GRSENSEQ4 & FY2619 May 2026

Garden Reach Shipbuilders & Engineers Limited

8,076words

88turns

10analyst exchanges

0executives

Key numbers — 40 extracted

INR 2,119 crore

our best-ever financial performance. The revenue from operations recorded during the quarter was INR 2,119 crore, registering a growth of 29% over the last year and the profit after tax has moved up by 24%, fro

29%

revenue from operations recorded during the quarter was INR 2,119 crore, registering a growth of 29% over the last year and the profit after tax has moved up by 24%, from INR 244 crores to INR 303 c

24%

crore, registering a growth of 29% over the last year and the profit after tax has moved up by 24%, from INR 244 crores to INR 303 crores. Similarly, the margins have also shown a substantial incr

INR 244 crore

registering a growth of 29% over the last year and the profit after tax has moved up by 24%, from INR 244 crores to INR 303 crores. Similarly, the margins have also shown a substantial increase. When we take

INR 303 crore

th of 29% over the last year and the profit after tax has moved up by 24%, from INR 244 crores to INR 303 crores. Similarly, the margins have also shown a substantial increase. When we take the full financia

INR 7,002 crore

full financial year, I am happy to inform you that we have recorded a revenue from operations of INR 7,002 crore, registering a growth of 38% over the last financial year. Similarly, our profit after tax has mo

38%

you that we have recorded a revenue from operations of INR 7,002 crore, registering a growth of 38% over the last financial year. Similarly, our profit after tax has moved up from INR 527 crore to

INR 527 crore

a growth of 38% over the last financial year. Similarly, our profit after tax has moved up from INR 527 crore to INR 748 crore, registering a growth of 42%. All in all, the financial year has been excellent

INR 748 crore

over the last financial year. Similarly, our profit after tax has moved up from INR 527 crore to INR 748 crore, registering a growth of 42%. All in all, the financial year has been excellent for us and so has

42%

y, our profit after tax has moved up from INR 527 crore to INR 748 crore, registering a growth of 42%. All in all, the financial year has been excellent for us and so has been Quarter 4. Coming to

INR 200 crore

rt. I am also happy to inform you that the revenue from this particular vertical has touched INR 200 crore plus for the first time in the history of that vertical. Also, we have recorded a revenue of over

INR 270 crore

plus for the first time in the history of that vertical. Also, we have recorded a revenue of over INR 270 crore from exports. Our current order book stands at INR 15,324.13 crore. Actually, I am happy that t

Guidance — 20 items

Coming to the other business vertical

opening

“The P- 70 NALSA project, one more ship is yet to be delivered.”

Coming to the other business vertical

opening

“The Anti-Submarine Shallow Water Craft Project, we have four ships pending for delivery.”

Coming to the other business vertical

opening

“This ship has already recorded about 74% physical progress of construction, and we intend delivering this ship during the current calendar year.”

Coming to the other business vertical

opening

“Coming to the Anti-Submarine Shallow Water Craft Project: This is an eight-ship project, and of these eight ships, four have already been delivered, and the remaining four ships, two of them have touched about 80% physical progress of construction, and their basin trials have been completed, and we are preparing them for the Contractor Sea Trials, and we intend delivering these ships by the mid of the calendar year.”

Coming to the other business vertical

opening

“The last two ships, Ships 7 and 8, have touched around 60% physical progress of construction, and we will be delivering these ships during the current financial year, thereby completing this project also.”

Coming to the other business vertical

opening

“Coming to the Next-Generation Offshore Patrol Vessel project: This is a four-ship project, and the first of these ships have reached the stage of launch, and the launch of this vessel is planned on 20th of this month.”

Coming to the other business vertical

opening

“The progress of production, construction of the remaining three ships is also satisfactory, and we intend completing this project during Financial Year ‘29.”

Coming to the other business vertical

opening

“Coming to the other project, the non-defense project: The Ocean Research Vessel, this we are constructing for the Ministry of Earth Sciences, one of their organizations, called the NCPOR-Goa.”

Coming to the other business vertical

opening

“This project shall be completed by the end of the current financial year.”

Now coming to the two export projects

opening

“As you are aware, we are executing a project for a German client, the 12-ship Multipurpose Vessel project.”

Risks & concerns — 1 flagged

So, the deficit or the gap at this moment is not a grave concern.

— P. R. Hari

Q&A — 10 exchanges

Good afternoon, everyone, and thanks for the opportunity. First of all, congratulations for a very robust quarter and year, sir. Couple of questions from my side. The first one is on, if I go through the Statutory Committee of Defense reports, then something very striking that if you look at the summary of contracts that are expected to be signed over the next two years, these have gone down substantially. In the last report, it was around INR 42,000 crores In the report released in March, it is only INR 18,900 crore approximately for warships and survey vessels, that particular category. So,

P. R. Hari

Thank you, Amit. Now, when the figure of INR 18,900 crore has been allotted for defense shipbuilding, in my position, there is a fund outflow during the particular year. But as you are aware that government, including during the last year, perhaps even during the last two last Defense Acquisition Council, have given a green signal for multiple projects, what I had listed out earlier. So, the government focus on warship building is there and it is evident from the fact that the AON is being accorded and the RFPs are being promulgated online by both the major end users, that is the Navy and the

Yes, hi, sir. Thanks for the opportunity, and congrats for a very good set of results. A few questions from my side. So, first, could you please give us the order book breakup which you generally give across the ship?

P. R. Hari

Sure. Thank you, Mr. Harshit. The order book breakup, as I mentioned, our total order book value is INR 15,324 crores, and about 95% continues to come from shipbuilding. So, the shipbuilding orders are to the tune of around INR 14,730 crores, and within shipbuilding, the P-17 Alpha project has about INR 5,868 crores remaining, and the Anti-Submarine Shellow Water Craft worth INR 2,035 crores, and the Next Generation Offshore Patrol Vessel INR 5,168 crores. So, the warship building orders are to the tune of around INR 11,361 crores. Coming to the non-defense segment, the Ocean Research Vessel w

Yes. My first question is regarding when can we see the revenue booking for NGC starting? And in the intermittent period, you were supposed to have smaller ships where you could contribute to the revenue. So, if you can throw some light, how will the revenue numbers look like for the next two years?

P. R. Hari

Thank you. The revenue booking from NGC, if the contract is signed during the current quarter, we expect the booking to happen during the latter half of the next financial year, that is FY28. The second half of FY28, we expect the revenue generation from NGC to commence. Percentage-wise, if you can just elaborate, how much would be the percentage booking, percentage booking-wise, for the first two years at least? See, you are specifically asking about NGC? NGC, yes, NGC in particular. Okay. Let's see. Since we have been interacting over multiple Investor and Analysts Meet, shipbuilding follows

Yes, sir. This is Sanjeev here. Sir, my question was regarding the margins. So, we have done very good margins in FY25 and FY26, aided by the writeback of excess provisions that we would have taken on the various major platforms that we are building. So, for the future, should we kind of adjust for this writeback that we did, to really look at the sustainable margins for the future, which could be around 9% to 10%?

P. R. Hari

Sorry, Mr. Ashish, could you repeat the question, please? Somehow your voice was sounding a bit distorted. Could you please repeat the question? Yes, sir. What I was saying was that we did 8.3% EBITDA margin in FY25 and then 11.6% in FY26. Now, if we look to maintain margins, then should we adjust for the benefit that we received from the writeback that we took in the 4th Quarter of FY25 and FY26? Is that the right way to look at how the margins will plan out for the next three - four years? Yes, all I can say, frankly, the question was not clear purely, not because of the thing that I couldn'

So, my first question is regarding the possibility of revenues in FY28 from the aftermarket space, basically the spares for the platforms that we have delivered in the last two, three years, say survey vessels and the earlier frigates that we have delivered. Do you see that spare revenue starts throwing up, say, in the next two years, which could be a way to increase margins?

P. R. Hari

No, you are mentioning that ships delivered during the last two years. Yes. What is the question? Yes, so for the ships that have been delivered in the last two to three years, will the spare sales for those ships start reflecting in our numbers in the next two, three years, which could be a reason for margin of upward trajectory? I will tell you this way. In the last two years, the ships which were delivered, one, of course, is the P7 Alpha project. We have delivered two of the ships and survey vessels we have delivered four of them in the last year and the previous last two years, and four o

Hi, sir. Thanks for the opportunity. While you did highlight that the order for NGC could be signed sometime in this quarter, could you also share more details on the likely vendor ecosystem for the project, including the potential key suppliers and their respective workshares?

P. R. Hari

See, yes, we are expecting the order for the contract for the NGC to be signed in the current quarter. And for the next projects, that is the 120 FAC, 31 Waterjet FAC and the 17 Bravo projects, we expect the RFPs to come out in the next three months. Also, I had mentioned that three of the bids are currently live. So, the MPV, the bid submission has already taken place. And for the OPV for the Coast Guard and the interceptor boats, as I appreciate the bid submission is towards the end of this month or early next month. So, conservative time if we take for the smaller projects, from the time th

Thank you for the opportunity. Sir, we have discussed that right now we are seeing good momentum. Even we have inquiries from the European companies because of our pricing advantage. So, do we have enough capacities to take large orders from them, and is there a possibility to aim for even higher margins than what we have seen in the current year, which is obviously very good, but because we are globally competitive and we have good quality also, can we position ourselves as a higher margin player also going forward from the company perspective?

P. R. Hari

Yes, the opportunities are good, and the current projects we have taken because we wanted an entry into the commercial shipbuilding segment. So, when we follow this current order with more orders, definitely we will be going for projects with higher margin and perhaps with more order value. Just to give you a perspective, the project what we have taken on is a multi- purpose vessel, which is a medium-sized, state order value remaining is around INR 1,400 to INR 1,500 crore. If you just take any of the naval projects, be it additional Anti-Submarine Shallow Water Craft project, those ships are

Yes. Good afternoon and thank you for this opportunity. I have a specific question regarding the ASW Vessels. Are we still left with some equipment, fitment on our vessels, the ones that we have commercialized, especially as I believe without complete fitment post-delivery, we don't get the PBGS amount back, which I believe is some 10%. And from what I know, we were left with a Sonar installment.

P. R. Hari

Can you repeat, please? I didn't get the question. ASW Vessels, the Anti-Submarine Warfare Vessels, the few that we have commercialized and that are in the water as of date, I believe that without fitment of all the equipment on it, usually the Government doesn't give us the PBGS amount, which is usually 10% of the whole tender, if I am not wrong. And from what I know, we were left with the installment of the sonars on those vessels. Okay. Since you asked a specific question, I will try and give a very clear answer. The stage payment for the naval projects as per the DAP, the Defense Acquisiti

Yes, sir. Thanks for the opportunity. Sir, I missed a few points early on. And what I understand is that the P-17 Bravo is broken up between four and seven. There are other two big ticket size orders which you mentioned, the INR 32,000 crores and the INR 35,000 crores. I believe those order announcements could be scheduled in FY28. Sir, the order and the breakup, could you kindly just repeat it for me, please I just missed that.

P. R. Hari

Thank you, Mr. Shah. The P-17 Bravo, the total number of ships is seven. And as per the AoN accorded by the Defense Acquisition Council, this is the open- source information. The project will be between two shipyards, that is four and three. The L1 will get four and the L2 will get three. Coming to the next two projects, that is the mine countermeasure vessel project. It's a 12-ship project. The AoN value is around INR 32,000 crore. And it will be split between two shipyards. L1 shipyard getting eight and the L2 shipyard getting four. Coming to the LPD project, the order, the AoN, as my memory

Thank you. And thank you Concept for arranging this conference. It was an interesting session. And we had a few interesting queries during the session. And as usual, I look forward to the Investors and Analysts Meet and looking forward to interacting with you all after we announce the Results for the next Q1 FY27. Thank you.

Management

Speaking time

P. R. Hari

Moderator

Bhavya Gandhi

Harshit Kapadia

Rahil Dasani

Sunil Shah

Sanjeev Zarbade

Raj Shah

Kavish Parekh

Amit Dixit

Opening remarks

P. R. Hari

Thank you. Good afternoon, ladies and gentlemen. And a warm welcome to each one of you and I welcome each one of you to the conference call of Garden Reach Shipbuilders to discuss the results for Q4 and Financial Year Ending 31st March, 2026. With me here are Shri Niranjan Bhalerao – Director (Finance) and Chief Financial Officer; Smt. Aparajita Ghosh – Chief General Manager (Finance); Shri Sandeep Mahapatra, Company Secretary and Compliance Officer. And over the next few minutes, I shall give you a glimpse of our financial performance and thereafter highlight the physical performance that has resulted in the company recording strong numbers during the last financial year. I shall also touch upon the current order book, execution plan for the ongoing projects, orders on the anvil, and the future outlook of the Company, including a glimpse of our expansion plan. As I have stated, our financial performance during the quarter four and Financial Year Ending 2026, March 31st, has been stron

Coming to the physical performance

Our core business continues to be shipbuilding; and from the shipbuilding perspective, this again has been the best ever year in the history of the Company. We delivered eight warships to the Indian Navy, and interestingly, three of these vessels were delivered on the same day, and this perhaps is the first time in the history of our country. We also launched one warship with a keel laying of 19 platforms. These 19 of course include 13 hybrid ferries that we are building for the Government of West Bengal. So, 13 ferries plus 6 more platforms. We have done the keel laying during the last year.

Coming to the other business vertical

Seven naval surface guns were delivered during the last year, and four of these have successfully completed the Sea Acceptance Trial. We also delivered 110 portable steel bridges. As you are aware, we have a daily bridges business vertical and during the last year, we delivered 110 bridges, including 30 for export. I am also happy to inform you that the revenue from this particular vertical has touched INR 200 crore plus for the first time in the history of that vertical. Also, we have recorded a revenue of over INR 270 crore from exports. Our current order book stands at INR 15,324.13 crore. Actually, I am happy that the order book has dropped below INR 20,000 crore in the last five years, it's the first time that the order book is dropping below INR 20,000 crore. And in my appreciation, this is an indication that our execution rate has improved. This order book comprises of nine projects, consisting of 39 platforms. The P- 70 NALSA project, one more ship is yet to be delivered. The A

Now coming to the two export projects

As you are aware, we are executing a project for a German client, the 12-ship Multipurpose Vessel project. The keel laying, that is one of the project milestones, of three of the ships have already been completed, and the project is on track as of now. And the last project that we are executing for the Government of Bangladesh, a dredger project on track, and we intend launching this vessel during the current financial year. This in a nutshell gives you the execution plan for the orders in hand.

Now coming to what is on the anvil

The orders on the anvil, as you are aware, that we are the L1 for the Next Generation Corvette project. The price negotiations have already been completed, and we are awaiting the formal signing of the contract. The date is not fixed. It could happen any of these days. The order value is to the tune of around INR 33,000 crore. Currently, three tenders are live, one for the Indian Navy and two for the Indian Coast Guard. The Multipurpose Vessel project, two of these ships, the tender is already out. We expect the order value to be to the tune of around INR 1,500 crore, and the Next Generation Offshore Petrol Vessels for the Indian Coast Guard, five of these vessels, again, the order value is to the tune of around INR 2,000 crore, and 22 Interceptor Boats for the Indian Coast Guard again. The order value is likely to the tune of around INR 1,000 crore. In addition, three projects where we expect the RFPs to come out in the next three months, 120 Fast interceptor craft projects for the In

Coming to our expansion plan

As I had stated before, our expansion plans are on the right track. And just to give you the perspective, our current shipbuilding capacity is for construction of 28 platforms. And with the ongoing expansion projects, that is the modernization projects within our premises, this capacity will get increased to 32 ships by the end of the calendar year. And the projects that we have taken on for expansion is for creation of two Brownfield shipbuilding facilities in West Bengal, and two Greenfield shipbuilding facilities, one in West Bengal and one in Gujarat. What we envisage is with the revitalization package for shipbuilding that has been promulgated by the government, which is to the tune of around INR 69,725 crore, and the demand for platforms that has already been aggregated by the Ministry of Shipping, we expect the commercial shipbuilding segment to gather momentum. And it is with this intent that we are expanding to increase our shipbuilding capacity. So, I have broadly given you a

← All transcripts GRSE stock page →

Garden Reach Shipbuilders & Engineers Limited

Market Movers