Garden Reach Shipbuilders & Engineers (GRSE) aims to triple its revenue at the end of the decade, banking on strong order inflows.

The company’s current order book stands at ₹25,231.29 crore which is 11% higher than ₹22,652.68 crore order book reported at the end of March 2024. Of the current order book, the shipbuilding segment makes up 90% of orders. In the shipbuilding segment, 85% to 90% of the order book comprises domestic orders, including contracts from the Indian Navy.

The company further expects a slew of orders valued between ₹1,500 crore and ₹2,000 crore over the next three to six months, which also includes export orders, Chairman and Managing Director PR Hari told CNBC-TV18 in an interview.

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Garden Reach is also looking forward to an update on the Indian Navy’s Corvette order for which it has submitted bids. The total value of the Corvette order is said to be ₹36,000 crore.

In the past two months, the company has bagged several orders, including a ₹448 crore export agreement from a German company and an order worth ₹174 crore from Bangladesh.

With a healthy order pipeline, the company is confident of clocking in a revenue of ₹10,000 crore for financial year 2030, which is there times the FY24 revenue of ₹3,593 crore, Commodore Hari said.

“To touch ₹10,000 (revenue) by 2030 that is our stated mission by 2030. If you just see our current order book, including the small orders that are on the anvil — I mentioned about ₹1,500 crore – ₹2,000 crore — they all will get exhausted by 2029 and if we get the next generation order and a couple of big orders that are coming from the Navy, we will definitely be able to cross ₹10,000 threshold by 2030,” he added.

Despite seeing a slight dip in its margin, the company remains confident about sustaining the profit after tax margins as previously indicated, with an additional 8%, in the coming quarters and years.

Price Action: GRSE was trading 0.07% lower at ₹1,776.40 on Wednesday afternoon.

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