Garden Reach Shipbuilders & Engineers Limited has informed the Exchange that Board of Directors at its meeting held on November 04, 2025, declared Interim Dividend of 5.75 per equity share.
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Awaiting price reaction for this filing.
Garden Reach Shipbuilders & Engineers (GRSE), a Government of India defence shipyard, posted strong Q2 FY26 results with revenue from operations of ₹1,677 crore, up ~46% YoY versus ₹1,153 crore in Q2 FY25. Half-year revenue grew to ₹2,987 crore from ₹2,163 crore, a ~38% jump. Profit after tax for H1 FY26 rose to ₹274 crore (vs ₹185 crore, up ~48%) and EPS stood at ₹23.92 (vs ₹16.15). The Board declared an interim dividend of ₹5.75 per share (face value ₹10), totaling ₹65.87 crore, with November 11, 2025 set as the record date. Net profit margin expanded to 9.17% from 8.55%, and the debt-equity ratio remains negligible at 0.014. However, cash flow from operations was sharply negative at ₹(605) crore for H1 FY26 versus ₹(200) crore a year earlier, driven by large increases in receivables and other current assets. Auditors issued an unqualified limited review report.
Strong revenue and earnings growth, higher dividend, and improving margins are positive for shareholders. However, the steep deterioration in operating cash flow signals significant working capital build-up (receivables/advances), which investors should monitor as it may pressure liquidity despite healthy profitability.