Shares of Garden Reach Shipbuilders & Engineers Ltd. (GRSE) gained about 9% in Nov. 3 intraday trading, The Economic Times reported, after the shipbuilder signed a ₹32,000 crore contract for five Navy corvettes.
GRSE signed the construction and delivery contract on Nov. 2, according to its exchange filing. The vessels form part of an eight-ship procurement valued at ₹53,866.50 crore, India’s Ministry of Defence said. Goa Shipyard Limited will build the other three corvettes.
GRSE had disclosed in May 2025 that it was the lowest bidder for five vessels. Its new filing establishes the value of its award.
The ministry described the program as the first of its kind to pair Indian Navy designs with construction by defence public-sector shipbuilders selected through competition. It said the ships are intended to protect maritime trade routes and carry out anti-submarine warfare and coastal defence.
GRSE’s announced design specifications call for vessels 127 meters long, with a maximum speed of 26 knots and the ability to remain at sea for 14 days without replenishment. Those figures describe the planned ships.
The ministry projects that construction will generate 7.2 million person-days of work in shipyards and 46 million person-days in ancillary industries and micro, small and medium enterprises over 10 years. Under GRSE’s contract, the company must complete its project within nine years and four months of receiving the first-stage payment.
