Visakhapatnam based Hindustan Shipyard Limited conferred Mini Ratna status
Credit: X/@CMD_HSL
Hyderabad: Vizag headquartered defence PSU Hindustan Shipyard Limited (HSL) that had faced prolonged financial challenges for decades achieved a historic milestone by attaining the prestigious Mini Ratna status on Tuesday.
This recognition marks a defining moment in HSL’s journey of financial revival, operational excellence and growing contribution to India’s Maritime and Defence sectors.
Established in 1941, HSL has been a cornerstone of India’s shipbuilding capability, supporting India's naval and commercial fleets.
The shipyard faced prolonged financial challenges from the 1980s, and even after its transfer to the Ministry of Defence in 2010, its networth remained negative despite government support. Post-2015, HSL implemented targeted reforms in financial management, productivity, and technological modernisation, initiating a sustained turnaround.
HSL has posted net profit consistently over the last nine years from FY 2015–16 to FY 2024–25, except FY 2020–21 due to COVID-19-related production losses and supply chain disruptions. This performance highlights the resilience, commitment, and capability of HSL’s workforce.
“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, trust, and collaboration,” said HSL CMD Cmde Girideep Singh.
He added this achievement symbolises resilience, leadership, and teamwork. With renewed strength and vision, HSL is set to enhance India’s maritime growth through innovation, green shipbuilding, and defence capability. Strategic collaborations and integration of advanced shipbuilding technologies will define its future journey, he added.
From decades of struggle to renewed strength, HSL embodies the resilient spirit of India’s public sector enterprises and their capacity to drive national industrial transformation, Cmde Girideep Singh said.