During the meeting it was highlighted how FY26 has been the most successful year in the Company’s history in terms of key performance parameters.

The figures speak for themselves:

• Revenue from Operations increased by 37.95% from Rs 5,075.69 crore in FY25 to Rs 7,002.16 crore in FY26.
• Total Income grew from Rs 5,410.53 crore in FY25 to Rs 7,276.54 crore in FY26. This increase of Rs 1,866.01 crore over the previous year was a growth of 34.49%.
• The EBITDA stands at Rs 1,069.69 crore in FY26, as against Rs 756.10 crore in FY25, with an increase of 41.47%.
• The Profit After Tax (PAT) increased by 41.81% from Rs 527.40 crore in FY25 to Rs 747.93 crore in FY26.
• Earnings per share (EPS) went up from Rs 46.04 in FY25 to Rs 65.29 in FY26.

The shareholders of the Company at the 110th Annual General Meeting held on 25 Sep 26 approved a Total Dividend of 196% of Paid-Up Share Capital against 138.5% in FY25 including a Final Dividend of 67% of Paid-Up Share Capital of the Company against 49% in FY25.

This amounts to a Final Dividend of Rs 6.70 per equity share of face value of Rs 10 each for the financial year 2025-26. This is in addition to the First Interim Dividend of Rs 5.75 per equity share of face value of Rs 10 each, which was paid in 2025-26 and Second Interim Dividend of Rs. 7.15 per equity share of face value of Rs. 10 each, which was paid in 2025-26. Hence, the total dividend declared for the financial year 2025-26 is Rs 19.60 per equity share of face value of Rs 10 each.

“I am happy to report yet another year of excellent performance. The financial results speak for themselves. This has been the best performance in our 66-year history as a DPSU, made possible by our sustained efforts to achieve new milestones. As on March 31, 2026, we had an order book of Rs 15,324 crores. With our robust order book, new initiatives and progress in the commercial shipbuilding segment, I am confident of an even better performance in the current financial year,” said Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE.

The key physical milestones during FY 2025–26 included the delivery of eight warships to the Navy, five of which were commissioned during the financial year.

GRSE continues to remain the only Defence Public Sector Shipyard engaged in the manufacture of prefabricated steel bridges. During FY 2025–26, GRSE achieved a significant milestone with the launch of a first-of-its-kind Modular Foot Suspension Bridge (FSB), a fully indigenous structure designed to span up to 400 feet without the requirement of piers. The shipyard also delivered seven 30mm Naval Surface Gun systems to the Indian Navy and executed multiple refit projects.

In line with its focus on advanced technologies, GRSE strengthened its capabilities through the inauguration of a Next Generation Virtual Reality (NGVR) Lab and continued to build strong momentum with the third consecutive edition of GAINS 2025, reflecting its growing impact and sustained traction.

GRSE’s performance in 2025-26 was recognised with 26 awards— ‘26 in 26’—including the “Excellence in Financial Performance” Award presented by Defence Minister Shri Rajnath Singh.

The year 2026 brought happy tidings with GRSE being elevated to the status of a Navratna company by the Government of India.

Smt. Varsha Ashok Aglawe, the first lady Director General of GSI, was the Chief Guest for the event. The others present at the occasion included senior officials from GRSE, GSI, TNSL & IRS.

The keel of any vessel is similar to the spine in humans. The entire skeletal structure of the ship is attached to it, providing the necessary strength to the platform. The keel laying marks an important milestone in the shipbuilding process, as the vessel’s principal structural elements begin to take shape around this central component.

The CRVs will be 64 meters long and 13 meters wide with a deadweight tonnage of about 461 Tons. These vessels will have an endurance of 15 days with a top speed of 10 knots. Each ship will have facilities for 35 personnel on board.

These research vessels will have capabilities to carry out offshore geological mapping, mineral exploration (including dredging), ocean environment monitoring and research. They will have modern, well-equipped scientific laboratories on board for data processing and sample analysis. These ships will be fitted with Dynamic Positioning – 1 to enable them to maintain position even in Sea State 3. Powered by diesel-electric propulsion, with diesel generators driving the thrusters, these ships would operate within the Exclusive Economic Zone (EEZ) of India, in depths of 5-1,000 meters.

The order for these CRVs was on recognition of GRSE’s proven excellence in the field of advanced specialised vessels. The shipyard is currently building an Ocean Research Vessel (ORV) for the National Centre for Polar and Ocean Research (NCPOR), under the Ministry of Earth Sciences, Government of India, and an Acoustic Research Ship (ARS) for the Naval Physical and Oceanographic Laboratory (NPOL), an establishment under the Defence Research and Development Organisation (DRDO).

Having delivered two series of Sandhayak Class of survey vessels to the Navy and the marine acoustic research ship INS Sagardhwani to NPOL in 1994, GRSE has established its position as a designer and builder of specialised platforms.

Recently, the shipyard has received the Notification of Award (NOA) from Oil and Natural Gas Corporation Limited (ONGC) for the construction of four Platform Supply Vessels (PSVs).

Smt. Varsha Ashok Aglawe, DG, GSI, said, “The two Coastal Research Vessels being constructed will prove to be extremely valuable in exploring our mineral resources beyond the country’s land borders. Once commissioned, these vessels will play a pivotal role in augmenting India’s offshore mineral exploration capabilities. This project aligns seamlessly with our national vision of Atmanirbhar Bharat @2047 and achieving comprehensive self-reliance in the mineral sector.”

Cmde PR Hari, IN(Retd), CMD, GRSE said, “The keel laying of the two Coastal Research Vessels is a significant milestone, marking the transformation of design and planning into the physical construction of the vessels. Backed by strong collaboration among all stakeholders, GRSE is confident of delivering these specialised vessels to the Geological Survey of India on schedule and with the highest quality standards.”

The launch comes barely five months after the keel laying of the vessel, highlighting GRSE’s capability to achieve milestones ahead of schedule.

Dr Jitendra Singh, Hon’ble Union Minister of State (Independent Charge) for the Ministry of Science and Technology and Ministry of Earth Sciences, was the Chief Guest for the event. Dr Srinivasa Kumar Tummala, Secretary, Ministry of Earth Sciences, was present as the Guest of Honour at the event at GRSE’s Rishi Bankim Shipyard in Kolkata.

The ORV was named “Sagar Manthan” by Smt Manju Singh, wife of Dr Jitendra Singh, as per tradition and launched by Smt Kavita Ellanti, wife of Dr Srinivas Kumar Tummala.

The others present at the occasion included senior officials from GRSE, MoES & NCPOR.

The construction of the ORV marks a major boost to the country’s Atmanirbharta and “Make in India” initiatives, reflecting India’s growing capabilities in shipbuilding and advanced marine engineering for ocean research and exploration.

The 89.50 m long, 18.80 m wide ORV will have a gross tonnage of 5,900 Tons and its speed will be 14 knots at 90% maximum continuous rating (MCR).

Once delivered, the ORV will be capable of Underway Swath Multibeam as well as Geophysical Seismic surveys in coastal seas and deep waters at a maximum depth of 6 km. She will also be able to carry out Conductivity, Temperature and Depth (CTD) profiling and water sampling operations such as biological sampling using vertical and horizontal methods through various nets.

The research vessel will also effectively carry out surface and deep-sea mooring and data buoy operations, seabed sampling using corers and grabs as well as rock dredging with chain bag dredges.

The vessel will also undertake underway atmospheric observations, surface meteorological and current measurements and collect upper air data. Scientists will be able to carry out analytical work and data processing on board. The ship will also provide training and education to scientists and technicians.

GRSE has necessary expertise in the field of survey vessels and has been building them for the Indian Navy for nearly four decades now. The shipyard delivered survey ships to the Navy in the 80s. It also built and delivered the Marine Acoustic Research Vessel INS Sagardhwani to the Naval Physical and Oceanographic Laboratory (NPOL) in 1994. The ship is still in service and recently underwent a refit at GRSE.

GRSE has also completed the delivery of four Survey Vessels (Large) to the Navy. The last of these, Sanshodhak, was delivered on 30 Mar 26. These are the largest survey vessels to have been built in India and operated by the Navy.

The shipyard is now building nine warships, including an advanced guided missile frigate under the Navy’s Project 17A, four ASW-SWCs and four Next Generation Offshore Patrol Vessels. Apart from these, GRSE is building 32 more platforms, including 13 ships for export. GRSE is also in the advanced stages of concluding a prestigious contract for the construction of five Next Generation Corvettes for the Navy.

Apart from the ORV for NCPOR, the shipyard is also building an Acoustic Research Ship (ARS) for NPOL and two Coastal Research Vessels (CRVs) for the Geological Survey of India.

Dr Jitendra Singh, Hon’ble Minister of Earth Sciences stated that this vessel being built at GRSE represents the growing strength of India’s indigenous shipbuilding, engineering and scientific capabilities.

Dr Srinivasa Kumar Tummala, Secretary, Ministry of Earth Sciences said that he was happy to be at the launch of a GRSE built Ocean Research Vessel for the Ministry of Earth Sciences, which is being constructed under a very important mission of the Government of India called the Deep Ocean Mission. He urged NCPOR and GRSE to keep up the pace and assure all support from the Ministry’s end.

Cmde PR Hari, IN (Retd.), Chairman & Managing Director, GRSE said, “I believe that GRSE epitomizes Atmanirbharta in Warship building and now, with four specialised state-of-the-art Research Vessels being built by GRSE, I would like to rephrase my statement – GRSE epitomizes Atmanirbharta in Design & Construction of Warships & Research Vessels”.

GRSE has declared a total interim dividend of Rs. 12.90 per equity share of Rs. 10 each for FY 25-26 against Rs. 8.95 in FY 24-25. GRSE has been consistent in paying dividend to the Shareholders and has done so every year for the last 32 years. The company has an order book position of Rs.15,324 Crores as on 31 Mar 26.

The award was presented by Shri Piyush Goyal, Hon’ble Union Minister of Commerce & Industry, and received by Cmde Rajat Nagar, IN (Retd), CGM (Commercial), on behalf of GRSE.

The honour recognises GRSE’s sustained adoption of the GeM platform for procurement and its efforts towards strengthening transparency and efficiency in the procurement process. The platform has enabled the shipyard to further streamline its digital procurement practices and facilitate a more efficient sourcing ecosystem.

Launched in 2016, the Government e-Marketplace has emerged as a key digital platform for public procurement in India, facilitating transparent, efficient and streamlined procurement by government organisations. The ‘GeM Advocate’ Award recognises organisations that have demonstrated strong adoption and supported wider use of the platform.

The ferries will each be 24 metres long and 8 metres wide, with a passenger capacity of 100 persons and a draft requirement of 1 metre. Designed for efficient and eco-friendly inland water transportation, the vessels will be capable of achieving speeds of up to 9 knots in hybrid diesel-electric mode and 7 knots in fully electric mode.

Equipped with advanced propulsion systems comprising batteries and diesel generators, the ferries will significantly reduce operational costs and carbon emissions while ensuring reliable performance in Indian inland waterways. The vessels will be classed by the Indian Register of Shipping (IRS) and are expected to offer enhanced passenger comfort through lower noise and vibration levels.

Recognising GRSE’s proven expertise in modular bridge construction, the Government of West Bengal has also placed orders for two sets of Standard Width Bailey Bridges of 70R Road Class. GRSE is a market leader in the design and manufacture of modular steel bridges, having supplied over 5,900 bridges to the Indian Army, Border Roads Organisation, various state governments, central agencies and friendly foreign countries.

Having delivered Dheu, West Bengal’s next-generation zero-emission electric ferry, in 2025, GRSE has emerged as a key partner in the state’s green mobility initiatives. With these latest contracts, the shipyard is currently building 13 hybrid diesel-electric ferries for the Government of West Bengal.

The fresh orders underscore the confidence reposed in GRSE’s engineering excellence and execution capabilities. They also reinforce the company’s commitment to advancing the national vision of Aatmanirbhar Bharat through indigenous solutions that promote sustainable transportation, strengthen connectivity in remote regions, and contribute to inclusive economic development across the country.

The newly unveiled installation features a fully weatherproof, 20-meter-long scale model of the ship situated in the open-air space outside the airport terminal building. The model is fully designed, installed, and maintained by GRSE. The non-commercial display serves as a striking landmark for millions of passengers, symbolizing “Atmanirbharta” and a proud collaboration between AAI and GRSE while bringing indigenous naval technology prowess of the country closer to the public eye.

The initiative reflects the Hon’ble Prime Minister’s Vision of ‘Viksit Bharat @2047’ and underscores the transformative power of ‘Atmanirbharta’ (Self-Reliance) in warship building. Placed at one of Eastern India’s busiest international gateways, the exhibit highlights the country’s technological capabilities and rapid strides in defense manufacturing to domestic and global travelers alike.

The scale model represents the Project 17A (Himgiri Class) Advanced Guided-Missile Frigate programme, one of India’s most ambitious indigenous warship-building initiatives. Designed for multi-mission operations, including anti-air, anti-surface and anti-submarine warfare, these next-generation stealth frigates incorporate advanced weapons, sensors and survivability features. Measuring 149 metres in length and displacing approximately 6,670 tonnes, the warships are powered by a Combined Diesel or Gas (CODOG) propulsion system and represent a generational leap in indigenous warship design, stealth, firepower, automation and combat capability.

GRSE has played a pivotal role in the successful execution of Project 17A. The first GRSE-built frigate, Himgiri, was delivered to the Indian Navy on 31 July 2025, while the second frigate, Dunagiri, was delivered on 30 March 2026 and subsequently commissioned into service by the Hon’ble Prime Minister on 21 June 2026. The third and final frigate of the class being built by GRSE, Vindhyagiri, is currently at an advanced stage of construction. These technologically advanced warships reflect India’s growing expertise in indigenous warship design and construction and stand as powerful symbols of self-reliance in defence manufacturing.

As a Premier Defence Public Sector Undertaking (DPSU) operating from Kolkata since 1960, GRSE holds the unique distinction of being the only Indian shipyard to have built and delivered the highest number of warships to the nation’s armed forces. To date, the shipyard has built and delivered 118 warships, including 80 warships for the Indian Navy, a record unmatched by any shipyard in the country. GRSE is currently constructing multiple advanced platforms, including one Project 17A Advanced Frigate, four Anti-Submarine Warfare Shallow Water Crafts (ASW-SWCs), four Next Generation Offshore Patrol Vessels (NGOPVs), and several commercial and export vessels.

Shri Sanjeev Kumar, IAS, Secretary, Department of Defence Production, Ministry of Defence, was the Chief Guest at the launch. Also present were Senior Officers of GRSE, in addition to a large number of startups participating in the launch physically/ in hybrid mode.

Launched in 2023, GAINS is a National open innovation challenge conceptualised by GRSE to leverage the growing capabilities of India’s start-up, MSME and academic ecosystem to address present and emerging challenges in ship design and construction. Over the last three editions, the initiative has evolved into a sustained platform for collaboration between established shipbuilding expertise and emerging technology capabilities from across the country, with participation growing from 66 proposals in 2024 to over 100 proposals from Indian innovators in 2025, reflecting the increasing engagement of the country’s start-up, MSME and innovation ecosystem.

The initiative has also resulted in the identification and recognition of promising innovators across its three editions. The winners of GAINS 2023, the inaugural edition, were M/s Bodkin Technologies Pvt. Ltd. and M/s Smart Machine & Structures. The second edition, GAINS 2024, recognised IIT Guwahati Technology Innovation & Development Foundation (MSME) and M/s Cloudmetica Technologies (Start-up) as winners. In the third edition, GAINS 2025, M/s Widedrop Technologies and M/s Cloudmetica Technologies emerged as winners.

Over the successive editions, GAINS has explored emerging technologies and solutions across areas such as Artificial Intelligence, robotics, renewable and green energy, energy efficiency and technology-enabled enhancement of shipbuilding processes, enabling GRSE to engage with innovators and explore new approaches and technologies aimed at enhancing shipbuilding capabilities.

The fourth edition of GAINS aims to further strengthen GRSE’s engagement with the innovation ecosystem by encouraging start-ups, MSMEs, academia and innovators to develop fast-track, innovative solutions for emerging shipbuilding requirements and contribute towards building a future-ready shipyard. GAINS 2026 will focus on key areas including Artificial Intelligence (AI), renewable and green energy, energy efficiency, automation and overall efficiency enhancement. The initiative aligns with the Government of India’s emphasis on indigenous defence technologies and greater participation of start-ups and MSMEs, contributing to a technologically advanced, self-reliant and globally competitive Indian shipbuilding industry. Details of the challenge and participation are available on the GRSE website at www.grse.in/gains/.

Shri Sanjeev Kumar, Secretary, Department of Defence Production was happy to note that GRSE has taken a lead to accelerate its pace across functions, using the advantage of AI & latest technologies through the unique scheme of GAINS. He appreciated that the GAINS model is not restrictive in its approach and uniquely engages with young vibrant startups of the country as well as the stalwarts in technology including the IITs of the nation.

Cmde PR Hari, IN (Retd.), Chairman and Managing Director, GRSE, during the welcome address said, “Deeply proud that this initiative of the shipyard to leverage on potent capabilities of our startup ecosystem is a grand success and this 4th Edition of GAINS will be equally rewarding”.

The launch of GAINS 2026 comes at a significant juncture in GRSE’s journey. The shipyard was accorded Navratna status on 19 June 2026, marking an important milestone in its growth and reflecting its sustained performance, capabilities and contribution to India’s defence sector. The enhanced status further provides GRSE greater opportunities to pursue strategic investments, develop advanced capabilities and strengthen its engagement with the wider industrial and innovation ecosystem.

Cmde PR Hari, IN (Retd.), Chairman and Managing Director, GRSE, hoisted the National Flag, followed by the inspection of an impressive guard of honour by CISF personnel. Among the others present were Cdr Shantanu Bose, IN (Retd.), Director (Shipbuilding), Capt (IN) P Sunilkumar (Retd.), Director (Corporate Planning & Personnel), Shri Niranjan Bhalerao, Director (Finance), Shri Abhishek Ranjan, IOFS, Chief Vigilance Officer, Shri V Vidhun, Commandant, CISF and senior officials from GRSE and CISF.

A key highlight of this year’s Independence Day celebrations was the unveiling of the new names of three GRSE shipbuilding units and the Design department, reflecting the shipyard’s commitment to honouring India’s rich heritage and distinguished national icons from West Bengal. The Main Works Unit was renamed as Rabindranath Tagore Shipyard, the RBD Unit as Rishi Bankim Shipyard and the FOJ Unit as Matangini Hazra Shipyard. The Central Design Office (CDO) was renamed as the Centre for Ship Design & Research. The new names were unveiled through a digital display during the Independence Day celebrations.

The renaming comes at a significant juncture in GRSE’s journey. With a legacy dating back to 1884, the Defence Public Sector Undertaking under the administrative control of the Ministry of Defence was accorded Navratna status by the Department of Public Enterprises, Ministry of Finance, Government of India, in June 2026. The recognition marks another important milestone in the shipyard’s journey and reflects its sustained performance, capabilities and contribution to the nation.

Cmde PR Hari, IN (Retd.), Chairman and Managing Director, GRSE, reflected on the shipyard’s journey over the past year and highlighted its strong operational and financial performance, continued focus on self-reliance and indigenous capabilities, and the opportunities emerging from its growing presence in naval and commercial shipbuilding.

‘Independence Day reminds us that freedom comes with the responsibility to build a stronger, more self-reliant and future-ready nation. At GRSE, this responsibility is reflected in our unwavering commitment to indigenous shipbuilding and nation-building. Our elevation to Navratna status and strong performance in the first quarter of this financial year are a testament to the dedication of Team GRSE. The unveiling of new identities for our key facilities marks a new chapter that honours our rich heritage while reinforcing our focus on innovation, excellence and capability building. As we move forward, we remain committed to contributing to the vision of an Atmanirbhar Bharat and a maritime nation of global standing.”’, he said.

CMD, GRSE congratulated the GRSE and CISF teams for their participation in the Independence Day celebrations and appreciated their continued commitment towards the organisation and the nation.