Garden Reach Shipbuilders & Engineers (GRSE) Aims to Double Export Orders in a Year, Plans New Shipyard Expansion

Garden Reach Shipbuilders & Engineers (GRSE), a leading Indian shipyard, is targeting a two-fold increase in export orders within a year and plans to expand its ship repair business. The company, with an order book of Rs 23,877 crore, currently derives only 4% of its revenue from exports (Rs 970 crore). Retired Commodore PR Hari, CMD of GRSE, emphasized plans to revitalize facilities and attract more international clients, noting that European nations are increasingly viewing India as a commercial shipbuilding hub. GRSE has boosted its annual shipbuilding capacity to 24 ships, with 95% of its revenue coming from this segment. Its current orders include 40 naval platforms, primarily for the domestic market. However, the company is now focusing on high-margin export opportunities to diversify its revenue streams. In addition to shipbuilding, GRSE is venturing into ship repair, a segment it recently entered. While current revenue from repairs is modest, the company expects significant growth in the next 3-5 years, aiming to double repair revenue within a year. With the Indian Coast Guard lacking a dedicated repair organization, GRSE, along with Cochin Shipyard and L&T, is well-positioned to capture this market. GRSE is optimistic about its export potential, projecting a four-fold increase in export orders over the next four years. Export orders not only offer better margins but also enhance global recognition. To support its growth, GRSE plans to invest in upgrading facilities and expanding infrastructure. By focusing on exports and ship repairs, GRSE aims to strengthen its position in the global maritime industry, aligning with India’s goal of becoming a key player in commercial shipbuilding and repair.