Garden Reach Shipbuilders & Engineers Ltd
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]
- Market Cap ₹ 21,960 Cr.
- Current Price ₹ 1,917
- High / Low ₹ 2,835 / 881
- Stock P/E 55.6
- Book Value ₹ 161
- Dividend Yield 0.49 %
- ROCE 27.4 %
- ROE 22.2 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 25.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 32.1%
Cons
- Stock is trading at 11.9 times its book value
- Earnings include an other income of Rs.297 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Aerospace & Defence Industry: Miscellaneous
Part of BSE 500 BSE PSU Nifty Smallcap 100 BSE 250 SmallCap Index BSE 400 MidSmallCap Index
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,524 | 1,611 | 1,562 | 1,657 | 921 | 1,347 | 1,386 | 1,433 | 1,141 | 1,754 | 2,561 | 3,593 | 4,449 | |
1,389 | 1,488 | 1,500 | 1,565 | 1,082 | 1,362 | 1,344 | 1,391 | 1,060 | 1,613 | 2,412 | 3,357 | 4,159 | |
Operating Profit | 135 | 123 | 62 | 92 | -161 | -15 | 42 | 42 | 81 | 141 | 149 | 235 | 291 |
OPM % | 9% | 8% | 4% | 6% | -17% | -1% | 3% | 3% | 7% | 8% | 6% | 7% | 7% |
75 | 82 | 61 | 191 | 217 | 179 | 169 | 215 | 165 | 154 | 202 | 300 | 297 | |
Interest | 1 | 1 | 6 | 4 | 9 | 8 | 5 | 3 | 10 | 2 | 7 | 13 | 12 |
Depreciation | 14 | 23 | 27 | 28 | 27 | 29 | 27 | 30 | 29 | 36 | 39 | 41 | 43 |
Profit before tax | 194 | 181 | 90 | 252 | 20 | 128 | 179 | 224 | 207 | 257 | 305 | 481 | 533 |
Tax % | 32% | 36% | 43% | 35% | 43% | 28% | 39% | 27% | 26% | 26% | 25% | 26% | |
132 | 117 | 52 | 164 | 11 | 92 | 110 | 163 | 153 | 190 | 228 | 357 | 395 | |
EPS in Rs | 106.41 | 94.13 | 41.77 | 132.79 | 9.26 | 8.07 | 9.60 | 14.27 | 13.40 | 16.55 | 19.91 | 31.19 | 34.45 |
Dividend Payout % | 20% | 21% | 48% | 15% | 472% | 55% | 72% | 50% | 37% | 35% | 31% | 30% |
Compounded Sales Growth | |
---|---|
10 Years: | 8% |
5 Years: | 21% |
3 Years: | 47% |
TTM: | 40% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 25% |
3 Years: | 29% |
TTM: | 31% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 69% |
3 Years: | 88% |
1 Year: | 94% |
Return on Equity | |
---|---|
10 Years: | 13% |
5 Years: | 17% |
3 Years: | 18% |
Last Year: | 22% |
Balance Sheet
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 124 | 124 | 124 | 124 | 124 | 115 | 115 | 115 | 115 | 115 | 115 | 115 | 115 |
Reserves | 743 | 831 | 883 | 1,013 | 959 | 907 | 924 | 926 | 1,023 | 1,143 | 1,299 | 1,559 | 1,728 |
0 | 0 | 0 | 0 | 25 | 0 | 0 | 0 | 4 | 11 | 312 | 66 | 10 | |
5,079 | 5,477 | 2,994 | 3,317 | 3,458 | 3,302 | 3,152 | 4,355 | 5,656 | 6,374 | 9,057 | 8,524 | 8,207 | |
Total Liabilities | 5,947 | 6,432 | 4,001 | 4,454 | 4,567 | 4,323 | 4,191 | 5,395 | 6,797 | 7,643 | 10,783 | 10,263 | 10,059 |
278 | 363 | 366 | 344 | 358 | 389 | 302 | 304 | 340 | 501 | 508 | 493 | 502 | |
CWIP | 77 | 18 | 11 | 22 | 23 | 16 | 34 | 52 | 151 | 10 | 6 | 25 | 15 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 54 | 826 | 197 | 234 | 0 | 187 |
5,592 | 6,052 | 3,624 | 4,088 | 4,185 | 3,918 | 3,852 | 4,986 | 5,480 | 6,936 | 10,036 | 9,746 | 9,354 | |
Total Assets | 5,947 | 6,432 | 4,001 | 4,454 | 4,567 | 4,323 | 4,191 | 5,395 | 6,797 | 7,643 | 10,783 | 10,263 | 10,059 |
Cash Flows
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-74 | -112 | 628 | 515 | -356 | 1,450 | -707 | ||||||
267 | 198 | 245 | -1,173 | 429 | -1,666 | 1,056 | ||||||
-193 | -89 | -153 | -62 | -72 | 220 | -358 | ||||||
Net Cash Flow | 0 | -3 | 720 | -720 | 0 | 4 | -9 |
Ratios
Figures in Rs. Crores
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 22 | 11 | 37 | 34 | 79 | 55 | 58 | 136 | 57 | 31 | 7 | 20 |
Inventory Days | 1,568 | 1,932 | 334 | 236 | 383 | 727 | 168 | 1,590 | 606 | 458 | 662 | 648 |
Days Payable | 94 | 136 | 202 | 190 | 290 | 968 | 177 | 1,922 | 592 | 159 | 266 | 161 |
Cash Conversion Cycle | 1,495 | 1,806 | 170 | 79 | 172 | -186 | 48 | -196 | 71 | 330 | 404 | 507 |
Working Capital Days | -185 | 23 | -1,124 | -388 | -695 | -468 | -392 | -533 | -1,012 | -660 | -503 | -270 |
ROCE % | 24% | 20% | 10% | 24% | 3% | 12% | 18% | 22% | 21% | 20% | 20% | 27% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Directorate
1d - DIG Subrato Ghosh ceases as Director (Personnel) of GRSE on 1 May 2025 due to superannuation.
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Board Meeting Intimation for Intimation Of Date Of Board Meeting To, Inter Alia, Consider And Approve, Audited Financial Results For The Quarter And Year Ended 31 Mar 2025 And To Recommend Final Dividend For The Financial Year 2024-25, If Any.
1d - Board meeting on 12 May 2025 to approve FY25 results and consider final dividend; trading window closed till 14 May.
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Announcement under Regulation 30 (LODR)-Change in Management
28 Apr - Cdr. Harish Kumar re-designated as General Manager In-charge, Regional Office Delhi, effective 01 May 2025.
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Intimation Regarding GRSE Will Sign Long-Term Lease Agreement With Syama Prasad Mookerjee Port, Kolkata For Timber Pond, Howrah (WB) - Reg 30
25 Apr - GRSE to sign 30-year lease with SMPK for waterfront land to support shipbuilding activities.
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Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
23 Apr - GRSE confirms it is not a Large Corporate under SEBI's debt raising framework, with nil borrowings.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2005
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Concalls
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Feb 2025TranscriptPPT
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Nov 2024TranscriptPPT
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Aug 2024TranscriptPPTREC
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May 2024TranscriptPPTREC
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Mar 2024TranscriptPPT
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Nov 2023TranscriptPPTREC
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Aug 2023TranscriptPPT
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Jun 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Aug 2022TranscriptPPT
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Jun 2022TranscriptPPT
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Jun 2019TranscriptNotesPPT
Shipbuilding Segment (89% of revenues)[1]
GRSE shipbuilding division consists of the construction of vessels for clients engaged in the defense sector shipping industry. Its build vessels i.e. Frigates, missile corvette, anti-submarine warfare corvette, survey vessel, offshore patrol vessel, etc.
Majority of the products manufactured by GRSE are supplied to central and state governments and entities owned and controlled by the government i.e. the Indian Navy and the Indian Coast Guard.
In addition to the shipbuilding products mentioned above, over the years GRSE has also supplied various boats, pontoons, barges, fishing trawlers, fire floats, tugs, dredgers, passenger ferries, motor cutters, deck whalers, launch, etc. to various other customers. [2]
It owns 3 separate shipbuilding facilities close to each other in Kolkata. The ships are built at the Main Works Unit and the Rajabagan Dockyard. [3]