Garden Reach Shipbuilders & Engineers Limited (GRSE) Earnings Call Transcripts

Garden Reach Shipbuilders & Engineers Limited's Latest Earnings Call - Q4 FY2026

In Q4 and FY 2026, Garden Reach Shipbuilders & Engineers Limited (GRSE:IN) reported record financial performance, with revenues reaching INR 2,119 crores for the quarter, a 29% increase year-over-year, and INR 7,002 crores for the fiscal year, up 38% from the previous year. Profit after tax also saw significant growth, rising 24% in Q4 to INR 303 crores and 42% for the fiscal year to INR 748 crores. Management indicated a strong order book of INR 15,324 crores and expressed optimism about future projects, including the anticipated signing of the NGC contract, which could significantly impact revenue streams in the coming years.

Reported metrics

Guidance from management

Management expects to maintain strong financial performance with revenue from the NGC project starting in FY 2028. They aim to sustain EBITDA margins similar to FY 2026 levels.

What management said

Okay. Since you're happy, we had -- I'm sure you are keeping track of our progress at Pacifica milestone. A couple of ships, not a couple. Pre ships were delivered on the last day. So this -- the revenue recognition, the list the Navy, all these aspects are going on. That is the reason why we went for a conservative figure. So when all this happened, then when we formalize the deliveries and they hand it over the bus...

Thank you. The revenue booking from NGC, if the contract is signed during the current quarter, we expect the bookings to happen during the latter half of the next financial year, that is FY 28, the second half of FY '28, we expect the revenue generation from NGC to commence.

What analysts pressed on

Analysts raised concerns about the significant drop in expected government contracts for warships, which could impact future revenue. There were also questions regarding the sustainability of margins amid rising commodity prices and the potential for delays in new project contracts.

Main topics on the call

• Record Financial Performance — GRSE achieved its best-ever financial results, with FY 2026 revenues of INR 7,002 crores, a 38% increase YoY. Management stated, "the financial layer has been excellent for us and so has been the quarter 4."
• Strong Order Book — The current order book stands at INR 15,324 crores, with 95% from shipbuilding. This is a positive indicator of future revenue generation, as stated by management, "the order book has dropped below INR 20,000 crores...in...
• Expansion Plans — GRSE is expanding its shipbuilding capacity with projects underway to increase capacity by the end of the calendar year. Management noted, "we expect the shipbuilding segment to gather momentum."
• Future Revenue from NGC Project — Management expects revenue recognition from the NGC project to begin in the latter half of FY 2028, contingent on contract signing in the current quarter. They indicated, "the revenue generation from NGC to commence duri...

Read the full Garden Reach Shipbuilders & Engineers Limited transcript (Q4 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 24 Garden Reach Shipbuilders & Engineers Limited earnings call transcripts on record, spanning February 3, 2020 to August 6, 2026. Based on this history, Garden Reach Shipbuilders & Engineers Limited reports quarterly. The most recent call on file is dated August 6, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GRSE

Exchange

NSEI

Country

IN

Sector

Industrials

Industry

Aerospace and Defense

Calls on record

24

First call

February 3, 2020

Most recent

August 6, 2026

Reporting cadence

quarterly