Garden Reach Shipbuilders & Engineers (GRSE) has been elevated from ‘Schedule B’ to ‘Schedule A’ Central Public Sector Enterprise (CPSE) by the Government of India.

What Happened: The news of the upgrade was announced by GRSE on Wednesday morning. The Department of Public Enterprises, Ministry of Finance, Government of India, made the official notification on its website a day earlier. “This is a significant milestone for GRSE, reflecting its robust financial performance, operational efficiency, and contribution to national security,” the company stated in its announcement.

The ‘Schedule A’ status will empower GRSE to bolster its senior management capacity, thereby enabling it to manage its business more effectively.

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GRSE’s shares have seen a surge of over 130% in the past six months. Analysts at Antique Broking have maintained their "buy" rating for the shipbuilder, predicting an over 18% upside.

The company has also been bullish about its future prospects, aiming to triple its revenue by the end of the decade. GRSE’s current order book stands at ₹25,231.29 crore, an 11% increase from the ₹22,652.68 crore reported at the end of March 2024.

The shipbuilding segment, which comprises 90% of the orders, is expected to be a significant contributor to this growth. The company is also anticipating orders valued between ₹1,500 crore and ₹2,000 crore over the next three to six months, including export orders.

Price Action: GRSE’s share price was down 0.31% to trade at ₹1,721.35 in early trade on Wednesday.

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