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This was in recognition of the shipyard’s consistent financial and physical performance over the years.

GRSE’s financial performance over the last five years reflects its remarkable growth trajectory and operational excellence. The Company’s Revenue from Operations has grown from ₹1,754 crore in FY 2021-22 to ₹7,002 crore in FY 2025-26, registering an increase of nearly 300%. During the same period, Profit After Tax (PAT) has risen from ₹190 crore to ₹748 crore, reflecting a growth of nearly 294%.

A firm proponent of the Government ‘s Atmanirbharta and “Make in India” visions, the shipyard also delivered eight warships during the year, including three on the same day on March 30, 2026. These include P17A advanced guided-missile frigate Dunagiri, Sanshodhak, a Survey Vessel (Large) and Anti-Submarine Warfare Shallow Water Craft Agray.

Navratna status allows Public Sector Enterprises to make larger investments, enhancing their ability and expand operations.

The elevation to a Navratna status for GRSE comes at a time when the shipyard is in an expansion mode. It has embarked on a mission to increase capacity through both brownfield and greenfield projects.

Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE, expressed his gratitude to the Government for being accorded this status and said, “The conferment of Navratna status is a defining moment in GRSE’s journey and a matter of immense pride for every member of the GRSE family. This recognition reflects the confidence reposed in us and acknowledges the dedication, commitment and professionalism of our employees, past and present. This elevation will further empower us to pursue strategic opportunities, enhance self-reliance in defence manufacturing, strengthen our global competitiveness and contribute meaningfully towards the vision of Aatmanirbhar Bharat and India’s emergence as a leading maritime power by 2047.”

GRSE has several firsts to its name. In 1961, barely a year after being declared a Defence Public Sector Undertaking, the shipyard delivered the country’s first indigenous warship, INS Ajay, to the Navy. GRSE is also the proud builder of first ever Indian Export Warship, CGS Barracuda for Govt of Mauritius and also the first DPSU shipyard to be listed in the stock exchanges.

While GRSE has delivered over 800 marine platforms, the shipyard has also delivered the largest number of warships to the Navy, Coast Guard & friendly foreign nations. The figure stands at 118. Of these, 80 have been inducted into the Navy.

GRSE has also made strides in the field of commercial shipbuilding and has bagged export orders. It is now building 12 multi-purpose vessels for a German client, in keeping with India’s ‘Make in India, Make for the World’ vision, also foraying into green and autonomous vessels. GRSE is the only shipyard with specialisation in research ships, thereby contributing significantly to maritime sovereignty.

REC Limited, a Maharatna Central Public Sector Enterprise under the administrative control of Ministry of Power and a leading NBFC, has achieved an ‘Excellent’ MoU Rating for the financial year 2024–25, signed with the Holding company (i.e. Power Finance Corporation Limited). This rating is awarded by Department of Public Enterprises (“DPE”), Ministry of Finance, as per prescribed guidelines in this regard. This feat marks REC’s third consecutive year of achieving the ‘Excellent’ rating, underscoring its sustained operational and financial leadership.

The MoU framework is designed by Government of India to evaluate the performance of CPSEs s to assess their efficacy towards fulfilment of core objectives for which these have been constituted & aims to shift focus from effort-based assessments to actual economic performance, aligning with government priorities and shareholder interests. These parameters are carefully benchmarked against past performance, future projections, sectoral standards, and the vision of the administrative ministry i.e Ministry of Power.

The assessment highlights REC Limited’s robust financial health and superior asset quality. The evaluation was driven by several key operational pillars, including sustained financial performance, high operational efficiency, strong market competitiveness and ethical corporate conduct.

Further, DPE carries out annual exercise of Public Enterprise Survey wherein a summary of the financial performance of Central Public Sector Enterprises is captured. For FY 2024-25 report has been published by DPE and REC has achieved commendable position across various financial parameters as depicted, which reinstate our commitment for operational and financial performance.

With this validation of consistent performance, REC Limited continues to consolidate its position as a premier financier in the power sector, playing a pivotal role in strengthening India’s power infrastructure and supporting sustainable economic growth.

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