Goa Shipyard Limited (GSL) held its 59th Annual General Meeting (AGM) virtually on Thursday, 25 September 2025, chaired by Brajesh Kumar Upadhyay, Chairman & Managing Director (CMD).
Addressing the AGM, Upadhyay said that Financial Year 2024-25 marked the strongest and best-ever performance in the company’s history, with record-breaking results surpassing all previous benchmarks.
He said that the GSL achieved an exceptional 71% growth in Value of Production, which surged to ₹2,801 Cr alongside a 53% increase in Gross Revenue, which crossed the landmark threshold of ₹3,000 Cr for the first time and stood at ₹3,190 Cr. Profitability momentum also remained robust, with Profit Before Tax at ₹379 Cr and Profit After Tax at ₹288 Cr. Export turnover also demonstrated stellar growth compared to the previous year, he said, and added that the company’s earnings per share rose to ₹24.78, underscoring GSL’s consistent track record of creating shareholder value.
At the AGM, final dividend of ₹1.00 per share was also declared, in addition to the interim dividend of ₹6.65 per share already disbursed during the year. This brought the total dividend to ₹7.65 per share, reflecting an increase to 153% of paid-up share capital as against 140% in the previous year.
The CMD said that the company’s order book stood at over ₹16,000 Cr as on 1st April 2025, encompassing multiple prestigious projects for the Indian Navy, Indian Coast Guard, and international clients. He revealed that GSL is on the verge of signing a landmark contract valued at around ₹18,000 Cr, with final price negotiations currently underway.
Upon conclusion, the Company’s total order book is projected to expand to nearly ₹34,000 Cr – the highest in GSL’s history- securing long-term revenue visibility up to FY 2031-32. Looking ahead, GSL is targeting sustained annual revenue growth driven by both defence and commercial segments, he said.
On the operational front, the CMD said that FY 2024-25 was an unprecedented year of production milestones. GSL delivered the first LPG Cylinder Carrier to Lakshadweep Administration, launched both the advanced Frigates (P11356) and made significant headway in the construction of Next Generation Offshore Patrol Vessels (NGOPVs) for Indian Navy.
Projects for the Indian Coast Guard also advanced considerably, with the launch of two Pollution Control Vessels (PCVs) and six FPVs (out of eight), in quick succession, showcasing GSL’s capability to handle complex & concurrent shipbuilding programmes.
Export projects progressed steadily, including the Floating Dry Dock for a friendly foreign country and the Trailing Suction Hopper Dredger for a European client, thereby reinforcing GSL’s reputation as a reliable global partner.
Upadhyay reaffirmed GSL’s commitment to ‘Atmanirbharta’ (Self-Reliance) by significantly enhancing indigenized content in ongoing shipbuilding programmes. He said that the company’s in-house design teams have independently completed the design architecture for PCVs, FPVs and NGOPVs, which are now benchmarks in their respective classes. R&D initiatives during the year also focused on AI driven condition monitoring, intelligent cable routing, modular hull design, and energy efficiency enhancements. These initiatives are firmly aligned with the national vision of “Viksit Bharat 2047”.
The CMD concluded by extending his gratitude to the Ministry of Defence and all stakeholders for their unwavering support in enabling GSL to deliver this remarkable performance and position itself for an even stronger future.
The meeting was attended by the Directors, Company Secretary, Auditors and the Shareholders, during which the Audited Financial Statements for FY 2024-25 were adopted.
