Garden Reach Shipbuilders & Engineers Ltd has appointed M/s. S K Agrawal and Co., Chartered Accountants LLP, Kolkata as its Statutory Auditor for the financial year 2026-27. The appointment was made by the Comptroller & Auditor General (CAG) of India under Section 139(5) of the Companies Act, 2013.

The appointment takes effect from September 25, 2026, coinciding with the date of the company's Annual General Meeting. This action follows a directive from the CAG issued via letter dated September 8, 2026. The company informed the National Stock Exchange and BSE Limited about this development pursuant to Regulation 30 of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015.

Auditor Profile and Experience

M/s. S K Agrawal and Co. is a longstanding audit firm based in Eastern India, established in 1968. The firm has completed 57 years in the profession of chartered accountancy. It currently employs 24 Chartered Accountants, including 17 FCA partners with several years of experience. Among these partners, four are DISA qualified. The firm also employs seven qualified chartered accountants and one qualified cost & management accountant. With more than 200 staff and article assistants, the firm is equipped to handle large-scale audit assignments in both public and private sectors.

The firm's portfolio includes statutory audits for 21 public sector undertakings across diverse sectors such as mining, steel, manufacturing, insurance, NBFC, agriculture, transport, engineering, and telecommunications. Notably, it served as the central statutory auditor for UCO Bank for FY21 to FY23. The firm has extensive experience in conducting internal audits of PSUs and banks.

What the Numbers Show

The auditor's background highlights a significant concentration in the public sector and banking domains. Having audited 21 PSUs and serving as the central statutory auditor for a major bank like UCO Bank for three consecutive years suggests strong familiarity with government regulatory frameworks and large institutional compliance requirements. This experience aligns with GRSE's status as a Government of India undertaking under the Ministry of Defence, potentially facilitating smoother regulatory interactions during the upcoming fiscal year.

Garden Reach Shipbuilders & Engineers Ltd has approved a capital budgetary outlay of ₹2,896 crore for the construction of a greenfield shipyard at Raichak.

Investment overview

The Board of Directors approved the investment during its 423rd meeting held on September 21, 2026. The disclosure was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

This development is in continuation to the company's earlier disclosure on August 24, 2026, regarding capacity expansion through three new facilities, including Raichak. The new shipyard is intended to enhance GRSE's shipbuilding capacity in both the Naval and Commercial segments.

The board meeting commenced at 2:30 pm and concluded at 4:30 pm. Sandeep Mahapatra, Company Secretary and Compliance Officer, signed the disclosure.