In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the SEBI Listing Regulations ), we wish to inform you that GRSE attended the Commercial Negotiation Committee (CNC) meeting convened by the Ministry of Defence (MoD) for opening of commercial bids for the acquisition of eight (08) Next Generation Corvettes (NGC) on 21 May 2025 in New Delhi.During the meeting, the Commercial bids were opened and it was noted that GRSE become the Lowest bidder (L1) for Construction of Next Generation Corvettes (NGC) for Indian Navy. The L1 bidder will be awarded five (05) NGC ships at a likely value of more than ₹25,000 crores. This is for your information and record.
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Garden Reach Shipbuilders & Engineers (GRSE) has emerged as the Lowest (L1) bidder for the Indian Navy's Next Generation Corvettes (NGC) project after a Commercial Negotiation Committee meeting convened by the Ministry of Defence on 21 May 2025. As the L1 bidder, GRSE is set to be awarded a contract for the construction of five out of eight NGC ships. The likely value of this award exceeds ₹25,000 crores, making it a landmark order for the company. The formal contract award is subject to further procedural steps by the Ministry of Defence.
This is a major positive development for GRSE shareholders, as the ₹25,000+ crore order is several times the company's annual revenue, potentially transforming its order book and earnings outlook over the medium to long term. The stock is likely to react positively given the scale and strategic importance of the naval contract.