Goa Shipyard Revenue Crosses ₹4,000 Crore, Order Book Nears ₹32,400 Crore

Goa Shipyard Limited (GSL) has crossed the ₹4,000-crore revenue mark in FY 2025-26, recording its strongest financial performance to date as a growing pipeline of Indian Navy and Coast Guard programmes, rising indigenous content and expanding export activity strengthen its position in India's defence shipbuilding ecosystem.

At its 60th Annual General Meeting on September 25, GSL reported total revenue of ₹4,004 crore, while revenue from operations rose 32 per cent to ₹3,764 crore. Profit Before Tax increased 17 per cent to ₹442 crore, EBITDA stood at ₹522 crore and net worth reached a record ₹1,936 crore. Over five years, revenue surged from ₹865 crore in FY2021-22 to ₹4,004 crore, while PBT rose from ₹135 crore to ₹442 crore.

The company's order book stood at over ₹13,000 crore as of March 31, 2026, and is expected to reach around ₹32,400 crore after signing a high-value Navy contract. GSL was also elevated from Schedule B to Schedule A CPSE status on March 2, 2026, marking another milestone in its expansion.

A key growth driver is the Indian Navy's Next Generation Offshore Patrol Vessel (NGOPV) programme. Of the 11 vessels contracted with GSL and GRSE, GSL is building seven. Its first NGOPV, INS Shachi, was launched on March 31, 2026, with about 76 per cent indigenous content. GSL also launched its first missile frigate in 2024 and the second in March 2025, expanding its capabilities in complex naval shipbuilding.

The Indian Coast Guard is another major customer. GSL delivered four Fast Patrol Vessels during 2025, while ICGS Ajit, delivered in August 2026, carries more than 65 per cent indigenous content. The shipyard also delivered India's first indigenously designed Pollution Control Vessel, ICGS Samudra Pratap, in December 2025.

Exports are emerging as another growth area, with turnover rising 55 per cent to ₹127 crore. Projects include a 4,000-tonne Floating Dry Dock, a European dredger and the Seychelles Coast Guard's LESPWAR.

Established in 1957, GSL has evolved into a strategic defence shipbuilder with more than 1,700 skilled personnel, including over 265 engineers and naval architects. Its modernised facilities include a 6,000-tonne shiplift, while the company prioritises Indian MSMEs and startups under Aatmanirbhar Bharat.

The company also announced a 171 per cent final dividend of ₹8.55 per share, compared with ₹7.65 previously, while EPS rose to ₹28.47. With its expanding order pipeline, indigenous capabilities and export activity, GSL is increasingly central to India's effort to build a self-reliant maritime defence manufacturing ecosystem.