GRSE Q4 results expectations: Stock up 48% in April— Dividend announcement date

GRSE Q4 results: State-run defence player Garden Reach Shipbuilders & Engineers Ltd (GRSE) is set to announce its results for quarter and financial year ended on March 31, 2026. Besides the quarterly earnings, the ship-maker will also consider and announce a dividend for the given period.

GRSE stands out as one of India’s most versatile defence shipyards, with a legacy of delivering over 800 vessels across warships, auxiliaries, research vessels and exports, including being the first Indian yard to export warships. While capable of constructing frigate-sized platforms, GRSE’s core strength lies in smaller and mid-sized vessels for the Indian Navy and Coast Guard.
 

GRSE share price

Shares of Garden Reach Shipbuilders & Engineers were trading at Rs 2,927.85 on Tuesday, commanding a total market capitalization close to Rs 33,500 crore. The stock has gained nearly 49 per cent in April so far. However, the stock is down around 17 per cent from its 52-week high at Rs 3,535, hit in June 2026.
 

GRSE Q4 results preview

According to Elara Capital, Garden Reach Shipbuilders may report a revenue of Rs 1,517.1 crore, down 20 per cent QoQ and 7.6 per cent YoY. Ebitda is seen at Rs 216.3 crore, up 25.8 per cent QoQ but down 2.1 per cent YoY. Net profit is earmarked at Rs 203 crore, up 18.9 per cent QoQ but down 16.9 per cent YoY.

GRSE has a robust order book providing revenue visibility across key programmes. Execution momentum has improved significantly, with multiple vessels in outfitting and trials, positioning FY26–27 as strong delivery years. GRSE’s opportunity pipeline remains compelling and it is well positioned for the next-generation corvette (NGC) programme, where it is the L1 bidder, said Ashika Research.

"Capacity is expected to scale from 20 ships in FY24 to 35 by Q3FY27E, supported by brownfield & greenfield investments and strategic partnerships. Long term visibility is underpinned by a strong AoN pipeline. However, timely order awards and execution remain critical to sustain growth beyond FY27E, particularly amid potential revenue moderation over FY28–29E," it said.
 

GRSE dividend history

Since 2022, in the last five years, GRSE has traded ex-dividend 10 times, including twice in 2022, 2023 and 2024. It has gone ex-date for dividend three times in 2025 while once in 2026 so far. If announced, it will be the second dividend by the company in this calendar year.

It trade ex-date for Rs 4.95 in February 2022; Rs 0.85 in September 2022; Rs 5.5 in February 2023; Rs 0.70 in September 2023; Rs 7.92 in February 2024; Rs 1.44 on September 2024, Rs 9.85 in February 2025; Rs 4.90 in September 2025; Rs 5.75 November 2025; and Rs 7.15 in February 2026.
 

GRSE target prices

Earlier this month, Ashika Research initiated coverage on GRSE with a 'buy' and a target price of Rs2,730, supported by strong execution visibility and order pipeline. Antique Stock Broking also has a 'buy' rating on the stock with a target price of Rs 3,026. However, Elara Capital has a 'reduce' rating on GRSE with a target price of Rs 2,300.