Garden Reach Shipbuilders & Engineers (GRSE) reported impressive Q2 FY’26 results, highlighted by a 45% increase in revenue, reaching ₹1,677 crores. Profit after tax surged by 57% to ₹154 crores. The company’s order book stands strong at ₹20,205.56 crores, comprising 10 shipbuilding projects. GRSE anticipates continued growth, with potential for significant order book expansion in the coming months.
Financial Performance Highlights
GRSE announced robust financial results for Q2 FY’26:
- Revenue from operations increased by 45% year-on-year, rising from ₹1,153 crores to ₹1,677 crores.
- Total income grew by 42%.
- Profit after tax jumped by 57%, climbing from ₹98 crores to ₹154 crores.
Order Book Overview
As of September 30, 2025, the company’s order book stood at ₹20,205.56 crores. This includes:
- 10 shipbuilding projects with 43 platforms.
- 13 warships for the Indian Navy.
- Two export projects.
- 13 hybrid ferries for the Government of West Bengal.
- Specialized Research Vessels for various organizations.
Project Progress and Future Outlook
Key ongoing projects are progressing well:
- P-17 Alpha Project: The first ship has been delivered ahead of schedule, and the second ship is preparing for Contractor Sea Trials.
- Survey Vessel (Large) Project: The fourth ship is nearly 85% complete and ready for delivery in February 2026.
- Anti-Submarine Shallow Water Craft Project: Two vessels have been delivered, with the third expected early next month.
GRSE is actively pursuing new opportunities, with potential orders worth approximately ₹8,700 crores from three projects. The company is also in discussions with a European client for multi-purpose vessels.
Expansion Plans
GRSE is expanding its shipbuilding capacity from 24 to 28 ships concurrently by 2025, and aims to reach 32 ships by 2026 through ongoing modernization. Further expansion to 40 ships is planned within 4 years through brownfield and greenfield projects.
Source: BSE
