Garden Reach Sh.
Garden Reach Shipbuilders & Engineers Q2 FY26: Order Book ₹20,000 Cr
Q2 FY26 earnings call: what management said on revenue, margins and capex.
Garden Reach Sh. Q2 FY26 key numbers
- Revenue
- Revenue is estimated to reach around ₹10,000 to ₹11,000 crores by FY'28, with visibility for growth through FY'26 to FY'28.
As stated in Garden Reach Sh.'s Q2 FY26 earnings call transcript · published 5 Aug 2026. Reported figures, not investment advice.
The short version
GRSE projects a revenue growth of about 25% to 30% year-on-year, with consistent growth expected in the current financial year. Revenue growth guidance maintained at 25% to 30% year-on-year, with H1 FY'26 already showing 38% growth.
From Garden Reach Sh.'s Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- GRSE projects a revenue growth of about 25% to 30% year-on-year, with consistent growth expected in the current financial year.
- Revenue is estimated to reach around ₹10,000 to ₹11,000 crores by FY'28, with visibility for growth through FY'26 to FY'28.
- Post-FY'28, revenue may plateau for 2 to 4 years, followed by another growth spike driven by Next-Generation Corvette projects.
- Capacity expansion plans (brownfield and greenfield) aim to increase shipbuilding capacity from 24 to 40 ships by around 2026-2028 to support future demand.
2 more points from Garden Reach Sh.'s call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Brownfield expansion in West Bengal across three separate pockets is underway, with areas identified and development started in at least two of the three sites.
- Greenfield shipyard project on the West Coast is in the DPR (Detailed Project Report) preparation stage, expected to take 3 to 4 years for fruition.
- Capacity enhancement plan: Shipbuilding capacity to increase from 24 ships to 28 ships during 2024-2025 and reach 32 ships by 2026.
- Future plan to increase capacity to 40 ships around 4 years from now, combining brownfield and greenfield expansions to meet future demand, especially for large-sized commercial vessels.
2 more points from Garden Reach Sh.'s call on capex
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Fundraising & Capital Structure
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Order Book & Pipeline
- Current order book is approximately ₹20,000 crores.
- GRSE is L1 for the Next-Generation Corvette (NGC) order valued around ₹25,000-30,000 crores.
- Expected to end FY with an order book of around ₹50,000 crores including NGC.
- Approval of Necessity (AoN) for 7 major projects worth approximately ₹1,52,000 crores, including P-17 Bravo (₹70,000 crores), Mine Counter Measure Vessel (₹32,000 crores), and Landing Platform Dock (LPD) (₹35,000 crores).
- Additional pre-RFPs value estimated around ₹8,700 crores.
- Commercial shipbuilding orders also expanding with 207 vessels valued around ₹5,000 crores identified.
2 more points from Garden Reach Sh.'s call on order book
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Garden Reach Sh. — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹2.1K Cr, net profit ₹303 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Garden Reach Shipbuilders & Engineers Ltd's management said in earlier quarters
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Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Garden Reach Sh. Q2 FY26 results?
GRSE projects a revenue growth of about 25% to 30% year-on-year, with consistent growth expected in the current financial year. Revenue growth guidance maintained at 25% to 30% year-on-year, with H1 FY'26 already showing 38% growth.
What is Garden Reach Sh. share price analysis?
Garden Reach Sh. currently shows a neutral. The stock trades at a P/E of 30.3 with a market cap of ₹24,287 Cr. Investors should review the full earnings analysis for detailed insights.
Is Garden Reach Sh. planning capital expenditure?
Brownfield expansion in West Bengal across three separate pockets is underway, with areas identified and development started in at least two of the three sites.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.