GRSE signs Rs 32,000 crore contract to build five Next Generation Corvettes for the Navy
GRSE order: Garden Reach Shipbuilders signed a contract worth about Rs 32,000 crore with the Indian Navy for five Next Generation Corvettes, per its NSE filing.
The GRSE order for five Next Generation Corvettes (NGCs) is valued at approximately Rs 32,000 crore. Garden Reach Shipbuilders & Engineers Ltd signed the contract with the Indian Navy on November 2, 2026, according to its filing with the exchanges the same day.
GRSE order: five corvettes worth about Rs 32,000 crore
The contract was signed in New Delhi, with the Ministry of Defence and senior Navy officials present. GRSE was the lowest bidder, or L1, for the NGC project. The company had first disclosed that status in a letter to the exchanges dated May 22, 2025.
The company filed the contract under Regulation 30 of the SEBI listing rules, along with a press release. According to the filing, the project is to be completed within 9 years and 4 months from the date GRSE receives the first-stage payment. It is a domestic order, and the filing says it is not a related-party transaction.
What the Next Generation Corvettes are
According to the press release, each NGC will be 127 metres long, with a beam of 17.6 metres and a deadweight tonnage of 4,950 tonnes. The ships are designed for 14 days at sea without replenishment and a top speed of 26 knots, with 11 officers and 139 sailors on board.
The propulsion system is a combined diesel and gas turbine arrangement with two controllable pitch propellers. The armament includes medium-range anti-ship missiles, medium-range surface-to-air missiles, 324 mm torpedo tubes, a 76 mm gun and a close-in weapon system. The ships will also be able to operate helicopters. The company says they are built for multi-role work, including anti-submarine warfare, anti-missile defence and escort duty.
GRSE’s existing order book
According to the release, GRSE has nine warships in build: a Project 17A guided-missile frigate, four anti-submarine shallow-water craft and four Next Generation Offshore Patrol Vessels. Another 36 platforms are on order, 13 of them for export. The company says it has delivered 118 warships so far to the navy, the coast guard and friendly foreign navies.
What to watch next
The 9-year-4-month execution period starts only from the first-stage payment, and the filing does not give a year-by-year delivery schedule for the five ships. Watch for the first-stage payment, and the company’s quarterly results for when the contract begins to show in revenue. For more coverage, see more deals news.
This article is a summary for information only and is not investment advice. Figures are as reported by the sources above; please verify with the original filing or report before making any decision.