Shares of Garden Reach Shipbuilders & Engineers Ltd., Mazagon Dock Shipbuilders Ltd. and Cochin Shipyard Ltd. rose on Wednesday, gaining up to 15% and snapping a two-day losing streak, as trading volumes increased across the counters.
The move came with higher activity in Garden Reach following its latest business update, while analyst views across shipbuilding stocks remained mixed and recent one-year returns varied.
Garden Reach Shipbuilders & Engineers Ltd. rose as much as 14.9% to Rs 2,267. Trading volume was more than six times its 20-day average, according to Bloomberg data. The stock has gained 32% in the past 12 months. Among analysts tracked by Bloomberg, recommendations are split between buy, hold and sell. The company said it recorded provisional turnover of Rs 6,400 crore for FY26, compared with Rs 5,076 crore in FY25, and declared an interim dividend of 129% of paid-up share capital against 89.5% in the previous year.
"GRSE, sustaining its strong growth momentum, has recorded the highest annual turnover in its history for FY 2025-26," the company said.
It said it commissioned five vessels during the year, including INS Himgiri and INS Ikshak, along with three Anti-Submarine Warfare Shallow Water Crafts. The company delivered eight vessels to the Indian Navy, including two Project 17A frigates, two Survey Vessel Large ships and four Anti-Submarine Warfare Shallow Water Crafts. "Notably, these delivery milestones include the simultaneous delivery of three warships-Dunagiri, Sanshodhak and Agray-to the Indian Navy on the same day," it said.
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The company said it is in advanced stages of concluding a contract for five Next Generation Corvettes and is progressing on 12 export vessels for a German client, along with a dredger for a foreign country. It added that it launched a modular foot suspension bridge and delivered seven 30mm naval surface gun systems during the year.
Mazagon Dock Shipbuilders Ltd. rose as much as 9.9% to Rs 2,270, with trading volume 43% above its 20-day average. The stock has declined 14% in the past 12 months. Among eight analysts tracked by Bloomberg, six have a buy rating and two have a sell rating.
Cochin Shipyard Ltd. rose as much as 12.1% to Rs 1,338, with trading volume more than three times its 20-day average. The stock has declined 5.8% in the past 12 months. Among four analysts tracked by Bloomberg, ratings are split between buy, hold and sell.
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