GRSE Posts Record FY26 Revenue, Profit; Announces Final Dividend of Rs 6.70 Per Share
During the year, the company delivered eight warships, averaging one ship delivery every one-and-a-half months
Defence PSU Garden Reach Shipbuilders & Engineers Limited (GRSE) has delivered its strongest-ever annual financial performance in FY26, reporting a sharp rise in revenue and profitability backed by higher warship deliveries, execution momentum and business diversification.
The Ministry of Defence-owned shipbuilder posted revenue from operations of Rs 7,002.16 crore in FY26, registering an impressive 37.95% year-on-year growth over Rs 5,075.69 crore recorded in FY25. Net profit after tax climbed 41.81% to Rs 747.93 crore, compared with Rs 527.40 crore in the previous fiscal, making FY26 the highest-ever revenue and profit year in the company’s history.
For the January-March quarter (Q4FY26), GRSE reported revenue of Rs 2,119.21 crore, up 29.06% from Rs 1,642.04 crore in the corresponding quarter last year, while profit after tax rose 24.14% to Rs 303.20 crore against Rs 244.25 crore in Q4FY25. Total income during the quarter stood at Rs 2,190.37 crore.
The company’s profit before tax for FY26 increased 42.86% to Rs 1,004.70 crore, while EBITDA rose 41.47% to Rs 1,069.69 crore, reflecting stronger operating efficiencies and healthy execution across shipbuilding and engineering contracts. Earnings per share improved to Rs 65.29 from Rs 46.04 a year earlier.
In a significant shareholder reward, the Board of Directors has recommended a final dividend of Rs 6.70 per equity share for FY26. This is in addition to the two interim dividends aggregating Rs 12.90 per share already paid during the year, taking the total dividend payout for FY26 to Rs 19.60 per share subject to shareholder approval at the upcoming AGM.
GRSE Chairman and Managing Director Cmde P R Hari, IN (Retd.) said FY26 marked a landmark year for the shipyard, with robust physical performance translating into strong financial gains. During the year, the company delivered eight warships, averaging one ship delivery every one-and-a-half months — a pace considered among the fastest in the domestic defence shipbuilding sector.
The audited statement also showed GRSE’s financial strength improving substantially. Net worth rose to Rs 2,626.12 crore as of March 31, 2026, from Rs 2,079.26 crore a year ago, while net profit margin improved to 10.68%. The company maintained a very low debt-equity ratio of 0.013, underlining its strong balance sheet and limited leverage.
According to the notes to accounts, GRSE revised cost and revenue estimates in certain ongoing defence projects including P17A, ASWSWC and NGOPV, which resulted in an additional Rs 6,262 lakh increase in profit during the current year. The statutory auditors, however, issued an unmodified opinion on the company’s audited FY26 financial results.
With concurrent construction capability of 28 ships, a diversified engineering business and a strong order execution pipeline, GRSE said it intends to maintain growth momentum through capability enhancement, technology adoption and calibrated business expansion in the coming years.
