India’s PSU Shipyards Target ₹50,000 Crore Export Milestone by FY29

NEW DELHI – India’s public sector shipyards are pivoting from domestic naval suppliers to global contenders, riding a wave of supply chain realignments. With maritime and defense exports surpassing ₹23,000 crore in FY25, policymakers aim to more than double this figure to ₹50,000 crore by FY29.

Key Industry Leaders:

• Mazagon Dock Shipbuilders: Expanding beyond Indian naval orders to compete in global tenders for warships and submarines.
• Garden Reach Shipbuilders & Engineers: Growing its footprint in Africa and Southeast Asia with patrol boats and smaller naval vessels.
• Cochin Shipyard: Leveraging expertise in aircraft carriers to target niche markets, including green and hybrid vessels.

Strategic Outlook:

• The Opportunity: Rising costs in traditional hubs like China and South Korea are prompting global buyers to look toward India’s competitive labor and engineering base.
• The Challenge: Success depends on managing execution risks, ensuring timely deliveries, and upgrading technology to meet international standards.
• Investor Sentiment: High valuations for listed PSU shipyards reflect strong market expectations for sustained growth over the next decade.

Supported by national manufacturing programs and a robust order pipeline, India’s shipbuilding sector is positioned to become a major force in the global maritime economy.