Garden Reach Shipbuilders & Engineers (GRSE) Q4 25/26 earnings summary

Executive summary

• Record FY26 financial results coincided with delivery of eight warships; the order book stood at INR 15,324.16 crore, alongside a substantial prospective naval and commercial pipeline.

Financial highlights

• FY26 revenue was ₹7,002.16 crore, up 37.95% YoY, and PAT was ₹747.93 crore, up 41.81%; both were record highs.

• Q4FY26 revenue was ₹2,119.21 crore, up 29.06% YoY; PAT was ₹303.20 crore, up 24.14%.

• FY26 EBITDA was ₹1,069.69 crore, up 41.47%; PBT was ₹1,004.70 crore, up 42.86%.

• FY26 EPS was ₹65.29 versus ₹46.04 in FY25; Q4FY26 EPS was ₹26.47 versus ₹21.32 in Q4FY25.

Outlook and guidance

• FY27 revenue is expected to remain healthy and in line with the prior 3–4 years; management indicated similar margins, at ~9%–10% for the current year.

• NDIC revenue recognition is expected to begin in H2 FY28, contributing 3%–5% of overall project cost in FY28, with further contribution as construction progresses.

• NGC price negotiations are complete; contract signing is expected during the current financial year, with no red flags identified.

• NGC was valued at ~INR 150 billion; the broader estimated order opportunity pipeline was ~INR 150,000 crore, excluding NGC.

• European commercial-vessel contracts are anticipated over the next year or so; management plans to pursue export projects with attractive margins.