Garden Reach Sh. Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Published 25 Aug 2026 | Aerospace & Defense | Market Cap: ₹29.8K Cr
GRSE expects to maintain strong execution momentum in FY27, continuing from recent quarters with robust ship deliveries (eight ships delivered last year). Q1 FY27 showed strong growth with total income up 38% YoY, revenue from operations up 39%, and PAT up 44%.
From Garden Reach Sh.'s Q1 FY27 earnings-call transcript · updated 25 Aug 2026.
Price
₹2,606
Market Cap
₹29.8K Cr
P/E Ratio
37.2
Revenue Rank
Margin Rank
How does Garden Reach Sh. rank in Aerospace & Defense?
Compare Garden Reach Sh. against every Aerospace & Defense company this quarter on revenue, margins and earnings-call signals.
Garden Reach Sh. — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.1K Cr, net profit ₹303 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 2- →GRSE expects to maintain strong execution momentum in FY27, continuing from recent quarters with robust ship deliveries (eight ships delivered last year).
- →Current order book stands at approximately ₹13,596 crore, with major projects like P-17 Alpha (₹4,519 crore left) and Anti-Submarine Shallow Water Craft (₹1,816 crore left), supporting steady revenue recognition.
- →Next-Generation Corvette (NGC) contract revenue to begin from FY28, with full project completion targeted by 2034-35, adding to revenue streams in the medium to long term.
- →Water metro projects across multiple states may drive additional orders worth about ₹1,500 crore with 30-40 platforms, contributing to volumes.
- →Expansion plans include greenfield shipyards in West Bengal and Gujarat, expected operational in 3-5 years, increasing capacity from 28 to 43 platforms, including larger commercial vessels, further boosting future sales volumes.
- →Anticipated inflow of ₹60,000 crore in new tenders during the current year with ₹80,000 crore already out, totaling opportunities near ₹1,40,000 crore, ensuring a strong order pipeline.
📈 Profitability & Margins
Rank 3- →Q1 FY27 showed strong growth with total income up 38% YoY, revenue from operations up 39%, and PAT up 44%.
- →Earnings per share increased by 44% from ₹10.49 to ₹15.09 in Q1 FY27.
- →Current execution momentum expected to continue given sizable order book of ₹13,596.26 crore.
- →Pay commission hike anticipated to increase employee costs by 15-20%, factored into projections.
- →Major upcoming defense orders totaling around ₹1,50,000 crore (₹80,000 crore live + ₹70,000 crore expected), providing significant revenue visibility.
- →Expansion plans to increase concurrent shipbuilding capacity from 28 to 32 platforms by end FY27 and further through Greenfield and Brownfield projects; expected to boost long-term growth.
- →Non-defense commercial opportunities and water metro projects add to future revenue streams.
- →Overall, strong growth in profits and EPS is expected to be sustained in near to medium term.
🏗️ Capital Expenditure Plans
Yes- →GRSE has a clear expansion plan involving both Brownfield and Greenfield projects on eastern and western seaboards.
- →Brownfield modernization within current premises aims to increase shipbuilding capacity from 28 to 32 platforms by end of calendar year.
- →Greenfield project in West Bengal (Raichak, closer to the sea) involves setting up a full-fledged shipyard with capital infusion approx. ₹2,200 crore; project expected to take 3-5 years.
- →Another Greenfield facility on western seaboard focused on total ship solution (shipbuilding, green ship recycling, ship repair) with capital infusion approx. ₹2,000 crore; expected completion in about 3 years.
- →Minor revitalization projects at two premises taken on long-term lease from Syama Prasad Mookerjee Port, capital infusion around ₹200 crore, completion within 18 months.
- →Investment also targeting new technologies and robotics adoption in shipbuilding and bailey bridge fabrication.
💰 Fundraising & Capital Structure
No information- →There is no explicit mention of any current or planned fundraising through debt or equity in the provided transcript.
- →The company is focused on expansion through CAPEX infusion, with planned capital expenditure of approximately ₹2,000-2,200 crore for greenfield and brownfield projects.
- →Expansion projects are being funded internally or through existing arrangements, with no specific reference to raising funds via debt or equity.
- →Corporate actions such as stock split or bonus shares are currently awaiting government approval, but no direct indication of equity fundraising was provided.
- →Overall, the discussion highlights organic growth and internal funding rather than external fundraising through debt or equity.
📋 Order Book & Pipeline
No- →Current total order book: ₹13,596.26 crore
- → - Shipbuilding: ₹12,980 crore (95%)
- → - Ship repair: ₹96 crore
- → - Naval vessel gun: ₹219 crore
- → - Bailey bridge: ₹158 crore
- → - Deck machinery: ₹58 crore
- → - Diesel engine plant: ₹82 crore
- →Major shipbuilding projects in order book:
- → - P 17 Alpha: ₹4,519 crore
- → - Anti-Submarine Shallow Water Craft: ₹1,815 crore
- → - Survey Vessel Large: ₹225 crore
- → - Next Generation Offshore Patrol Vessel (NGOPV): ₹3,075 crore
- → - Ocean Research Vessel: ₹740 crore
- → - Acoustic Research Ship: ₹450 crore
- → - Coastal Research Vessel: ₹258 crore
- → - Ferry: ₹203 crore
- → - Multi-Purpose Vessels and Dredger: ₹1,355 crore
- →Upcoming/RFP Live Orders worth approximately ₹80,000 crore:
- → - Navy & Coast Guard projects including fast interceptor crafts, mine sounder measure vessels, landing platform docks, etc.
- →Expected upcoming RFPs worth around ₹70,000 crore (including Landing Platform Docks and Mine Countermeasure vessels).
- →Total expected orders near ₹1,50,000 crore combining live and expected RFPs.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Continue your research
What Garden Reach Sh.'s management said in earlier quarters
Others in Aerospace & Defense this season
- AXISCADES Technologies Ltd (Q1 FY27)
The company sees a huge defense order pipeline exceeding ₹24,000 crore, with execution visibility till FY30. Key concall takeaways from AXISCADES Technologies…
- Aequs Ltd (Q1 FY27)
Consumer segment poised for rapid growth of 125% to 150% over FY26. Key concall takeaways from Aequs's Q1 FY27 earnings call — and how it ranks against sector…
- C2C Advanced (Q1 FY27)
The company is bullish on its current position, especially in global markets where margins are higher compared to India (India margins ~25% net; overseas…
- Apollo Micro Sys (Q1 FY27)
Continued investment in R&D (~9.5% of revenue last year), supporting technology advancement and new product development (Page 22). Key concall takeaways from…
Frequently Asked Questions
What were Garden Reach Sh. Q1 FY27 results?
GRSE expects to maintain strong execution momentum in FY27, continuing from recent quarters with robust ship deliveries (eight ships delivered last year). Q1 FY27 showed strong growth with total income up 38% YoY, revenue from operations up 39%, and PAT up 44%.
What is Garden Reach Sh. share price analysis?
Garden Reach Sh. currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 37.2 with a market cap of ₹29,801 Cr. Investors should review the full earnings analysis for detailed insights.
Is Garden Reach Sh. planning capital expenditure?
GRSE has a clear expansion plan involving both Brownfield and Greenfield projects on eastern and western seaboards. - Brownfield modernization within current premises aims to increase shipbuilding capacity from 28 to 32 platforms by end of calendar year. - Greenfield project in West Bengal (Raichak, closer to the sea) involves setting up a full-fledged shipyard with capital infusion approx.
Keep Garden Reach Sh. on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.