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Indian shipyard stocks chase commercial growth beyond warships

Indian shipyard stocks chase commercial growth beyond warships
Beyond warships: 3 Indian shipyard stocks are chasing a different growth story · financialexpress.com

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.

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%

Sources

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