GRSE Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 1,896 Crs., 49.15% growth YoY, Total Income is Rs. 1,958 Crs., 45.79% growth YoY, Gross Profit is Rs. 490 Crs., 37.47% growth YoY, EBITDA is Rs. 234 Crs., 58.69% growth YoY, EBITDA Margin is 12.34% Improved by 74 Basis points YoY, PBT Rs. 218 Crs, 62.81% growth YoY, PAT Rs. 171 Crs, 73.92% growth YoY. On QoQ basis Op. Revenue is up by 13%, Total Income is up by 12.12%, But Gross Profit is declined by 39.31%, However EBITDA is up by 4%, PBT is up by 4%, and PAT is also up by 11%. Order book (31 Dec): ₹18,482 cr, first time below ₹20,000 cr—management positions this positively: “good news… which means our execution rate has picked up.” By segment: Defence: ₹14,276 cr. (~77%), Non-defence: ~₹897 cr. (~18%), Exports: ~₹1,481 cr., Balance from other verticals (bridges, engines, naval guns, ship repair). Non-defence export opportunity described as “phenomenal” but limited by “collective capacity constraint.” Concurrent build capacity increased: 24 → 28 (2025) → 35 by end-CY2026 Revenue : FY27 expected “peak year” (P-17A completion-related), FY28 risk of plateau acknowledged;