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Garden Reach Shipbuilders & Engineers (GRSE) has received a Letter of Intent (LoI) from Syama Prasad Mookerjee Port Authority

ICICIdirect Research 05 Aug 2026 DISCLAIMER

News: Garden Reach Shipbuilders & Engineers (GRSE) has received a Letter of Intent (LoI) from Syama Prasad Mookerjee Port Authority (SMPA) for the construction of one 15T Bollard Pull Electric Battery Propulsion Tug, including installation of shore charging infrastructure, at a total contract value of ₹37.9 crore. The order further strengthens GRSE's presence in the green and commercial harbour vessel segment, complementing its expanding commercial shipbuilding portfolio.

View: The order reinforces GRSE's strategy of diversifying beyond defence shipbuilding into commercial and green maritime solutions. Following the ONGC PSV order and the current tug order, the company's order backlog is estimated to increase to ₹16,394 crore (2.3x FY26 revenue), providing healthy medium-term execution visibility. With a robust pipeline across naval platforms, patrol vessels and commercial vessels, timely conversion of upcoming opportunities will remain key to sustaining long-term growth.

Impact: Positive

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