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Delay in NGC contract signing
View Risks →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.
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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.
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Warships Delivered in Q4
8
+3 YoY
Best-ever annual delivery; three vessels delivered on same day.
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.
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Guidance and risk preview
Price negotiations completed; contract expected to be signed in current quarter (Q1 FY27).
Contract expected in Q1 FY27 but was previously anticipated by March 2026; further delays could impact revenue visibility.
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