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Shares of Garden Reach Shipbuilders & Engineers rose nearly 5 per cent on Thursday after the company signed multiple international deals during an official delegation visit to Norway.
The public sector undertaking (PSU) shipbuilding company's stock rose as much as 4.91 per cent during the day to a life high of ₹3,521 per share. The shares have hit a record high for the third straight session. The counter pared gains to trade 4.6 per cent higher at ₹3,513 apiece, compared to a 0.43 per cent advance in Nifty 50 as of 10:18 AM.
Shares of the company extended gains to their third day and have risen over 16 per cent so far this week. The scrip has outrun the benchmark with a rally of over 117 per cent this year, compared to a 4.6 per cent advance in the Nifty50. Garden Reach Shipbuilders' market capitalisation is close to touching the ₹40,000 crore mark, according to Bloomberg.
GRSE expands global maritime footprint in Norway
Garden Reach Shipbuilders announced the signing of key international agreements during an official delegation visit to Norway, in an exchange filing on Thursday.
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The PSU entered into a Memorandum of Intent (MoI) with Germany-based Carsten Rehder Schiffsmakler und Reederei GmbH & Co. KG for the construction of four 7,500 DWT Multi-Purpose Vessels. These vessels will be follow-ons to the eight ships currently under construction at GRSE’s Kolkata yard. The new vessels will feature hybrid propulsion and advanced cybersecurity compliance. A formal contract is expected to be finalised by August 31, 2025.
Further, GRSE also signed a Memorandum of Understanding (MoU) with Aries Marine, a Dubai-based engineering and design firm. The collaboration aims to expand GRSE’s reach in the offshore platform and vessel construction market. The partnership will focus on developing offshore orders using Aries’ designs and GRSE’s shipbuilding expertise.
Additionally, GRSE signed another MoU with a leading global engine manufacturer. The name of the company and the nature of teh contract were not disclosed in the statement.
On Wednesday, the company clarified that it signed a non-binding MoU with Norway-based Kongsberg to receive design expertise for the indigenous construction of a Polar Research Vessel. The MoU reflects a general understanding between the parties and has been signed in the ordinary course of business.
Garden Reach order book and Q4 results
In 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.
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.
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