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Goa Shipyard Limited (GSL) is set for a sharp expansion in its naval shipbuilding pipeline, with its order book expected to rise from over Rs 13,000 crore to around Rs 32,400 crore following the signing of a high-value naval contract.
The order book expansion comes as the state-owned shipyard posted its strongest financial performance in FY 2025-26, with revenue from operations rising 32 per cent to Rs 3,764 crore and total revenue crossing Rs 4,000 crore for the first time.
GSL reported an EBITDA of Rs 522 crore, up from Rs 460 crore in the previous year, while profit before tax rose 17 per cent to Rs 442 crore. Its net worth also reached a record Rs 1,936 crore.
The figures were announced at the company’s 60th Annual General Meeting in Goa on Friday, where Chairman and Managing Director Brajesh Kumar Upadhyay highlighted the shipyard’s growing naval, Coast Guard and export portfolio.
The order book stood at more than Rs 3,000 crore as of March 31, 2026. With the new high-value naval contract, GSL expects this to increase to approximately Rs 32,400 crore, giving the shipyard a substantially larger pipeline of work in the coming years.
The expansion comes against the backdrop of a growing workload in the Indian Navy’s warship acquisition programme. GSL is currently progressing work on frigates and Next Generation Offshore Patrol Vessels (NGOPVs) for the Navy. The first NGOPV was launched on March 31 this year.
The shipyard has also emerged as a significant supplier to the Indian Coast Guard, delivering a series of vessels during the year.
The first Pollution Control Vessel, ICGS Samudra Pratap, was delivered to the Coast Guard on December 23 last year and commissioned on January 5 this year. GSL also delivered four Fast Patrol Vessels during FY 2025-26, followed by two more vessels in May and August 2026.
GSL’s export portfolio is also expanding, although from a relatively smaller base. Export turnover rose 55 per cent to Rs 127 crore during the year.
Among the export projects, the shipyard launched a 4,000-tonne floating dry dock for a foreign navy and laid the keel for a 2,000-cubic-metre Trailing Suction Hopper Dredger for a European customer.
GSL also marked a significant export milestone with the delivery of the Fast Patrol Vessel LESPWAR to the Seychelles Coast Guard. Designed and built by GSL, the vessel was formally handed over by Prime Minister Narendra Modi on June 27, 2026.
The company’s financial performance has also coincided with its elevation from Schedule ‘B’ to Schedule ‘A’ Central Public Sector Enterprise status on March 2, 2026.
At the AGM, shareholders approved a final dividend of Rs 8.55 per share, or 171 per cent, for FY 2025-26, compared with Rs 7.65 per share the previous year. Earnings per share increased to Rs 28.47.
GSL said it was also increasing indigenous content across its ongoing projects and expanding procurement from Indian MSMEs and start-ups.
The shipyard spent Rs 6.61 crore on CSR activities during the year, covering healthcare, education, sanitation, women’s empowerment and livelihood development.
For GSL, however, the more significant takeaway from FY 2025-26 is the combination of a record financial year and a rapidly expanding shipbuilding pipeline. With the order book potentially more than doubling following the new naval contract, the coming years are set to be centred on execution of a significantly larger portfolio of naval and maritime projects.
Team BharatShakti
