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.”

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.

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.

The recognition marks GRSE’s third consecutive win at the Governance Now PSU IT Awards and highlights the organisation’s sustained focus on adopting advanced digital solutions across its operational and business domains. Earlier, GRSE had received the “Best Use of Emerging Technologies” Award in 2024, followed by the “Digital Transformation Excellence” Award in 2025.

The latest recognition underscores GRSE’s sustained efforts in leveraging advanced digital technologies to strengthen operational efficiency, optimize business processes and drive innovation across the organisation. The shipyard continues to align its digital transformation initiatives with the Government of India’s Digital India Vision, with focus on smart systems, automation, data-driven decision making and a future-ready workforce.

The name Sanghmitra means friend of the community. It was also the name of the eldest daughter of Emperor Ashoka, who is known to have travelled to Sri Lanka in the 3rd Century BC to spread the teachings of Lord Buddha.

The others present at the occasion were senior officials from GRSE and the Indian Navy.
GRSE has significant experience in the construction of warships and patrol vessels for maritime operations. The shipyard also built the OPV MCGS Barracuda, the first warship exported by India to Mauritius in 2014. GRSE bagged the Defence Minister’s Award of Excellence for in-house Design Effort for that warship. The launch of this ship is on the heels of a successful year for GRSE, having delivered eight ships in a single year, including simultaneous delivery of three warships of different classes – the P17A stealth frigate, a Survey Vessel large and an ASW Shallow water craft – on a single day, 30 Mar 26.

The NGOPVs will be much larger warships than the OPVs built earlier, and have greater endurance and firepower. These platforms will be about 113 metres long and 14.6 metres wide, with a displacement of 3,000 Tons. The NGOPVs will achieve speeds of up to 23 knots. Their endurance will be 8,500 nautical miles at a speed of 14 knots.

The NGOPVs will play a variety of roles. With a draught requirement of only 4 metres, they would be able to operate in coastal waters, protecting offshore assets, carrying out maritime interdiction, as well as visit, board, search and seizure (VBSS) operations. They will also be part of presence-cum-surveillance and mine warfare missions while having the capability to support special operations.

These warships will also participate in ‘Out of Area’ Contingency Operations, non-combatant evacuation, convoy operations, anti-piracy missions and counter-infiltration operations. Apart from these, they will take on poachers and traffickers, and participate in humanitarian assistance and disaster relief as well as search and rescue missions. They will also be able to operate as hospital and COMINT ships apart from providing fleet maintenance support.

Vice Admiral Vatsayan commended GRSE’s role in keeping the Navy supplied with advanced warships. “Over the years, the Indian Navy has evolved into a force that is not only prepared for conflicts but equally committed to shaping the stable maritime environment through cooperation, presence and readiness. In this broader context, the Next Generation Offshore Patrol Vessel project holds considerable significance. I would like to convey my appreciation to GRSE, which has consistently demonstrated its capability in delivering quality platforms to the Indian Navy, having delivered eight ships in the last financial year. Today’s launch adds another important chapter to its legacy,” he said.

Cmde PR Hari, IN (Retd.), Chairman & Managing Director, GRSE, highlighted the technological advances that the shipyard has made adding to enhanced capabilities. “We are kickstarting 2026-27 with the launch of this vessel and this year too will see multiple launches and deliveries”, he said.