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Garden Reach Shipbuilders revenue increased by 38.5% YoY

ICICIdirect Research 30 Jul 2026 DISCLAIMER

News: Garden Reach Shipbuilders revenue increased by 38.5% YoY (-14.4% QoQ) to ₹1,815 crore in Q1FY27, driven by healthy execution across key shipbuilding programmes. EBITDA increased 33.3% YoY (-58.0% QoQ) to ₹149 crore, while EBITDA margin stood at 8.2% (-32 bps YoY, -854 bps QoQ), impacted by the execution mix during the quarter. PAT increased 43.8% YoY (-43.0% QoQ) to ₹173 crore.

View: Operational performance remained healthy during the quarter, supported by continued execution of key Indian Navy shipbuilding programmes. While revenue growth remained robust and broadly in line with the company’s guidance, EBITDA margins moderated owing to the execution mix. Order backlog at ₹ 15,324 crore (2.2x FY26 revenue) as of Mar-26 provides healthy revenue visibility over the medium term, while timely award of large upcoming programmes, including next-generation corvettes, patrol vessels and other naval platforms, will be critical to sustaining growth beyond the current order book.

Impact: Positive

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