Mumbai: State-run defence shipyard Garden Reach Shipbuilders & Engineers Ltd (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 defence 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 financial 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:
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Earnings Per Share (EPS): ₹38.82 for nine months FY26 (₹24.72 in 9M FY25)
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Net Profit Margin: Improved to 9.11% from 8.25% YoY
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Debt-Equity Ratio: Maintained at a healthy 0.014
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Order Book: Remains robust with multiple naval projects underway
What This Means:
GRSE's strong quarterly performance reflects the accelerated naval modernization program and the government's focus on indigenous defence 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 proposition for investors seeking exposure to India's defence manufacturing growth story.