Note: Highest ROCE/ROE of the PSU shipyards; revenue grew ~6x in 5 years, largely export/ASW-craft driven
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Shipyards build, integrate and fit out warships and submarines, buying in propulsion, weapons and sensors. Navy warships have been ordered from Indian yards for years; the open question is how much of what goes inside a ship is Indian.
Why it matters
The biggest tickets sit here: the ~₹70,000 Cr P75(I) submarine deal for Mazagon Dock was cleared by the Finance Ministry and sent to the Cabinet Committee on Security (reported May-Aug 2026), but was still unsigned as of Oct 2026. The 7 Sep 2026 DAC also approved design, development and purchase of marine gas turbines - a step to make ship engines in India.
Where the value pool sits
Orders are huge but executed over 5-10 years, so revenue is steady once signed. Yards with submarine or destroyer franchises (Mazagon) earn the best margins; GRSE and Cochin earn more from frigates, anti-submarine craft, repairs and exports.
Key drivers
Navy force-level plans (more ships and submarines)
Indigenous propulsion (marine gas turbine AoN, Sep 2026)
Ship repair and export orders
Potential bottlenecks
Imported engines, gearboxes and many weapons/sensors
Long build times; first P75(I) boat ~7 years after signing (reported)
Yard capacity and skilled labour
Investor metrics to watch
Order book / revenue (years of visibility)
New contract signings (P75(I), next-generation corvettes)