GRSEGarden Reach Shipbuilders & Engineers Ltd.
Garden Reach Shipbuilders signs ₹32,000 crore contract for five corvettes
- Order win
- Defence shipbuilding
Reviewed byKeshav SehgalBlacklitt Research
Garden Reach Shipbuilders & Engineers (NSE: GRSE) signed a contract on 02 Nov 2026 with the Indian Navy for the construction of five Next Generation Corvettes at a total value of ₹32,000 crore, it said in a filing on 02 Nov 2026. The contract is domestic and covers construction and delivery.
Key highlights
- Total value: ₹32,000 crore
- Corvettes under the contract: 5
- Contract signed: 02 Nov 2026
- Project to be completed within 09 years 04 months from the date of receipt of first stage payment
The contract in numbers
| Item | Detail |
|---|---|
| Awarded by | Indian Navy |
| Scope | Construction of Five (5) Next Generation Corvettes (NGCs) |
| Nature | Construction and delivery |
| Domestic or international | Domestic |
| Value | ₹32,000 crore |
| Time period to be executed | Project to be completed within 09 years 04 months from the date of receipt of first stage payment |
Order size and scope
Garden Reach Shipbuilders & Engineers signed the contract on 02 Nov 2026 in New Delhi. The total value is given as ₹32,000 crore for 'Construction of Five (5) Next Generation Corvettes (NGCs)'.
The nature of the order is given as construction and delivery, and it is classed as domestic.
Execution period and first payment
The project is to be completed within 09 years 04 months from the date of receipt of first stage payment, as the filing words it.
Scale against the company
The contract value is larger than the company's market value of ₹23,447 crore at the 02 Nov 2026 close of ₹2,046.80 a share.
In its latest quarter (Q1 FY27, standalone), the company reported total income of ₹1,914.18 crore, up 38.5% year on year, and net profit of ₹172.84 crore, up 43.8%.
What the order means for Garden Reach Shipbuilders & Engineers' shareholders
The order is a single contract for five corvettes, stated at ₹32,000 crore, with the execution period given as within 09 years 04 months. Revenue the contract will add in each year is not stated, nor is the payment schedule beyond the first stage payment.
Filed with NSE on . Reference: Original filing (PDF)
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