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]
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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Hind.Aeronautics | 4516.00 | 35.66 | 302018.79 | 0.89 | 1669.05 | 10.82 | 6628.61 | 10.92 | 33.88 | 32104.78 | 30.58 | 8469.33 | 1669.07 | 8.14 | 8.82 | 0.00 |
| 2. | Bharat Electron | 413.10 | 53.02 | 301966.96 | 0.58 | 1287.16 | 17.88 | 5792.09 | 25.78 | 38.88 | 25152.11 | 29.52 | 5695.67 | 1287.77 | 14.00 | 13.21 | 0.00 |
| 3. | Bharat Dynamics | 1542.50 | 86.44 | 56542.27 | 0.30 | 215.88 | 76.19 | 1147.03 | 110.55 | 19.66 | 4004.08 | 14.19 | 654.13 | 215.88 | 13.41 | 4.94 | 0.00 |
| 4. | Garden Reach Sh. | 2507.50 | 46.60 | 28723.91 | 0.55 | 153.79 | 57.30 | 1677.38 | 45.49 | 36.64 | 5900.30 | 9.56 | 616.41 | 153.79 | 12.51 | 5.02 | 0.01 |
| 5. | Data Pattern | 2678.60 | 64.24 | 14995.87 | 0.29 | 49.19 | 62.45 | 307.46 | 237.79 | 21.00 | 920.04 | 33.05 | 233.43 | 49.19 | 9.75 | 12.18 | 0.00 |
| 6. | Zen Technologies | 1350.20 | 49.31 | 12191.00 | 0.15 | 61.91 | -6.29 | 173.57 | -28.23 | 37.22 | 808.97 | 38.44 | 247.25 | 58.73 | 6.79 | 21.38 | 0.01 |
| 7. | Apollo Micro Sys | 266.55 | 111.73 | 9523.63 | 0.09 | 33.05 | 108.25 | 225.26 | 40.17 | 14.54 | 669.00 | 26.04 | 85.24 | 33.05 | 8.25 | 5.20 | 0.29 |
| – | Median: 26 Co. | 652.95 | 61.58 | 5073.61 | 0.11 | 15.64 | 38.59 | 130.38 | 19.21 | 18.09 | 533.43 | 21.82 | 44.56 | 15.64 | 8.14 | 7.67 | 0.08 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 699 | 923 | 1,271 | 756 | 1,010 | 1,310 | 601 | 1,016 | 1,642 | 682 | 898 | 1,153 | 1,677 |
Expenses | 652 | 874 | 1,196 | 710 | 953 | 1,198 | 581 | 925 | 1,421 | 634 | 849 | 1,084 | 1,521 |
Operating Profit | 47 | 49 | 75 | 46 | 56 | 112 | 20 | 91 | 221 | 48 | 49 | 69 | 156 |
Other Income | 50 | 82 | 72 | 71 | 74 | 73 | 70 | 76 | 114 | 41 | 72 | 75 | 69 |
Profit before tax | 86 | 119 | 134 | 102 | 115 | 167 | 76 | 153 | 324 | 79 | 107 | 131 | 209 |
Tax % | 26% | 26% | 27% | 25% | 24% | 28% | 28% | 27% | 25% | 25% | 25% | 25% | 27% |
Net Profit | 64 | 88 | 98 | 77 | 87 | 120 | 55 | 112 | 244 | 59 | 81 | 98 | 154 |
EPS in Rs | 5.58 | 7.70 | 8.57 | 6.69 | 7.61 | 10.49 | 4.83 | 9.74 | 21.32 | 5.13 | 7.05 | 8.53 | 13.43 |
Standalone Figures in ₹ Crores / Yearly
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,611 | 1,562 | 1,657 | 921 | 1,347 | 1,386 | 1,433 | 1,141 | 1,754 | 2,561 | 3,593 | 5,076 | 5,900 |
Expenses | 1,488 | 1,500 | 1,565 | 1,082 | 1,362 | 1,344 | 1,391 | 1,060 | 1,613 | 2,412 | 3,357 | 4,654 | 5,336 |
Operating Profit | 123 | 62 | 92 | -161 | -15 | 42 | 42 | 81 | 141 | 149 | 235 | 422 | 564 |
Other Income | 82 | 61 | 191 | 217 | 179 | 169 | 215 | 165 | 154 | 202 | 300 | 335 | 327 |
Interest | 1 | 6 | 4 | 9 | 8 | 5 | 3 | 10 | 2 | 7 | 13 | 11 | 13 |
Depreciation | 23 | 27 | 28 | 27 | 29 | 27 | 30 | 29 | 36 | 39 | 41 | 42 | 45 |
Profit before tax | 181 | 90 | 252 | 20 | 128 | 179 | 224 | 207 | 257 | 305 | 481 | 703 | 833 |
Net Profit | 117 | 52 | 164 | 11 | 92 | 110 | 163 | 153 | 190 | 228 | 357 | 527 | 616 |
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 | 53.81 |
Dividend Payout % | 21% | 48% | 15% | 472% | 55% | 72% | 50% | 37% | 35% | 31% | 30% | 30% | – |
Standalone figures in ₹ 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 |
Borrowings | 0 | 0 | 0 | 25 | 0 | 0 | 0 | 4 | 11 | 312 | 66 | 10 | 32 |
Other Liabilities | 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 |
Fixed Assets | 363 | 366 | 344 | 358 | 389 | 302 | 304 | 340 | 501 | 508 | 493 | 515 | 563 |
Gross Block | 533.87 | 563.81 | 566.40 | 412.63 | 472.33 | 399.59 | 430.81 | 496.14 | 687.03 | 729.70 | 754.21 | 816.18 | – |
Accumulated Depreciation | 170.99 | 198.07 | 222.70 | 54.29 | 83.16 | 97.33 | 127.12 | 155.94 | 186.37 | 222.09 | 261.64 | 301.02 | – |
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 |
Other Assets | 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 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | – | – | – | – | -74 | -112 | 628 | 515 | -356 | 1,450 | -707 | 16 |
Cash from Investing Activity | – | – | – | – | 267 | 198 | 245 | -1,173 | 429 | -1,666 | 1,056 | 170 |
Cash from Financing Activity | – | – | – | – | -193 | -89 | -153 | -62 | -72 | 220 | -358 | -187 |
Net Cash Flow | – | – | – | – | 0 | -3 | 720 | -720 | 0 | 4 | -9 | -1 |
Standalone Figures in ₹ Crores / Yearly
| 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% |
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Stock Analysis
Garden Reach Shipbuilders & Engineers Limited (GRSE) is a leading Indian shipbuilding company, primarily focused on building vessels for the Indian Navy and Coast Guard.
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