India · Delayed Price · Currency is INR Garden Reach Shipbuilders & Engineers Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY 2027 revenue rose 39% YoY and PAT increased 44%, while execution continued across a 44-platform order book. Navratna status and planned capacity expansion support a large defense and commercial pipeline.
Fiscal Year 2026
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Full-year revenue reached INR 7,007 crore, up 20%, and PAT was INR 748 crore, up 42%; eight warships were delivered. A INR 15,324 crore order book and a large prospective naval and commercial pipeline underpin execution visibility.
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Q3 revenue rose 49% YoY and PAT 74%, with five major platforms delivered in 9M. A large defense and commercial pipeline supports growth, while capacity expansion and competitive tender wins remain key conditions.
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Q2 revenue rose 35% YoY and PAT 57%, while the order book stood at INR 20,205.56 crore. Management targets an order book above INR 50,000 crore by FY26-end and is advancing capacity expansion amid substantial defense and commercial demand.
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Q1 FY26 was described as strong, while the INR 21,700 crore order book and major naval deliveries underpin momentum. Management expects FY26-FY27 growth and is expanding capacity toward 40 platforms by 2029.
Fiscal Year 2025
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FY25 revenue rose 31% to ₹5,075 crore and PAT grew 46% to ₹527 crore, while the order book held at ₹22,680 crore. Management sees FY26 as a potential peak execution year and is expanding capacity to meet a large naval and commercial pipeline.
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Q3 revenue rose 38% YoY to ₹1,271 crore and PAT rose 11% to ₹98 crore; the ₹23,877 crore order book supports management’s 20%–25% five-year CAGR outlook, alongside prospective naval awards and expansion in ship repair and exports.
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Q2 FY25 revenue rose 28% YoY and PAT rose 21%, supported by a INR 24,221 crore order book. Management reiterated ~25% FY23–FY27 revenue CAGR, stable margins and investment in shipbuilding capacity and green vessels.
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The INR 25,231 crore order book and an active Navy and Coast Guard pipeline support 25%-30% revenue growth guidance for FY25 and similar growth in FY26. Management expects 7.5%-8% PAT margins and peak execution years through FY27.
Fiscal Year 2024
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FY24 revenue rose 40% to INR 3,593 crore and PAT grew 37% to INR 354.24 crore. A INR 52,652.63 crore order book supports near-term execution, while new awards are key to sustaining growth beyond 2027.
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Record 9M FY24 results included 31% revenue growth and 42% PAT growth, with a ₹23,592 crore order book. Management expects 20%–25% revenue growth near term, backed by naval projects and expansion into commercial shipbuilding.