Garden Reach Shipbuilders & Engineers Ltd was accorded Navratna status by the Department of Public Enterprises, Ministry of Finance, Government of India, on June 19, 2026. This elevation recognizes the company's robust financial performance, operational efficiency, and contribution to national security. The status grants the Public Sector Enterprise greater financial autonomy to make larger investments and expand its operations, particularly as it pursues brownfield and greenfield expansion projects.

The company's financial performance over the last five years reflects a significant growth trajectory. Revenue from Operations increased from ₹1,754 crore in FY 2021-22 to ₹7,002 crore in FY 2025-26, registering an increase of nearly 300%. During the same period, Profit After Tax (PAT) rose from ₹190 crore to ₹748 crore, reflecting a growth of nearly 294%.

Financial Performance

Operational Highlights

In alignment with the Government's 'Atmanirbharta' and 'Make in India' visions, the shipyard delivered eight warships during the year. Notably, three warships were delivered on the same day on March 30, 2026. These included the P17A advanced guided-missile frigate Dunagiri, the Survey Vessel (Large) Sanshodhak, and the Anti-Submarine Warfare Shallow Water Craft Agray.

Cmde PR Hari, IN (Retd), Chairman and Managing Director, stated that the conferment of Navratna status is a defining moment that will empower the company to pursue strategic opportunities and enhance self-reliance in defence manufacturing. Garden Reach Shipbuilders & Engineers Ltd has delivered over 800 marine platforms, including 118 warships to the Navy, Coast Guard, and friendly foreign nations. The shipyard is currently building 12 multi-purpose vessels for a German client and is foraying into green and autonomous vessels.

Garden Reach Shipbuilders & Engineers Limited has appointed Dr. Vijay Namdeorao Zade as Part-Time Official Director on its Board, replacing Shri Dinesh Mahur, effective June 5, 2026. The nomination was made by the Ministry of Defence, Government of India, via its letter No. 8(29)/2026-D(Coord/DDP) dated June 5, 2026. Shri Dinesh Mahur has relinquished his position as Part-Time Official Director and Government Nominee Director with effect from the same date.

The company has received the Director Identification Number (DIN: 05142336) and a brief profile for Dr. Vijay Namdeorao Zade. These details were disclosed to the stock exchanges under Regulation 30 of the SEBI (LODR) Regulations, 2015. It was confirmed that the new director is not debarred from holding the office of director by SEBI or any other statutory authority.

Dr. Vijay N. Zade is a 2002 batch IAS officer of the Punjab cadre. He holds a Doctorate in Horticulture from the Indian Agricultural Research Institute, New Delhi, an MBA from Sikkim Manipal University, and an MSc in Public Management and Governance from the London School of Economics & Political Science. Prior to joining the IAS, he worked as a Junior Scientist at NRCG, Pune, and in the Indian Audit and Accounts Service.

He has extensive experience across various departments of the Government of Punjab, including Finance, Housing & Urban Development, and Health & Family Welfare. He also served in the Government of Maharashtra and the Union Territory of Chandigarh in roles such as Finance Secretary and Secretary for multiple departments including Engineering, Excise & Taxation, and Urban Planning. He has also served as Managing Director of state PSUs and on their boards.

Since May 2026, Dr. Zade has served as Joint Secretary (Naval Systems) in the Department of Defence Production (DDP), Ministry of Defence. In this role, he handles financial, administrative, and operational matters of Defence Public Sector Undertaking Shipyards, focusing on indigenisation of technologies and policy matters. He also manages international cooperation with SAARC, ASEAN, and East Asian countries to promote defence industrial collaboration. He has no inter-se relationship with other directors and does not hold any equity shares in the company.