Hindustan Shipyard Limited achieves Mini Ratna status

Hindustan Shipyard Limited (HSL) achieved a historic milestone on Tuesday by being awarded the prestigious Mini Ratna status, marking a major financial and operational turnaround for the 84-year-old shipyard. The recognition highlights HSL’s growing role in India’s maritime and defence sectors.

Founded in 1941, HSL has long been a key player in building India’s naval and commercial fleets. However, decades of financial struggles and a negative net worth even after its transfer to the Ministry of Defence in 2010 challenged its growth.

Since 2015, HSL has implemented reforms in financial management, productivity, and technological modernisation. These efforts have resulted in consistent net profits over nine financial years from FY 2015–16 to FY 2024–25, except for FY 2020–21 when COVID-19 disruptions affected operations.

Cmde Girideep Singh, Chairman and Managing Director, said, “It is a proud moment for all at HSL. Achieving Mini Ratna status reflects the dedication and commitment of our workforce. I extend heartfelt thanks to the Ministry of Defence, our customers, and business partners for their support.”

The recognition underscores HSL’s resilience and teamwork. With renewed momentum, the shipyard plans to drive India’s maritime growth through innovation, green shipbuilding, and advanced defence capabilities, while strategic collaborations and cutting-edge technologies will shape its next phase of development.

HSL’s Mini Ratna status stands as a testament to visionary leadership and collective effort, symbolising the resurgence of India’s public sector enterprises in shaping national industrial transformation.