Further to our Intimation Letter No. SECY/GRSE/BD-69/AM/04(R)/25-26 dated 07 May 2026, we wish to inform you that Conference Call was held on Tuesday, 12 May 2026 at 03.30 P.M. to discuss ....
GRSE · price
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GRSE reported its best-ever financial performance for FY26 with revenue from operations of INR 7,002 crore (+38% YoY) and PAT of INR 748 crore (+42% YoY). Q4 standalone revenue was INR 2,119 crore (+29%) with PAT of INR 303 crore (+24%). The company delivered 8 warships in FY26, including 3 on a single day. Current order book stands at INR 15,324 crore covering 39 platforms across 9 projects, with ~95% from shipbuilding and ~22.5% from non-defence. Management confirmed they are L1 for the Next Generation Corvette (NGC) project (~INR 33,000 crore) with price negotiations completed and contract expected in the current quarter (June 2026). Revenue from NGC is expected to commence in the second half of FY28. Management guided that margins in FY27 and FY28-29 will be maintained at similar levels to FY26 (11.6% EBITDA). The total pipeline of orders on the anvil is ~INR 1,50,000 crore excluding NGC, including 7 P-17 Bravo ships (~INR 70,000 crore), 12 Mine Countermeasure Vessels (~INR 32,000 crore), and 4 Landing Platform Docks (~INR 35,000 crore). GRSE is also expanding capacity from 28 to 32 ships by end of calendar year 2026, with 2 brownfield and 2 greenfield facilities planned.
GRSE delivered record FY26 results with strong margin expansion and an enormous order pipeline (~INR 1.5 lakh crore including NGC). The L1 status on the INR 33,000 crore NGC project is the key near-term catalyst. Management guided sustained margins and confirmed revenue will remain healthy even as NGC contribution only starts in H2 FY28, providing visibility on multi-year growth.