Garden reach shipbuilders & Engineers Limited (GRSE) has secured a significant contract from the Ministry of External Affairs (MEA) for the second refit of Seychelles Coast Guard Ship PS Zoroaster. The contract, valued at approximately ₹33 crore (excluding GST), was signed on February 06, 2026, demonstrating the shipyard's continued competency and adherence to project schedules.

Contract Details and Timeline

The refit contract encompasses comprehensive maintenance and upgrade work on the PS Zoroaster, with execution scheduled to begin in early March 2026. The project timeline spans three months from the contract commencement date, reflecting GRSE's efficient project management capabilities.

Strategic Partnership and Regional Security

The contract signing ceremony was conducted between Shri Prasanna Shrivastava, Joint Secretary (IOR), MEA, Government of India, and Cdr Harish Kumar, IN (Retd), General Manager representing GRSE. This partnership aligns with India's Security and Growth for All in the Region (SAGAR) vision, strengthening collaborative efforts between India and Seychelles toward enhancing regional stability and security.

Ship's History and Previous Refits

PS Zoroaster holds special significance as it was originally built by GRSE and handed over to the Seychelles Coast Guard by Prime Minister Narendra Modi on April 8, 2021. The vessel underwent its maiden short refit at GRSE in 2024, and the current contract represents the second major maintenance cycle, demonstrating the ongoing partnership between the two nations.

GRSE's Naval Heritage and Capabilities

Garden Reach Shipbuilders & Engineers Limited operates as a Defence Public Sector Undertaking under the Ministry of Defence's administrative control, holding Mini Ratna Category I status. The company's legacy dates back to 1884, beginning as a small workshop for River Steam Navigation Company vessel repairs before government acquisition in 1960.

Key Achievements and Infrastructure

• Built over 800 platforms, including 115 warships for Indian Navy, Indian Coast Guard, and friendly foreign countries
• First shipyard of independent India to build a warship (INS Ajay in 1961)
• Constructed India's first export warship "CGS Barracuda" for Mauritius
• Maintains four distinct shipyards providing unique infrastructure advantages
• Capable of concurrent construction of 28 ships

Recent Recognition and Awards

GRSE has received multiple prestigious accolades, including the Defence Minister's Award 2025 for Excellence in Financial Performance and the Defence Minister's Award 2022 for designing the most silent ship for Indian Navy ASW operations. The company has been recognized as the Best Performing Defence Shipyard of India for four consecutive years, reinforcing its commitment to excellence in shipbuilding and naval engineering.

Garden reach shipbuilders & Engineers Limited has announced robust financial results for the third quarter of FY26, demonstrating strong operational performance across key metrics. The defense shipbuilding company, operating under the Ministry of Defence, reported significant growth in both revenue and profitability for the quarter ended December 31, 2025.

Strong Quarterly Performance

The company's financial performance for Q3 FY26 showed remarkable improvement across all major parameters. Revenue from operations increased substantially, while profit margins expanded, reflecting efficient cost management and strong order execution.

Nine-Month Financial Highlights

For the nine-month period ended December 31, 2025, the company maintained its strong performance trajectory with consistent growth across all financial parameters.

Dividend Declaration and Key Ratios

The Board of Directors declared a second interim dividend of ₹7.15 per equity share of face value ₹10 each for FY 2025-26, amounting to ₹81.90 crore. The record date for dividend entitlement has been fixed as February 3, 2026.

Key financial ratios for the nine-month period demonstrate the company's strong financial health:

Operational Efficiency and Cost Management

The company demonstrated improved operational efficiency with enhanced cost management across various expense categories. Total expenses for Q3 FY26 were ₹1,73,992.27 lakh compared to ₹1,20,908.86 lakh in Q3 FY25, primarily driven by increased material consumption and sub-contracting charges aligned with higher revenue recognition.

Employee benefits expense for the quarter stood at ₹10,139.70 lakh versus ₹9,077.46 lakh in the previous year, while finance costs remained controlled at ₹379.12 lakh. The company maintained disciplined expense management despite scaling up operations to meet growing order book requirements.

Corporate Governance and Compliance

The unaudited financial results were approved by the Board of Directors at their meeting held on January 28, 2026, which commenced at 1430 hours and concluded at 1630 hours. The results have been prepared in accordance with Indian Accounting Standard (Ind AS) 34 'Interim Financial Reporting' and reviewed by statutory auditors Guha Nandi & Co., Chartered Accountants.

The company continues to operate without any subsidiary, associate, or joint venture companies as of December 31, 2025, maintaining its focused business structure in defense shipbuilding operations.