Garden Reach Shipbuilders & Engineers Ltd (GRSE) on August 11 filed with BSE the transcript of its investor and analyst call covering GRSE Q1 FY27 results, project execution, order prospects and capacity expansion. The call was held on August 6 after the company announced unaudited financial results for the quarter ended June 30, 2026.

GRSE reported total income of Rs 1,914 crore, up 38% year on year. Revenue from operations increased 39% to Rs 1,815 crore from Rs 1,310 crore, while profit after tax rose 44% to Rs 173 crore from Rs 120 crore. Earnings per share advanced 44% to Rs 15.09 from Rs 10.49.

Order book and project execution

The defence public sector shipbuilder said its order book stood at Rs 13,596 crore. Shipbuilding accounted for Rs 13,296 crore, with the engineering and engine divisions contributing the balance. The portfolio comprised 11 projects covering 44 marine platforms.

  • The remaining P-17 Alpha frigate had reached nearly 85% physical progress, with delivery planned by November 2026.
  • Four remaining anti-submarine shallow water craft are scheduled for delivery during FY27.
  • Deliveries under the next-generation offshore patrol vessel project are expected to begin in Q2 FY28 and conclude in Q2 FY29.
  • Two electric ferries are planned for delivery in September and October, with the balance due by April 2027.

Management said GRSE had received notifications of award for four platform support vessels from ONGC and a fully electric tug from Syama Prasad Mookerjee Port, Kolkata. It also said the company remained the L1 shipyard for the Next Generation Corvette project and expected the contract to be signed during the current quarter, with revenue recognition beginning in FY28 if concluded within that period.

Capacity expansion roadmap

GRSE said its existing capacity for concurrent construction of 28 platforms is expected to increase to 32 by the end of calendar year 2026 through ongoing modernisation. Its broader expansion plan targets capacity for 43 platforms, including larger commercial vessels.

The company outlined about Rs 200 crore of investment for revitalising two leased facilities associated with Syama Prasad Mookerjee Port. It estimated approximately Rs 2,200 crore for a greenfield shipyard in West Bengal and around Rs 2,000 crore for a western-seaboard facility covering shipbuilding, green ship recycling and repairs. Management said the West Bengal project’s detailed project report was in its final stages, while the western project’s DPR and environmental clearance had been completed.

Source: BSE corporate announcement.