Kolkata: Garden Reach Shipbuilders & Engineers Limited (GRSE), a Defence PSU under the Ministry of Defence, has reported a strong financial performance for the quarter and year ended March 31, 2026, posting its highest-ever revenue and profit figures.
The company’s Board meeting was held from 3:00 PM to 5:00 PM, where the audited results and dividend were approved.
Strong Q4 FY26 Performance
GRSE delivered robust growth in the March quarter of FY26:
- Net Profit: ₹303 crore, up 24% YoY (₹244 crore in Q4 FY25)
- Revenue from Operations: ₹2,119 crore, up 29% YoY
- Total Income: ₹2,190 crore, up 25% YoY
- Profit Before Tax: ₹411 crore, up 27% YoY
- EPS (Basic): ₹26.47 vs ₹21.32 last year
The company also reported strong margin expansion during the quarter, supported by improved execution and operational efficiency.
Read also: GRSE Celebrates 67th Raising Day in Kolkata, Reaffirms Commitment to Maritime Defence Excellence
FY26: Highest-Ever Annual Financial Performance
GRSE recorded its best-ever annual performance in FY26:
- Revenue from Operations: ₹7,002 crore (up 38%)
- Total Income: ₹7,277 crore (up 34%)
- EBITDA: ₹1,070 crore (up 41%)
- Profit Before Tax: ₹1,005 crore (up 43%)
- Net Profit: ₹748 crore (up 42%)
- EPS: ₹65.29 (up 42%)
The company attributed this performance to strong execution of shipbuilding projects and sustained demand in the defence sector.
Dividend Announcement for FY26
The Board has recommended a total dividend of ₹19.60 per share for FY26, subject to shareholder approval:
- Final Dividend: ₹6.70 per share
- Interim Dividend (already paid): ₹12.90 per share (two tranches)
- Total Dividend: ₹19.60 per share
The final dividend will be paid within 30 days of declaration at the upcoming AGM.
Operational Highlights: 8 Warships Delivered
GRSE reported strong operational achievements during FY26:
- Delivered 8 warships in the year (around one ship every 1.5 months)
- Continued momentum in defence shipbuilding programs
- Strengthened execution capability in complex naval projects
Balance Sheet and Financial Strength Improves
Key financial position indicators showed improvement:
- Total Assets: ₹10,63,610 lakh
- Net Worth: ₹2,62,612 lakh
- Current Ratio: 1.23 (vs 1.17 last year)
- Debt-Equity Ratio: 0.013
The company maintained a strong financial position with low leverage and improved liquidity.
Accounting Adjustments and Governance Update
GRSE reported a change in accounting estimates for ongoing projects (P17A, ASWSWC & NGOPV), resulting in:
- Revenue increase: ₹51,955 lakh
- Cost increase: ₹45,693 lakh
- Net profit impact: ₹6,262 lakh
Due to procedural requirements, financial results were placed directly before the Board in the absence of an Audit Committee.
Auditor’s Report and Compliance
The statutory auditor, M/s Guha Nandi & Co., issued an unmodified (clean) audit opinion on the financial statements.
The report included an emphasis on accounting estimate changes but confirmed overall financial accuracy.
Management Commentary
GRSE Chairman and Managing Director Cmde PR Hari (Retd) stated that FY26 marks a landmark year for the company, highlighting:
- Delivery of 8 warships during the year
- Strong conversion of operational performance into financial growth
- Focus on technology adoption and capability expansion
- Plans for calibrated diversification in future growth
Market Performance
Following the results, GRSE shares closed at ₹2,875.30, up 0.76% on the BSE on April 28.
About GRSE
Garden Reach Shipbuilders & Engineers Limited (GRSE) is a leading Defence Public Sector Undertaking under the Ministry of Defence. The company is primarily engaged in the design and construction of warships and vessels for the Indian Navy and Coast Guard, playing a key role in strengthening India’s maritime defence capabilities and indigenous shipbuilding ecosystem.
