GRSE Q3 FY26 Results: Net Profit Soars 74% YoY; Declares ₹81.9 Crore Dividend
GRSE Q3 FY26 results:
Net profit rises 74% to ₹170.77 crore. The company declares ₹7.15 per share interim dividend. Record date February 3, 2026. Full analysis inside.
Mumbai:
State-run defense shipyard Garden Reach Shipbuilders & Engineers Limited (GRSE) reported a stellar 73.9% year-on-year jump in net profit to ₹170.77 crore for the quarter ended December 2025, driven by strong execution of its order book.
The Miniratna defense PSU’s revenue from operations surged 49.1% to ₹1,895.69 crore during the quarter compared to ₹1,271 crore in Q3 FY25. For the nine-month period (April–December 2025), the company posted a net profit of ₹444.74 crore on revenue of ₹4,882.95 crore.
Board Declares Second Interim Dividend
The company’s board declared a second interim dividend of ₹7.15 per equity share (face value ₹10) for the fiscal year 2025-26, amounting to a total payout of ₹81.90 crore. The record date for determining eligible shareholders has been fixed as February 3, 2026.
Key Financial Highlights:
Earnings Per Share (EPS): ₹38.82 for nine months FY26 (₹24.72 in nine months FY25)
Net Profit Margin: Enhanced to 9.11% from 8.25% YoY
Debt-Equality Ratio: Maintained at a healthy 0.014
Order Book: Remains robust with multiple naval projects ongoing
What This Means:
GRSE‘s strong quarterly performance reflects the accelerated naval modernization program and the government’s focus on native defense manufacturing. The company, which specializes in building warships and survey vessels for the Indian Navy and Coast Guard, continues to benefit from the ‘Make in India’ initiative in defence.
The interim dividend declaration signals confidence in sustained profitability and cash flows, making GRSE an attractive proposal for investors seeking exposure to India’s defense manufacturing growth story.
Reported Autonomous quarterly numbers for Garden Reach Shipbuilders & Engineers are: Net Sales at Rs 1,895.69 crore in December 2025 up 49.15% from Rs. 1,271.01 crore in December 2024. Quarterly Net Profit at Rs. 170.77 crore in December 2025 up 73.93% from Rs. EBITDA stands at Rs. 233.92 crore in December 2025 up 58.68% from Rs. 147.42 crore in December 2024. Garden Reach EPS has increased to Rs. 14.91 in December 2025 from Rs. Garden Reach Sh shares closed at 2,518.70 on January 27, 2026 (NSE) and has given 0.95% returns over the last 6 months and 67.12% over the last 12 months.
GRSE Q3 Result:
Shares of Garden Reach Shipbuilders (GRSE), a Defense Public Sector Undertaking (PSU), under the administrative control of the Ministry of Defence, and a Schedule ‘A’ Mini Ratna Category I company, were in focus on Thursday, January 29, as the company on Wednesday, post-market hours, announced its financial results for the quarter ended December 31, 2025 (Q3 FY26).
The PSU also announced an interim dividend for the fiscal year 2026.
The stock rose as much as 5.12% to hit a high of ₹2,647.90 on the NSE.
Here are the details.
GRSE Q3 numbers
The defense company said its total income for the quarter under review stood at ₹1,958 crore versus ₹1,343 crore logged in Q3 FY25, with a growth of 46% YoY.
Its revenue from operations increased to ₹1,896 crore in Q3 FY26 from ₹1,271 crore logged in Q3 FY25, recording a growth of 49% YoY.
The earnings before interest, tax, depreciation and amortization (EBITDA), or operating profit, stood at ₹234 crore in Q3 FY26, as against ₹147 crore logged in Q3 FY25, with an increase of 59%.
The PSU said that its profit before tax (PBT) came in at ₹218 crore for Q3 FY26 as compared to ₹134 crore in Q3 FY25, registering a growth of 63% YoY.
Its profit after tax (PAT) stood at ₹171 crore in Q3 FY26 as against ₹98 crore recorded in Q3 FY25, marking a growth of 74% YoY.
The company’s earnings per share (EPS) for Q3 FY26 was ₹14.91 in the quarter, against ₹8.57 in Q3 FY25.
What management said
Commenting on the results, Cmde PR Hari, IN (Retd), Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited, said, “With a strong set of numbers recorded during Q3 FY26, we are well on track to register our best‐ever financial performance during the current financial year and declared for the first time the 2nd Interim Dividend for the Financial Year 2025‐26 at 7.15% per equity share,” added the MD.
The earnings before interest, tax, depreciation and amortization (EBITDA), or operating profit, stood at ₹234 crore in Q3 FY26, as against ₹147 crore logged in Q3 FY25, with an increase of 59%.
The PSU said that its profit before tax (PBT) came in at ₹218 crore for Q3 FY26 as compared to ₹134 crore in Q3 FY25, recording a growth of 63% YoY.
Its profit after tax (PAT) stood at ₹171 crore in Q3 FY26 as against ₹98 crore recorded in Q3 FY25, marking a growth of 74% YoY.
The company’s earnings per share (EPS) for Q3 FY26 were ₹14.91 in the quarter, against ₹8.57 in Q3 FY25.
What management said
Commenting on the results, Cmde PR Hari, IN (Retd), Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited, said, “With a strong set of numbers recorded during Q3 FY26, we are well on track to register our best‐ever financial performance during the current financial year and declared for the first time the 2nd Interim Dividend for the Financial Year 2025‐26 at 7.15% per equity share,” added the MD.
“We have delivered five warships so far during the year and are currently executing 10 major shipbuilding projects comprising 42 platforms. Our other verticals, like Ship Repairs, Portable Steel Bridges and Naval Weapon Systems, are also doing well. With the Next Generation Corvette contract on the anvil, we are confident of ending the current financial year with an order book of around ₹50,000 crore,” the MD said.
Interim Dividend for FY25-26
The defense major said that its board has declared a second interim dividend for the FY 2025-26 at ₹7.15 per equity share of face value of ₹10 each, amounting to ₹81.90 crore, out of profits of the company for the nine months ended December 31, 2025.
Further, the Board of Directors has fixed Tuesday, February 3, 2026, as the Record Date for determining the shareholders eligible to receive the 2nd Interim Dividend for FY 2025-26.
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