3 weeks ago
GRSE and Mazagon Dock: Can Indian Shipyard Stocks Deliver?
India has a big plan to build more ships.
The government is giving a lot of money, worth ₹69,725 crore, to help Indian companies build ships.
Two of the most important shipbuilding companies are GRSE and Mazagon Dock.
These companies build warships and submarines for India's navy.
In the last few months, both companies made more money than before.
GRSE grew very fast, while Mazagon Dock earned bigger profits.
Both companies have many orders to build ships in the future, worth billions of rupees.
The government is also helping them build bigger shipyards.
If the companies win new contracts, they could grow even more.
Many people who invest in stocks are watching these two companies closely.
The Government of India has approved ₹69,725 crore in support to strengthen the domestic shipbuilding ecosystem, including a ₹25,000 crore Maritime Development Fund.
GRSE reported Q1 FY27 revenue of ₹1,814.6 crore, up 38.5% year-on-year, with net profit rising 43.8% to ₹172.8 crore, marking its 17th consecutive quarter of growth.
Mazagon Dock posted Q1 FY27 revenue of ₹2,943 crore and a net profit of ₹550 crore, with an order book of ₹18,218 crore as of June 30, 2026.
Mazagon Dock is awaiting Cabinet Committee on Security approval for six next-generation conventional submarines worth ₹90,000 crore.
The combined order book of the two shipyards stands at ₹31,800 crore, with a combined future order pipeline exceeding ₹2.5 lakh crore.
- Who
- Garden Reach Shipbuilders & Engineers (GRSE) and Mazagon Dock Shipbuilders (MDL), two Navratna defence shipyards of the Government of India
- What
- Q1 FY27 financial results and the large defence and commercial order pipelines of India's two major shipyards
- Where
- India, with GRSE also building vessels for clients in Germany, Bangladesh and Sri Lanka
- When
- Quarter ending June 30, 2026 (Q1 FY27), with analysis published in August 2026
- Why
- India is strengthening its domestic shipbuilding ecosystem with ₹69,725 crore in government support and a large defence order pipeline to reduce import dependence
Key facts
- Government shipbuilding support
- ₹69,725 crore
- GRSE Q1 FY27 revenue
- ₹1,814.6 crore (+38.5% YoY)
- GRSE net profit
- ₹172.8 crore (+43.8% YoY)
- MDL Q1 FY27 revenue
- ₹2,943 crore (+12.1% YoY)
- MDL net profit
- ₹550 crore (+21.7% YoY)
- Combined order book
- ₹31,800 crore
- Combined order pipeline
- Over ₹2.5 lakh crore
- MDL order pipeline
- ₹2.9+ lakh crore
Sources
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