Garden Reach & Shipbuilders signs MoU with Hindustan Shipyard to boost Atmanirbharta in shipbuilding; shares jump nearly 3%

The stock gained as much as 2.87% to hit a high of ₹2,587 on the NSE.

This MoU, the company said, is another significant step towards strengthening India’s shipbuilding capabilities through collaborative participation.

"The partnership envisages the construction of advanced maritime platforms and is expected to contribute to the enhancement of the country’s maritime infrastructure, technological self-reliance, and long-term operational capabilities," GRSE said in its statement.

The MoU was signed by Cdr Shantanu Bose, IN (Retd.), Director (Shipbuilding), GRSE, and Capt Ganti Venkateswarlu, IN (Retd.), Officiating Chairman & Managing Director, HSL, in the presence of senior officials from GRSE & HSL.

This collaboration is expected to leverage the complementary strengths of both shipyards and further reinforce the national vision of enhancing indigenous maritime capability and self-reliance in shipbuilding.

GRSE Q3 FY26 Earnings

The defence company said its total income for the quarter under review (Q3 FY26) stood at ₹1,958 crore against ₹1,343 crore logged in Q3 FY25, with a growth of 46% YoY.

Its revenue from operations increased to ₹1,896 crore in Q3 FY26 from ₹1,271 crore logged in Q3 FY25, registering a growth of 49% YoY.

The earnings before interest, tax, depreciation, and amortisation (EBITDA), or operating profit, stand at ₹234 crore in Q3 FY26, as against ₹147 crore logged in Q3 FY25, with an increase of 59%.

The PSU said that its profit before tax (PBT) came in at ₹218 crore for Q3 FY26 as compared to ₹134 crore in Q3 FY25, registering a growth of 63% YoY.

Its profit after tax (PAT) stood at ₹171 crore in Q3 FY26 as against ₹98 crore registered in Q3 FY25, marking a growth of 74% YoY.

The company's earnings per share (EPS) for Q3 FY26 were ₹14.91 in the quarter, against ₹8.57 in Q3 FY25.

What management said

Commenting on the results, Cmde PR Hari, IN (Retd), Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited, said, "With a strong set of numbers recorded during Q3 FY26, we are well on track to register our best‐ever financial performance during the current financial year and declared for the first time the 2nd Interim Dividend for the Financial Year 2025‐26 at 7.15% per equity share," the MD added.

"We have delivered five warships so far during the year and are currently executing 10 major shipbuilding projects comprising 42 platforms. Our other verticals, like Ship Repairs, Portable Steel Bridges, and Naval Weapon Systems, are also doing well. With the Next Generation Corvette contract on the anvil, we are confident of ending the current financial year with an order book of around ₹50,000 crore," the MD said.

GRSE: Recent updates

In its press release dated February 7, GRSE said that in recognition of the shipyard's competency and adherence to schedules, the 2nd refit of Seychelles Coast Guard Ship PS Zoroaster was awarded to Garden Reach Shipbuilders and Engineers (GRSE) Ltd on Friday, February 06, 2026, by the Ministry of External Affairs (MEA), Government of India.

The PS Zoroaster was built by GRSE and handed over to the Seychelles Coast Guard by Prime Minister Narendra Modi on April 8, 2021. The ship's maiden short refit was carried out by GRSE in 2024.