Garden Reach Shipbuilders & Engineers (GRSE) shares rose about 4% on Tuesday, September 22, 2026, after the company’s board of directors approved a ₹2,896 crore capital budgetary outlay for a greenfield shipyard in Raichak, West Bengal. The approval was disclosed in an exchange filing on Monday evening, stating that the 423rd board meeting held on September 21, 2026, sanctioned the outlay to expand shipbuilding capacity for both naval and commercial segments. Investors reacted positively, driving the stock to an intraday high of ₹2,459.20, up from the previous close of ₹2,372.20.

NSE data showed the shares surged 3.66% to reach the intraday peak, while trading volumes exceeded 425K equity shares across NSE and BSE in the morning session, reflecting heightened buying interest. After the early high, the stock retraced and closed 1.3% higher at approximately ₹2,403 per share on September 22. The market capitalisation stood at ₹27,517 crore during the session, underscoring the company’s substantial valuation in the shipbuilding sector.

The greenfield project at Raichak is part of GRSE’s broader capacity expansion plan announced on August 24, 2026, which includes three new facilities in West Bengal. The new shipyard is expected to enhance the company’s production capabilities for both military and commercial vessels, aligning with national defence and maritime infrastructure objectives. The board’s approval marks a significant milestone in the company’s long‑term growth strategy.

Earlier this month, GRSE signed a memorandum of understanding with global maritime organisation DNV (Det Norske Veritas) at the SMM Hamburg Maritime Trade Fair in Germany, aiming to collaborate on advanced warships, specialised vessels, green shipping, and sustainable technologies. Additionally, a MoU with Damen Technical Cooperation B.V., Netherlands, was signed to explore the design and construction of dredgers for Indian customers, further diversifying GRSE’s technical partnerships.

Over the past five years, GRSE shares have delivered more than 1,163% returns to investors, with a 198% return over the last three years, despite a 9.6% decline in the past year. Year‑to‑date, the stock has fallen 1.2% in 2026 and 7.3% in the last month, though it has risen 2.2% in the past five market sessions. The 52‑week high reached ₹3,339 on April 29, 2026, while the low was ₹1,963.70 on March 30, 2026.