Warships Delivered in Q4
8
+3 YoY
Best-ever annual delivery; three vessels delivered on same day.
GARDENREACHSHIPBUILDERSE
Diversified
01 May 2026
Garden Reach Shipbuilders & Engineers Limited — Q4 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Order Book
₹15,324 crore
-23% YoY
Decline reflects improved execution; first time below ₹20,000 crore in 5 years.
Export Revenue
₹270 crore
+35% YoY
Driven by Bailey bridges and multi-purpose vessel exports.
Steel Bridges Delivered
110
+10% YoY
Includes 30 for export; vertical revenue crossed ₹200 crore for first time.
Management Guidance
NGC contract signing in Q1 FY27
Price negotiations completed; contract expected to be signed in current quarter (Q1 FY27).
Management guidance revenueSimilar EBITDA margins in FY27
Management expects to maintain margins around 11.5% in the current financial year.
Management guidance marginsRevenue from NGC to commence in H2 FY28
Revenue recognition from NGC project expected to start in second half of FY28, initially modest.
Management guidance revenueCapacity expansion to 32 ships by end of CY26
Current capacity of 28 platforms to increase to 32 through modernization projects.
Management guidance expansionKey Risks
Delay in NGC contract signing
Contract expected in Q1 FY27 but was previously anticipated by March 2026; further delays could impact revenue visibility.
high · analyst_questionRevenue dip in FY28
With current projects completing and NGC revenue only starting in H2 FY28, there is a potential gap in revenue stream.
medium · analyst_questionCommodity price escalation
Fixed-price contracts may face margin pressure if steel and other input costs rise, though management claims minimal impact.
medium · analyst_questionDependence on government defense orders
95% of order book from shipbuilding, largely defense; any slowdown in government procurement could affect growth.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Garden Reach Shipbuilders's revenue in Q4 FY26?
Garden Reach Shipbuilders reported revenue of ₹2,119 Cr in Q4 FY26, representing a +29% change compared to the same quarter last year.
What guidance did Garden Reach Shipbuilders management give for FY27?
NGC contract signing in Q1 FY27: Price negotiations completed; contract expected to be signed in current quarter (Q1 FY27). Similar EBITDA margins in FY27: Management expects to maintain margins around 11.5% in the current financial year. Revenue from NGC to commence in H2 FY28: Revenue recognition from NGC project expected to start in second half of FY28, initially modest. Capacity expansion to 32 ships by end of CY26: Current capacity of 28 platforms to increase to 32 through modernization projects.
What are the key risks for Garden Reach Shipbuilders in FY27?
Key risks include Delay in NGC contract signing — Contract expected in Q1 FY27 but was previously anticipated by March 2026; further delays could impact revenue visibility.; Revenue dip in FY28 — With current projects completing and NGC revenue only starting in H2 FY28, there is a potential gap in revenue stream.; Commodity price escalation — Fixed-price contracts may face margin pressure if steel and other input costs rise, though management claims minimal impact.; Dependence on government defense orders — 95% of order book from shipbuilding, largely defense; any slowdown in government procurement could affect growth..
Did Garden Reach Shipbuilders meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Garden Reach Shipbuilders Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.