Garden Reach Shipbuilders & Engineers Limited (GRSE) has reported Q1 FY26 results, delivering strong growth in both revenue and profitability on a year-on-year (YoY) basis, though sequentially revenue moderated after a strong March quarter.
Financial Performance (YoY) – Q1 FY26 vs Q1 FY25
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Total Income rose 27.6% to ₹1,382 crore from ₹1,084 crore.
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Revenue from Operations grew 29.9% to ₹1,310 crore from ₹1,010 crore.
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EBITDA jumped 41.5% to ₹184 crore from ₹130 crore.
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Profit Before Tax (PBT) increased 44.6% to ₹167 crore from ₹115 crore.
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Profit After Tax (PAT) surged 37.8% to ₹120 crore from ₹87 crore.
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Earnings Per Share (EPS) improved to ₹10.49 from ₹7.61.
Financial Performance (QoQ) – Q1 FY26 vs Q4 FY25
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Total Income declined 21.3% from ₹1,756 crore in Q4 FY25, reflecting seasonality in project execution.
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Revenue from Operations dropped 20.1% from ₹1,642 crore.
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PBT fell 48.5% from ₹324 crore in the previous quarter.
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PAT was down 50.8% from ₹244 crore in Q4 FY25.
Key Metrics (YoY)
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Net Profit Margin: 9.17% (Q1 FY26) vs 8.64% (Q1 FY25)
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Net Worth: ₹21,988 crore vs ₹17,609 crore
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Debt-Equity Ratio: 0.012 vs 0.005 – maintains near debt-free status
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EBITDA Margin: ~13.9% vs ~12.0% last year
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Current Ratio: 1.18 vs 1.14
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Trade Receivables Turnover: 17.91 times vs 19.41 times
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Inventory Turnover: 1.53 times vs 1.05 times
Operational & Strategic Highlights
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Continued execution of major naval projects with steady production progress.
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Infrastructure capable of building 28 ships concurrently.
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Over 800 platforms built till date, including 112 warships – the highest by any Indian shipyard.
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Engineering division producing deck machinery, marine pumps, and portable steel bridges.
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Strong export record – including vessels for Mauritius, Seychelles, and Guyana.
Cmde Hari PR, IN (Retd), Chairman & Managing Director of GRSE, said the company began FY26 on a strong footing with healthy first-quarter results. He noted that, given the production maturity levels of ongoing projects, the management remains confident about sustaining the growth momentum through the rest of the year.