Garden Reach Shipbuilders & Engineers Ltd

Garden Reach Sh. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Garden Reach Shipbuilders & Engineers Ltd

₹ 2,540 0.64%
10 Apr - close price
grse.in BSE: 542011 NSE: GRSE
About

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]

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 29,094 Cr.
  • Current Price ₹ 2,540
  • High / Low ₹ 3,538 / 1,597
  • Stock P/E 42.2
  • Book Value ₹ 200
  • Dividend Yield 0.55 %
  • ROCE 36.6 %
  • ROE 27.6 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 25.4% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 30.4%

Cons

  • Stock is trading at 12.7 times its book value
  • Earnings include an other income of Rs.317 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

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Part of BSE 500 BSE PSU Nifty 500 Nifty Smallcap 100 BSE CPSE

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Quarterly Results

Figures in Rs. Crores

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
699 601 756 898 923 1,016 1,010 1,153 1,271 1,642 1,310 1,677 1,896
652 581 710 849 874 925 953 1,084 1,196 1,421 1,198 1,521 1,724
Operating Profit 47 20 46 49 49 91 56 69 75 221 112 156 172
OPM % 7% 3% 6% 5% 5% 9% 6% 6% 6% 13% 9% 9% 9%
50 70 71 72 82 76 74 75 72 114 73 69 62
Interest 1 4 5 2 1 3 4 2 2 1 6 4 4
Depreciation 10 10 10 10 10 10 10 11 11 10 12 12 12
Profit before tax 86 76 102 107 119 153 115 131 134 324 167 209 218
Tax % 26% 28% 25% 25% 26% 27% 24% 25% 27% 25% 28% 27% 22%
64 55 77 81 88 112 87 98 98 244 120 154 171
EPS in Rs 5.58 4.83 6.69 7.05 7.70 9.74 7.61 8.53 8.57 21.32 10.49 13.43 14.91
Raw PDF
Upcoming result date: 27 April 2026

Profit & Loss

Figures in Rs. Crores

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
1,611 1,562 1,657 921 1,347 1,386 1,433 1,141 1,754 2,561 3,593 5,076 6,525
1,488 1,500 1,565 1,082 1,362 1,344 1,391 1,060 1,613 2,412 3,357 4,654 5,864
Operating Profit 123 62 92 -161 -15 42 42 81 141 149 235 422 661
OPM % 8% 4% 6% -17% -1% 3% 3% 7% 8% 6% 7% 8% 10%
82 61 191 217 179 169 215 165 154 202 300 335 317
Interest 1 6 4 9 8 5 3 10 2 7 13 11 15
Depreciation 23 27 28 27 29 27 30 29 36 39 41 42 46
Profit before tax 181 90 252 20 128 179 224 207 257 305 481 703 917
Tax % 36% 43% 35% 43% 28% 39% 27% 26% 26% 25% 26% 25%
117 52 164 11 92 110 163 153 190 228 357 527 689
EPS in Rs 94.13 41.77 132.79 9.26 8.07 9.60 14.27 13.40 16.55 19.91 31.19 46.04 60.15
Dividend Payout % 21% 48% 15% 472% 55% 72% 50% 37% 35% 31% 30% 30%
Compounded Sales Growth
10 Years: 13%
5 Years: 29%
3 Years: 42%
TTM: 47%
Compounded Profit Growth
10 Years: 26%
5 Years: 25%
3 Years: 42%
TTM: 75%
Stock Price CAGR
10 Years: %
5 Years: 70%
3 Years: 76%
1 Year: 57%
Return on Equity
10 Years: 16%
5 Years: 20%
3 Years: 23%
Last Year: 28%

Balance Sheet

Figures in Rs. Crores

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 124 124 124 124 115 115 115 115 115 115 115 115 115
Reserves 831 883 1,013 959 907 924 926 1,023 1,143 1,299 1,559 1,965 2,181
0 0 0 25 0 0 0 4 11 312 66 10 32
5,477 2,994 3,317 3,458 3,302 3,152 4,355 5,656 6,374 9,057 8,524 8,274 8,656
Total Liabilities 6,432 4,001 4,454 4,567 4,323 4,191 5,395 6,797 7,643 10,783 10,263 10,362 10,984
363 366 344 358 389 302 304 340 501 508 493 515 563
CWIP 18 11 22 23 16 34 52 151 10 6 25 28 18
Investments 0 0 0 0 0 2 54 826 197 234 0 0 0
6,052 3,624 4,088 4,185 3,918 3,852 4,986 5,480 6,936 10,036 9,746 9,819 10,403
Total Assets 6,432 4,001 4,454 4,567 4,323 4,191 5,395 6,797 7,643 10,783 10,263 10,362 10,984

Cash Flows

Figures in Rs. Crores

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-74 -112 628 515 -356 1,450 -707 16
267 198 245 -1,173 429 -1,666 1,056 170
-193 -89 -153 -62 -72 220 -358 -187
Net Cash Flow 0 -3 720 -720 0 4 -9 -1
Free Cash Flow -124 -164 560 351 -411 1,408 -755 -51
CFO/OP 748% -564% 1,200% 701% -204% 1,023% -248% 45%

Ratios

Figures in Rs. Crores

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 11 37 34 79 55 58 136 57 31 7 20 19
Inventory Days 1,932 334 236 383 727 168 1,590 606 458 662 648 368
Days Payable 136 202 190 290 968 177 1,922 592 159 266 161 119
Cash Conversion Cycle 1,806 170 79 172 -186 48 -196 71 330 404 507 267
Working Capital Days 23 -1,124 -388 -705 -468 -392 -533 -1,012 -660 -546 -276 -169
ROCE % 20% 10% 24% 3% 12% 18% 22% 21% 20% 20% 27% 37%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Dec 2026 (P)
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Concurrent Shipbuilding Capacity
Number of Ships
Market Share in Portable Steel Bridges (India)
%
Number of Ships Delivered (Cumulative History)
Number of Ships

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50%
3.11% 3.34% 2.86% 3.26% 3.91% 3.65% 3.71% 3.85% 5.33% 3.26% 2.96% 3.51%
7.46% 5.96% 6.03% 6.14% 3.20% 1.87% 1.87% 1.90% 1.81% 1.99% 1.64% 1.69%
14.93% 16.20% 16.61% 16.10% 18.38% 19.98% 19.92% 19.76% 18.36% 20.25% 20.90% 20.32%
No. of Shareholders 68,8591,08,9221,17,6211,25,6312,59,8274,04,1574,21,1484,13,9864,07,7074,25,9004,19,6484,07,526

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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