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Revenue
₹4,886 Cr
verification pending
Revenue YoY
49%
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.
GRSE reported a strong Q3 FY26 with revenue from operations at ₹4,886 crore (up 49% YoY) and PAT at ₹171 crore (up 74% YoY), driven by delivery of five major vessels in 9M FY26. The order book stands at ₹18,482 crore, with the imminent signing of a ₹33,000 crore Next Generation Corvette contract expected by March 2026, which will lift the order book to ~₹50,000 crore. Management guided for FY27 to be a peak revenue year, with a 25-30% CAGR trajectory. Capacity expansion to 32 concurrent platforms by end-2026 and greenfield facilities in Gujarat (3-5 years) aim to capture a share of the ₹2.5 lakh crore+ opportunity pipeline. Key risk: execution delays in new greenfield projects or competitive bidding outcomes for P7 Bravo and non-defense orders could temper growth.
Colored figures show movement against the previous available record.
Guidance to track
- Next Generation Corvette contract (₹33,000 Cr, 5 ships) expected to be signed before end of FY26, with revenue recognition starting Q4 FY28.
- Management expects FY27 to be a peak year for revenue, maintaining a CAGR of 25-30% driven by P7 Alpha deliveries and other projects.
- Assuming win of P7 Bravo as L2 shipyard (₹30,000 Cr), order book could reach ~₹70,000 Cr by end of FY27.
- Concurrent construction capacity to increase from 28 to 32 platforms by end of calendar year 2026 through brownfield expansion.
Risks flagged
- New facilities in Kandla and Bhavnagar may take 3-5 years to become fully operational, potentially delaying capture of large non-defense orders.
- P7 Bravo and other defense orders are on competitive bidding; GRSE may not win expected share, impacting order book growth.
- With P7 Alpha completing in FY27, there is a risk of revenue plateau in FY28 before NGC revenue starts in Q4 FY28.
- Collaboration with HSL for LPD and Swan for large commercial vessels may dilute margins due to profit sharing.
Key quotes
- This is the 13th quarter on a trot where we are showing year-on-year growth.
- We intend closing this contract during the current financial year which means next month we intend closing the contract signing the contract with the Indian Navy.
- We are not able to take the orders because of collective capacity constraint.
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