Garden Reach Shipbuilders & Engineers Ltd logo

Garden Reach Shipbuilders & Engineers Ltd

GRSE NSE

Key Fundamentals

SmallcapEngineeringAerospace & Defense
Market Cap
₹30,276 Cr
Volatility
Moderate
P/E Ratio
38.29
EBITDA
₹795 Cr
Return on Equity
25.36%
Debt to Equity
0.01
Book Value
₹229.25
EPS
₹32.11
52W High
₹3,339
52W Low
₹1,963.7

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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37 extracted metrics + investor summaries across FY13–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

5
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 36.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.9%
  • Company has been maintaining a healthy dividend payout of 30.0%

Weaknesses

3
  • Stock is trading at 11.3 times its book value
  • Earnings include an other income of Rs.301 Cr.
  • Debtor days have increased from 34.0 to 63.6 days.

Growth Rate

Revenue Growth
29.42% ↗
Net Income Growth
41.62% ↗
Cash Flow Change
102.21% ↗
ROE
18.78% ↗
ROCE
18.02% ↗
EBITDA Margin (Avg.)
-21.76% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk medium

Garden Reach Shipbuilders & Engineers Ltd is a defence PSU shipbuilder with a market cap of ~Rs.29,967 Cr trading at a PE of 36.8x and PB of 11.24x. The company has delivered 40% TTM sales growth and 43% TTM profit growth while remaining virtually debt-free, but faces valuation stretch and rising debtor days.

Bull Case 8
  • Company is almost debt-free, providing financial flexibility and low interest burden in a capital-intensive shipbuilding business
  • Compounded profit growth of 50% CAGR over the last 3 years demonstrates strong earnings momentum
  • TTM revenue growth of 40% signals robust order execution and improving top-line trajectory
  • Return on equity of 32% in the last year, with a 3-year average ROE of 28%, indicates highly efficient capital utilisation
  • 5-year compounded sales CAGR of 44% reflects sustained long-term revenue expansion well above sector averages
  • Healthy dividend payout ratio of 30% provides income visibility for shareholders alongside capital appreciation
  • 3-year stock CAGR of 58% and 5-year CAGR of 68% reflect strong market re-rating driven by defence sector tailwinds
  • Being a defence PSU shipbuilder, the company is a direct beneficiary of India's increasing indigenous defence procurement and naval modernisation programmes
Bear Case 8
  • Stock trades at 11.24x book value, which is elevated for a PSU shipbuilder and leaves limited margin of safety if growth slows
  • PE ratio of 36.8x is rich relative to historical defence PSU valuations, implying high growth expectations are already priced in
  • Earnings include other income of Rs.301 Cr, which may not be recurring and inflates reported profitability
  • Debtor days have nearly doubled from 34 days to 63.6 days, indicating potential working capital stress or slower collections from government clients
  • 1-year stock return of -2% suggests recent price stagnation despite strong earnings growth, indicating possible near-term re-rating fatigue
  • Dividend yield of only 0.5% offers minimal income cushion at current elevated price levels
  • Revenue concentration in government defence contracts exposes the company to budget allocation risks, order lumping, and policy changes
  • 10-year compounded sales and profit growth of 16% each shows that the recent acceleration may not be sustainable over longer cycles

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 3
  • ₹1032 Cr ONGC PSV order Jul 30

    GRSE secured a confirmed work order for four Platform Supply Vessels from ONGC worth ₹1,032.07 crore with a 48-month execution timeline, significantly boosting the order book.

  • Strong Q1FY27 revenue growth Jul 29

    Revenue rose 38.5% YoY to ₹1,814.6 crore and PAT jumped 43.8% to ₹172.8 crore in Q1FY27, with EBITDA up 34.9% to ₹248.8 crore driven by efficient execution.

  • ₹37.94 Cr electric tug order Aug 4

    GRSE received an intent letter from Syama Prasad Mookerjee Port for a 15T Bollard Pull electric tug worth ₹37.94 crore, adding to Q2FY27 order momentum.

Neutral 1
  • Q1FY27 earnings call scheduled Aug 3

    GRSE to host an investor conference call on August 6, 2026, to discuss Q1FY27 unaudited financial results and operational updates.

TL;DR: GRSE is firing on all cylinders with 38.5% revenue growth, 43.8% PAT expansion in Q1FY27, and over ₹1,070 crore in new orders secured in recent weeks from ONGC and port authorities. No visible headwinds emerged in this period. The trend is clearly improving with strong order inflows, healthy execution, and management signalling aggressive bidding and AI adoption for further efficiency gains.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
756
898
923
1,016
1,010
1,153
1,271
1,642
1,310
1,677
1,896
2,119
1,815
Expenses
710
849
874
925
953
1,084
1,196
1,421
1,198
1,521
1,724
1,764
1,665
Operating Profit
46
49
49
91
56
69
75
221
112
156
172
355
149
OPM %
6%
5%
5%
9%
6%
6%
6%
13%
9%
9%
9%
17%
8%
Other Income
71
72
82
76
74
75
72
114
73
69
62
71
100
Interest
5
2
1
3
4
2
2
1
6
4
4
3
4
Depreciation
10
10
10
10
10
11
11
10
12
12
12
13
14
PBT
102
107
119
153
115
131
134
324
167
209
218
411
232
Tax %
25%
25%
26%
27%
24%
25%
27%
25%
28%
27%
22%
26%
25%
Net Profit
77
81
88
112
87
98
98
244
120
154
171
303
173
EPS in Rs
6.69
7.05
7.7
9.74
7.61
8.53
8.57
21.32
10.49
13.43
14.91
26.47
15.09
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,562
1,657
921
1,347
1,386
1,433
1,141
1,754
2,561
3,593
5,076
7,002
7,507
Expenses
1,500
1,565
1,082
1,362
1,344
1,391
1,060
1,613
2,412
3,357
4,654
6,207
6,674
Operating Profit
62
92
-161
-15
42
42
81
141
149
235
422
795
833
OPM %
4%
6%
-17%
-1.1%
3%
2.9%
7%
8%
6%
7%
8%
11%
11%
Other Income
61
191
217
179
169
215
165
154
202
300
335
274
301
Interest
6
4
9
8
5
3
10
2
7
13
11
16
14
Depreciation
27
28
27
29
27
30
29
36
39
41
42
49
51
PBT
90
252
20
128
179
224
207
257
305
481
703
1,005
1,070
Tax %
43%
35%
43%
28%
39%
27%
26%
26%
25%
26%
25%
26%
—
Net Profit
52
164
11
92
110
163
153
190
228
357
527
748
801
EPS in Rs
41.77
133
9.26
8.07
9.6
14.27
13.4
16.55
19.91
31.19
46.04
65.29
69.9
Div. Payout %
48%
15%
472%
55%
72%
50%
37%
35%
31%
30%
30%
30%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
124
124
124
115
115
115
115
115
115
115
115
115
Reserves
883
1,013
959
907
924
926
1,023
1,143
1,299
1,559
1,965
2,512
Borrowings
0
0
25
0
0
0
4
11
312
66
10
37
Other Liabilities
2,994
3,317
3,458
3,302
3,152
4,355
5,656
6,374
9,057
8,524
8,274
7,973
Total Liabilities
4,001
4,454
4,567
4,323
4,191
5,395
6,797
7,643
10,783
10,263
10,362
10,636
Fixed Assets
366
344
358
389
302
304
340
501
508
493
515
584
CWIP
11
22
23
16
34
52
151
10
6
25
28
16
Investments
0
0
0
0
2
54
826
197
234
0
0
0
Other Assets
3,624
4,088
4,185
3,918
3,852
4,986
5,480
6,936
10,036
9,746
9,819
10,036
Total Assets
4,001
4,454
4,567
4,323
4,191
5,395
6,797
7,643
10,783
10,263
10,362
10,636
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
—
-74
-112
628
515
-356
1,450
-707
16
-290
Investing
—
—
—
267
198
245
-1,173
429
-1,666
1,056
170
527
Financing
—
—
—
-193
-89
-153
-62
-72
220
-358
-187
-223
Net Cash Flow
—
—
—
0
-3
720
-720
0
4
-9
-1
13
Free Cash Flow
—
—
—
-124
-164
560
351
-411
1,408
-755
-51
-367
CFO/OP
—
—
—
748
-564
1,200
701
-204
1,023
-248
45
-4
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
37
34
79
55
58
136
57
31
7
20
19
64
Inventory Days
334
236
383
727
168
1,590
606
458
662
648
368
306
Days Payable
202
190
290
968
177
1,922
592
159
266
161
119
164
Cash Conversion Cycle
170
79
172
-186
48
-196
71
330
404
507
267
205
Working Capital Days
-1,124
-388
-705
-468
-392
-533
-1,012
-660
-546
-276
-169
-81
ROCE %
10%
24%
3%
12%
18%
22%
21%
20%
20%
27%
37%
43%

Shareholding Pattern

As of Jun 2026
Promoters 74.50%
Public 17.78%
FIIs 3.22%
Others 2.56%
DIIs 1.94%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
74.50%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
3.34%
0.00%
3.26%
3.91%
3.65%
3.70%
3.84%
5.33%
3.26%
2.96%
3.51%
3.22%
DIIs
15.61%
13.11%
12.71%
11.26%
10.67%
9.16%
8.35%
7.55%
6.98%
7.47%
5.96%
5.27%
6.14%
3.20%
1.87%
1.87%
1.90%
1.82%
1.99%
1.64%
1.69%
1.94%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
6.75%
8.57%
8.90%
9.64%
9.87%
10.06%
10.42%
10.84%
10.51%
10.99%
12.50%
12.84%
12.63%
15.35%
17.82%
18.04%
17.96%
16.22%
17.90%
18.36%
17.85%
17.78%
Others
3.14%
3.82%
3.88%
4.60%
4.95%
6.28%
6.72%
7.11%
8.01%
7.04%
3.70%
7.39%
3.47%
3.04%
2.17%
1.89%
1.80%
2.13%
2.35%
2.54%
2.45%
2.56%
No. of Shareholders
29,026
34,322
34,618
35,586
35,806
37,518
41,460
60,048
60,638
68,859
1,08,922
1,17,621
1,25,631
2,59,827
4,04,157
4,21,148
4,13,986
4,07,707
4,25,900
4,19,648
4,07,526
3,99,380

Documents

Frequently Asked Questions about Garden Reach Shipbuilders & Engineers Ltd

What does Garden Reach Shipbuilders & Engineers Ltd do?
Garden Reach Shipbuilders & Engineers Ltd is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE is a diversified, profit making and the first S...
Where is Garden Reach Shipbuilders & Engineers Ltd (GRSE) listed?
Garden Reach Shipbuilders & Engineers Ltd is listed on the Indian stock exchanges. It is listed on NSE: GRSE and BSE: 542011. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Garden Reach Shipbuilders & Engineers Ltd belong to?
Garden Reach Shipbuilders & Engineers Ltd operates in the Aerospace & Defense sector within the Engineering industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Garden Reach Shipbuilders & Engineers Ltd?
Garden Reach Shipbuilders & Engineers Ltd has a market capitalisation of approximately ₹30276.09 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Garden Reach Shipbuilders & Engineers Ltd?
The Price-to-Earnings (PE) ratio of Garden Reach Shipbuilders & Engineers Ltd is 38.29. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Garden Reach Shipbuilders & Engineers Ltd?
Over the past 52 weeks, Garden Reach Shipbuilders & Engineers Ltd has traded between a low of ₹1,963.7 and a high of ₹3,339. This range helps investors understand the stock's price volatility and recent trading levels.
Does Garden Reach Shipbuilders & Engineers Ltd pay dividends?
Yes, Garden Reach Shipbuilders & Engineers Ltd has a dividend yield of 0.50%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Garden Reach Shipbuilders & Engineers Ltd?
Garden Reach Shipbuilders & Engineers Ltd has a Return on Equity (ROE) of 25.36%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Garden Reach Shipbuilders & Engineers Ltd on Tapetide?
On Tapetide, you can view Garden Reach Shipbuilders & Engineers Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Garden Reach Shipbuilders & Engineers Ltd is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE is a diversified, profit making and the first Shipyard in the country to export warships and deliver 100 warships to the Indian Navy and Indian Coast Guard.[1]

Website grse.in
CEO Commodore P. R. Hari IN (Retd)
Employees 1,523
Listed 2018-10-10
Face Value ₹ 10
Issued Size 11,45,52,000

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