GRSE · Capital Goods
Garden Reach Shipbuilders & Engineers Ltd. reported revenue of ₹1,642 cr for January to March 2025, +61.6% on the year and +29.2% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹5,076 cr, +41.3% on the four before.
Operating profit (EBITDA) was ₹221 cr, a margin of 13.5%, +450 bps on the year and +756 bps on the quarter. It is the widest margin of the last 8 quarters (range 5.3% to 13.5%). Operating costs grew +53.6% against revenue growth of +61.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹244 cr, +117.9% on the year and +149.0% on the quarter, with earnings per share of ₹21.32. Profit before other income, one-offs and tax grew faster, at +172.7%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹527 cr, +47.2% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹46.03 over the last four quarters, the stock at ₹2,126.60 trades at 46.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +117.9% on the year; profit before other income, exceptional items and tax +172.7%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹898 cr | ₹923 cr | ₹1,016 cr | ₹1,010 cr | ₹1,153 cr | ₹1,271 cr | ₹1,642 cr | ₹1,310 cr | ₹1,677 cr | ₹1,896 cr | ₹2,119 cr | ₹1,815 cr |
| YoY | — | — | — | +34% | +28% | +38% | +62% | +30% | +45% | +49% | +29% | +39% |
| EBITDA margin | 5.5% | 5.3% | 9.0% | 5.5% | 6.0% | 5.9% | 13.5% | 8.5% | 9.3% | 9.1% | 16.8% | 8.2% |
| Other income, % of PBT | 67% | 69% | 50% | 64% | 57% | 54% | 35% | 44% | 33% | 28% | 17% | 43% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 27% | 24% | 25% | 27% | 25% | 28% | 27% | 22% | 26% | 25% |
| Net profit | ₹81.0 cr | ₹88.0 cr | ₹112 cr | ₹87.0 cr | ₹98.0 cr | ₹98.0 cr | ₹244 cr | ₹120 cr | ₹154 cr | ₹171 cr | ₹303 cr | ₹173 cr |
| YoY | — | — | — | +13% | +21% | +11% | +118% | +38% | +57% | +74% | +24% | +44% |
| Core profit YoY | — | — | — | +32% | +60% | +68% | +173% | +129% | +150% | +152% | +62% | +40% |
| EPS | ₹7.05 | ₹7.70 | ₹9.74 | ₹7.61 | ₹8.53 | ₹8.57 | ₹21.32 | ₹10.49 | ₹13.43 | ₹14.91 | ₹26.47 | ₹15.09 |
| Flags | 1 | 1 | 1 | 1 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Garden Reach Shipbuilders & Engineers Ltd. reported revenue of ₹1,642 cr (+61.6% on the year) and net profit of ₹244 cr (+117.9% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +172.7% on the year, against +117.9% for reported profit.
None of the 7 checks that could run raised a question.
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