Kolkata: The 109th Annual General Meeting (AGM) of Garden Reach Shipbuilders and Engineers (GRSE) Ltd was held on Friday, September 19, 2025. The meeting was attended by Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE, Cdr Shantanu Bose, IN (Retd), Director (Shipbuilding), Capt (IN) P Sunilkumar (Retd.), Director (Corporate Planning & Personnel), along with the Government Nominee Director, Rajeev Prakash, Independent Director, Kamleshbhai Mirani, Company Secretary, Sandeep Mahapatra, and shareholders of the company.
FY25 has been the most successful year in the Company’s history in terms of key performance parameters.
- Revenue from Operations increased by 41% from Rs 3,593 crore in FY24 to Rs 5,076 crore in FY25.
- Total Income grew from Rs 3,892 crore in FY24 to Rs 5,411 crore in FY25. This increase of Rs 1,519 crore over the previous year was a growth of 39%.
- The EBITDA stands at Rs 756 crore in FY25, as against Rs 534 crore in FY24, with an increase of 42%.
- The Profit After Tax (PAT) increased by 48% from Rs 357 crore in FY24 to Rs 527 crore in FY25.
- Earnings per share (EPS) went up from Rs 31.19 in FY24 to Rs 46.04 in FY25.
The shareholders of the Company at the 109th Annual General Meeting held on September 19, 2025 approved a Total Dividend of 138.5% of Paid-Up Share Capital against 93.6% in FY24.
This amounts to a Final Dividend of Rs 4.90 per equity share of face value of Rs 10 each for the financial year 2024-25. This is in addition to the Interim Dividend of Rs 8.95 per equity share of face value of Rs 10 each, which was paid in February 2025. Hence, the total dividend declared for the financial year 2024-25 is Rs 13.85 per equity share of face value of Rs 10 each.
“I am happy to report that our company has put up a superlative performance yet again. The financial figures are here for all to see. This is the best performance of the company in its 65-year history as a DPSU. It is the company’s resilience and drive to excel that is reflected in these figures. As on March 31, 2025, the company had a strong order book position of Rs 22,680.75 crore. With our strong order book, production maturity of the ongoing projects and order visibility including the commercial shipbuilding segment, I am confident of an even better performance during the current financial year,” Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE, said.
2024-25 was an eventful year for GRSE. During the year, GRSE was accorded the prestigious Schedule ‘A’ status, marking a significant milestone in its journey as a Defence Public Sector Undertaking. The INS Nirdeshak, second in the series of four Survey Vessels (Large) being built at the shipyard, was delivered on October 8, 2024. This warship has an indigenous content of over 80% by cost and is a shining example of the shipyard’s strong commitment towards the Government’s Atmanirbharta vision.
On October 25, 2024, the seventh Anti-Submarine Warfare Shallow Water Craft (ASWSWC) was launched. GRSE is building eight ASWSWCs and this launch meant the movement of seven of these warships to the outfitting stage.
GRSE established itself as a builder of autonomous platforms by delivering the “Jaldoot” – an Unmanned Surface Vessel (USV) to the Defence Research and Development Organisation’s (DRDO’s) Naval Science and Technological Laboratory (NSTL) in October 2024.
Strengthening its position as one of the pioneers in the field of design and development of green platforms, GRSE delivered “Dheu” – a Next Generation Zero Emission Electric Ferry – to the Government of West Bengal on January 9, 2025. This is the largest and fastest electric ferry in the country and is now operating as a tourist vessel on River Hooghly. Subsequently, On November 19, 2024, the shipyard signed a contract with the Government of West Bengal for the design and construction of 13 hybrid diesel-electric ferries that will ply on River Hooghly.
GRSE has also emerged as a sought-after manufacturing destination for research vessels. On July 16, 2024, the shipyard signed a contract with National Centre for Polar and Ocean Research (NCPOR), Ministry of Earth Sciences, Government of India, for the construction and delivery of an Ocean Research Vessel (ORV). On October 29, 2024, the shipyard signed a contract for design, development, construction, integration of equipment, testing, certification, commissioning and supply of an Acoustic Research Ship (ARS) for the Naval Physical & Oceanographic Laboratory, Ministry of Defence, DRDO, Kochi.
As far as export orders go, GRSE signed a contract with Germany-based Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG on June 22, 2024, for the construction and delivery of four multi-purpose cargo vessels of 7,500 DWT. This agreement included an option for four additional vessels. The German company subsequently exercised this option, and by March 2025 GRSE had signed contracts for all eight platforms, bringing the total order value to about USD 108 million.
In 2024-25, GRSE also launched the second edition of GRSE Accelerated Innovation Nurturing Scheme (GAINS), a unique open challenge for Start-Ups and MSMEs to develop more efficient processes in shipbuilding using technologies such as Artificial Intelligence (AI) and Robotics.
