With this move, Garden Reach Shipbuilders’ shares are up 68% so far in the month of April. This is set to be the best month that the stock has had in its trading history, surpassing the 56% surge it saw in May 2025 and 53% surge seen in June 2024.
Before this move, shares of Garden Reach had declined 19% in March and another 12% in February.
For the March quarter, Garden Reach’s revenue grew by 29% from last year led by better execution, while margins expanded by 330 and 770 basis points year-on-year and sequentially respectively.
Material costs declining to 49% of topline from 67% last year contributed to the improved profitability during the quarter. However, subcontracting expenses rose 3.5x, while other project related expenses also doubled during the quarter.
Brokerage firm DAM Capital said that the company’s order book is expected to be at ₹16,300 crore, compared to ₹18,400 crore at the end of the December quarter. For the first quarter, the brokerage expects orders worth nearly ₹25,000 crore and next-gen Frigates order worth ₹30,000 crore expected by end-FY27 or early-FY28.
DAM Capital expects FY27 to be peak revenue booking year for Garden Reach, followed by a slight moderation in FY28.
Along with Garden Reach, shares of Mazagon Dock Shipbuilders are also trading 3.5% higher on Wednesday, while those of Cochin Shipyard are up 3%.
