Garden Reach Shipbuilders & Engineers Ltd

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Garden Reach Shipbuilders & Engineers Ltd

₹ 2,428 -0.32%
11 Sep - 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 ₹ 27,808 Cr.
  • Current Price ₹ 2,428
  • High / Low ₹ 3,339 / 1,964
  • Stock P/E 34.7
  • Book Value ₹ 229
  • Dividend Yield 0.53 %
  • ROCE 42.8 %
  • ROE 31.6 %
  • Face Value ₹ 10.0
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Pros

  • 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%

Cons

  • Stock is trading at 10.6 times its book value
  • Earnings include an other income of Rs.301 Cr.
  • Debtor days have increased from 34.0 to 63.6 days.

* 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 Nifty Smallcap 100 BSE CPSE BSE Industrials BSE 250 SmallCap Index

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Quarterly Results

Figures in Rs. Crores

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
756 898 923 1,016 1,010 1,153 1,271 1,642 1,310 1,677 1,896 2,119 1,815
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%
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
Profit before tax 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%
77 81 88 112 87 98 98 244 120 154 171 303 173
EPS in Rs 6.69 7.05 7.70 9.74 7.61 8.53 8.57 21.32 10.49 13.43 14.91 26.47 15.09
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Profit & Loss

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
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
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 % 4.0% 6% -17% -1.1% 3.0% 2.9% 7% 8% 6% 7% 8% 11% 11%
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
Profit before tax 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%
52 164 11 92 110 163 153 190 228 357 527 748 801
EPS in Rs 41.77 132.79 9.26 8.07 9.60 14.27 13.40 16.55 19.91 31.19 46.04 65.29 69.90
Dividend Payout % 48% 15% 472% 55% 72% 50% 37% 35% 31% 30% 30% 27%
Compounded Sales Growth
10 Years: 16%
5 Years: 44%
3 Years: 40%
TTM: 40%
Compounded Profit Growth
10 Years: 16%
5 Years: 36%
3 Years: 50%
TTM: 43%
Stock Price CAGR
10 Years: %
5 Years: 66%
3 Years: 45%
1 Year: -6%
Return on Equity
10 Years: 19%
5 Years: 24%
3 Years: 28%
Last Year: 32%

Balance Sheet

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 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
0 0 25 0 0 0 4 11 312 66 10 37
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
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
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 Flows

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
-74 -112 628 515 -356 1,450 -707 16 -290
267 198 245 -1,173 429 -1,666 1,056 170 527
-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

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 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

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Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
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Order Book Value
INR crore
Cumulative Warships Delivered
number
Platforms/Ships Under Construction
number
Shipbuilding Capacity (Concurrent Ships)
number
Warships and Platforms Delivered
number

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
3.34% 2.86% 3.26% 3.91% 3.65% 3.71% 3.85% 5.33% 3.26% 2.96% 3.51% 3.21%
5.96% 6.03% 6.14% 3.20% 1.87% 1.87% 1.90% 1.81% 1.99% 1.64% 1.69% 1.93%
16.20% 16.61% 16.10% 18.38% 19.98% 19.92% 19.76% 18.36% 20.25% 20.90% 20.32% 20.36%
No. of Shareholders 1,08,9221,17,6211,25,6312,59,8274,04,1574,21,1484,13,9864,07,7074,25,9004,19,6484,07,5263,99,380

* 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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