The vessels will be built for Garden Reach Shipbuilders & Engineers, intended for use by Geological Survey of India.
The ships are research vessels designed for coastal exploration, with primary activities including offshore geological mapping, mineral exploration with dredging, ocean environment monitoring and research, as well as shipboard data processing and sample analysis in modern, well-equipped scientific laboratories.
The order is valued at Rs 445 crore, plus Rs 22.25 crore towards GST, aggregating to a total order value of Rs 467.25 crore. The vessels will be built under the classification regulations of Indian Register of Shipping.
The execution is scheduled to be completed within 28 months from the date of LOI.
Titagarh Rail Systems (formerly known as Titagarh Wagons) is mainly engaged in the manufacturing and sell of freight wagons, passenger coaches, metro trains, train electricals, steel castings, specialised equipments & bridges, ships, etc. The company caters to both domestic and export market.
The company had reported 53.82% decline in consolidated net profit to Rs 30.94 crore in Q1 FY26 as against Rs 67.01 crore posted in Q1 FY25. Revenue from operations decreased 24.77% year-on-year (YoY) to Rs 679.30 crore in the quarter ended 30 June 2025.
The scrip rose 0.51% to currently trade at Rs 859.80 on the BSE.