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.
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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.
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.