Hindu: **Stocks to watch, Nov 3: GRSE, Dr Reddy’s, Lupin, NBCC, HPCL and others bag major orders, approvals** — Garden Reach Shipbuilders & Engineers Ltd. secured a ₹32,000-crore contract from the Indian Navy for five corvettes, while Dr Reddy’s Laboratories Ltd and Lupin Limited received USFDA approvals for key drugs. Additionally, NBCC (India) Limited obtained ₹70.50 crore in orders from Oil India Ltd and HAL, Belrise Industries Ltd partnered with Yamato Co Ltd for filtration technology, and Datakosa Ltd won a $2.46-million AI automation order from Hermes Networks Inc. — [Source](https://www.thehindubusinessline.com/markets/buzzing-stocks-grse-dr-reddys-lupin-nbcc-hpcl-belrise-and-datakosa-in-focus/article71659200.ece)
- 2026-11-02 — Economic Times: **Defence Ministry inks Rs 53,886 crore deals for new indigenous warships** — The Indian Defence Ministry has signed contracts worth ₹53,866.50 crore with public sector shipyards Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) for the construction of eight next-generation corvettes. GRSE will build five ships as the lowest bidder, while GSL will construct three, following a competitive process that private shipyards did not win due to the infrastructure advantages of government-owned yards. The project, originally cleared in 2022 at an estimated cost of ₹36,000 crore, is expected to generate significant employment over the next decade — [Source](https://economictimes.indiatimes.com/news/defence/rs-53886-crore-deals-inked-for-new-indigenous-warships/articleshow/135471438.cms)
- 2026-11-02 — DECCANCHRONICLE.COM: **MoD Inks ₹53,866-Cr Deal with GRSE, GSL to Build 8 Next-Gen Corvettes for Navy** — The Indian Ministry of Defence has signed contracts worth ₹53,866 crore with Garden Reach Shipbuilders and Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) to construct eight next-generation corvettes for the Navy. This initiative marks the first project where ships are indigenously designed by the Navy and built by DPSUs selected through a competitive process, aiming to enhance maritime operational capabilities and bolster domestic shipbuilding ecosystems. — [Source](https://www.deccanchronicle.com/nation/current-affairs/mod-inks-53866-cr-deal-with-grse-gsl-to-build-8-next-gen-corvettes-for-navy-2001172)
- 2026-11-02 — REDIFF.COM: **Govt seals Rs 53,866 crore deal for 8 advanced warships** — India's Defence Ministry has sealed contracts worth Rs 53,866 crore with Garden Reach Shipbuilders and Engineers Ltd (GRSE) and Goa Shipyard Limited (GSL) for eight next-generation corvettes designed by the Indian Navy. The project aims to bolster combat capabilities in the Indian Ocean amid regional tensions while reinforcing the 'Make-in-India' initiative through indigenous manufacturing and significant employment generation over the next decade. — [Source](https://www.rediff.com/news/report/govt-seals-rs-53866-crore-deal-for-8-advanced-warships/20261102.htm)
- 2026-11-02 — The Hindu: **In a first, MoD awards ₹53,866 cr indigenous corvette contracts to GRSE & GSL via competitive bidding** — The Ministry of Defence has awarded contracts worth ₹53,866.50 crore to Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) for the construction of eight Next Generation Corvettes through competitive bidding. This maiden project involves ships indigenously designed by the Indian Navy and built by Defence Public Sector Undertakings, aiming to enhance maritime security and boost indigenous manufacturing capabilities. — [Source](https://www.thehindubusinessline.com/news/in-a-first-mod-awards-53866-cr-indigenous-corvette-contracts-to-grse-gsl-via-competitive-bidding/article71656165.ece)
- 2026-11-02 — The Hindu: **Ministry of Defence seals contracts worth over ₹53,000 crore to procure eight warships for Navy** — The Ministry of Defence has sealed contracts worth ₹53,866 crore with Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) to procure eight Next Generation Corvettes for the Indian Navy. Under these agreements, GRSE will construct five corvettes while GSL will build the remaining three. The Ministry stated that this project marks a significant milestone in India's indigenous warship design and construction capabilities, as it is the first instance where ships are indigenously designed by the Navy and constructed by DPSUs selected through a competitive process. — [Source](https://www.thehindu.com/news/national/ministry-of-defence-seals-contracts-worth-over-53000-crore-to-procure-eight-warships-for-navy/article71656023.ece)
- 2026-11-02 — BUSINESSTODAY: **Big boost to Indian Navy! MoD signs Rs 53,866 crore contracts for 8 indigenous warships** — The Ministry of Defence signed contracts worth Rs 53,866.50 crore with Garden Reach Shipbuilders & Engineers Limited and Goa Shipyard Limited to build eight Next Generation Corvettes for the Indian Navy. This initiative marks a milestone as the first project where warships are indigenously designed by the Navy and constructed by DPSUs selected through a competitive process. The agreement aims to enhance India's indigenous defense manufacturing capabilities and generate significant employment in shipyards and ancillary industries over the next decade. — [Source](https://www.businesstoday.in/india/story/big-boost-to-indian-navy-mod-signs-rs-53866-crore-contracts-for-8-indigenous-warships-565138-2026-11-02)
- 2026-11-02 — FREEPRESSJOURNAL.IN: **Indian Navy To Get 8 Next Generation Corvettes As Centre Signs ₹53,866 Crore Deals With GRSE, Goa Shipyard** — The Ministry of Defence has signed contracts worth Rs 53,866.50 crore with Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) to construct eight Next Generation Corvettes for the Indian Navy. Under the agreement, GRSE will build five vessels while GSL will construct the remaining three, marking a significant step in indigenous warship manufacturing. — [Source](https://www.freepressjournal.in/india/indian-navy-to-get-8-next-generation-corvettes-as-centre-signs-53866-crore-deals-with-grse-goa-shipyard)
- 2026-11-02 — IANSLIVE.IN: **Defence Ministry signs Rs 53,866 crore deal with GRSE, GSL for 8 next-gen Navy warships** — The Indian Defence Ministry has signed contracts worth Rs 53,866.50 crore with Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) for the acquisition of eight Next Generation Corvettes for the Indian Navy. This project marks a significant milestone in indigenous warship design and construction, as the ships will be designed by the Navy and built by selected Defence Public Sector Undertakings through a competitive process. The induction of these vessels is expected to enhance operational capabilities across multiple domains while boosting the domestic shipbuildi — [Source](https://ianslive.in/defence-ministry-signs-rs-53866-crore-deal-with-grse-gsl-for-8-next-gen-navy-corvettes--20261102125906)
- 2026-11-02 — MONEYCONTROL: **Defence Ministry signs Rs 53,866-crore contracts with GRSE, Goa Shipyard for eight next-generation Navy corvettes** — The Indian Defence Ministry has signed contracts valued at Rs 53,866 crore with GRSE and Goa Shipyard to build eight next-generation Navy corvettes. This development provides direct revenue visibility and strengthens the order book for these two defence shipbuilding companies. — [Source](https://www.moneycontrol.com/news/india/defence-ministry-signs-rs-53-866-crore-contracts-with-grse-goa-shipyard-for-eight-next-generation-navy-corvettes-14066268.html)
- 2026-11-02 — Economic Times: **Govt inks Rs 53,866.50 crore contracts with GRSE & GSL for 8 Next Generation Corvettes for Indian Navy** — The Indian government has awarded contracts totaling Rs 53,866.50 crore to Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) for building eight Next Generation Corvettes. GRSE will construct five warships while GSL will build the remaining three, marking a significant milestone in indigenous warship design and construction capabilities. — [Source](https://economictimes.indiatimes.com/news/defence/india-inks-inks-rs-53866-50-crore-contracts-with-grse-gsl-for-8-next-generation-corvettes-for-indian-navy/articleshow/135448547.cms)
- 2026-10-30 — CNBC-TV18: **CCS clears ₹40,000 crore proposal to build warships for Navy** — The CCS cleared a ₹40,000 crore proposal for the construction of eight Next Generation Corvettes for the Indian Navy, with contracts to be signed with Garden Reach Shipbuilders & Engineers and Goa Shipyard Limited. Analysts from Philip Capital and DAM Capital noted that the deal provides order-book visibility and potential inflows of ₹25,000–30,000 crore for GRSE, alongside significant electronics opportunities for BEL. — [Source](https://www.cnbctv18.com/india/ccs-clears-rs-40000-crore-proposal-to-build-warships-for-navy-20022981.htm)
- 2026-10-07 — Times of India: **From warships to container ships: Why India & US are putting shipbuilding back in focus - The Times of India** — Both India and the United States are ramping up their shipbuilding capability at a moment when China's share of global ship manufacturing has effectively — [Source](https://timesofindia.indiatimes.com/defence/news/from-warships-to-container-ships-why-india-us-are-putting-shipbuilding-back-in-focus/articleshow/134760543.cms)
- 2026-09-28 — BUSINESSTODAY: **BT Big Story: India wants to become a shipbuilding power. Can it match China, Japan & South Korea?** — Shipbuilding industry, Maritime sector, Shipping policy, Defense manufacturing, Commercial shipbuilding, Naval shipbuilding, Maritime infrastructure, Make in India, Maritime India Vision, SAGAR framework, Financial Assistance Policy, Defense indigenization, Port infrastructure expansion, Shipbuilding clusters, Mazagon Dockyard Limited (MDL), Garden Reach Shipbuilders & Engineers (GRSE), Cochin Shipyard Limited (CSL), Goa Shipyard Limited (GSL), L&T Shipbuilding, Indian Navy, Modular warship construction, Ship repair and overhaul (MRO), Gross Tonnage (GT) capacity, Defense exports, Auxiliary co — [Source](https://www.businesstoday.in/india/story/bt-big-story-india-wants-to-become-a-shipbuilding-power-can-it-match-china-japan-south-korea-558082-2026-09-28)
- 2026-09-22 — BUSINESS: **Benchmarks snap four-session winning streak; Nifty ends below 23,350** — The key equity benchmarks snapped a four-session winning streak on Tuesday, with the Nifty closing below the 23,350 mark. Selling in IT, FMCG and PSU bank stocks outweighed gains in metal and realty shares. The market opened higher on positive global cues but came under pressure during the session, while Brent crude falling below $100 a barrel provided some relief. — [Source](https://www.business-standard.com/markets/capital-market-news/benchmarks-snap-four-session-winning-streak-nifty-ends-below-23-350-126092200910_1.html)
- 2026-09-22 — BUSINESS: **Sensex settles 330 pts lower; Nifty ends below 23,350** — As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 329.91 points or 0.44% to 74,529.08. The Nifty 50 index lost 85.30 points or 0.36% to 23,329. — [Source](https://www.business-standard.com/markets/capital-market-news/sensex-settles-330-pts-lower-nifty-ends-below-23-350-126092200798_1.html)
- 2026-09-22 — BUSINESSTODAY: **GRSE shares rise 4% as board approves Rs 2,896 crore for shipyard expansion** — Garden Reach Shipbuilders, Garden Reach Shipbuilders shares, GRSE, GRSE shares, GRSE shipyard, Raichak shipyard, Rs 2,896 crore capex, shipbuilding stocks, defence stocks, shipbuilding capacity, greenfield shipyard, naval shipbuilding, commercial shipbuilding — [Source](https://www.businesstoday.in/markets/trending-stocks/story/grse-shares-rise-as-board-approves-rs-2896-crore-for-raichak-shipyard-556989-2026-09-22)

## Business profile

**Strategic vision:** Designs and constructs naval vessels and engineering products.

### Business segments
- **Ship Division:** Designs and constructs warships such as frigates, anti-submarine warfare corvettes, fleet tankers, and landing ship tanks for the Indian Navy and international governments.
- **Engineering Division:** Produces prefabricated steel bridges of various types and deck machinery items, including anchor capstans and boat davits.
- **Engine Division:** Assembles, tests, and overhauls marine diesel engines, and manufactures naval surface guns.

### Competitive strengths
- Operates under the administrative control of the Ministry of Defence.
- Possesses capabilities in designing and constructing various types of warships.
- Has experience in manufacturing prefabricated steel bridges and marine diesel engines.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/grse
Markdown representation: https://faxioms.com/stocks/grse?render=md