GRSENSE14 November 2025

Garden Reach Shipbuilders & Engineers Limited

7,998words
44turns
6analyst exchanges
0executives
Key numbers — 40 extracted
₹1,153 crore
ntum, recording a strong set of numbers. Our revenue from operations year-on-year has gone up from ₹1,153 crores to ₹1,677 crores, registering a growth of 45%. Similarly, the total income has moved up by 42%, w
₹1,677 crore
strong set of numbers. Our revenue from operations year-on-year has gone up from ₹1,153 crores to ₹1,677 crores, registering a growth of 45%. Similarly, the total income has moved up by 42%, with the profit af
45%
m operations year-on-year has gone up from ₹1,153 crores to ₹1,677 crores, registering a growth of 45%. Similarly, the total income has moved up by 42%, with the profit after tax moving from ₹98 crores
42%
crores to ₹1,677 crores, registering a growth of 45%. Similarly, the total income has moved up by 42%, with the profit after tax moving from ₹98 crores to ₹154 crores registering a growth of 57%. Co
₹98 crore
wth of 45%. Similarly, the total income has moved up by 42%, with the profit after tax moving from ₹98 crores to ₹154 crores registering a growth of 57%. Coming to the order book that the company had as on
₹154 crore
milarly, the total income has moved up by 42%, with the profit after tax moving from ₹98 crores to ₹154 crores registering a growth of 57%. Coming to the order book that the company had as on 30th September,
57%
up by 42%, with the profit after tax moving from ₹98 crores to ₹154 crores registering a growth of 57%. Coming to the order book that the company had as on 30th September, our order book stood at ₹20
₹20,205.56 crore
57%. Coming to the order book that the company had as on 30th September, our order book stood at ₹20,205.56 crores. This comprises of 10 shipbuilding projects consisting of 43 platforms. These include 13 warships
60%
all be delivered ahead of schedule. The third ship, the last of this project has completed nearly 60% of construction and it's moving towards this delivery schedule during mid-2026. With that, we will
85%
a 4-ship project, three ships have already been delivered and the fourth ship has achieved nearly 85% physical progress of construction and has successfully completed the Contractor Sea Trials. It sha
80%
ry. We intend delivering the ship early next month. The fourth and fifth ship has achieved nearly 80% and 72% physical progress of construction, respectively and we are targeting delivery of both thes
72%
ntend delivering the ship early next month. The fourth and fifth ship has achieved nearly 80% and 72% physical progress of construction, respectively and we are targeting delivery of both these ships
Guidance — 20 items
P.R. Hari
opening
“In addition to these 13 warships, we are also executing two export projects, a project of 12 Multi-Purpose Vessels for our German clients and a Trailing Suction Hopper Dredger for the Government of Bangladesh.”
P.R. Hari
opening
“In addition, we are also executing an order for the Indian Navy for manufacturing of our Naval Surface Guns, two Ship Repair projects, including an export project for the Government of Mauritius, in addition to orders that we have on the Portable Steel Bridges, the Bailey Bridge Division, the Deck Machinery Division, and the Diesel Engine Plant at Ranchi.”
P.R. Hari
opening
“Coming to the P-17 Alpha project, as you are aware, this is a big prestigious project consisting of three warships.”
P.R. Hari
opening
“The third ship, the last of this project has completed nearly 60% of construction and it's moving towards this delivery schedule during mid-2026.”
P.R. Hari
opening
“With that, we will be completing this project.”
P.R. Hari
opening
“Coming to the Survey Vessel (Large) project.”
P.R. Hari
opening
“This is a 4-ship project, three ships have already been delivered and the fourth ship has achieved nearly 85% physical progress of construction and has successfully completed the Contractor Sea Trials.”
P.R. Hari
opening
“Now, the Anti-Submarine Shallow Water Craft project, this is the 8-ship project.”
P.R. Hari
opening
“We intend delivering the ship early next month.”
P.R. Hari
opening
“The balance three ships, the 6th, 7th,and 8th, have progress of construction ranging from 65% to 70% and by end of next year, we will be completing the Anti-Submarine Shallow Water Craft project.”
Risks & concerns — 5 flagged
But unless and until it is awarded, it's very difficult to see how they can get the trickle-down orders.
— P.R. Hari
So, until we hit really the pressure on NGC and Landing Platform Dock, do you foresee that in the next, let's say, 3 to 4 quarters will face a period where there's significant earnings decline just because we would have exhausted our order book?
— P.R. Hari
So, it is not natural that as the overall revenue increases, the subcontracting cost also increases, and that is purely a natural phenomenon, and no matter of concern.
— P.R. Hari
So, we do not see the proven 630 as a challenge at all.
— P.R. Hari
Rather, we do not see 30 mm as a challenge to 630.
— P.R. Hari
Q&A — 6 exchanges
Q
Good evening, everyone. Congratulations for a good set of numbers. A couple of questions from my side, sir. One is the recently approved AoNs of ₹79,000-odd crores, there was a mention of LPD over there. So just wanted to understand the quantum of LPD that could be there and then secondly, who all are in the fray for this particular platform? And part C of the question is that how long it will take for us to build this LPD, if we get the contract? Thank you, Mr. Amit. You're absolutely right. The last DAC meeting, they have accorded AoNs for various projects including the LPD project. This is
Ayush Agrawal
Thank you, Mr. Sai. Yes, we are also waiting for the P-17 Bravo project having now raised almost 2/3 of the P-17 Alpha project. Yes, the AoN has already been accorded by the DAC about, I think, about 8 months back. We expect the RFP to come out during the current financial year. With our Bravo ship project not likely, it will be split between two shipyards, the L1 shipyard taking 4, and the L2 shipyard taking 3. So, as I said, RFP is expected during the end of Q4 FY '26. Sir, you already have given your experience with P-17 Alpha, how confident are you about winning the order? And also, could
Q
Thanks for the opportunity. And thanks to the Commodore Hari sir, we learned a lot from you during your interactions with the investors. And I really respect you for your patient responses and very elaborate thing to the investor. And my question is regarding non-operational corporate event. So, I just want to check that the other shipbuilding companies have given some corporate actions like stock split or bonus. So, I just want to check, is there anything on the card, sir? Could you repeat the question part once again? I am not able to hear clearly, some sort of… So, the thing is that the oth
P.R. Hari
Sure, sir. Great, sir. And I hope under your leadership, so our company will have a long way to go. Thank you, sir. Thanks for the effort and all, you are keeping and making this company great, sir. Thanks a lot, sir. Thank you. Our next question comes from the line of Sunil Shah from SRE PMS. Please go ahead. Yes, sir. And first of all, congratulations on the first delivery of the frigate, the P-17 Alpha, that we could deliver to the country. So, big thank you from everybody and to the entire team of GRSE, congratulations on that side. Enjoyed the entire journey from the date of the order ann
Q
Congratulations for a good set of numbers. Could you give us a breakup of the ₹20,000 crore order book across all the ship categories which you have, sir?
P.R. Hari
Sure. I will start with the P-17 Alpha project. The P-17 Alpha project, the spending remaining order balance order values around ₹9,500 crores. The Anti-Submarine Shallow Water Craft is around ₹3,075 crores. The Survey Vessel (Large) is around ₹400 crores. The Next-Generation Offshore Patrol Vessel is around ₹3,250 crores and the 30mm Naval Surface Gun is around ₹150 crores. Rest all vessels all put together, that comes to around okay, the Ocean Research Vessel is around ₹750 crores, the Acoustic Research Ship around ₹220 crores, the West Bengal Electric Ferry, again about ₹220 crores and the
Q
Yes. Sir, my question would be on the weapon side only. Sir, there is existing indigenized 30 mm platform, the AK630, which is being made by the government lab. So, sir, just trying to understand how our guns compared to them, since they are an established vendors with several installations. Sir, why should be winning orders against them? Sir, what makes us differentiated in this?
P.R. Hari
Sorry, Mr. Rohit, could you repeat the question, please? Okay, sir, I'll repeat. Sir, I was asking about this there is another indigenized 30 mm platform, the AK 630, which is being made by the government labs. Sir, just trying to understand, sir, how are our guns compared to them? Since they are an established vendor with several installations, sir, what makes us differentiated? Okay. These are for two different purposes. One is for anti-aircraft engagement and close in weapon-system and 30 mm is for a different purpose, it is naval and coast guard surface gun. The bore of this particular gun
Q
Congratulations, sir, on a very stable set of numbers. My first question is how much cash we are having on the books right now?
P.R. Hari
I couldn't hear, Mr. Anirudh. Could you repeat the question, please? How much cash equivalent or cash we are holding right now in our balance sheet? ₹3,009 crores. And sir, how do we intend to use it? See, our own funds are ₹283 crores and project funds are ₹2,874 crores, which we have parked so that the payment especially from our side is for our partners or for other requirements. That is what we are planning for the current year. Sir, my final question is, is it my right assessment to say that the best is yet to come for our company? Again, last question, sorry, I couldn't get you. Could yo
Q
Congratulations, sir, to the entire team on excellent performance in the last quarter. It's been truly commendable execution, I think, over the last 5 - 6 years as well, especially with the delivery of P-17 Alpha as well. So, congratulations for that. Most of my questions have been answered. So just one or two quick clarifications. You mentioned the planned brownfield expansion coming up in 3 pockets, I believe. So, will it be coming up phase-wise as well? If yes, then by when are we targeting Phase 1 to be coming up? No. We will be moving concurrently. Two of the projects, the two process we
Management
Speaking time
P.R. Hari
21
Moderator
8
Anirudh Murarka
5
Rohit Priyadarshi
4
Ayush Agrawal
3
Harshit Kapadia
2
Sunil Shah
1
Opening remarks
P.R. Hari
Thank you, Sagar. Good afternoon, everyone. I welcome you all to the conference call of GRSE to discuss Q2 FY '26 Results. And with me here are Shri Niranjan Bhalerao, Director (Finance) and Chief Financial Officer, Smt. Aparajita Ghosh, General Manager (Finance), and Shri Hitesh Borana – Assist. Company Secretary. As I normally do during these con calls, I shall proceed in the following fashion prior to addressing your queries. I shall touch upon the financial performance of the quarter ending and half year ending 30th September 2025, will give you a glimpse of the physical performance that has translated into the financial performance, cover the order book, give you a glimpse of the future outlook, including orders on the anvil and culminate with our expansion plans. I am happy to inform you that the results of Q2 FY '26 have been encouraging, and we have been able to sustain the growth momentum, recording a strong set of numbers. Our revenue from operations year-on-year has gone up
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