Garden Reach Shipbuilders & Engineers Ltd
Garden Reach Shipbuilders & Engineers Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
FY '27 expected to be a peak revenue year with strong execution of P-17 Alpha and other projects. FY '27 expected to be a peak revenue year driven by completion of major projects like P-17 Alpha.
From Garden Reach Shipbuilders & Engineers Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- FY '27 expected to be a peak revenue year with strong execution of P-17 Alpha and other projects.
- FY '28 revenues expected to grow without plateauing, supported by spares and ongoing project deliveries.
- Historical CAGR of 25-30% projected to continue in FY '26 and FY '27, with executable revenues approaching ₹10,000 crores.
- Order book expected to grow to around ₹70,000 crores by end of FY '27, including new orders like P-17 Bravo (~₹30,000 crores).
- Capacity expansions (brownfield and greenfield) underway to increase ship production from 28 to 32 ships per year by end of 2025, targeting 35+ ships.
- Long-term plan to build up to 12 large vessels (300m) in new facilities within 3-5 years to meet growing large platform demand.
- Potential order pipeline over ₹2.5 lakh crores across defense and non-defense segments over coming 12-18 months.
- Focus on automation and skilled workforce expansion to maintain execution excellence amid scale-up.
Profitability & Margins
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Capital Expenditure Plans
Top-ranked in Aerospace & Defense
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Current order book as of 31st December: ₹18,482 crores (42 platforms, 10 projects).
- Key projects in order book:
- - P-17 Alpha (Frigate) project: ₹8,236 crores (~46% of total order book).
- - Survey Vessel Large: ₹343 crores.
- - Anti-Submarine Shallow Water Crafts: ₹2,559 crores.
- - OPV project: ₹3,136 crores.
- - Non-defense & export verticals: ~23% of order book combined.
- Expected order book by end FY '27: ₹70,000 crores (includes potential P-17 Bravo contract at ~₹30,000 crores if won).
- Large upcoming projects with Approved Offence Notification (AON) totaling ~₹1,55,000 crores over next 12 months, including:
- - P-17 Bravo (7 ships, ~₹70,000 crores).
- - LPD (Landing Platform Dock, ~₹35,000 crores).
- - Mine Countermeasure Vessel project (~₹32,000 crores).
- Non-defense segment potential order book: conservative estimate ~₹1,00,000 crores overall.
- All major defense orders expected to be competitively bided except some foreign clients.
- Order execution picking up, with expectations of strong revenue growth and peak year in FY '27.
Garden Reach Shipbuilders & Engineers Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: 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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Frequently Asked Questions
What were Garden Reach Shipbuilders & Engineers Ltd Q3 FY26 results?
FY '27 expected to be a peak revenue year with strong execution of P-17 Alpha and other projects. FY '27 expected to be a peak revenue year driven by completion of major projects like P-17 Alpha.
What is Garden Reach Shipbuilders & Engineers Ltd share price analysis?
Garden Reach Shipbuilders & Engineers Ltd currently shows a neutral. The stock trades at a P/E of 35.9 with a market cap of ₹28,722 Cr. Investors should review the full earnings analysis for detailed insights.
Is Garden Reach Shipbuilders & Engineers Ltd planning capital expenditure?
Brownfield expansion: Modernization of 3 sites taken over from Syama Prasad Mookerjee Port; two facilities expected to commence production by end of calendar year, third facility to start after 2 years of modernization.
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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.