GRSE wins Rs 32,000 crore contract from Indian Navy
Antique Stock Broking has issued a 'Buy' rating for the defence PSU following the order for five Next Generation Corvettes.
Garden Reach Shipbuilders Ltd (GRSE) has signed a contract with the Indian Navy to build five Next Generation Corvettes (NGCs) worth Rs 32,000 crore, according to Business Today.
The defence public sector undertaking (PSU) is scheduled to make deliveries over a period of nine years and four months once the first-stage payment is received. GRSE had previously emerged as the L-1 bidder for these vessels in May 2025.
Antique Stock Broking stated that the contract value is marginally less than the Rs 33,000 crore figure reported by the media. The brokerage noted that the order will provide an immediate boost to the company's estimated order book of Rs 10,000 crore.
Antique maintained a 'Buy' rating and a target price of Rs 2,990 for GRSE, citing a healthy defence order outlook and a strong execution pipeline. The brokerage also mentioned that the company is well positioned for the upcoming P17B frigate programme.
The next major opportunity for GRSE involves the delivery of seven P17B (Bravo) frigates, a project with a potential order size of Rs 70,000 crore. Antique said the RFP for this project was released in September and price bids may take 6-8 months to be opened.
Potential beneficiaries of these developments include Bharat Electronics Ltd for electronics and weapons, Kirloskar Oil Engines Ltd for marine engines, and Krishna Defence for bulb bars.