Guidance ledger · Q4 FY26

Garden Reach Shipbuilders & Engineers Ltd GRSE

4 revisions on record · 0 lowered · 1 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed NGC contract signing window Q3 FY26 → Q4 FY26

~~current financial year FY26 (Q3FY26)~~ → current quarter June 2026 (Q4FY26)

“Our current assessment is that the contract will be signed during the current quarter that is June. It is almost the right direction. No red flags so far.”

→ narrowed NGC revenue commencement Q3 FY26 → Q4 FY26

~~Q4 FY28 end (Q3FY26 guidance)~~ → second half FY28, major chunk from FY29 (Q4FY26) - broadly consistent

“The revenue booking from NGC, if the contract is signed during the current quarter, we expect the booking to happen during the latter half of the next financial year, that is FY28. The second half of FY28, we expect the revenue generation from NGC to commence.”

↑ raised FY27 EBITDA margin Q3 FY26 → Q4 FY26

~~not previously given (Q3FY26)~~ → similar to FY26 ~11.5% (directional, Q4FY26)

“We will be able to maintain similar margins, what you said last. We will be able to maintain similar margins in the coming year, that is the current year.”

↔ widened P-17 Bravo RFP timing Q3 FY26 → Q4 FY26

~~April 2026 (Q3FY26 expected)~~ → next three months from May 2026 call = Q2FY27 (Q4FY26) - slipped from April

“We expect the RFP to come out in the next three months, and the order value is likely to the tune of around INR 70,000 crore.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.