| Market Cap | ₹22,265 CrAerospace & Defence |
|---|---|
| P/E Ratio | 27.81Sector PE 51.5 |
| Promoter Holding | 74.5%Zero Pledged |
| Order from | Indian Navy (Ministry of Defence, Government of India) |
| Deal value | ₹32,000 Cr |
| Share of market cap | 143.7% |
| Share of annual revenue | 426.3% |
Key highlights
- Contract valued at approximately ₹32,000 crore for five advanced warships
- Order value exceeds current market capitalization by 43.7 percent
- Vessels will feature a deadweight tonnage of 4,950 tonnes and 127-metre length
- Equipped with CODAG-CC propulsion and Multi-Function Surveillance Radar
- Project strengthens a pipeline that management estimated at ₹1.5 lakh crore in early 2026
A Landmark Order for Indian Naval Capabilities
The contract for five Next Generation Corvettes (NGCs) marks one of the largest single orders in the history of Garden Reach Shipbuilders. Valued at approximately ₹32,000 crore, this award follows the company's emergence as the L1 bidder on May 22, 2025. This project significantly alters the company's revenue visibility, as the deal value is more than four times its trailing twelve-month operating revenue of ₹7,506.9 crore.
The signing ceremony in New Delhi involved senior officials from the Ministry of Defence and the Indian Navy, emphasizing the strategic importance of these vessels for India's maritime defense and the Aatmanirbhar Bharat initiative in high-end manufacturing.
Next Generation Corvette Specifications
- Vessel dimensions include a length of 127 metres and a beam of 17.6 metres
- Propulsion powered by an advanced Combined Diesel and Gas Turbine arrangement (CODAG-CC)
- Equipped with two Controllable Pitch Propellers supporting a maximum speed of 26 knots
- Operational endurance of 14 days at sea without replenishment for extended missions
- Crew accommodation designed for 11 officers and 139 sailors per vessel
- Advanced sensor suite featuring MFSTAR radar and EOIRST tracking systems
Advanced Weaponry and Multi-Role Systems
These warships are designed for a broad spectrum of maritime missions, including offensive ship-to-ship and ship-to-surface missile attacks. The armament suite is substantial, featuring Medium Range Anti-Ship Missiles, Medium Range Surface-to-Air Missiles (MRSAM), and 324 mm torpedo tubes. For close-in defense, the corvettes will house an OTO Melara 76 mm Super Rapid Gun Mount with latest upgrades, an AK-630 Close-In Weapon System, and 12.7 mm Stabilised Remote-Controlled Guns.
These systems are integrated with an Electro-Optic-based Fire Control System to manage multi-role operations such as anti-submarine warfare, escort duties, and maritime interdiction including Visit, Board, Search and Seizure (VBSS) operations.
Strategic Expansion and Infrastructure Growth
- GRSE currently has nine other warships under construction, including Project 17A frigates
- Recent order wins include a ₹1,032.07 crore contract from ONGC for 4 supply vessels in October 2026
- Ongoing execution of export orders for 13 vessels across different international geographies
- Capital expenditure of ₹2,896 crore approved in September 2026 for a new greenfield shipyard at Raichak
- Operational capacity allows for the concurrent construction of up to 28 ships at a time
| Date | Announcement | Amount |
|---|---|---|
| 15 Oct 2026 | Contract signed with Oil and Natural Gas Corporation (ONGC) for the construction and delivery of 4 hybrid Platform Supply VesselsSource: m.economictimes.com | ₹1,032.07 Cr |
| 24 Aug 2026 | Order received from West Bengal Tourism Development Corporation Limited (WBTDCL) for the procurement of two 100-passenger electric ferriesSource: futurefuels.in | ₹45.02 Cr |
| 19 Sep 2025 | Contract signed with Carsten Rehder (Germany) for the construction and delivery of four 7,500 DWT multi-purpose vessels (CORAL 7500)Source: grse.in | – |
| 11 Jun 2025 | Contract signed with the Geological Survey of India (GSI) for the construction and delivery of two Coastal Research VesselsSource: BSE filing | ₹490.00 Cr |
| 20 Feb 2025 | Contract signed with the Ministry of External Affairs for the refit of Mauritius Coast Guard Ship (MCGS) BarracudaSource: BSE filing | ₹123.07 Cr |
What to watch next
- Quarterly financial results announcement scheduled for November 4, 2026
- Commencement of construction milestones for the first of the five Next Generation Corvettes
- Updates on the establishment of the Raichak greenfield shipyard approved in September 2026
| Share price | ₹1943.7 |
|---|---|
| Market capitalisation | ₹22,265.47 Cr |
| Revenue (annual) | ₹7,002.16 Cr |
| Net profit (annual) | ₹747.93 Cr |
| Revenue (latest quarter) | ₹1,814.62 Cr-14.37% vs previous quarter |
| Net profit (latest quarter) | ₹172.84 Cr-43.00% vs previous quarter |
| P/E (TTM) | 27.81×Sector 51.5× |
| Promoter holding | 74.5%0.00% QoQ |
| FII holding | 3.17%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Garden Reach Shipbuilders & Engineers Ltd announcing the signing of a contract for five Next Generation Corvettes. Market figures from a third-party data provider.
