Garden Reach Shipbuilders Financial Results Analysis-Q1FY27

Financial performance and key Operating Metrics (Consolidated) : Operating Revenue for Q1FY27 is Rs. 1,815 Crs., 38.53% growth YoY, Total Income is Rs. 1,914 Crs., 38.47% growth YoY, Gross Profit is Rs. 443 Crs., 21.04% Negative growth YoY, EBITDA is Rs. 149 Crs., 19.1% Negative growth YoY, EBITDA Margin is 8.22% declined by 512 basis points YoY, PBT Rs. 232 Crs., 38.87% growth YoY, PAT Rs. 173 Crs. 43.82% growth YoY. On QoQ basis Operating Revenue is down by 14.37%, Total Income is also down by 12.61%, Gross Profit is down by 59.16%, EBITDA is down by 65%, PBT is down by 43.65% and PAT is also down by 42.99%. GRSE received Navratna status (19 Jun 2026), called a “pivotal time” as the yard is pursuing ambitious brownfield + greenfield expansion. Order book: ₹13,596 crore : Shipbuilding: ₹12,980 crore (~95%) Ship repair ₹96 crore; Naval vessel gun ₹219 crore; Bailey bridge ₹158 crore; Deck machinery ₹58 crore; Diesel engine plant ₹82 crore Management cited five live tenders, total value could be plus ₹80,000 crore NGC contract signature timing is the most immediate swing factor for replenishing the shrinking order book. Commercial shipbuilding pivot is constrained today by physical size limits, being bridged via partnership models until greenfield/west-coast facilities come online. Capex intensity is meaningful (₹4,400 crore across two major projects plus ₹200 crore brownfield) with multi-year gestation.