Garden Reach Shipbuilders & Engineers (GRSE) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue from operations was ₹189,569.31 lakh (+49% YoY) and profit for the period was ₹17,077.27 lakh (+74%); 9M revenue was ₹488,294.53 lakh.

• Five major platforms were delivered in 9M; three more major vessel deliveries were targeted over the following three months.

• Order book stood at ₹18,482 crore at Dec. 31; management targeted a year-end book near ₹50,000 crore, subject to contract closure.

• The Board declared a second FY26 interim dividend of ₹7.15 per share, totaling ₹81.90 crore.

Financial highlights

• Q3 revenue from operations was ₹189,569.31 lakh versus ₹127,100.76 lakh in Q3 FY25; total income was ₹195,768.85 lakh versus ₹134,284.98 lakh.

• Q3 profit before tax was ₹21,776.58 lakh versus ₹13,376.12 lakh; profit for the period was ₹17,077.27 lakh versus ₹9,818.68 lakh.

• 9M revenue from operations was ₹488,294.53 lakh versus ₹343,365.20 lakh; profit for the period was ₹44,473.53 lakh versus ₹28,315.45 lakh.

• 9M profit before tax was ₹59,384.34 lakh versus ₹37,973.66 lakh.

Outlook and guidance

• FY26 revenue growth was projected at 25%–30%; FY27 was expected to be a peak revenue year, supported by P17 Alpha deliveries.

• Project spares, research vessels and multipurpose-vessel deliveries are expected to cushion FY28; NGC revenue is targeted from Q4 FY28.

• NGC contract negotiations were in final stages, with signing expected by FY26-end and revenue accrual expected two years later.

• Year-end order book target is ~₹50,000 crore; ~₹70,000 crore by FY27 assumes P17 Bravo is secured at least as the L2 shipyard.

• Management expects healthy margins on new orders; NGC margins were viewed similarly to P17 Alpha, with collaboration potentially reducing retained profit through sharing.