Garden Reach Shipbuilders & Engineers Ltd (GRSE) has flagged a defence shipbuilding pipeline worth nearly ₹1.5 lakh crore beyond the Next Generation Corvette project, with major naval tenders such as the ₹70,000 crore P17 Bravo frigate program expected to move forward within three months.
The company is simultaneously expanding its shipbuilding capacity and positioning itself for growth in commercial shipbuilding.
GRSE announced during its post-results earnings call that it sees substantial opportunities in upcoming Navy and Coast Guard programmes. The company highlighted several large-scale projects, including frigates, interceptor craft, mine countermeasure vessels, and landing platform docks.
Chairman and Managing Director PR Hari confirmed that requests for proposals for some of these programmes are expected within the next quarter, signalling imminent progress in India’s naval modernisation drive.
The most significant of these is the seven-ship P17 Bravo frigate program, valued at approximately ₹70,000 crore. This project is expected to build upon the success of the Project 17A Nilgiri-class frigates, incorporating advanced stealth features, improved survivability, and enhanced combat systems.
GRSE also identified a 12-vessel mine countermeasure project worth ₹32,000 crore and a landing platform dock programme valued at nearly ₹35,000 crore. These projects have already received Acceptance of Necessity (AON), underscoring their strategic importance to the Indian Navy’s future force structure.
Beyond defence, GRSE is actively pursuing an expansion push to meet rising demand. The company currently has the capacity to build 28 platforms and expects this to increase to 32 ships by the end of the calendar year. Plans are underway for two brownfield shipbuilding facilities in West Bengal and two greenfield facilities in West Bengal and Gujarat, which will significantly enhance production capabilities.
This expansion aligns with India’s broader push for self-reliance in defence manufacturing under the ‘Aatmanirbhar Bharat’ initiative.
GRSE also sees growing opportunities in commercial shipbuilding, particularly after the government aggregated domestic demand for support vessels and tankers. Among the projects currently open for bidding are platform support vessels, MR tankers, very large gas carriers, and Aframax vessels.
The company expects momentum in this segment to accelerate following the government’s revitalisation package for shipbuilding, which aims to strengthen India’s maritime industrial base and reduce reliance on foreign suppliers.
Financially, GRSE has demonstrated resilience, with its stock delivering extraordinary returns over the past five years. The company’s shares have surged by over 1,400% during this period, reflecting investor confidence in its robust order pipeline and strategic positioning.
With defence budgets rising and India’s naval modernisation accelerating, GRSE is well placed to capture a significant share of upcoming contracts, making it a key player in both defence and commercial shipbuilding.
The combination of large defence projects, capacity expansion, and diversification into commercial shipbuilding underscores GRSE’s ambition to consolidate its role as a leading shipbuilder in India. The anticipated tenders for the P17 Bravo frigates, mine countermeasure vessels, and landing platform docks will be critical milestones, potentially reshaping India’s naval capabilities over the next decade.
Agencies
