During Thursday’s trading session, shares of a Defence Public Sector Undertaking (PSU) and one of the leading warship builders in India jumped nearly 5 percent on BSE, after the company announced entering into three agreements during an official delegation visit to Norway.
With a market cap of Rs. 39,782.8 crores, at 10:19 a.m., the shares of Garden Reach Shipbuilders & Engineers Limited were trading in the green at Rs. 3,472.85 on BSE, up by 3.4 percent, as against its previous closing price of Rs. 3,358.5. The stock has delivered multibagger returns of around 193 percent in one year, and has gained by more than 79 percent in the last one month.
What’s the News
As per the latest regulatory filings, Garden Reach Shipbuilders & Engineers Limited (GRSE) announced entering into three agreements during an official delegation visit to Norway.
Firstly, GRSE signed a Memorandum of Intent (MoI) with Carsten Rehder Schiffsmakler und Reederei GmbH & Co. KG, a German company, for the construction of 4 additional 7,500 DWT Multi-Purpose Vessels. These new vessels will serve as a follow-on to the 8 vessels currently being built at GRSE’s Kolkata shipyard.
The follow-on vessels will feature hybrid propulsion systems and meet the latest cybersecurity standards. The final firm contract for these vessels is expected to be concluded by 31st August 2025.
Secondly, as part of its initiative to expand into the construction of offshore platforms and vessels, GRSE signed a Memorandum of Understanding (MoU) with Aries Marine, a Dubai-based independent engineering and design firm specialising in offshore platforms and vessels.
This agreement aims to extend GRSE’s global presence in the offshore market by enabling collaboration in identifying and developing offshore platform orders, with designs from ARIES and construction by GRSE. Lastly, GRSE also entered into an MoU with a Global Engine Manufacturer on the same day.
Previous Updates
4th June: GRSE signed an MoU with Norway’s Kongsberg Oslo for the construction of India’s first-ever Polar Research Vessel (PRV). The vessel will support advanced oceanic and polar research capabilities for the National Centre for Polar and Ocean Research (NCOPR), while also supporting India’s scientific advancement and ‘Make In India’ shipbuilding initiative.
Financials and More
GRSE reported a significant growth in revenue from operations, experiencing a year-on-year rise of nearly 62 percent, from Rs. 1,016 crores in Q4 FY24 to Rs. 1,642 crores in Q4 FY25. Similarly, its net profit increased during the same period from Rs. 112 crores to Rs. 244 crores, representing an impressive growth of nearly 118 percent YoY. As of 31st March 2025, the company’s order book stood at Rs. 22,680 crores, with the P-17 Alpha project continuing to be the primary revenue contributor.
The order book includes 9 projects, consisting of a total of 40 platforms. These include 16 warships for the Indian Navy across 4 projects, three P-17 Alpha Frigates, 7 Anti-Submarine Shallow Watercraft, 2 Survey Vessels, and 4 Next Generation Offshore Patrol Vessels.
Written by Shivani Singh
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