• Order pipeline: GRSE expects the approximately Rs 33,000 crore Next Generation Corvette (NGC) contract to be signed in the current quarter, alongside five live defence tenders worth about Rs 81,000 crore and two upcoming RFPs valued at Rs 71,000 crore.
• Revenue and margins: FY27 is projected as a peak revenue year driven by P17A and anti-submarine crafts, with FY28 bridged by NGC and offshore patrol vessels. Management expects steady margins despite employee wage revisions, noting labor accounts for a relatively small portion of revenue expenditure.
• Capacity expansion: The company plans a capex of Rs 4,200 to 4,500 crore over the next three to five years to scale concurrent shipbuilding capacity from 28 to 43 platforms across West Bengal and Gujarat. This will be funded through internal accruals, a joint venture, and debt leveraging a 3% government interest subsidy.
• Export strategy: While executing a 12-multipurpose vessel export order for a German client, GRSE is taking a calibrated approach to European queries to prioritize India's emerging domestic demand of over 200 aggregated platforms.