Signed a New Contract

Garden Reach Shipbuilders & Engineers Limited (GRSEL), a premier shipbuilding company in India under the administrative control of the Ministry of Defence, on February 7, 2026, said that,

The Company has signed a Contract with the Ministry of External Affairs (MEA), Government of India (GOI), for the second refit of the Seychelles Coast Guard Ship PS Zoroaster at a total value of ₹33 Crore (excluding GST). Source – BSE

Deadline

The ship’s refit is scheduled to commence in early March 2026 and is expected to be completed within three months.

Refer to Garden reach shipbuilders & engineers news for detailed information.

Garden Reach Shipbuilders

Contract Signed By

The company further stated that the contract was signed by Shri Prasanna Shrivastava, Joint Secretary (IOR), MEA, Government of India, and Cdr Harish Kumar, IN (Retd), General Manager, on behalf of GRSE, Kolkata.

The PS Zoroaster was built by Garden Reach Shipbuilders and handed over to the Seychelles Coast Guard by Prime Minister Narendra Modi on April 8, 2021. The ship’s maiden short refit was carried out by GRSEL in 2024.

Garden Reach Shipbuilders share ended at INR 2401.40 (DOWN 1.55%) on the National Stock Exchange.

LAST ARTICLE – Fractal Analytics IPO Review

19 September 2018

Garden Reach Shipbuilders & Engineers Ltd – a shipbuilding company in India under the administrative control of the Ministry of Defence is planning to raise INR 335.92 Cr – 344.69 Cr (all OFS) via initial public offer (IPO)

Garden Reach Shipbuilders – Company Profile

Incorporated in the year 1913, Garden Reach Shipbuilders & Engineers Limited is a Mini Ratna-Category I company engaged in the business of Ship Building.

Prior to company being initially incorporated as a limited company, Garden Reach Shipbuilders were engaged in the business of operating shipbuilding and repair workshops since 1884 as an unincorporated entity.

In the year 1960, Garden Reach Shipbuilders & Engineers Ltd was acquired by the GoI (Government of India) and since then the share capital of Garden Reach Shipbuilders is wholly owned by the President of India along with its nominees from time to time.

Garden Reach Shipbuilders – Business Profile

The Company primarily adheres to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. In addition to its ship and warship building capabilities, Garden Reach Shipbuilders are engaged in engineering and engine production activities.

The Company currently offers products in three core verticals:

• Shipbuilding: Garden Reach Shipbuilder’s shipbuilding division consists of the construction of vessels for clients engaged in the defence sector shipping industry. Vessels built by the company include anti-submarine warfare corvette, fleet replenishment tanker, fast patrol vessel, frigates, and inshore patrol vessel, landing craft utility, landing ship tank, missile corvette, offshore patrol vessel, survey vessel, WJ-FAC, hover craft and fast interceptor boat.
• Engineering: The Company’s engineering division develops and manufactures anchors, boat davits, marine pumps, mooring and dock capstans, portable steel bridges; rail-less helicopter traversing systems, suspension type pre-fabricated steel bridges, anchor windlass and winches.
• Engine Production: The Company’s engine production division undertakes assembly, testing, servicing and repair of various models of diesel engines used for marine propulsion and power generation through collaboration with the MTU of Germany.

Customers & Revenues

Vast majority of the products that the company manufactures are supplied to Central and State Governments and entities owned and controlled by such Governments. Significant majority of the company’s revenues are derived from sales of shipbuilding products to the Indian Navy and the Indian Coast Guard.

Awards & Certifications

Garden Reach Shipbuilders & Engineers Limited has several certifications and accreditations including –

• The TUV Nord’s Certificate affirming that the Management Systems of the Company for manufacturing of ships are as per ISO 14001:2004 and BS-OHSAS 18001-2007 and the Indian Register Quality Systems Certificate affirming that the Management Systems of the 61 Park Unit are as per ISO 9002 – 1994/ EN ISO 9002-2014.
• The Company has also received ISO 9001:2008 or ISO 9001:2015 accreditation for all our facilities for quality management systems.

Order Book

Garden Reach Shipbuilders & Engineers’ aggregate order book as on July 31, 2018 was ₹203,136.10 million, comprising gross order value in the shipbuilding segment, engineering segment and the engine segment of ₹200,294.20 million, ₹851.70 million and ₹1,990.20 million, respectively.

Company Promoters & Holdings

The Promoter of the company is the President of India acting through the Ministry of Defence. The Promoter, along with its nominees, currently holds 100% of the pre-offer paid-up Equity Share capital of the company.

IPO Opening / Closing Date

IPO Details – Price, Minimum Bid and Other

Financial Performance

Revenues

GRSEL shows uneven growth as far as revenues are concern in last 4 years. The company’s top-line was INR 1629.44 Cr for FY 2015 and the same were INR 1525.75 Cr for the period ends FY 2018.

Profits

Same as Revenues, the company was unable to register growth in bottom-line. Company’s PAT for FY2015 stood at INR 51.73 Cr and the same was INR 86.81 Cr for the period ended 31 March 2018.

CONCLUSION –

Considering company’s valuation and financial parameters, FinBlab recommends NEUTRAL ratings on Garden Reach Shipbuilders & Engineers Limited IPO

Also Read –

1) Finblab’s Valuepick Stock for the month of September 2018 – HIL Limited

2) TOP 5 REASONS WHY INDIAN RUPEE IS FALLING AGAINST US DOLLAR

3) TOP 6 REASONS WHY COMPANIES GO FOR A SHARE BUYBACK

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