Garden Reach Shipbuilders & Engineers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Garden Reach Shipbuilders & Engineers Ltd filed with BSE on 19 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
GRSE reported its best-ever quarterly and annual financial performance for Q4 and FY26, with quarterly revenue of Rs 2,119 crore, up 29% year-on-year, and profit after tax of Rs 303 crore, up 24%. For the full year, revenue from operations rose 38% to Rs 7,002 crore and profit after tax rose 42% to Rs 748 crore. Management described progress on the current order book of Rs 15,324 crore, delivery timelines for ongoing shipbuilding projects, and a pipeline of upcoming orders including the Next Generation Corvette project where the company is L1.
Numbers mentioned
Revenue from operations: INR 2,119 crore (Q4 FY26)
p. 4
“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%, from INR 244 crores to INR 303 crores.”
P. R. Hari, page 4 of the filed PDF · View the filing
Profit after tax: INR 303 crore (Q4 FY26)
p. 4
“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%, from INR 244 crores to INR 303 crores.”
P. R. Hari, page 4 of the filed PDF · View the filing
Revenue from operations: INR 7,002 crore (FY26)
p. 4
“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.”
P. R. Hari, page 4 of the filed PDF · View the filing
Profit after tax: INR 748 crore (FY26)
p. 4
“Similarly, our profit after tax has moved up from INR 527 crore to INR 748 crore, registering a growth of 42%.”
P. R. Hari, page 4 of the filed PDF · View the filing
Current order book: INR 15,324.13 crore
p. 5
“Our current order book stands at INR 15,324.13 crore.”
P. R. Hari, page 5 of the filed PDF · View the filing
Warships delivered: 8 (FY26)
p. 4
“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.”
P. R. Hari, page 4 of the filed PDF · View the filing
Portable steel bridges delivered: 110 (FY26)
p. 4
“We also delivered 110 portable steel bridges.”
P. R. Hari, page 4 of the filed PDF · View the filing
Revenue from exports: over INR 270 crore (FY26)
p. 5
“Also, we have recorded a revenue of over INR 270 crore from exports.”
P. R. Hari, page 5 of the filed PDF · View the filing
Shipbuilding orders: INR 14,730 crores
p. 11
“So, the shipbuilding orders are to the tune of around INR 14,730 crores”
P. R. Hari, page 11 of the filed PDF · View the filing
Non-defense order book share: 22.5%
p. 12
“So, what is interesting is that in the non-defense segment, now we have about 22.5% of our total order book.”
P. R. Hari, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
NGC contract signing — contract signed · Q1 FY27 (current quarter)
stated firmly by P. R. Hari
p. 13
“Our current assessment is that the contract will be signed during the current quarter that is June.”
P. R. Hari, page 13 of the filed PDF · View the filing
NGC revenue recognition — revenue booking to commence · second half of FY28
stated conditionally by P. R. Hari
p. 13
“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.”
P. R. Hari, page 13 of the filed PDF · View the filing
EBITDA margin — similar margins · FY27
stated firmly by P. R. Hari
p. 16
“I can assure you that the current financial year, the margins are going to be similar.”
P. R. Hari, page 16 of the filed PDF · View the filing
EBITDA margin — similar margins · FY28 and FY29
stated as an aspiration by P. R. Hari
p. 15
“In case of FY28 and ‘29, we will try and maintain similar margins.”
P. R. Hari, page 15 of the filed PDF · View the filing
NGOPV project completion — project completion · FY29
stated firmly by P. R. Hari
p. 6
“The progress of production, construction of the remaining three ships is also satisfactory, and we intend completing this project during Financial Year ‘29.”
P. R. Hari, page 6 of the filed PDF · View the filing
Shipbuilding capacity — 32 ships · by end of the calendar year
stated firmly by P. R. Hari
p. 8
“this capacity will get increased to 32 ships by the end of the calendar year”
P. R. Hari, page 8 of the filed PDF · View the filing
RFPs for 120 FAC, 31 Waterjet FAC, P-17 Bravo — RFP issuance · next three months
stated conditionally by P. R. Hari
p. 7
“we expect the RFP to come out in the next three months, and the other two projects, the Mine Countermeasure as well, and the Landing Platform Dock, most likely during the current financial year”
P. R. Hari, page 7 of the filed PDF · View the filing
P-17 Alpha delivery — delivery of final ship · current calendar year
stated firmly by P. R. Hari
p. 5
“This ship has already recorded about 74% physical progress of construction, and we intend delivering this ship during the current calendar year.”
P. R. Hari, page 5 of the filed PDF · View the filing
Export order pipeline — more contracts for commercial vessels · next year or so
stated as an aspiration by P. R. Hari
p. 18
“I am very confident that in the next year or so we should be able to conclude more contracts for commercial vessels, especially from the European market.”
P. R. Hari, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the figure reflects anticipated fund outflow in a given year rather than government intent, and pointed to ongoing AoN approvals and RFPs as evidence of continued focus.
Answered by P. R. Hari
Asked by Amit Dixit: Why has the government's near-term budgeted contract value for warships and survey vessels declined sharply per Standing Committee reports?
p. 9
“So, this figure what you have mentioned is perhaps the fund outflow that is anticipated from these projects during a particular financial year.”
P. R. Hari, page 9 of the filed PDF · View the filing
Management explained that three ships were delivered on the last day and revenue recognition/liaison with the Navy for those deliveries was finalized afterward, raising the total.
Answered by P. R. Hari
Asked by Harshit Kapadia: Why was there a large gap between the provisional revenue figure reported on 31 March and the final revenue figure announced later?
p. 12
“Three ships were delivered on the last day. So, the revenue recognition, the liaison with the Navy, all these aspects are going on.”
P. R. Hari, page 12 of the filed PDF · View the filing
Management clarified it did not say there would be no dip, only that remaining projects will provide revenue in FY28 after some projects complete in FY27.
Answered by P. R. Hari
Asked by Bhavya Gandhi: Will FY28 see a dip in revenue given the gap before NGC revenue starts?
p. 15
“No, I did not state that. All I am telling is that by FY27, the current financial year, a couple of more projects would get completed, and the remaining projects would give us revenue during the next year FY28.”
P. R. Hari, page 15 of the filed PDF · View the filing
Management said about 65% of project cost is equipment/systems, of which 55-60% is electronics largely sourced from Bharat Electronics with some other Indian OEMs.
Answered by P. R. Hari
Asked by Kavish Parekh: What proportion of the NGC program value is attributable to electronics and which vendors are involved?
p. 19
“In the NGC project, about 65% of the overall project cost is for the equipment and systems.”
P. R. Hari, page 19 of the filed PDF · View the filing
Management said existing contracts are fixed-price with orders placed earlier, so there has been no material cost impact, though new contracts will factor in this uncertainty.
Answered by P. R. Hari
Asked by Harsh Mulchandani: Is there any delay in passing on rising commodity costs to clients?
p. 21
“For all the new contracts which we are yet to sign or where we are bidding, we will factor this aspect of uncertainty also.”
P. R. Hari, page 21 of the filed PDF · View the filing
Management clarified the variable depth sonar is a buyer-furnished developmental item, and there is no financial impact on the bank guarantee from its non-availability.
Answered by P. R. Hari
Asked by Rahil Dasani: Is there a financial impact from incomplete sonar fitment on ASW vessels affecting bank guarantee release?
p. 22
“What I am trying to say, there is no financial impact with respect to the bank guarantee or PBGS, the firm's bank guarantee.”
P. R. Hari, page 22 of the filed PDF · View the filing
Risks flagged
Escalation in commodity costs affecting new/unsigned contracts
p. 21
“Yes, there is a deviation or the escalation with respect to the cost of commodities there has been an impact.”
P. R. Hari, page 21 of the filed PDF · View the filing
Minor time delays from steel and industrial gas availability for fabrication
p. 21
“what we have seen is that where minor delays with respect to steel or the industrial gas which contribute towards fabrication within the premises, yes, there is a very, very marginal insignificant impact which we are able to absorb in the overall scheme of things.”
P. R. Hari, page 21 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.