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Goa Shipyard Limited (GSL), a Ministry of Defence public sector company based in Vasco-da-Gama, Goa, describes itself as the country’s fastest-growing shipyard. Its reported output and financial results show substantial growth, but the evidence does not establish an independently verified ranking of shipbuilders on India’s west coast. The distinction matters: the figures come from different reporting periods and use different measures.
What Goa Shipyard Limited does
GSL builds and repairs ships and provides general engineering services for defence and commercial sectors. Its FY2024-25 annual report describes an indigenously designed portfolio of products, systems, solutions and platforms serving India’s maritime security needs, including those of the Navy and Coast Guard, as well as friendly neighbouring countries. The company is owned 51.09% by the President of India, 47.21% by Mazagon Dock Shipbuilders Limited and 1.70% by others, according to that annual report. GSL Annual Report 2024-25
GSL’s work extends beyond ship construction. Government shipbuilding statistics report that its FY2023-24 income came 72.3% from shipbuilding, 7.2% from ship repair and 20.5% from other sources. The same publication records 230 ships and 171 GRP boats delivered over six decades. Ministry of Ports, Shipping and Waterways, Statistics of India’s Ship Building
Why GSL is called a fast-growing shipyard
The phrase “fastest growing shipyard in the country” comes from GSL’s FY2023-24 annual report, not an independent west-coast industry ranking. The report does not define the period or competitors used for that superlative. It credits the company’s management practices, technology, enterprise-management and e-procurement systems. These are GSL’s explanations for its growth, rather than independently tested causal findings. GSL Annual Report 2023-24
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That report also points to in-house design and research and development, along with a dedicated workforce. The government shipbuilding profile describes GSL’s design and R&D infrastructure, CAD/CAM capabilities and virtual reality centre. GSL’s listed work also includes Damage Control Simulators and Navy training and support facilities. These capabilities indicate that the company’s activity is broader than hull construction alone. Ministry of Ports, Shipping and Waterways, Statistics of India’s Ship Building
Financial and production growth by fiscal year
The figures below demonstrate growth, but they should not be treated as one uninterrupted series: revenue from operations, gross revenue and value of production are different measures reported by different sources.
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| Period and source | Reported measure | Reported result |
|---|---|---|
| FY2023-24, GSL annual report | Revenue from operations | ₹1,753 crore, up 102% year over year |
| FY2023-24, GSL annual report | Profit before tax (PBT); profit after tax (PAT) | ₹365 crore; ₹271 crore |
| At 31 March 2024, GSL annual report | Order book | ₹18,562 crore |
| FY2024-25, Press Information Bureau | Value of production | ₹2,801 crore, up 71% |
| FY2024-25, Press Information Bureau | Gross revenue | ₹3,190 crore, up 53% |
| FY2024-25, Press Information Bureau | PBT; PAT; earnings per share (EPS) | ₹379 crore; ₹288 crore; ₹24.78 |
The FY2023-24 figures are from GSL’s annual report. GSL Annual Report 2023-24 The FY2024-25 results were reported by the Press Information Bureau on 25 September 2025. PIB, FY2024-25 results
What GSL was building, and how its business is distributed
In FY2023-24, ship construction represented approximately 91% of GSL’s turnover, according to its annual report. The report described work on advanced frigates for the Indian Navy, seven next-generation offshore patrol vessels and pollution control vessels for the Coast Guard. These are projects identified for that reporting period; the cited information does not establish their current status. GSL Annual Report 2023-24
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The 91% turnover figure and the government publication’s income mix—72.3% shipbuilding, 7.2% ship repair and 20.5% other sources—are both for FY2023-24, but they are reported in different sources with differently labelled categories. They should not be combined as if they were the same accounting breakdown.
Latest reported results and an unresolved order-book figure
A Press Information Bureau release dated 25 September 2026 gives a more recent snapshot for FY2025-26: revenue from operations of ₹3,764 crore, up 32%, and total revenue above ₹4,000 crore. It also gives two order-book statements: above ₹13,000 crore and approximately ₹32,400 crore after a high-value Navy contract. The release does not explain the difference in timing or scope, so neither figure should be presented on its own as a reconciled definitive order-book total. PIB, 25 September 2026
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What the growth claim does—and does not—establish
The reported results support the view that GSL expanded sharply across recent periods: its FY2023-24 annual report recorded a 102% rise in revenue from operations, and the government reported strong production and gross-revenue growth for FY2024-25. But these numbers do not establish that GSL is objectively the fastest-growing shipbuilder on India’s west coast, because the sources do not provide a like-for-like comparison with other shipyards or define the ranking period.
GSL was elevated from Schedule B to Schedule A central public sector enterprise status. The Department of Public Enterprises approval was dated 25 February 2026, and the change was announced by PIB on 2 March 2026. PIB, Schedule A status announcement
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