Garden Reach Shipbuilders & Engineers Limited has submitted to the Exchange, the following:a. Unaudited Financial Results for the Quarter and Half Year ended 30 Sep 2025 including the Statement of Assets and Liabilities as on that date and Statement of Cash flow (as part of notes) for the half year ended 30 Sep 2025.b. Limited Review Report given by the Statutory Auditors on the Unaudited Financial Results for the Quarter and Half Year ended 30 Sep 2025.

Revenue Growth 20pctPat Growth 25pctEbitda Margin ExpansionNegative Operating CashflowResults View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+1.3%Reaction day

₹2550.00

prior close

₹2624.70

announcement price

After-mkt

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Nifty Smallcap 250market · index membership as recorded later (tracked since Jun 2026)-1.5%+2.8% vs market

Aerospace & Defense peers, median of 20sector-3.0%+4.3% vs sector

On the reaction day the stock moved 2.8 pts more than Nifty Smallcap 250 and 4.3 pts more than its Aerospace & Defense peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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Reaction day

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Next day

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UpDownMarket · Nifty Smallcap 250Sector · Aerospace & Defense peers, median of 20Pending

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AI summary

Garden Reach Shipbuilders (GRSE), a Ministry of Defence shipbuilder, reported strong H1 FY26 results with revenue from operations of ₹2,98,725 lakh, up about 38% from ₹2,16,264 lakh in H1 FY25. Profit after tax rose to ₹27,396 lakh from ₹18,497 lakh, a jump of roughly 48% year-on-year, with EPS at ₹23.92 versus ₹16.15. Net profit margin expanded to 9.17% from 8.55%. The Board declared an interim dividend of ₹5.75 per share (total ₹65.87 crore) with record date 11 November 2025. However, operating cash flow turned sharply negative at -₹60,467 lakh versus -₹19,990 lakh last year, driven by a large build-up in receivables and other current assets. The statutory auditor (Guha Nandi & Co.) issued a clean limited review report with no qualifications.

Likely market impact

The strong top-line and profit growth, along with a healthy interim dividend, are positive signals for shareholders. However, the steep deterioration in operating cash flow—despite higher profits—is a yellow flag worth watching, as it points to working capital strain. Expect a short-term positive reaction on the dividend news, with potential follow-through if cash collection improves.