Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹2,119 Cr
verification pending
Revenue YoY
29%
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Garden Reach Shipbuilders reported a stellar Q4 FY26 with revenue of ₹2,119 crore (+29% YoY) and PAT of ₹303 crore (+24% YoY), driven by record physical deliveries of eight warships, including three on a single day. Full-year revenue hit ₹7,200 crore (+38% YoY) and PAT ₹748 crore (+42% YoY). The order book stands at ₹15,324 crore, with the ₹33,000 crore NGC contract expected in Q1 FY27. Management guided for similar EBITDA margins (~11.5%) in FY27 and sees a robust pipeline of ₹1.5 lakh crore in upcoming RFPs. Key risk: delay in NGC contract signing could create a revenue gap in FY28.
Colored figures show movement against the previous available record.
Guidance to track
- Price negotiations completed; contract expected to be signed in current quarter (Q1 FY27).
- Management expects to maintain margins around 11.5% in the current financial year.
- Revenue recognition from NGC project expected to start in second half of FY28, initially modest.
- Current capacity of 28 platforms to increase to 32 through modernization projects.
Risks flagged
- Contract expected in Q1 FY27 but was previously anticipated by March 2026; further delays could impact revenue visibility.
- With current projects completing and NGC revenue only starting in H2 FY28, there is a potential gap in revenue stream.
- Fixed-price contracts may face margin pressure if steel and other input costs rise, though management claims minimal impact.
- 95% of order book from shipbuilding, largely defense; any slowdown in government procurement could affect growth.
Key quotes
- We have recorded our best ever financial performance.
- The order book has dropped below 20,000 crores. In the last 5 years is the first time... This is an indication that our execution rate has improved.
- We delivered eight warships to the Indian Navy and interestingly three of these vessels were delivered on the same day and this perhaps is the first time in the history of our country.
Research modules