Garden Reach Shipbuilders & Engineers (GRSE) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue from operations was ₹130,986.94 lakh and PAT was ₹12,017.52 lakh, versus ₹100,972.05 lakh and ₹8,719.38 lakh in Q1 FY25.

• FY25 set records with revenue above INR 5,000 crore and PAT above INR 500 crore; Q1 FY26 was described as good.

• Deliveries included the first P17A frigate, the third Survey Vessel (Large), and the first Anti-Submarine Warfare Shallow Water Craft.

• Order book stood at INR 21,700 crore at June 30, 2025, across 10 projects and 40 marine platforms.

Financial highlights

• Revenue from operations was ₹130,986.94 lakh vs ₹100,972.05 lakh YoY; other income was ₹7,254.80 lakh vs ₹7,386.87 lakh.

• Profit before tax was ₹16,671.73 lakh vs ₹11,544.23 lakh YoY; profit for the period was ₹12,017.52 lakh vs ₹8,719.38 lakh.

• Total income was ₹138,241.74 lakh; total expenses were ₹121,570.01 lakh vs ₹96,814.69 lakh YoY.

• EPS, basic and diluted, was ₹10.49 vs ₹7.61 YoY; quarterly EPS was not annualised.

Outlook and guidance

• Similar top-line and bottom-line growth to recent years was expected in FY26 and FY27, supported by P17A, which is scheduled for completion by August 2026.

• Next Generation Corvette signing was targeted by calendar-year end optimistically or FY-end conservatively; revenue recognition is expected from FY28, with deliveries starting in 2031.

• Four more German-client multipurpose vessels were expected to be contracted by mid-September 2025; bids were submitted for five Navy survey vessels and 18 Coast Guard fast patrol vessels.

• Capacity targets are 32 platforms by 2026 and 40 by 2029; a seven-ship P17 Bravo RFP was expected by calendar-year end, with an estimated INR 70,000 crore project value and revenue opportunity through 2034.