Garden Reach Shipbuilders & Engineers Ltd (BOM:542011)

Q2 2026 Garden Reach Shipbuilders & Engineers Ltd Earnings Call Transcript

Nov 11, 2025 / 10:00 AM GMT

Release Date Price: ₹2787.2 (+3.92%)

Transcript

Key Points

Positve

Garden Reach Shipbuilders & Engineers Ltd (BOM:542011) reported a 45% year-on-year increase in revenue from operations, reaching 1,677 crores.
The company's profit after tax grew by 57%, moving from 98 crores to 154 crores.
The order book is robust, standing at INR 20,205.56 crores, comprising 10 shipbuilding projects including 13 warships for the Indian Navy.
The company has successfully delivered the first ship of the P17 Alpha project ahead of schedule, with the second ship ready for contractor sea trials.
Garden Reach Shipbuilders & Engineers Ltd (BOM:542011) is expanding its shipbuilding capacity from 24 to 32 ships by 2026, with plans for further expansion through brownfield and greenfield projects.

Negative

The company faces potential challenges in maintaining revenue growth if high-ticket orders like the NGC and LPD projects are delayed.
There is a concern about subcontracting costs rising alongside revenue, which could impact profit margins.
The company is in the early stages of commercial shipbuilding, which currently yields thin margins compared to defense projects.
The expansion plans, including brownfield and greenfield projects, are capital and time-intensive, with a conservative timeline of 3 to 4 years for completion.
There is uncertainty regarding the timing of new orders, which could affect the order book and revenue projections if delayed.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GRSE.NS - Garden Reach Shipbuilders & Engineers Ltd
Q2 2026 Garden Reach Shipbuilders & Engineers Ltd Earnings Call
Nov 11, 2025 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon. Welcome to the conference call of Garden Reach Shipbuilders and Engineers Limited, arranged by Concept Investor Relations to discuss its Q2 and H1F26 results.

We have with us today Commodore PR Hari, Indian Navy retired Chairman and Managing Director, and Sri Niranjan Mukund Alerao.

Director of Finance and CFO.

And Shrimati Aparajita Ghosh, GM Finance.

Please note, this conference will be recorded.

I would now like to hand over the floor to Commodore PR Hari, Chairman and managing director.

Thank you and over to you, sir.

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