Garden Reach Shipbuilders & Engineers (GRSE) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue from operations rose 39% YoY and PAT increased 44%; management called it the 17th consecutive quarter of upward financial performance.

• Order book was INR 13,596.26 crore across 11 projects and 44 marine platforms; management linked the decline below INR 50,000 crore to strong execution.

• Navratna status was granted on 19 June 2026, providing greater autonomy to support expansion plans.

Financial highlights

• Revenue from operations was Rs 181,461.59 lakh vs Rs 130,986.94 lakh YoY, up 39%; total income was Rs 191,418.14 lakh vs Rs 138,241.74 lakh.

• PAT was Rs 17,283.76 lakh vs Rs 12,017.52 lakh YoY, up 44%; PBT was Rs 23,152.61 lakh vs Rs 16,671.73 lakh.

• Total expenses were Rs 168,265.53 lakh vs Rs 121,570.01 lakh; materials consumed were Rs 124,423.10 lakh vs Rs 67,987.32 lakh.

• Basic and diluted EPS was Rs 15.09 vs Rs 10.49; total comprehensive income was Rs 17,354.34 lakh vs Rs 11,953.50 lakh.

Outlook and guidance

• Next-generation corvette contract signing was expected in Q2 FY27, with revenue recognition expected from FY28 if signed in the quarter; management reported no red flags despite the delay.

• Delivery targets: final P17A ship by November 2026; four remaining anti-submarine shallow water craft in FY27; first NGOPV from Q2 FY28.

• Wage revision next year is expected to raise employee costs by 15%-20%, a range included in future projections.

• Water-metro RFPs were expected within the coming year; plans are to participate in an estimated INR 1,500 crore opportunity across five states and 30-40 platforms.