GRSE Share Price Jumps Over 4% After Emerging as Lowest Bidder for Naval Warship Contract

On May 21, the Ministry of Defence (MoD) opened up commercial bids for the acquisition of 08 Next Generation Corvettes (NGC) in New Delhi. Garden Reach Shipbuilders and Engineers (GRSE) has announced that it has emerged as the lowest bidder. This announcement led to a sharp increase in GRSE share price, which rose over 4% as of 11:43 AM on May 22, 2025. 

During the meeting, the Commercial bids were opened, and it was noted that GRSE became the Lowest bidder (L1) for the  Construction of Next Generation Corvettes (NGC) for the Indian Navy. The L1 bidder will be awarded 05 NGC ships at a likely value of more than ₹25,000 crores.

Read More: Garden Reach Shipbuilders Q4 FY25 Results. 

GRSE Experience in Corvette Construction

GRSE has a long-standing history in building corvettes for the Indian Navy. According to Commodore PR Hari, the shipyard has already constructed 9 corvettes, including missile surface and anti-submarine warfare variants, which are currently active in the naval fleet. This extensive experience reinforces GRSE’s capability to handle the construction of the next generation of vessels.

Bangladesh Cancels Order of GRSE 

In a separate development on May 21, 2025, GRSE announced that the Government of Bangladesh has cancelled a $21 million (approximately ₹180 crore) order for the construction of an advanced ocean-going tug.

Conclusion

GRSE’s emergence as the lowest bidder for the ₹25,000 crore next-generation corvette contract marks a significant development in India’s naval defence manufacturing landscape. With an established track record in warship construction and this substantial order, the company is poised for an important phase of growth and contribution to national security assets.

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