Garden Reach Shipbuilders Q1 Result: Net profit rises 38%; EBIDA doubles to ₹112 crore YoY

Its net profit stood at ₹120 crore for the reporting quarter, marking a growth of 38% from ₹87 crore in the corresponding quarter of last fiscal year.

On the operational level, the defence ministry PSU’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 101% to ₹112 crore in Q1 of FY26 as against ₹56 crore in the year-ago period.

The margin for the quarter also expanded 8.5% in Q1 FY26 in contrast to 5.5% in Q1 FY25.

During the previous quarter’s earnings call, GRSE’s management had said its order book was at ₹22,680 crore, and the company is likely to reach peak execution by the end of the present financial year.

Last week, the firm entered into a non-binding Memorandum of Understanding (MoU) with Reintjes GmbH, Hameln, Germany. The MoU will facilitate a wide range of collaborative engagements, including integration of Reimtjes GmbH’s high-quality propulsion gear trains with selected engines for ships that would be built by the shipyard.

Following the earnings, shares of GRSE rallied 1.22% to ₹2,578.10 on the National Stock Exchange.

Shares of GRSE have tumbled over 4% in the last five trading sessions. Over a month’s period, the scrip has lost over 11%. Year-to-date, it has zoomed 53%; however, since February 10, 2025, GRSE shares have gained over 67%.

The journey of the PSU under the administrative control of the Ministry of Defence and a Schedule ‘A’ Mini Ratna Category I company dates back to 1884 when it started its journey as a small workshop to repair vessels of the River Steam Navigation Company. The company was taken over by the Government of India in 1960.

GRSE has the distinction of becoming the first shipyard of independent India to build a warship for the Indian Navy, the Seaward Defence Boat (SDB) INS Ajay, way back in 1961.