GRSE is Charting New Waters in Maritime Excellence

Cmde PR Hari, IN (Retd.), Chairman & Managing Director, GRSE

In an era of heightened global geopolitical tensions and surging demand for maritime defense and infrastructure, Garden Reach Shipbuilders & Engineers Ltd. (GRSE) has emerged as a vanguard of India’s shipbuilding might. A trailblazer in naval engineering and maritime innovation, GRSE’s FY25 performance signals its transformation from being a premier warship builder into a multidimensional force advancing India's Atmanirbhar Bharat vision. At the helm of this transformative journey is Cmde PR Hari, IN (Retd.), its Chairman & Managing Director, whose visionary leadership has been widely recognized.

FY25 marked a watershed moment for GRSE, with the company achieving its highest-ever annual turnover of Rs 4,750 crore, a remarkable milestone in its 64-year history. This milestone was not merely financial; rather it was symbolic of a broader operational and strategic resurgence. 

The public sector shipyard, under the Ministry of Defence, declared an interim dividend of 89.5% of the paid-up share capital, up from 79% in the previous year, which is a clear reflection of its robust fiscal health and shareholder value creation.

FY25 was distinguished by the successful commissioning of the INS Nirdeshak, the second in a series of four large survey vessels for the Indian Navy. Commissioned on December 18, 2024, the event marked GRSE’s 110th warship delivery, setting a national benchmark in naval ship construction.

GRSE also completed the Contractor Sea Trials (CST) of two critical platforms on the same day - the Advanced Frigate Himgiri under Project 17A and the Androth, an Anti-Submarine Warfare Shallow Water Craft (ASW SWC). The company has also conducted CST for INS Arnala, another ASW SWC, setting the stage for a new generation of maritime defense assets.

Complementing its defense capabilities, GRSE delivered the Next Generation Electric Ferry 'Dheu', the largest electric ferry built in India, to the Government of West Bengal, and Unmanned Surface Vessel 'Jaldoot' to DRDO's Naval Science & Technological Laboratory, highlighting its prowess in green and unmanned vessel technology.

GRSE has further fortified its pipeline with an order book worth Rs 23,592 crore, comprising prestigious contracts such as the P17 Alpha frigates and ASW SWCs. Its portfolio has broadened to include research and commercial vessels, coastal and ocean surveillance platforms, and advanced offshore patrol vessels.

Among the notable order wins in FY25 are a Rs 490 crore contract with NPOL (DRDO) for an Acoustic Research Ship (ARS), a Rs 840 crore deal with NCPOR for an Ocean Research Vessel, an MoU with the Government of West Bengal for 13 hybrid ferries, and a Rs 590 crore order from the Geological Survey of India (GSI) for two coastal research vessels, and a game-changing $108 million contract with Germany's Carsten Rehder for eight multi-purpose cargo vessels (MPVs), with two of them signed in FY25.

This international order underscores GRSE’s growing stature as a global shipbuilding player and aligns with its ambition to increase export contributions and tap into overseas defense and commercial shipping markets.

To further scale its capabilities, GRSE has entered several strategic tie-ups in this past fiscal. Most noted among them is the MoU with Swan Defence and Heavy Industries Ltd (SDHI), which aims at developing commercial shipbuilding and offshore infrastructure, combining GRSE’s engineering strengths with SDHI’s west-coast shipyard infrastructure.

Earlier, GRSE also entered into a collaboration with Apollo Micro Systems (AMS) to co-develop underwater weapons, vehicles, and air defense systems, strengthening GRSE’s vertical integration in defense technology.

MoUs were also entered into with the Indian Army and NHIDCL for supplying Modular Steel Bridges, marking a push into civil-military infrastructure, as well as a landmark deal with PWD Nagaland for eight double-lane modular bridges, in what is GRSE’s first partnership with a North-Eastern state.

GRSE also entered into a 30-year lease for a new facility in Howrah’s Timber Pond, with Syama Prasad Mookerjee Port (SMPK, formerly Kolkata Port), which will enhance ship repair and engineering output in the long term.

These tie-ups are foundational to GRSE’s future vision for creating an integrated, multi-sectoral ecosystem for defense, research, infrastructure, and civil maritime applications.

At the helm of this transformative journey at GRSE is Cmde PR Hari, IN (Retd.), its Chairman & Managing Director, whose leadership has been widely recognized. In April 2025, he was awarded the CMA Management Excellence Award in Corporate Leadership by the Calcutta Management Association.

Under his stewardship, GRSE has embraced innovation, digital transformation, and operational excellence. His forward-thinking approach has not only accelerated shipbuilding schedules and quality standards but also opened new avenues for exports, collaborations, and research-driven shipbuilding.

Cmde Hari has also actively championed GRSE's role in national self-reliance efforts, consistently aligning with the Government of India’s Make in India and Aatmanirbhar Bharat missions.

In line with its innovation-led culture, GRSE had launched the second edition of the GAINS (GRSE Accelerated Innovation Nurturing Scheme) in 2024, which is a startup support initiative. Two ventures viz.  Cloudmetica Technologies and IIT Guwahati’s Technology Innovation Foundation were selected and funded for pioneering solutions in ship design and green energy.

The scheme attracted over 66 innovation proposals, reaffirming GRSE’s commitment to fostering a culture of indigenous R&D, especially in strategic sectors such as defense shipbuilding and sustainability.

While GRSE is renowned for its warship production which accounts for 89% of revenues, it is increasingly becoming a multi-dimensional engineering powerhouse. It has diversified into Modular Steel Bridges, Deck Machinery, Diesel Engines (manufacturing, overhaul, assembly, and testing), Research and Survey Vessels, and Electric and Unmanned Vessels.

This diversification helps de-risk its business model and allows it to participate in broader nation-building and infrastructure development efforts.

GRSE possesses the capability to build 20 warships concurrently, a unique advantage among Indian shipyards. Its shipbuilding infrastructure has been continually modernized, and the newly leased land from SMPK will bolster long-term capacity expansion.

GRSE’s recently manufactured vessels, from the Project 17A Advanced Frigates to Next Generation Offshore Patrol Vessels (NGOPVs), demonstrate cutting-edge capabilities such as stealth design, dynamic positioning, and advanced propulsion systems.

The keel laying of the fourth NGOPV in April 2025 was another significant milestone. These vessels, designed for anti-piracy, coastal surveillance, and search-and-rescue, further cement GRSE’s role in coastal defense and maritime security.

Reflecting growing investor confidence, GRSE shares have surged over 15% in April 2025, fueled also by the India-Pakistan tensions and heightened expectations of increased defense spending. Analysts also cite GRSE’s solid fundamentals, order visibility, and export potential amid global rearmament trends as drivers behind this rally.

As European countries search for alternative defense suppliers, GRSE’s reputation as a reliable, timely, and cost-effective builder is opening doors. The German multi-purpose vessel deal is emblematic of this shift.

GRSE’s human resource development efforts are also commendable. In April 2025, Xavier Business School launched a 10-day Management Development Programme tailored for GRSE executives. The program underscores the company's investment in grooming future leaders and strengthening corporate acumen within its ranks.

Moreover, GRSE’s workforce continues to be enriched through upskilling and exposure to high-tech, digitized shipbuilding processes, thus ensuring the sustainability of its transformation.

GRSE’s commitment to excellence has not gone unnoticed. In FY25, the company garnered 24 prestigious awards for achievements in Artificial Intelligence, Technology, Corporate Social Responsibility, Corporate Governance, Communication Outreach and Operational Excellence.

These accolades reinforce its position not only as a shipbuilder of distinction but as a corporate citizen committed to sustainable, transparent, and impactful growth.

GRSE’s journey is a narrative of transformation, resilience, and vision. From expanding global reach to nurturing innovation, from strategic partnerships to record-setting performances, GRSE stands as a symbol of India’s rising maritime ambition.

As the company sails into the future with a strong order book, strategic foresight, and a commitment to national service, it is not just building ships, it is crafting India’s maritime destiny.