Garden Reach Shipbuilders & Engineers (GRSE), a leading state-owned defence shipyard, has been declared the lowest bidder for the Indian Navy’s prestigious Next Generation Corvette (NGC) project, according to an exchange filing released on Thursday. The development marks a major milestone for the company and positions it to secure a defence contract estimated to be worth over ₹25,000 crores.

This is one of the most significant naval shipbuilding contracts in recent years. The total project value is expected to be around ₹40,000 crores, which will be split between two shipyards. The L1 bidder is slated to receive the larger share, five corvettes worth over ₹25,000 crores, while the remaining three are likely to be awarded to the second-lowest bidder.

The NGC programme is a key component of the Indian Navy’s fleet modernisation strategy and is expected to significantly boost indigenous shipbuilding under the ‘Make in India’ initiative. These state-of-the-art corvettes will be equipped for multi-role operations, enhancing the Navy’s maritime capabilities across the Indian Ocean Region.

Post the announcement, Garden Reach Shipbuilders & Engineers share surged, reaching an intraday high of ₹2,797.40 apiece.

Over the last three years, GRSE has given multibagger returns of more than 790%. Let’s take a look at its Factor Analysis scores:

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