This is to inform that the 110th Annual General Meeting ('AGM') of the Company will be held on Friday, 25th September, 2026 at 1030 hours through Video Conferencing ('VC') / Other Audio-Visual ....

SECY/GRSE/BD-69/CA/24/26-27 03 Sep 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Symbol: GRSE Scrip Code: 542011 Sub: Annual Report 2025-26 of Garden Reach Shipbuilders & Engineers Limited Dear Sir / Madam, 1. This is to inform that the 110th Annual General Meeting (‘AGM’) of the Company will be held on Friday, 25th September, 2026 at 1030 hours through Video Conferencing (“VC”) / Other Audio-Visual Means (“OAVM”) to transact the businesses as set out in the AGM Notice dated 29th Jul 2026 in accordance with the applicable circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India. The deemed venue for the 110th AGM shall be the Registered & Corporate Office of the Company at GRSE Bhavan, 61, Garden Reach Road, Kolkata - 700 024. 2. Pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Annual Report 2025-26 of the Company along with the Notice of 110th AGM which is being sent through electronic mode to the Members of the Company. 3. The Annual Report 2025-26 along with the Notice of the 110th AGM is also uploaded on the Company’s website at www.grse.in. 4. This is for your information and record. Thanking You, Yours faithfully, For Garden Reach Shipbuilders & Engineers Limited Sandeep Mahapatra Company Secretary and Compliance Officer ICSI Membership No. ACS 10992 Encl: Annual Report 2025-26 Building Beyond Horizon ANNUAL REPORT FY 2025-26 Table of CONTENTS The Shipyard Behind India’s Maritime Might 02 Our Vision & Mission 03 Message From CMD 04 The Values That Anchor Us 08 Highlights of FY 2025-26 10 Operational and Strategic Highlights 12 Shipbuilding: Where the Fleet Takes Shape 14 Platforms Across the Maritime Spectrum 16 Ship Repair: Keeping Fleets Mission-Ready 18 Engineering: Bridging Distances, Equipping Decks 19 Deck Machinery 20 Engines: The Ranchi Powerhouse 21 Atmanirbharta in Action 22 A Decade of Financial Progress 24 Five Years of Accelerating Growth 25 Relationships: The Capital That Compounds 26 Board of Directors 28 Corporate Information 31 Directors’ Report 32 Management Discussion and Analysis Report 83 Report on Corporate Governance 89 Business Responsibility & Sustainability Report 112 Independent Auditor’s Report 155 Comments of C&AG 165 Balance sheet 166 Statement of Profit and Loss 167 Cash Flow Statement 168 Statement of Changes in Equity 170 Notes forming part of financial statements 171 Notice of 110th Annual General Meeting 217 GARDEN REACH SHIPBUILDERS & ENGINEERS LIMITED Papers to be laid on the table of Lok Sabha / Rajya Sabha Authenticated Raksha Rajya Mantri The Shipyard Behind India’s Maritime Might Garden Reach Shipbuilders & Engineers Ltd. opportunities with greater autonomy. (GRSE) ranks among the nation’s foremost GRSE has delivered 118 warships to the warship builders, functioning under the Indian Navy, the Indian Coast Guard and administrative control of the Ministry of friendly foreign governments, the highest by Defence, Government of India. The shipyard any Indian shipyard, and has built over 800 carries the distinction of having delivered platforms in all. The Company’s portfolio independent India’s first indigenously built spans complex stealth frigates, anti-submarine warship, INS Ajay, to the Indian Navy in 1961, warfare shallow water craft, survey and and has since grown into the most prolific research vessels, patrol vessels, commercial builder of warships in the country. multi-purpose vessels, hybrid electric ferries, The year under review marked a defining 30 mm naval surface guns, advanced deck chapter in this journey. In recognition of machinery, marine diesel engines and portable the Company’s consistent financial and steel bridges. With four distinct shipyards in physical performance over the years, the Kolkata and the capacity to construct 28 ships Department of Public Enterprises, Ministry concurrently, GRSE continues to strengthen of Finance, Government of India, accorded India’s maritime security while extending the ‘Navratna’ status to GRSE on 19 June nation’s shipbuilding footprint across the 2026, empowering the Company to make globe. larger investments and pursue strategic GARDEN REACH SHIPBUILDERS ENGINEERS LTD. ANNUAL REPORT 2025-26 Our Vision “To emerge as a globally competitive shipbuilder, recognized for excellence in design, innovation, engineering, sustainable technologies and timely delivery of world-class maritime vessels and systems - steering towards Maharatna recognition by FY 2035.” Our Mission • Ensure global reputation by executing • Establish greenfield shipyards and commence shipbuilding and engineering projects on time, operations, at locations external to extant meeting highest standards of quality and premises at Kolkata, to fuel growth and enhancing customer value. overcome limitations to build/repair/recycle ships upto 400,000 DWT. • Adopt aggressive Business Development, Marketing and Bidding Strategy to win • Adopt and leverage new technology, including Domestic & Export Orders to ensure business AI driven engineering excellence, to build growth & sustenance beyond execution period autonomous/green platforms and also of existing Order Book. enhance efficiency of shipyard manufacturing processes, thus demonstrating commitment to • Meet revenue generation targets consistently, sustainability. demonstrating business growth, laying foundation for “Maharatna” Status by 2035. • Upskilling human capital at GRSE to meet challenges of transition, disruptive technology and 6X business growth. GARDEN REACH SHIPBUILDERS ENGINEERS LTD. ANNUAL REPORT 2025-26 CORPORATE OVERVIEW Message From CMD Dear Shareholders, It gives me great pleasure to welcome each one of you to this Annual General Meeting and to place before you the Annual Report of your Company for the Financial Year 2025-26, a year that will be etched as the best and the finest in the annals of GRSE’s long and illustrious history. For over six decades, your Company has stood shoulder to shoulder with the Indian defence establishment, blending shipbuilding and engineering excellence with an abiding sense of National service. We pride ourselves to epitomize “Athmanirbharta in warship building” and carried this legacy to an altogether new plane during the year, by delivering eight warships to the Indian Navy. This is despite the fact that the global environment continued to remain challenging, marked by geopolitical turbulence and supply chain constraints, and your Company converted every challenge into an opportunity and posted it’s best ever financial and physical performance. The crowning moment of this journey was when the Department of Public Enterprises, Ministry of Finance, Government of India accorded the coveted "Navratna" status to your Company on 19 June 2026. Coming close on the heels of the Schedule-A categorisation, this recognition of our consistent financial and operational performance confers greater autonomy for investments and strategic decisions, and affirms our standing as a frontline shipbuilder and a strategic National asset. FY 26 stands out as the finest year in the history of your Company, with eight warships delivered to the Indian Navy, three of them on a single day, a first for the Nation, and every financial parameter scaling record highs on the strength of disciplined execution and an unrelenting pursuit of excellence. With a healthy order book, the Next Generation Corvette (NGC) programme at the threshold of contract conclusion, and a widening presence in non-defence and export shipbuilding including exports, your Company has entered the new fiscal with confidence, clarity of purpose and considerable momentum. A YEAR OF SETTING FINANCIAL RECORDS I am delighted to report that your Company has crossed several financial milestones during [Showing first 8,000 characters — download PDF for full document]