Garden reach shipbuilders & Engineers Limited (GRSE) has achieved a significant milestone by recording its highest annual turnover in company history for FY 2025-26. The defence public sector undertaking reported a turnover of ₹6,400 crore (provisional and unaudited), marking substantial growth from the previous year's performance of ₹5,076 crore.

Financial Performance and Dividend Declaration

The company's strong financial performance has enabled it to declare an interim dividend of 129% of paid-up share capital, representing a notable increase from the 89.5% dividend declared in FY 2024-25. This enhanced dividend payout reflects the company's robust operational performance and improved profitability during the fiscal year.

Naval Shipbuilding Achievements

FY 2025-26 marked a significant year for GRSE's naval shipbuilding operations, with the commissioning of five vessels during the year. The commissioned vessels included INS Himgiri, the first Project 17A Advanced Frigate, INS Ikshak, the third Survey Vessel (Large), and the first three Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC)—INS Arnala, INS Androth, and INS Anjadip.

The company demonstrated exceptional execution capabilities by delivering a total of eight vessels to the Indian Navy during FY 2025-26. The delivery portfolio comprised:

• Two Project 17A (P17A) frigates
• Two Survey Vessel Large (SVL) ships
• Four Anti-Submarine Warfare Shallow Water Crafts (ASW-SWC)

A notable achievement was the simultaneous delivery of three warships—Dunagiri, Sanshodhak, and Agray—to the Indian Navy on the same day, showcasing the company's advanced project management and delivery capabilities.

Business Expansion and Diversification

GRSE has strengthened its portfolio beyond complex warship construction, expanding into specialized platforms including Acoustic, Coastal and Ocean Research Ships, Hybrid Ferries, and other commercial vessels. The company has made significant progress in constructing 12 export vessels for a German client and a Dredger for a friendly foreign country.

The shipyard maintains its unique position as the only Defence Public Sector Shipyard engaged in manufacturing prefabricated steel bridges. During FY 2025-26, GRSE achieved a milestone with the launch of a first-of-its-kind Modular Foot Suspension Bridge (FSB), a fully indigenous structure designed to span up to 400 feet without requiring piers.

Technology Enhancement and Strategic Partnerships

GRSE has focused on advancing its technological capabilities through the inauguration of a Next Generation Virtual Reality (NGVR) Lab. The company has also established strategic partnerships through MoUs with several organizations:

• Hindustan Shipyard Ltd
• K2 Cranes & Components Pvt. Ltd.
• Kalyani Strategic Systems Ltd
• SWAN Defence & Heavy Industries Ltd
• Reintjes GmbH, Germany

The company continued building momentum with the third consecutive edition of GAINS 2025, reflecting its growing impact and sustained market traction.

Recognition and Awards

GRSE's exceptional performance during the year was recognized with 26 awards, achieving '26 in 26' recognition. The most prestigious among these was the "Excellence in Financial Performance" Award presented by Defence Minister Shri Rajnath Singh, highlighting the company's outstanding financial achievements and operational excellence.

Garden reach shipbuilders & Engineers Limited has announced major changes in its senior management structure, with four key officials set to leave the company on 01 Apr 2026. The state-owned shipbuilding company disclosed these developments in a regulatory filing under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Senior Management Departures

The company has informed stock exchanges about the departure of four senior management personnel, comprising three superannuations and one resignation:

Resignation Details

Cmde Rajiv Sreedharan IN (Retd), who served as Chief General Manager (Design & PS-NWD), submitted his resignation on 26 Feb 2026, citing personal and domestic reasons. In his resignation letter, he requested termination of his fixed-term contract with effect from 31 Mar 2026. Sreedharan had been serving the company on a fixed-term basis since 10 Nov 2022, with his contract having been extended in Nov 2025.

The departing Chief General Manager expressed gratitude for his tenure with the company, stating it was his "singular privilege to be part of team GRSE" and wished the company continued success in the years ahead.

Regulatory Compliance

The announcement was made by Company Secretary and Compliance Officer Sandeep Mahapatra in compliance with applicable provisions of SEBI Listing Regulations. The disclosure ensures transparency regarding changes in the company's senior management structure, which is material information for investors and stakeholders.

Garden Reach Shipbuilders & Engineers Limited, a Government of India undertaking under the Ministry of Defence, has provided the resignation letter as an annexure to maintain complete transparency in its regulatory disclosures.