Overview

• Q4 revenue rose 2.3% YoY to Rs 3,170 crore, while Ebitda plunged 83% to Rs 90 crore and PAT dropped 50.9% due to a 436% surge in provisioning for two contracts.
• The stock slipped about 10% over two trading sessions as investors reacted to the sharp margin contraction.
• Nirmal Bang retained its Buy rating with a Rs 4,350 target at 45× March 2027 EPS, and Antique Stock Broking upheld its Buy with a Rs 3,858 target.
• Management aims to secure P75 additional and P75I submarine contracts in FY26 that analysts say could expand the order book from roughly Rs 32,000 crore to over Rs 1.25 lakh crore.
• The yard has guided for 8–10% revenue growth and a 15% Ebitda margin in FY26, backed by economies of scale from large submarine projects and Shipyard 4.0 efficiency initiatives.