GRSE Q4 Results 2026: Profit up 24%, revenue 29%

Key takeaways from GRSE’s FY26 and Q4 update

Garden Reach Shipbuilders and Engineers (GRSE) reported a strong finish to FY26, with the company posting higher revenue, profit and operating margins in the March quarter. The Board of Directors approved the audited financial results at its meeting held on 28 April 2026. The defence shipbuilding PSU also proposed a final dividend for FY26, adding to interim dividends already paid during the year.

The numbers released show that growth was not limited to a single quarter. FY26 revenue, EBITDA and profit after tax (PAT) rose sharply versus FY25, alongside a rise in earnings per share (EPS). The March quarter also showed a sharp expansion in EBITDA and EBITDA margin compared with the same period last year.

What GRSE reported for Q4 FY26

In Q4 FY26, GRSE reported revenue of ₹21.2b, up 29.06% year-on-year from ₹16.42b in Q4 FY25. Net profit rose 24.14% to ₹3.03b from ₹2.44b. EBITDA increased 61.36% to ₹3.55b from ₹2.2b.

Margins improved meaningfully during the quarter. EBITDA margin expanded to 16.77% from 13.46%, an improvement of 331 basis points. The combination of revenue growth and margin expansion suggests a stronger operating leverage in the quarter compared with the year-ago period.

FY26 performance: record revenue and profit

GRSE reported its highest-ever annual revenue and profit in FY26 based on the published audited results. FY26 revenue stood at ₹700.216b compared with ₹507.569b in FY25, a growth of 37.95%. Total income rose to ₹727.654b from ₹541.053b, up 34.49%.

Profitability also improved. EBITDA rose 41.47% to ₹106.969b from ₹75.610b, while PAT rose 41.81% to ₹74.793b from ₹52.740b. EPS increased to ₹65.29 from ₹46.04, matching the 41.81% PAT growth.

Summary of key financial metrics

Operational performance: 8 warships delivered in FY26

Management linked the financial performance to execution on the ground. Cmde PR Hari, Chairman and Managing Director, said FY26 marked a landmark year where robust physical performance was translated into strong financial results.

During FY26, GRSE delivered 8 warships, which the company described as a delivery rate of one ship every one and a half months. In another operational update included in the provided material, GRSE said it delivered eight vessels to the Indian Navy during FY 2025-26, comprising two Project 17A frigates, two Survey Vessel Large ships and four Anti-Submarine Warfare Shallow Water Crafts.

Dividend announced: final dividend of ₹6.70 per share

GRSE’s board recommended a final dividend of ₹6.70 per equity share for FY26, subject to shareholder approval at the ensuing Annual General Meeting. The company said the final dividend would be paid within 30 days from the date of its declaration at the 110th AGM.

The FY26 shareholder payout also includes interim dividends. Interim dividends paid during the year were ₹12.90 per share, taking the total dividend for FY26 to ₹19.60 per share based on the disclosed figures.

Financial health indicators highlighted in the release

Alongside growth, the published ratios point to comfortable coverage metrics. Debt service coverage ratio improved to 41.56 times in FY26 from 8.72 times in FY25. Interest service coverage ratio was 63.34 times in FY26 versus 69.13 times in FY25.

Profitability ratios were steady to slightly higher. Net profit margin was reported at 10.68% in FY26 versus 10.39% in FY25. Liquidity also improved, with the current ratio rising to 1.23 times from 1.17 times.

Stock price moves and return snapshot mentioned in the material

The provided market snapshot showed GRSE at ₹2,875.30, up ₹23.90 or 0.84%, with 1-year returns of +64.34%. Another returns table in the same material listed +7.78% over 5 days, +39.01% over 1 month, +11.71% over 6 months, +64.34% over 1 year and +1,518.98% over 5 years.

Separately, another price reference in the material said that at 12:07 p.m. on a Monday, GRSE shares were trading 1.62% lower at ₹2,832 on the NSE, compared with a 0.59% rise in the Nifty 50. The material also listed an all-time high of ₹3,538.40 and all-time low of ₹77.70.

Context: GRSE’s Q3FY26 numbers and order book references

The same content set also included Q3 FY26 performance data. GRSE reported a 45.8% year-on-year rise in total income to ₹195.769b in Q3FY26 from ₹134.285b in Q3FY25. Profit rose 74% YoY to ₹17.077b from ₹9.819b.

An order book figure of ₹2,387.7b as of December 2024 was also cited, along with an expectation that it could grow beyond ₹4,000b. The material further referenced cash reserves of about ₹31.57b against minimal debt, and a trailing twelve-month net profit margin figure of 10.56%.

Why the Q4 margin expansion matters

For a shipbuilder, quarterly margins can reflect execution mix, project milestones and cost control. In Q4 FY26, GRSE’s EBITDA grew faster than revenue, and the EBITDA margin moved up to 16.77% from 13.46% a year earlier. That change is directly visible in the reported numbers and is a key feature of the quarter.

The annual results also show that EBITDA and PAT grew faster than total income in FY26. With a final dividend recommendation on top of interim payouts, the company’s board actions signal confidence backed by audited performance and disclosed coverage ratios.

What to watch next

The final dividend of ₹6.70 per share is subject to shareholder approval at the company’s AGM, and GRSE said the payment would be made within 30 days from declaration at the 110th AGM. Investors will also track subsequent operational updates, including delivery milestones, and any disclosures on order inflows and execution schedules.

For FY26, GRSE’s audited numbers and Q4 margin expansion provide the central datapoints: revenue growth, higher profitability and a higher total dividend per share versus the final dividend component alone.