GRSE, HSL Sign MoU for Shipbuilding; Shares Trade Flat

February 10, 2026February 10, 2026

Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) are trading flat after touching a day’s high of Rs 2,595 on 10th February, despite the company announcing on Monday (9th February) that it has signed a Memorandum of Understanding (MoU) with Hindustan Shipyard Ltd (HSL) to form a consortium for a large-scale national shipbuilding programme.

GRSE and HSL will jointly build advanced maritime platforms under the national shipbuilding programme. The partnership is expected to strengthen India’s maritime infrastructure, boost technological self-reliance, and enhance long-term operational capabilities.

The MoU was signed by Cdr Shantanu Bose, Director (Shipbuilding), GRSE, and Capt Ganti Venkateswarlu, Officiating Chairman & Managing Director, HSL, in the presence of senior officials from both companies.

The collaboration will combine the strengths of both shipyards to support indigenous shipbuilding and strengthen India’s maritime capabilities.

GRSE Third Quarter Results

GRSE reported a 73.9% YoY rise in net profit to Rs 170.7 crore for the quarter ended December 2025, compared to Rs 98.2 crore a year ago, supported by strong order execution.

Revenue increased 49% to Rs 1,895 crore from Rs 1,271 crore. EBITDA more than doubled to Rs 172.1 crore from Rs 75.3 crore, while margins improved to 9% from 5.9% YoY.

For the nine months (April–December 2025), net profit stood at Rs 444.74 crore on revenue of Rs 4,882.95 crore. Earnings per share rose to Rs 38.82 from Rs 24.72 last year. The debt-to-equity ratio remained low at 0.014, and the order book remains strong, with multiple naval projects underway.

At 11:10 AM, shares of GRSE were trading 0.14% higher at Rs 2,518.10 on the NSE.

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