Shares of Garden Reach Shipbuilders and Engineers (GRSE) soared 7% on 3 November after the Defence Ministry signed contracts worth Rs 53,866.50 crore with GRSE and Goa Shipyard Limited (GSL) to build eight next generation corvettes for the Indian Navy.

Under the agreement signed on 2 November 2026, GRSE will construct five corvettes, while Goa Shipyard Limited will build the remaining three. The ministry has not disclosed the individual contract value awarded to each company.

The warships will feature advanced missiles, weapons systems and sensor equipment. They will be capable of carrying out operations across air, surface and underwater environments.

The vessels will strengthen the Navy’s ability to protect maritime trade routes, conduct anti-submarine and anti-surface warfare, improve coastal security and carry out surveillance missions.

The project marks an important development in India’s domestic shipbuilding capabilities. It is the first programme in which the Indian Navy has designed the warships indigenously, while defence public sector companies selected through a competitive process will construct them.

According to the Defence Ministry, the project is expected to generate around 72 lakh person days of employment at shipyards and another 460 lakh person days across supporting industries and MSMEs over the next 10 years.

The contract strengthens GRSE’s order pipeline and supports India’s focus on domestic defence manufacturing. 

At 11:17 am, the shares of GRSE were trading 7.34% higher at Rs 2,197.00 on NSE.

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