Transcript of Investors/Analyst Conference Call for Q1 & FY 26 of GRSE
GRSE · price
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GRSE held its Q1 FY26 earnings call on August 19, 2025. Current order book stands at ₹21,700 crore spanning 10 projects and 40 platforms. The company delivered the first P-17 Alpha frigate ahead of schedule on July 31, 2025, and the second ship is 80% complete with delivery expected by April 2026. Management guided that FY26 and FY27 will see similar growth in both top line and bottom line as FY25, which crossed ₹5,000 crore revenue and ₹500 crore PAT for the first time. A major ₹25,000 crore Next-Generation Corvette contract is under negotiation and expected to close this fiscal. Shipbuilding capacity is being scaled from 28 platforms to 32 by 2026 and targeted at 40 by 2029, supported by a 30-acre greenfield facility in West Bengal and a larger coastal shipyard plan. Other big opportunities include the ₹70,000 crore P-17 Bravo and ₹32,000 crore mine countermeasure vessel projects.
Strong order visibility of ₹21,700 crore (~4x FY25 revenue) plus a healthy pipeline of large defence and export orders provides multi-year revenue visibility. Capacity expansion and indigenous warship capabilities position GRSE well for sustained growth, though revenue recognition timing may create lumpiness in quarterly numbers.