Garden Reach Shipbuilders & Engineers Ltd

AGM details

• Date of AGM: 25 September 2026.

Voting results and scrutiny

• Voting results attached as Annexure-A.
• Scrutinizer's report attached as Annexure-B.

AGM Details

• AGM held on 25 September 2026 at 10:30 Hrs via VC/OAVM.
• Notice dated 29 July 2026 convening the AGM.
• Annexure-I contains the summary of AGM proceedings.

Auditor appointment

• Statutory auditor appointed by CAG: M/s S K Agrawal and Co. for FY2026-27, effective 25 Sep 2026.

Capex approval

• Board approved Capital Budget outlay of ₹2,896 crore for a Greenfield Raichak Shipyard.
• Project aims to expand GRSE's naval and commercial shipbuilding capacity.
• This is approved in GRSE's 423rd board meeting on 21 Sep 2026.
• Raichak Greenfield site previously disclosed; capital outlay confirms execution.

Dividend record date

• Final dividend for FY 2025-26 is subject to AGM approval.
• Record date for entitlement: 18 September 2026 (as per register).
• Dividend payable within 30 days from declaration.

AGM Details

• AGM date/time: 25 September 2026 at 10:30 hours.
• Mode: VC/OAVM; deemed venue GRSE Bhavan, Kolkata.
• Book closure: 19–25 September 2026 (inclusive).
• Record date: 18 September 2026.
• Dividend: final dividend of 6.70 per share proposed; total dividend 19.60 per share including interim dividends.

Ordinary Resolutions

• Adopt audited financial statements and related reports.
• Declare final dividend of 6.70 per share; total 19.60 per share.
• Re-appoint Capt. Sunilkumar Panangadan on rotation.
• Fix remuneration of Statutory Auditors for FY 2026-27.

Special Resolutions

• Confirm Niranjan Mukund Bhalerao as Whole-time Director (Finance) for five years.
• Confirm Vijay Namdeorao Zade as Government Nominee Director.
• Ratify Cost Auditor remuneration for FY 2026-27 (58,000 plus taxes and expenses).
• Alter Articles of Association to implement Navratna status.

Voting Status

• Voting results to be declared within two working days after AGM.

Financial performance

• Revenue from operations rose to 7,002.16 crore, up 38% YoY.
• EBITDA at 1,069.69 crore; PAT at 747.94 crore.
• EPS improved to 65.29 from 46.04 in prior year.
• Value of Production (VoP) stood at 6,994.81 crore.
• Net worth increased to 2,626.12 crore; ROE 31.79%.
• Market cap touched 22,575.90 crore; National exchequer contribution 110.89 crore.
• Dividend payout for FY26 proposed at 19.60 per share.

Shipbuilding performance

• FY26 saw eight frontline/strategic warships delivered to Indian Navy.
• Three ships delivered on a single day (30 Mar 2026) for the first time.
• Two P17A frigates and three ASW-SWCS delivered ahead of schedule; all commissioned.
• VoP across divisions rose to a record 6,994.81 crore; Ship Division VoP 6,490.61 crore.
• Next Generation Corvette (NGC) contract negotiations completed; contract value ~₹33,000 crore awaiting signing.

Order book and capacity

• Order book as on 31 Mar 2026: ₹15,324.13 crore across nine projects and 39 platforms.
• Capacity target: concurrent construction to rise from 28 to 32 ships by end-2026.
• Brownfield and Greenfield expansions planned on eastern and western seaboards.
• Export orders strengthening: CORAL 7500 (Hybrid) four-vessel contract with Germany; total German orders 12.

Exports and international work

• Export revenue surged to ₹270.70 crore (YoY growth 268%).
• Germany secured four 7500 DWT MPVs (Hybrid); Germany total now 12 MPVs.
• Coastal Research Vessels contracted with Geological Survey of India; ARS for DRDO/NPOL and other export work ongoing.

Dividends and capital allocation

• Board announced interim dividend ₹5.75 per share (11 Nov 2025) and second interim ₹7.15 per share (3 Feb 2026).
• Final dividend ₹6.70 per share recommended; total potential dividend ₹19.60 per share.
• Dividend payout for FY26: ₹224.52 crore; tax contribution ₹110.89 crore to the exchequer.
• Capital expenditure inked at ₹77 crore; share capital ₹11,455.20 lakh.

Governance and board changes

• Navratna status conferred on 19 Jun 2026; enhanced autonomy on investments.
• Two Executives and one Government Nominee Director joined; CFO appointed Oct 2025.
• Capt. P. Sunilkumar appointed Director (Corporate Planning & Personnel) on 14 Jul 2025.
• Niranjan Mukund Bhalerao appointed Director (Finance) & CFO on 6 Oct 2025.
• Board meetings held: 9 in FY2025-26; Board size 6 (4 WTDs, 1 Gov Nominee, 1 Independent).

Audit, risk and governance flags

• Audit Committee not reconstituted due to inadequate Independent Directors; CSR/SD Committee reconstituted from 01 Jun 2025.
• Independent Director meetings were not held in FY25-26 due to small board size.
• CAG comments included; management noted going-concern considerations discussed in notes.

ESG, sustainability and CSR

• Navratna autonomy supports green, autonomous and export tech initiatives.
• GAINS program: 101 proposals received; 3 winners to be funded by GRSE.
• IPR: 218 IPRs filed; 117 granted (20 patents, 77 copyrights, 20 trademarks).
• MSME procurement share exceeded 69% of total procurement; 103.06 crore from women-owned MSEs.
• GeM procurement: ₹1,115.47 crore; 55.05% of total procurement.

R&D and technology

• R&D spend: ₹37.53 crore; autonomous and green tech focus: Swadheen USV, Neerakshi AUV, XLAUV Make-1.
• Make II initiatives identified; papered progress on LARS, AI weld defect detection, and digital manufacturing.
• Indigenous tech development via iDEX route; 60-m steel through-type bridge and anti-roll stabilization work.

People and HR

• Total employees: 1,595; women 9.5% of workforce.
• 176 apprentices; 11.1% of total manpower; 2,976 iGOT courses completed.
• GRSE Day and family events held; WIPS awards 2026 recipients announced.

MoU with DNV

• MoU signed on 02 Sep 2026 to collaborate on warship design and shipbuilding.
• Focus areas include classification, certification, digitalisation, sustainability, and advisory services.

MoU with Damen

• MoU signed on 02 Sep 2026 to explore dredger design and construction in India.
• Damen expertise includes Trailing Suction Hopper Dredgers and Water Injection Dredgers.
• Existing collaboration includes a 1,000 m³ dredger under construction for BIWTA.