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Garden Reach Shipbuilders & Engineers

GRSE NSE
₹2,143.40 +12.40 (+0.58%)
P/E
30.66
View as Markdown
MCP
Close 4 Nov 2026 ₹2,143.40 −440.80 −17.1% 1Y
Start ₹2,584.20

Key Fundamentals

SmallcapAerospace & DefenseCapital Goods

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
42.80%
Debt to Equity
0.01
EPS (TTM)
₹69.90
Book Value
₹229.25
Market Cap
—
P/E (TTM)
30.66
P/B
9.35
ROE
31.60%
Dividend Yield
0.92%
EBITDA
₹1,070 Cr
52W High
₹3,339.00
52W Low
₹1,842.00
Day Range
₹2,062.20 – ₹2,162.00
Volume
9,86,436

Peer Comparison

Industrials › Aerospace & Defense › Engineering › Aerospace & Defense

Garden Reach Shipbuilders peer comparison
Hindustan Aeronautics
₹5,079.1036.44₹3,35,230 Cr8.280.91%24.00%32.00%₹33,785 Cr₹9,322 Cr
Bharat Electronics
₹398.0045.49₹2,84,935 Cr11.080.66%27.40%36.40%₹30,253 Cr₹6,401 Cr
Bharat Dynamics
₹1,075.0075.65₹37,987 Cr9.290.48%10.20%13.90%₹2,766 Cr₹521 Cr
Garden Reach Shipbuilders (this company)
₹2,143.4030.66₹24,395 Cr9.350.92%31.60%42.80%₹7,507 Cr₹801 Cr
Data Patterns
₹4,078.0085.21₹22,179 Cr13.150.25%15.20%21.90%₹941 Cr₹267 Cr
Sigma Advanced System
₹938.70103.38₹17,375 Cr18.900.00%−4.03%11.70%₹861 Cr₹166 Cr
Aequs
₹219.59—₹14,236 Cr10.570.00%−9.96%1.69%₹1,370 Cr−₹171 Cr
Median 7 companies₹1,075.0060.57₹24,395 Cr10.570.48%15.20%21.90%₹2,766 Cr₹521 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
52
Average
Returns, margins, earnings quality 22% weight
Valuation
63
Good
Cheap vs sector & own history 24% weight
Growth
95
Strong
Sales & profit trajectory 9% weight
Financial Health
60
Good
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

5
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 36.1% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.7%
  • Company has been maintaining a healthy dividend payout of 29.1%

Weaknesses

4
  • Stock is trading at 8.88 times its book value
  • Contingent liabilities of Rs.7,959 Cr.
  • Earnings include an other income of Rs.301 Cr.
  • Debtor days have increased from 34.0 to 63.6 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsBullish153
Moving AveragesStrong Bearish604

Key readings

RSI (14)
54.22
Neutral
MACD (12,26,9)
−59.12
Bullish
SMA (50)
2,258.11
Bearish
SMA (200)
2,497.83
Bearish

As of

Analyst Rating

Based on 8 analysts
TIED38%

3 of 8 analysts rate Buy, 3 Hold, 2 Sell.

As of

BUY
3
38%
HOLD
3
38%
SELL
2
25%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+15.50%
5Y+43.74%
3Y+39.83%
1Y+37.94%
TTM+39.64%

Net profit

Net profit growth by window
10Y+16.39%
5Y+37.35%
3Y+48.59%
1Y+41.94%
TTM+43.04%

Operating cash flow

Operating cash flow growth by window
10Y—
5YTurned negative
3YTurned negative
1YTurned negative
TTM—

10Y: The statements do not go back far enough for this window.

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+5.80 pp
5Y+4.25 pp
3Y+5.53 pp
1Y+3.04 pp
TTM+2.21 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹921 Cr
Mar 2018₹1,347 Cr
Mar 2019₹1,386 Cr
Mar 2020₹1,433 Cr
Mar 2021₹1,141 Cr
Mar 2022₹1,754 Cr
Mar 2023₹2,561 Cr
Mar 2024₹3,593 Cr
Mar 2025₹5,076 Cr
Mar 2026₹7,002 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹11.00 Cr
Mar 2018₹92.00 Cr
Mar 2019₹110 Cr
Mar 2020₹163 Cr
Mar 2021₹153 Cr
Mar 2022₹190 Cr
Mar 2023₹228 Cr
Mar 2024₹357 Cr
Mar 2025₹527 Cr
Mar 2026₹748 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹189 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 1.6× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

As of 2026-11-02, Garden Reach Shipbuilders & Engineers Ltd trades at ₹2,046.8 with a market cap of ₹22,824 Cr, a trailing PE of 29.28x, and a near-zero debt-to-equity ratio of 0.01. The company has delivered strong profit growth of 36% CAGR over five years and an ROE of 28.48%, but the stock trades at 8.93x book value and sits roughly 39% below its 52-week high of ₹3,339.

Bull Case 8
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.01, providing significant financial flexibility and resilience against interest rate cycles.
  • Strong return on equity of 28.48% and return on capital employed of 36.76% as of 2026-11-02, indicating efficient capital utilization for a public sector enterprise.
  • Compounded profit growth of 36% CAGR over the past five years and 50% over the past three years demonstrates accelerating earnings momentum.
  • Revenue growth has been robust at 44% CAGR over five years and 40% CAGR over three years, suggesting a healthy order execution trajectory consistent with rising defence spending.
  • TTM profit growth of 43% and TTM sales growth of 40% show that the recent momentum has sustained into the trailing twelve months.
  • Consistent dividend payout ratio of 29.1% coupled with a dividend yield of 1.01% offers income visibility alongside growth for a defence PSU.
  • Three-year average ROE of 28% and last-year ROE of 32% reflect an improving profitability trend over the decade-average ROE of 19%.
  • Trailing PE of 29.28x is well below the implied peak valuations when the stock traded near its 52-week high of ₹3,339, suggesting some valuation compression has already occurred.
Bear Case 6
  • Contingent liabilities stand at ₹7,959 Cr, which is roughly 35% of the current market cap of ₹22,824 Cr, posing a material risk if even a fraction crystallizes.
  • The stock is down approximately 39% from its 52-week high of ₹3,339, and the one-year stock CAGR of -26% indicates significant negative price momentum.
  • Debtor days have increased from 34.0 to 63.6 days, nearly doubling, which signals slower receivable collections and potential working capital strain.
  • Earnings include other income of ₹301 Cr, meaning a meaningful portion of reported profit is non-operational, and core operating earnings may be lower than headline numbers suggest.
  • Being a defence PSU, the company is exposed to government budget allocation cycles and potential delays in order execution, which can create lumpy revenue recognition.
  • A trailing EPS of ₹69.9 supporting a price of ₹2,046.8 implies that any earnings miss could lead to sharp PE re-rating downward from the current 29.28x multiple.

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

AI News Digest

9h ago

TL;DR: GRSE is riding a strong tailwind from the ₹32,000 crore Navy corvette contract, securing five of eight ships and reinforcing its position as India's leading defence shipbuilder. The deep order book of 45+ platforms including export orders provides multi-year revenue visibility. No material headwinds are visible in the current news cycle. The Q2FY27 results on November 11 will be the next key catalyst to watch for execution and margin trends.

Positives 4
  • ₹32K cr Navy corvette contracts Nov 02

    Defence Ministry signed ₹32,000 crore contracts for eight Next Generation Corvettes; GRSE will build five (62.5% share), delivering over 9 years and 4 months. Stock surged 9.1% intraday to ₹2,231, its biggest single-day gain since April 2025.

  • Massive order book depth Nov 02

    GRSE is currently building nine warships and executing orders for 36 additional platforms including 13 export vessels, providing strong revenue visibility over the coming years.

  • Strong long-term stock performance Nov 02

    GRSE share price has risen nearly 197% in three years and 791% in five years, with a 15% rally over the four sessions preceding November 3.

Neutral 2
  • Q2FY27 results delayed to Nov 11 Nov 02

    Board meeting for approval of Q2FY27 and H1FY27 unaudited results rescheduled from November 4 to November 11, 2026. Trading window remains closed until November 13.

  • New independent director appointed Oct 16

    Dharminder Kumar appointed as Part-time Non-Official Independent Director effective October 16, 2026, for a three-year term.

Quarterly Results

₹ Cr
GRSE quarterly results, ₹ crore
Particulars 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 (₹)
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

Profit & Loss

₹ Cr
GRSE profit and loss, annual, ₹ crore
Particulars 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 (₹)
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%
27%
—

Balance Sheet

₹ Cr
GRSE balance sheet, annual, ₹ crore
Particulars 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
7,982
Total Liabilities
4,001
4,454
4,567
4,323
4,191
5,395
6,797
7,643
10,783
10,263
10,362
10,645
Fixed Assets
366
344
358
389
302
304
340
501
508
493
515
576
CWIP
11
22
23
16
34
52
151
10
6
25
28
24
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
10,045
Total Assets
4,001
4,454
4,567
4,323
4,191
5,395
6,797
7,643
10,783
10,263
10,362
10,645

Cash Flow

₹ Cr
GRSE cash flow, annual, ₹ crore
Particulars 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

Ratios

GRSE financial ratios, annual
Particulars 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
307
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
206
Working Capital Days
−1,124
−388
−705
−468
−392
−533
−1,012
−660
−546
−276
−169
−80
ROCE %
10%
24%
3%
12%
18%
22%
21%
20%
20%
27%
37%
43%

Insights

Beta

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

Log in to view Garden Reach Shipbuilders insights

69 extracted metrics across FY03–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.50%
  • Public 17.87%
  • FIIs 3.17%
  • Others 2.45%
  • DIIs 2.00%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Garden Reach Shipbuilders & Engineers

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.
Where is Garden Reach Shipbuilders & Engineers Ltd (GRSE) listed?
Garden Reach Shipbuilders & Engineers Ltd trades as GRSE on the NSE and under code 542011 on the BSE.
Which sector does Garden Reach Shipbuilders & Engineers Ltd belong to?
Garden Reach Shipbuilders & Engineers Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the PE ratio of Garden Reach Shipbuilders & Engineers Ltd?
Garden Reach Shipbuilders & Engineers Ltd trades at a PE ratio of 30.66 as of 4 Nov 2026, on earnings per share of ₹69.9, against a book value of ₹229.25 per share.
What is the 52-week high and low of Garden Reach Shipbuilders & Engineers Ltd?
Over the last 52 weeks Garden Reach Shipbuilders & Engineers Ltd has traded between ₹1,842 and ₹3,339 as of 4 Nov 2026.
Does Garden Reach Shipbuilders & Engineers Ltd pay dividends?
Garden Reach Shipbuilders & Engineers Ltd has a dividend yield of 0.92%.
What is the Return on Equity (ROE) of Garden Reach Shipbuilders & Engineers Ltd?
Garden Reach Shipbuilders & Engineers Ltd reported a return on equity of 31.60%. Its debt-to-equity ratio is 0.01.

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.

Website grse.in
CEO Commodore P. R. Hari IN (Retd)
Employees 1,523
Listed 10 Oct 2018
Face Value ₹10

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