GRSE Q4 FY26 profit jumps 78% as sales rise 29%

Why GRSE’s latest numbers matter

Garden Reach Shipbuilders & Engineers Ltd (GRSE), a shipbuilder focused on projects for the Indian Navy and the Indian Coast Guard, reported a sharp improvement in profitability in its March 2026 quarter. The standalone results show both revenue expansion and a jump in operating profitability, with margins improving materially from the previous quarter. For investors tracking defence manufacturing and public-sector industrials, the quarter also adds detail on how GRSE’s earnings profile is changing across FY26.

The data set also lists the company’s market capitalisation around the results window. One point in the material places GRSE’s market cap at Rs 30,143 crore (with a stated net profit of Rs 2,442 crore as of March 2025), while another line cites market capitalisation of Rs 30,334.00 crore as of 24 July, along with recent net sales and net profit figures for March 2025.

Q4 FY26 headline results: profit and sales both higher

For the quarter ended March 2026 (Q4 FY26), GRSE reported net profit of Rs 303.20 crore, a 77.51% year-on-year increase. The same result set also states a quarter-on-quarter net profit increase of 24.13%. Revenue for the quarter came in at Rs 2,119.21 crore, up 29.06% year-on-year and 11.79% quarter-on-quarter.

A separate line item in the material summarises the quarter in the same terms: “Sales rise 29.06% to Rs 2,119.21 crore,” while net profit rose to Rs 303.20 crore in the quarter ended March 2026.

Margin expansion and operating performance

Operating performance improved sharply in Q4 FY26 as the operating margin expanded to 16.77% (operating profit margin excluding other income). The quarterly snapshot also shows operating profit (PBDIT excluding other income) at Rs 355.30 crore in March 2026 versus Rs 171.92 crore in December 2025, a 106.67% increase.

Interest cost, as presented in the quarterly table, was Rs 2.62 crore in March 2026 compared with Rs 3.79 crore in December 2025. Exceptional items were shown as Rs 0.00 crore for both quarters in the snapshot.

Quarterly snapshot table (Standalone)

FY26 results: sales up 38%, profit up 42%

On a full-year basis, GRSE reported FY26 standalone net sales of Rs 7,002.16 crore, compared with Rs 5,075.69 crore in FY25, a 37.95% increase. FY26 standalone net profit was Rs 747.93 crore, compared with Rs 527.40 crore in FY25, a 41.81% increase.

The annual snapshot also reports operating profit (PBDIT excluding other income) rising to Rs 795.30 crore in FY26 from Rs 421.27 crore in FY25, a change of 88.79%.

Longer trend: FY21 to FY25 growth referenced in the data

The material dated 04-Nov-2025 highlights a multi-year expansion in scale and profitability. It states that net sales increased from Rs 1,140.84 crore (March 2021) to Rs 5,075.69 crore (March 2025), while profit after tax increased from Rs 109.94 crore to Rs 527.40 crore over the same period.

It also notes total assets reaching Rs 10,354.23 crore by March 2025.

Stock action around the results window (selected sessions)

The data includes daily price and volume points for late April 2026, including the result date.

Market context: market cap and FY25 reference points

Alongside the financial results, the dataset includes a market capitalisation reference of Rs 30,334.00 crore (as of 24 July). In the same line, it lists “recent” net sales of Rs 5,075.69 crore and net profit of Rs 527.40 crore, aligning with the FY25 standalone annual figures shown elsewhere.

A separate descriptor in the material states GRSE has a market cap of Rs 30,143 crore and a net profit of Rs 2,442 crore as of March 2025. The same broader dataset also contains net income figures presented in INR million in other tables (for example, “Net income (FY) 5.27 B INR” and quarterly net income figures), indicating that the compilation draws from multiple formats.

What stood out in FY26: scale-up with higher margins

The Q4 FY26 margin number of 16.77% stands out against the December 2025 quarter’s 9.07% in the provided snapshot, alongside the doubling of operating profit (PBDIT excluding other income). On an annual basis, FY26 sales of Rs 7,002.16 crore represent a step-up from FY25’s Rs 5,075.69 crore, with net profit rising to Rs 747.93 crore.

The data also includes a note on growth comparisons: “Net Sales YoY Growth in year ended Mar 2026 is 37.95% vs 41.28% in Mar 2025,” and “Standalone Net Profit YoY Growth in year ended Mar 2026 is 41.81% vs 47.62% in Mar 2025.”

Valuation and forward-looking datasets included in the compilation

The material contains “Projected” financial tables (labelled INR in million) and valuation ratios. In the valuation table, the P/E ratio is listed at 40.8x for 2026* and 29.3x for 2027*, with PBR at 11.2x (2026)* and 8.72x (2027)**. It also lists EV/Sales at 3.71x (2026) and 2.5x (2027)**, with yield at 0.62% (2026) and *0.86% (2027)**.

These forward-looking tables are presented as projections in the dataset and are distinct from the company’s reported standalone results for FY26 and Q4 FY26.

Conclusion

GRSE’s Q4 FY26 standalone performance combined faster sales growth with a sharp rise in net profit and a meaningful margin expansion to 16.77%. For FY26, the company reported Rs 7,002.16 crore in sales and Rs 747.93 crore in net profit, marking strong year-on-year growth over FY25. The next set of updates investors will watch are the subsequent quarterly disclosures, especially for cues on whether the Q4 margin profile sustains.