Garden Reach Shipbuilders Management Guidance Tracker

Next Generation Corvette contract (₹33,000 Cr, 5 ships) expected to be signed before end of FY26, with revenue recognition starting Q4 FY28.

Price negotiations completed; contract expected to be signed in current quarter (Q1 FY27).

Revenue recognition from NGC project expected to start in second half of FY28, initially modest.

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.

Management expects to maintain margins around 11.5% in the current financial year.

Current capacity of 28 platforms to increase to 32 through modernization projects.