**MARKET UPDATE: GRSE Q3 EARNINGS & STOCK RALLY** **Strong Execution Drives Record Quarter** Garden Reach Shipbuilders & Engineers (GRSE) shares witnessed a sharp rally, climbing **~5%** following a robust operational performance for the quarter ended **December 31, 2025** (Q3 FY26). The defence PSU reported stellar year-on-year growth, underpinned by higher execution scale and improved margins. **Key Financial Highlights** * **Net Profit:** Surged **74%** YoY to **₹171 crore**, up from ₹98 crore in the same period last year. * **Revenue:** Jumped **49%** YoY to **₹1,896 crore**, driven by accelerated project delivery. * **EBITDA:** Spiked **59%** YoY to **₹234 crore**, reflecting better operational efficiency. * **Total Income:** Stood at **₹1,958 crore**, a **46%** increase over the previous year. **Dividend & Outlook** The board declared a **second interim dividend** of **₹7.15 per share** for FY26. Management remains optimistic, citing a strong order pipeline with expectations to close the financial year with an order book of approximately **₹50,000 crore**. The company is currently executing 10 major shipbuilding projects comprising 42 platforms. **Market Reaction** Investor sentiment remained buoyant on the back of these numbers. The stock hit an intraday high of **₹2,647.90**, cementing confidence in the company’s growth trajectory amid the ongoing push for indigenous defence manufacturing.