Garden Reach Shipbuilders & Engineers Limited has completed the dispatch of its 110th Annual General Meeting (AGM) notice. The meeting is scheduled for September 25, 2026, via video conferencing to approve a final dividend of ₹6.70 per share and alterations to the Articles of Association for Navratna status.

The company confirmed the dispatch was completed on September 3, 2026. Notices were sent electronically to members with registered email addresses. For those without registered emails, letters with web-links have been sent separately. The documents are also available on the company website and stock exchange portals.

Dividend and Record Date Details

The Board recommended a final dividend of ₹6.70 per equity share for FY26. The total dividend for the year stands at ₹19.60 per equity share, including interim payouts of ₹5.75 and ₹7.15.

Shareholders on record as of September 18, 2026 will be eligible. The register of members will remain closed from September 19, 2026, to September 25, 2026. If approved, the dividend will be payable within 30 days of declaration.

Voting Timeline and Logistics

Remote e-voting commences at 9:00 am on Sunday, September 20, 2026, and ends at 5:00 pm on Thursday, September 24, 2026. National Securities Depository Limited (NSDL) facilitates the process. M/s. A. K. Labh & Co., Company Secretaries, has been appointed as the scrutinizer.

Members can also vote electronically during the AGM held on September 25. Those who have already cast remote votes cannot vote again during the meeting.

Board Appointments and Governance

Shareholders will consider the confirmation of two new directors:

• Shri Niranjan Mukund Bhalerao as Whole-time Director designated as Director (Finance), effective from October 6, 2025.
• Dr. Vijay Namdeorao Zade as Government Nominee Director, effective from June 5, 2026.

Additionally, Capt. Sunilkumar Panangadan retires by rotation and seeks reappointment.

Navratna Status and AoA Alteration

The Department of Public Enterprises granted Navratna Status to Garden Reach Shipbuilders & Engineers Limited on June 19, 2026. This status provides enhanced operational autonomy. To implement these powers, the company seeks shareholder approval to alter specific Articles of Association:

What the Numbers Show

The total dividend payout of ₹19.60 per share reflects the board’s confidence in cash generation capabilities for FY26. As a Government of India undertaking under the Ministry of Defence, consistent dividend payouts reflect stable operational performance despite the capital-intensive nature of shipbuilding. The recent grant of Navratna status further signals improved strategic autonomy, potentially accelerating decision-making for new projects and modernization efforts.

Garden Reach Shipbuilders & Engineers Ltd signed Memorandums of Understanding with DNV and Damen on September 2, 2026, at the SMM Hamburg Maritime Trade Fair.

The agreements aim to enhance Garden Reach Shipbuilders & Engineers Ltd 's capabilities in warship design, digital shipbuilding, and dredger construction. The company disclosed the filings to the National Stock Exchange of India Limited and BSE Limited on September 3, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Collaboration with DNV

The MoU with Det Norske Veritas (DNV) leverages the global maritime organization's expertise in classification, certification, technical assurance, digitalization, sustainability, and maritime advisory services. The partnership focuses on advanced warships, specialized vessels, green shipping technologies, and digital shipbuilding practices including AI and Industry 4.0 applications.

Key areas of cooperation include:

• Advanced warships and specialised vessels
• Green shipping and sustainable technologies
• Digital shipbuilding, AI and Industry 4.0
• Skill development, training and knowledge exchange

Partnership with Damen

The agreement with Damen Technical Cooperation B.V., Netherlands, establishes a framework for technical and business collaboration to explore the design and construction of dredgers for Indian customers. It combines GRSE's shipbuilding capabilities with Damen's expertise in Trailing Suction Hopper Dredgers (TSHD) and Water Injection Dredgers (WID).

Cooperation areas include:

• Advanced dredger design and technology
• Technical know-how transfer
• Joint design and construction proposals
• Development of indigenous dredger-building capabilities
• Long-term cooperation for future dredging requirements

This builds on an existing collaboration where GRSE is constructing a 1,000 m³ dredger for the Bangladesh Inland Water Transport Authority (BIWTA).

Financial Implications

The company stated there is no financial implication ascertained at present regarding these MoUs.

What the Numbers Show

While no immediate financial impact is recorded, the strategic pivot towards indigenous dredger building complements GRSE's core defence mandate. With over 800 platforms built including 118 warships, the expansion into civilian infrastructure via dredgers diversifies revenue streams without altering the current order book composition significantly in the short term.