Garden Reach shares advance 5% after Q3 results; earnings breakdown here

Garden Reach reported a 73.92 per cent year-on-year (Y-o-Y) rise in net profit to ₹170.77 crore for the quarter ended December 2025

Shares of Garden Reach Shipbuilders & Engineers Ltd. rose over 5 per cent on Tuesday as analysts remained positive after it reported its third quarter of the current financial year (Q3-FY26). 

 

The company's stock rose as much as 5.13 per cent during the day to ₹2,647.9 per share, a day after it rose nearly 6 per cent. The stock pared gains to trade 1.5 per cent higher at ₹2,556 apiece, compared to a 0.51 per cent decline in Nifty 50 as of 10:35 AM. 

 

Shares of the company rose for the third straight session and currently trade at 4.9 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 5 per cent this year, compared to a 3.6 per cent decline in the benchmark Nifty 50. Garden Reach has a total market capitalisation of ₹29,234.82 crore. 

Garden Reach Q3 results 

Garden Reach Shipbuilders & Engineers reported a 73.92 per cent year-on-year (Y-o-Y) rise in net profit to ₹170.77 crore for the quarter ended December 2025, compared with ₹98.19 crore in the corresponding quarter a year earlier. Revenue from operations grew 49.15 per cent to ₹1,895.69 crore during the quarter, up from ₹1,271.01 crore in the same period last year.

 

With a strong set of numbers recorded during Q3 FY26, we are well on track to register our best-ever financial performance, PR Hari, Chairman and Managing Director, said in a statement. With the Next Generation Corvette contract on the anvil, we are confident of ending the current financial year with an orderbook of around ₹50,000 crore."  ALSO READ | Q3 Results Today

Analysts on Garden Reach earnings 

Antique Stock Broking said Garden Reach delivered higher-than-expected revenue growth, led by strong execution of frigate and anti-submarine warfare corvette projects. The brokerage noted that GRSE’s current order book stands at around ₹20,000 crore, with major projects scheduled for execution over the next two years.

 

On the non-defence side, Antique highlighted the company’s focus on shipbuilding and green energy platforms such as hybrid ferries and green tugs, which present meaningful growth opportunities. The brokerage broadly retained its estimates and maintained a 'Buy' rating on the stock, with an unchanged target price of ₹3,026.

 

GRSE’s order book is projected to rise to ₹62,400 crore by FY28, nearly 2.8 times its current level, which is expected to provide strong revenue visibility and support valuations going forward, Antique said. While the company, as a riverine shipyard, lacks the capability to build larger vessels, this limitation is offset by its ability to execute smaller vessels more quickly.

 

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