2 weeks ago
Indian shipyard stocks chase commercial growth beyond warships
India has companies that build big ships for the navy, the part of the military that protects the sea.
These companies are called shipyards.
Lately, three of these shipyards are also building different kinds of ships.
They are making ships that carry chemicals, ships that can run on a cleaner fuel called ammonia, and tug boats that help big ships park.
Some of these ships are being sold to customers in other countries like Norway and Denmark.
One shipyard, called Swan Defence, was in trouble before but now has many new export orders.
Another shipyard, GRSE, does one quarter of its ship work for non-navy customers.
A third shipyard, Cochin, is fixing and repairing ships to earn extra money.
Building and fixing ships gives these companies more work.
This helps them not depend only on the navy's orders.
Swan Defence & Heavy Industries posted Q1 FY27 revenue of Rs 30.61 crore, up 7,188% year-on-year, while its net loss widened 35.4% to Rs 41.68 crore.
Swan secured export orders including a $227 million contract from Norway's Rederiet Stenersen for six chemical tankers and four Svitzer tugs announced on August 6, 2026.
GRSE's Q1 FY27 revenue rose 39% to Rs 1,815 crore and net profit grew 44% to Rs 173 crore, with non-defence orders now forming 25% of its shipbuilding order book.
Cochin Shipyard's Q1 FY27 net profit fell 19.7% to Rs 151 crore, as ship repair revenue dropped 37.4% to Rs 394 crore despite stronger shipbuilding activity.
All three shipyards are pursuing commercial vessels, exports and ship repair to reduce dependence on the timing of large defence orders.
- Who
- Three listed Indian shipbuilders — Swan Defence & Heavy Industries, Garden Reach Shipbuilders & Engineers (GRSE) and Cochin Shipyard — along with overseas customers such as Norway's Rederiet Stenersen and Denmark's Svitzer.
- What
- The shipyards are diversifying beyond warships into commercial vessels, export orders and ship repair to broaden their revenue base.
- Where
- India — including the Pipavav shipyard, Kolkata, Willingdon Island in Kochi, Mumbai and Port Blair.
- When
- Q1 FY27 (April–June 2026) financial results were reported, with export orders announced through August 2026.
- Why
- To diversify revenue, bring in foreign currency, improve utilisation of existing yards and reduce dependence on the timing of large defence orders.
Key facts
- Q1 FY27 revenue growth (YoY)
- Swan +7,188%, GRSE +39%, Cochin +2.4%
- Q1 FY27 net profit
- GRSE Rs 173 crore (+44%), Cochin Rs 151 crore (-19.7%), Swan net loss Rs 41.68 crore
- Swan's largest export deal
- $227 million contract for six 18,000-dwt chemical tankers from Norway's Rederiet Stenersen, with option for six more
- GRSE non-defence share
- 25% of shipbuilding order book, versus 98% defence concentration earlier
- GRSE commercial export order
- 12 multipurpose vessels for a German customer; construction started on five
- Cochin ship repair revenue
- Rs 394 crore in Q1 FY27, down 37.4% YoY, about 36% of operating revenue
- Svitzer agreements
- Swan: four TRAnsverse 3200 tugs (Aug 2026); Cochin: at least four battery-electric tugs (Dec 2025)
- 1-year share price change
- Swan +556.6%, GRSE +1%, Cochin -11.7%











