Goa Shipyard Ltd
Miniratna defence shipyard promoted by the Government of India and Mazagon Dock, with a ₹16,000 Cr order book and record FY25 profits.
Market cap
₹31,312 Cr
11.64 Cr shares
P/E ratio
108.73
Sector average 45
Book value
₹139.71
P/B 19.25
1-year return
-26.32%
52w ₹2,650 – ₹3,960
Currently 3% of the way through its 52-week range.
Indicative price history
1Y change
-27.32% ₹3,701 → ₹2,690
52-week band in this window: ₹2,665.16 – ₹3,714.74. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Gross revenue ₹3,190 Cr and PAT ₹288 Cr in FY25, both records, after PAT of ₹271 Cr in FY24 and ₹155 Cr in FY23.
- Order book of about ₹16,020 Cr; the Next Generation Corvette contract could take it beyond ₹34,000 Cr.
- Schedule A CPSE from March 2026; Government of India and Mazagon Dock together own over 98%.
About Goa Shipyard
Goa Shipyard Limited (GSL) is a Government of India defence public sector undertaking under the Ministry of Defence, based at Vasco da Gama, Goa. Incorporated in 1967, it builds and repairs offshore patrol vessels, fast patrol vessels, frigates, pollution-control vessels and landing craft for the Indian Navy, the Indian Coast Guard and export customers such as Mauritius and Sri Lanka. It was elevated from Schedule B to Schedule A CPSE status in March 2026.
The Government of India holds a majority of the equity and Mazagon Dock Shipbuilders holds roughly 47%, leaving a very small free float that trades in the unlisted market. The face value of the share is ₹5 and the paid-up capital is about ₹58.2 Cr, or roughly 11.64 Cr shares.
Performance has stepped up sharply in the last three years as the Triput-class frigates, the NGOPV programme and Coast Guard orders moved into full production. Revenue from operations rose from around ₹870 Cr in FY23 to ₹1,753 Cr in FY24 and about ₹2,850 Cr in FY25 (gross revenue ₹3,190 Cr), while profit after tax rose from ₹155 Cr to ₹271 Cr and then ₹288 Cr. The order book stood at about ₹16,020 Cr in 2026, with the seven-ship Next Generation Corvette contract expected to push it past ₹34,000 Cr.
Figures on this page are compiled from GSL press releases, the FY23–FY25 annual reports and dealer summaries. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Shipbuilding85%
Frigates, offshore patrol vessels, fast patrol vessels, landing craft for Navy, Coast Guard and exports
- Ship repair & refits8%
Refits and repairs for naval and Coast Guard vessels
- Other income & engineering products7%
Interest on deposits, GRP products and general engineering
Products & services
Offshore & fast patrol vessels
NGOPVs and FPVs for the Indian Coast Guard and Navy, GSL's core product line.
Frigates & corvettes
Triput-class frigates under licence and the upcoming Next Generation Corvette programme.
Ship repair & refits
Refits of naval and Coast Guard ships at the Vasco yard.
Engineering & GRP products
Glass-reinforced plastic boats, damage-control simulators and general engineering items.
What works
- • Defence PSU with a multi-year order book of about ₹16,000 Cr and visibility on the Next Generation Corvette and NGOPV programmes.
- • Strong balance sheet: net worth above ₹1,600 Cr, negligible borrowings and a history of regular dividends to the Government and Mazagon Dock.
- • Revenue tripled between FY23 and FY25 with profit after tax rising to ₹288 Cr as major programmes entered production.
What to watch
- • Free float is under 2% of equity, so the unlisted price is thin and volatile: the quote fell from a 52-week high of about ₹3,960 to ₹2,690.
- • Customer concentration on the Indian Navy and Coast Guard; project timing and milestone payments can make annual revenue lumpy.
- • No IPO is planned, so exit depends on the dealer market; at the current price the share trades at a high multiple of FY25 earnings.