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Garden Reach Shipbuilders & Engineers (GRSE) is a public sector defence undertaking under the administrative control of the Ministry of Defence and a Schedule ‘A’ Mini Ratna Category-I company.
The company reported a 74% jump in consolidated net profit to Rs 171 crore in Q3 FY26 from Rs 98 crore in Q3 FY25. Revenue from operations increased to Rs 1,896 crore during the period under review, up 49% YoY.
The scrip fell 1.56% to settle at Rs 2,401.55 on the BSE.
The partnership envisages the construction of advanced maritime platforms and is expected to contribute to the enhancement of the country's maritime infrastructure, technological self-reliance, and long-term operational capabilities.
Revenue from operations increased to Rs 1,896 crore during the period under review, up 49% YoY.
EBITDA improved by 59% to Rs 234 crore in Q3 FY26 from Rs 134 crore in Q3 FY25.
Profit before tax stood at Rs 218 crore in Q3 FY26, up by 63% from Rs 134 crore recorded in Q3 FY25.
Cmde PR Hari, IN (Retd.), chairman and managing director, Garden Reach Shipbuilders & Engineers, 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.'
'We have delivered five warships so far during the year and are currently executing 10 major shipbuilding projects comprising of 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 orderbook of around Rs. 50,000 crore,” the chairman added.
Separately, Garden Reach Shipbuilders and Engineers (GRSE) said that it has signed a memorandum of understanding with K2 Cranes & Components for the design, development, and manufacture of marine, defence and shipyard cranes and associated equipment.
'While GRSE’s mainstay continues to remain warship building and construction of other marine platforms, it also manufactures engineering products. It holds the largest market share in the country in the modular, steel bridges sector, having delivered over 5,900 of them to both domestic and international clients,” the company said in a statement.
It further stated that this collaborative initiative will enable GRSE and K2 Cranes to explore and implement profitable business in respect of cranes utilized for marine, defence and shipyard requirements, both in India and abroad.
Garden Reach Shipbuilders & Engineers (GRSE) is a defence public sector undertaking, under the administrative control of Ministry of Defence, and a Schedule ‘A’ Mini Ratna Category-I company. GRSE has built over 800 platforms, including 115 warships for Indian Navy, Indian Coast Guard, and friendly foreign countries. GRSE has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, testing & overhauling of marine diesel engines and the manufacture of 30mm naval surface guns.
Thangamayil Jewellery Ltd, Garden Reach Shipbuilders & Engineers Ltd, V I P Industries Ltd and Welspun Living Ltd are among the other losers in the BSE's 'A' group today, 02 December 2025.
Bajaj Housing Finance Ltd lost 6.65% to Rs 97.55 at 14:46 IST.The stock was the biggest loser in the BSE's 'A' group.On the BSE, 465.8 lakh shares were traded on the counter so far as against the average daily volumes of 4.44 lakh shares in the past one month.
Thangamayil Jewellery Ltd crashed 6.22% to Rs 3151.8. The stock was the second biggest loser in 'A' group.On the BSE, 12324 shares were traded on the counter so far as against the average daily volumes of 21677 shares in the past one month.
Garden Reach Shipbuilders & Engineers Ltd tumbled 4.82% to Rs 2602.3. The stock was the third biggest loser in 'A' group.On the BSE, 78840 shares were traded on the counter so far as against the average daily volumes of 1.26 lakh shares in the past one month.
V I P Industries Ltd dropped 4.20% to Rs 351. The stock was the fourth biggest loser in 'A' group.On the BSE, 19475 shares were traded on the counter so far as against the average daily volumes of 41627 shares in the past one month.
Welspun Living Ltd corrected 4.09% to Rs 136.15. The stock was the fifth biggest loser in 'A' group.On the BSE, 1.74 lakh shares were traded on the counter so far as against the average daily volumes of 3.7 lakh shares in the past one month.
Revenue from operations jumped 45.48% YoY to Rs 1,677.38 crore during the quarter ended 30 September 2025.
Profit before tax (PBT) soared 60.39% to Rs 209.36 crore in Q2 FY26 as against Rs 130.53 crore in Q2 FY25.
Earnings before interest, tax, depreciation and amortization (EBITDA) stood at Rs 225 crore in Q2FY26, registering a 56% year-on-year growth from Rs 144 crore reported in Q2FY25.
Total expenses increased 40.04% to Rs 1,536.71 crore in Q2 FY26, compared with Rs 1,097.30 crore in Q2 FY25. The cost of material consumed stood at Rs 677.86 crore (down 16.02%), employee benefit expenses stood at Rs 93.50 crore (up 13.31% YoY), while sub-contracting charges were at Rs 343.69 crore (up 225.86% YoY) and finance costs stood at Rs 677.86 crore (down 16.02% YoY) during the period under review.
Cmde PR Hari, IN (Retd.), chairman & MD, Garden Reach Shipbuilders & Engineers, said, “I am happy that we have been able to sustain the growth momentum and the Q2 results have been very encouraging. With a strong order book, result oriented project execution strategy and clear order visibility, I am confident of equally strong financial performance in the second half of FY26 also. '
On a half-year basis, GRSE posted a 48% year-on-year increase in profit after tax (PAT) to Rs 274 crore in H1FY26, compared with Rs 185 crore in the same period last year. Revenue from operations rose 38% year-on-year to Rs 2,987 crore in H1FY26 from Rs 2,163 crore in H1FY25, supported by robust consumer demand and a continued shift towards premium brands.
Garden Reach Shipbuilders & Engineers is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE is a diversified, profit making and the first Shipyard in the country to export warships and deliver 100 warships to the Indian Navy and Indian Coast Guard.
Metal shares witnessed selling pressure for the second consecutive trading sessions.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 57.29 points or 0.07% to 83,401.86. The Nifty 50 index fell 61.70 points or 0.23% to 25,536.60.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.82%, while the S&P BSE Small-Cap index dropped 1.25%.
The market breadth was weak. On the BSE, 1,138 shares rose and 2,782 shares fell. A total of 198 shares were unchanged.
Economy:
The seasonally adjusted HSBC India Services PMI Business Activity Index stood at 58.9 in October, comfortably above both the neutral mark of 50.0 and its long-run average of 54.3. October data showed softer, although still substantial, expansions in Indian services output and new business. While factors like demand buoyancy and GST (Goods and Services Tax) relief reportedly led to an improvement in operating conditions, competition and heavy rains constrained growth.
HSBC India Composite PMI Output Index fell to 60.4 in October from 61.0 in September. There was also a weaker, albeit still substantial, upturn in aggregate sales. The rate of expansion was the softest in five months. For new orders and output, the slowdowns in growth were centred on the service economy as manufacturers actually registered quicker rates of expansion.
IPO Update:
Billionbrains Garage Ventures (Groww) received bids for 36,87,72,750 shares as against 36,47,76,528 shares on offer, according to stock exchange data at 11:20 IST on Thursday (6 November 2025). The issue was subscribed 1.01 times. The issue opened for bidding on 4 November 2025 and it will close on 7 November 2025. The price band of the IPO is fixed between Rs 95 and 100 per share.
Buzzing Index:
The Nifty Metal index tumbled 1.87% to 10,302.25. The index declined 3.29% in the two consecutive trading sessions.
Hindalco Industries (down 7.06%), Adani Enterprises (down 3.26%), Hindustan Copper (down 2.39%), National Aluminium Company (down 1.85%), Jindal Steel (down 1.79%), Lloyds Metals & Energy (down 1.48%), NMDC (down 1.45%), Hindustan Zinc (down 1.32%), JSW Steel (down 1.14%) and Tata Steel (down 0.96%) tumbled.
Stocks in Spotlight:
Gujarat Pipavav Port jumped 6.51% after the company posted a strong set of numbers for the September 2025 quarter. Revenue from operations rose 31.9% year-on-year to Rs 299.35 crore, compared with Rs 227.04 crore in Q2 FY25. Adjusted net profit (PAT) jumped 70.1% YoY to Rs 128.44 crore, compared with Rs 75.49 crore in the year-ago quarter, and 23.1% higher sequentially from Rs 104.33 crore in Q1 FY26.
Avanti Feeds advanced 1.90% after the company’s consolidated net profit jumped 34.87% to Rs 153.29 crore in Q2 FY26 as against Rs 113.65 crore in Q2 FY25. Revenue from operations increased 19.04% year on year to Rs 1,609.69 crore in the quarter ended 30 September 2025.
Garden Reach Shipbuilders & Engineers rose 1.35% after its standalone net profit surged 57.28% to Rs 153.78 crore in Q2 FY26, compared with Rs 97.77 crore in Q2 FY25. Revenue from operations jumped 45.48% YoY to Rs 1,677.38 crore during the quarter ended 30 September 2025.
Global Markets:
Asia-Pacific markets rose Thursday, tracking Wall Street gains after AMD’s third-quarter earnings beat lifted artificial intelligence stocks.
U.S. equity futures were little changed in early Asian hours after the Supreme Court expressed skepticism over President Donald Trump’s tariffs, and as AI stocks recovered following a sell-off on valuation concerns.
Overnight, the Dow Jones Industrial Average gained 225.76 points, or 0.48%, to close at 47,311.00. The S&P 500 rose 0.37% to finish at 6,796.29, while the Nasdaq Composite advanced 0.65% to settle at 23,499.80.
Investors were paying attention to the Supreme Court hearing Wednesday regarding President Donald Trump’s tariffs. At issue is whether the president had the authority to impose such duties under the International Emergency Economic Powers Act, or IEEPA.
The high court’s justices focused their questions on the legality of the sweeping tariffs, with both conservative and liberal members asking Solicitor General D. John Sauer about the Trump administration’s justification.
Equity investors received some encouraging data on the economy Wednesday with better ADP payrolls data and a stronger ISM services economy reading.
Payroll growth at private companies turned slightly stronger than expected in October, providing some hope that the labor market isn’t in danger of sinking, ADP reported Wednesday. Companies added 42,000 jobs for the month, following a decline of 29,000 in September. A revision for September showed 3,000 fewer jobs lost, the payrolls processing firm said.
Service-sector activity picked up in October, pushed by new orders and general business activity as imports receded, the Institute for Supply Management reported Wednesday.
The ISM services index rose to 52.4%, up from September’s 50%, which is the breakeven point for overall expansion for the measure.