What Garden Reach Shipbuilders & Engineers does

Garden Reach Shipbuilders & Engineers Limited (GRSE) is a Navratna Public Sector Undertaking under India's Ministry of Defence, headquartered in Kolkata and listed on Indian stock exchanges (NSE: GRSE). Founded in 1884 as a river steam workshop and nationalised in 1960, GRSE is India's most prolific indigenous warship builder, having delivered 118 warships over 66 years including Project 17A Nilgiri-class stealth frigates, Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC), Survey Vessel Large, Next Generation Offshore Patrol Vessels, and the first ever Indian warship export (CGS Barracuda to Mauritius in 2014). Core technology centres on modular/integrated construction methodology, 3D design with Virtual Reality Laboratory, Product Data Model/PLM, and indigenous content of 75%+ (up to ~90% on ASW Corvettes and LCUs), integrating systems such as HUMSA-NG sonar, Shakti Electronic Warfare Suite, and 1 MW Diesel Alternators assembled at the Ranchi Diesel Engine Plant in collaboration with MTU Germany.

GRSE operates a B2G enterprise field sales model, generating revenue primarily through long-duration, multi-year project contracts (typically thousands of crores per programme) awarded by the Ministry of Defence following competitive RFPs and negotiations. Revenue streams span warship construction for the Indian Navy and Coast Guard (FY26 revenue of Rs 7,002 crore, up 38% YoY), commercial shipbuilding for export (12 multi-purpose vessels for German buyer Carsten Rehder, ocean-going ferries for Guyana), ship repair services established as a dedicated vertical in 2018, and diversified engineering products (Bailey bridges, deck machinery, marine valves, 30mm Naval Surface Gun). The customer base is anchored by the Indian Navy as the dominant buyer, with the Coast Guard as a secondary domestic anchor and exports diversifying across Mauritius, Seychelles, Guyana, Bangladesh, and Germany. FY26 revenue grew nearly 300% from Rs 1,754 crore in FY21-22 with PAT of Rs 748 crore (up fourfold) and a 43% ROCE on near-zero debt, against an order book of Rs 15,324 crore across 39 defence and commercial platforms as of mid-2026.

Name

Garden Reach Shipbuilders & Engineers

Legal name

Garden Reach Shipbuilders & Engineers Limited

Website

https://grse.in

Company type

Public

Founded year

1884

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Garden Reach Shipbuilders & Engineers (GRSE) is an Indian Ministry of Defence Navratna PSU that designs, builds, and repairs warships and commercial vessels — primarily serving the Indian Navy, Indian Coast Guard, and select foreign governments with 75%+ indigenous content platforms.

Ownership category

akta.pro rank

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Warship Construction: GRSE's primary revenue stream from building warships for the Indian Navy and Indian Coast Guard, including Project 17A stealth frigates, Anti-Submarine Warfare Shallow Water Crafts, Survey Vessel Large, and Next Generation Offshore Patrol Vessels. Revenue reached Rs 7,002 crore in FY26, up 38% year-over-year, driven by delivery of eight warships during FY26.
2. Commercial Shipbuilding: Diversification into commercial vessels including 12 multi-purpose vessels for German company Carsten Rehder, ocean going passenger-cargo ferry for Guyana, electric tugs, dredgers, and fast interceptor boats. Represents strategic expansion to reduce dependence on defence contracts.
3. Ship Repair Services: Dedicated ship repair vertical established in 2018, undertaking refit and maintenance of naval warships, coast guard vessels, and commercial ships at multiple dry dock facilities in Kolkata. Has completed refits for Indian Coast Guard, Seychelles Coast Guard, and Sri Lankan vessels.
4. Engineering Products: Diversified engineering products including Bailey Portable Steel Bridges, Double Lane Modular Steel Bridges, Deck Machinery (capstans, winches, davits, helicopter handling systems), Marine Valves, and Diesel Engine assembly/overhauling. Revenue from engineering vertical grows through domestic and export sales.
5. MTU Engine Partnership: Diesel Engine Plant at Ranchi assembles, overhauls, and tests MTU diesel engines in collaboration with MTU Germany, with targets to indigenise 40% of engine parts under Make in India. Provides engines for naval applications and commercial customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Garden Reach Shipbuilders & Engineers (GRSE) is a Navratna defence Public Sector Undertaking under India's Ministry of Defence that designs, builds, and repairs naval warships and commercial vessels. Its core offering spans indigenous stealth frigates (Project 17A), anti-submarine warfare corvettes, survey vessels, offshore patrol vessels, landing craft, fast interceptor boats, and unmanned maritime systems, alongside marine engineering products (Bailey bridges, deck machinery) and MTU diesel engine assembly. It also operates a dedicated ship repair vertical across multiple Kolkata dry-dock facilities.

Product overview

Garden Reach Shipbuilders & Engineers (GRSE) is a Navratna defence PSU offering a comprehensive portfolio of naval platforms and maritime solutions across shipbuilding, ship repairs, engineering, and diesel engine divisions. The company's shipbuilding portfolio includes advanced naval warships: P17A Nilgiri-class stealth frigates, Anti-Submarine Warfare Corvettes, Survey Vessel (Large), Anti-Submarine Warfare Shallow Water Craft (ASW-SWC), Next Generation Offshore Patrol Vessels (NGOPV), Fast Patrol Vessels, Landing Craft Utility, Landing Ship Tanks, and specialized vessels like hovercraft and fast interceptor boats. GRSE has expanded into autonomous maritime systems with Autonomous Underwater Vehicles (AUV) and Unmanned Surface Vessels (USV). The engineering division produces Bailey bridges, modular steel bridges, and deck machinery items. The engine division manufactures MTU diesel engines and 1 MW diesel alternators in collaboration with MTU Germany. GRSE also offers ship repair services across multiple facilities and has secured export orders for commercial vessels including multi-purpose cargo ships for Germany and passenger ferries for Guyana. Approximately 90% indigenous content is achieved on ASW Corvettes, LCUs, and Survey Vessels.

Differentiator

Problem solved

Functional benefit

Products and services

• P17A Advanced Stealth Frigate (Nilgiri-class) Indigenous stealth guided-missile frigate (~6,670 tonnes) featuring advanced stealth geometry, reduced radar signatures, BrahMos supersonic cruise missiles, Barak-8 surface-to-air missiles and multi-role combat capabilities; built with 75%+ indigenous content for the Indian Navy.
• Anti-Submarine Warfare Corvette

Quantifiable outcome

• Revenue grew from Rs 1,754 crore (FY21-22) to Rs 7,002 crore (FY25-26) — a nearly 300% increase in four years
• +4 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature6 records

Partnerships

Nine partnerships are on record, tiered core, strategic and minor.

• Hindustan Shipyard Ltd (HSL)coreStrategic or Co-development Partner · 4 July 2026GRSE signed an MoU with Hindustan Shipyard Ltd (HSL) to jointly pursue a national shipbuilding programme. HSL is India's second-largest shipyard and is expanding from submarine refits into submarine construction through collaboration with Mazagon Dock Shipbuilders Limited. The GRSE-HSL partnership aims to leverage complementary capabilities for larger naval projects and domestic shipbuilding capacity expansion.
• IIT KharagpurstrategicStrategic or Co-development Partner · 25 May 2026GRSE signed a strategic MoU with IIT Kharagpur on 25 May 2026 to enhance collaboration in maritime and shipbuilding research and innovation. The partnership combines GRSE's industrial expertise in defence manufacturing with IIT Kharagpur's academic and research capabilities to develop advanced solutions in shipbuilding infrastructure, coastal engineering, inland waterways, and marine structural technologies, aligned with India's vision of building a self-reliant, technology-driven maritime and defence sector.
• Goa Shipyard Limited (GSL)coreStrategic or Co-development Partner · 20 May 2026GRSE and GSL are jointly executing the 11-vessel Next Generation Offshore Patrol Vessel programme — four NGOPVs being built at GRSE Kolkata and the remaining at GSL Goa. The programme is the largest concurrent patrol vessel construction in India and demonstrates collaborative execution under the Atmanirbhar Bharat initiative.
• MTU, Germany (Rolls-Royce subsidiary)coreTechnology or IntegrationGRSE's Diesel Engine Plant at Ranchi operates in collaboration with MTU (Germany), a Rolls-Royce company, for assembly, overhauling, and testing of MTU S183, S396, S4000, and S538 series marine diesel engines. GRSE has committed to indigenising 40% of engine parts under Make in India over 4-5 years. MTU engines power GRSE's 1 MW Diesel Alternators and various naval platforms.
• BHSEL Hyderabad (Joint Venture for 30mm Naval Surface Gun)strategicOEM/ Whitelabel/ Licensing PartnerGRSE entered into a joint venture with BHSEL (Hyderabad) for the 30mm Naval Surface Gun (NSG) project — GRSE's most advanced weapon system indigenisation initiative. An assembly setup has been established at Taratala Unit, with the NSG-30 being manufactured under Buy(India) category at over 60% indigenous content, targeting 80-90% with subsequent orders.
• Carsten Rehder Schiffsmakler und Reederei GmbH & Co. KG, GermanystrategicChannel Partner/ Reseller/ DistributorGerman shipping company for which GRSE is building 12 CORAL 7500 DWT multi-purpose vessels — the largest commercial shipbuilding export order in GRSE's history. The 120-metre vessels are designed to carry up to 7,500 metric tonnes of cargo. The fourth vessel's keel was laid in May 2026. This partnership marks GRSE's expansion into global commercial shipbuilding markets.
• Rekise MarineminorStrategic or Co-development PartnerGRSE collaborated with Bengaluru-based defence technology startup Rekise Marine to deliver the Jaldoot autonomous surface vessel to DRDO. GRSE served as the manufacturing partner for this extra-large autonomous underwater vehicle being developed under the Indian Navy's iDEX ADITI programme for autonomous maritime systems.
• Syama Prasad Mookerjee Port, Kolkata (SMPK)strategicStrategic or Co-development PartnerGRSE signed a Long-Term Concession Agreement with Syama Prasad Mookerjee Port, Kolkata for operation of 03 dry docks at Kidderpore, enabling GRSE to undertake multiple dry dock repairs of vessels up to 160 metres length. This expands GRSE's ship repair capacity significantly within an existing wet basin.
• Andhra Pradesh Maritime BoardminorStrategic or Co-development PartnerGRSE signed an MoU with the Andhra Pradesh Maritime Board to promote mutual progress and collaborate on maritime development, aligning with the Atmanirbhar Bharat initiative.

Scale indicators11 records

Recent moves11 records

Expansion highlights5 records

Others

• Damen Shipyards Group: Damen is a Dutch shipbuilder and existing technology partner for GRSE. Comparable as a global shipbuilder with broad commercial and naval portfolio, though it sits more in the partner and competitor role for export contracts.

Broad incumbents

• BAE Systems Maritime: BAE Systems Maritime builds frigates, destroyers, and submarines for the Royal Navy and allied navies worldwide. Comparable as a global incumbent in advanced warship design, combat systems integration, and naval platform exports.
• Fincantieri S.p.A. Fincantieri is one of the world's largest shipbuilders operating across cruise, naval, and offshore. Comparable as a global incumbent building frigates and complex naval vessels for multiple navies.
• Navantia S.A. Navantia is Spain's state-owned naval shipbuilder producing frigates, patrol vessels, and submarines. Comparable as a publicly-influenced naval shipyard serving national defence and export customers.
• Naval Group (France): Naval Group is a global naval shipbuilding incumbent building frigates, submarines, and aircraft carriers for many navies. Listed as a technology partner for GRSE; comparable as a global reference for warship design and integration capability.

Direct peers

• Goa Shipyard Limited (GSL): GSL is a Miniratna PSU shipyard building patrol vessels, offshore patrol vessels, and fast attack craft. Co-executing the 11-vessel NGOPV programme with GRSE, it is a direct peer in coastal security and patrol vessel segments.
• Cochin Shipyard Limited (CSL): CSL is a Miniratna PSU shipyard building aircraft carriers (INS Vikrant), naval vessels, and commercial ships. Closest peer to GRSE in scale, public-sector structure, and mix of defence plus commercial shipbuilding.
• Mazagon Dock Shipbuilders Limited (MDL): MDL is India's premier naval submarine and warship builder, building the lead P17A frigates and Scorpene submarines. Directly comparable as a public-sector defence shipyard competing for Indian Navy and export contracts alongside GRSE.
• Hindustan Shipyard Limited (HSL): HSL is India's second-largest shipyard expanding from submarine refits into submarine construction. Recently signed an MoU with GRSE for joint naval programmes, making it both a peer and a strategic partner in the Indian defence shipbuilding ecosystem.

Emerging players

• Larsen & Toubro (Defence & Aerospace): L&T's defence and aerospace division builds naval platforms, submarines, and missiles as a private-sector challenger. Increasingly winning Indian Navy platform contracts through competitive bidding, representing the growing private-sector threat to PSU shipyards.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat6 records

Key risks7 records

Customer concentration

• Xtwitter.com/OfficialGRSE
• YouTubeyoutube.com/channel/UCsh9gVwitFrg-VgtYe02Lqw
• Facebookfacebook.com/grsekolkata
• LinkedInlinkedin.com/company/garden-reach-shipbuilders-engineers-ltd
• Instagraminstagram.com/officialgrse

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Garden Reach Shipbuilders & Engineers