PSU stock zooms 194% from March low; outruns market for 4th straight month

Garden Reach Shipbuilders & Engineers (GRSE) share price today

 

Garden Reach Shipbuilders & Engineers (GRSE) shares hit a new high of ₹3,464.85, as they rallied 10 per cent on the BSE in Wednesday’s intra-day trade amid heavy volumes. 

 

In the past two trading days, the stock price of the public sector undertaking (PSU) shipbuilding company has rallied 17 per cent as the company signed a Memorandum of Understanding (MoU) with Norwegian firm Kongsberg to co-design and build India’s first-ever polar research vehicle (PRV) indigenously.

 

At 10:43 AM; GRSE was quoting 6 per cent higher at ₹3,338, as compared to 0.21 per cent rise in the BSE Sensex. A combined 5.7 million equity shares changed hands on the NSE and BSE.

 

GRSE signs pact with Norway-based Kongsberg

 

GRSE and Norway’s Kongsberg signed a MoU to enable the indigenous construction of PRV. The collaboration will provide GRSE with the design expertise needed to meet the operational requirements of the National Centre for Polar and Ocean Research (NCOPR).

 

The collaboration marks a significant step in India-Norway ties, with GRSE leveraging Kongsberg’s expertise in ship design while strengthening domestic shipbuilding capabilities. The project aligns with India’s goal of becoming a global leader in maritime technology and climate-resilient research.

 

GRSE outperforms market for fourth straight month

 

Shares of GRSE have outperformed the market for the fourth straight month. The stock has more-than doubled or zoomed 194 per cent from its March 2025 low of ₹ 1,180.10 on the BSE. 

 

In the first three trading days of the current month, GRSE has gained 15 per cent, as compared to 0.87 per cent decline in the BSE Sensex. In the month of March, GRSE had rallied 34 per cent, as against 5.8 per cent rise in the benchmark index. In the month of April, the stock gained 14 per cent, followed by 57 per cent in May. The Sensex was up 3.6 per cent and 1.5 per cent, respectively in the corresponding months.

 

GRSE Q4 results

 

For the March 2025 quarter (Q4FY25), GRSE's revenue from operations moved up from ₹1,015 crore to ₹1,642 crore, registering a growth of 62 per cent year-on-year (Y-o-Y). Earnings before interest, taxes, depreciation and amortisation (Ebitda) moved up from ₹166 crore to ₹335 crore, registering a growth of 101 per cent Y-o-Y, and the profit after tax climbed from ₹114 crore to ₹244 crore, registering a 118 per cent growth Y-o-Y.

 

This has been backed by a very strong physical performance, supported by an efficient and effective treasury management system, the management said.

 

GRSE order book 

 

As on March 31, 2025, the company's order book stood at ₹22,652 crore. Further, despite the strong revenue accrual to the tune of nearly ₹5,000 crore, the management said the company managed to maintain the order book at ₹22,680 crore as on March 31, 2025.

 

This comprises nine projects, consisting of 40 platforms, including 16 warships for the Indian Navy from 4 projects, three P-17 Alpha Frigates, 7 Anti-Submarine Shallow Watercraft, 2 Survey Vessels Large and 4 Next Generation Offshore Patrol Vessels.

 

Meanwhile, the company has a robust shipbuilding order pipeline, including large orders, such as the P-17 Bravo Frigates (eight units for ₹70,000 crore), the Next Generation Corvettes (NGC); eight units of ₹40,000 crore, project likely to be awarded in FY26, 18 next generation fast patrol vessels worth ₹3,000 crore, five next generation survey vessels worth ₹3,500 crore, 31 waterjet fast attack craft worth ₹3,000 crore, 12 mine countermeasure vessels worth ₹32,000 crore and several small projects of ₹1,500-₹3,000 crore.

 

About Garden Reach Shipbuilders

 

Garden Reach Shipbuilders & Engineers is a shipbuilding company operating under the Ministry of Defence. Headquartered in Kolkata, Garden Reach Shipbuilders plays a vital role in strengthening India's maritime capabilities, primarily focusing on the construction of sophisticated warships and vessels for the Indian Navy and Coast Guard.

 

In addition to defence projects, the company also undertakes the construction of commercial vessels, highlighting its versatility in shipbuilding.

 

Beyond its core shipbuilding operations, the company has diversified into engineering and engine-related activities. It manufactures a wide range of marine and industrial products including deck machinery, prefabricated steel bridges, and marine pumps. Its engine division specialises in the assembly, testing, and overhauling of MTU diesel engines. With a proven track record of delivering over 100 warships to Indian defence forces, Garden Reach Shipbuilders is also recognised as a major exporter in the global warship market. Its main shipbuilding facility is located at the Rajabagan Dockyard in India.