Garden Reach Shipbuilders & Engineers Ltd shareholders approved a total dividend of ₹19.60 per equity share for FY26 during the 110th Annual General Meeting held on September 25, 2026. The payout comprises an interim dividend of ₹5.75, a second interim dividend of ₹7.15, and a final dividend of ₹6.70 per share.

The meeting, conducted via Video Conferencing (VC) and Other Audio Visual Means (OAVM), was chaired by Chairman & Managing Director Cmde P R Hari, IN (Retd.). A total of 109 members, including the representative of the President of India, attended the session. The proceedings included the adoption of audited financial statements for the year ended March 31, 2026, with no qualifications noted in the Independent Auditors' or Secretarial Auditors' reports.

Key resolutions passed

Shareholders voted on eight resolutions, including the appointment of directors and auditor remuneration. The following table summarizes the primary ordinary resolutions:

Director appointments and governance changes

The meeting confirmed the appointment of Shri Niranjan Mukund Bhalerao as Whole-time Director (Finance) and Dr. Vijay Namdeorao Zade as Government Nominee Director. Additionally, the Board's authority to fix Statutory Auditor remuneration for FY27 was authorized by shareholders under Section 142 of the Companies Act, 2013.

A Special Resolution was also passed to alter the Articles of Association. These amendments align GRSE’s capital expenditure and joint venture investment limits with DPE guidelines for Navratna CPSEs. Specifically, equity investments in joint ventures are capped at 15% of net worth per project (up to ₹1,000 crore) and 30% overall.

What the Numbers Show

The total dividend of ₹19.60 per share represents a cumulative payout structure that combines two interim distributions with a final declaration. The approval of amended Articles of Association signals a strategic shift towards greater autonomy in capital allocation and strategic alliances, allowing the company to enter technology joint ventures and wholly owned subsidiaries within defined net worth limits.

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.