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Swing Capital

Garden Reach Shipbuilders & Engineers Ltd

NSE: GRSE BSE: 542011

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]

₹2,562
52W: ₹1964 — ₹3538
PE 39.2 · Book ₹229 · +1019% vs book
Market Cap₹29,352 Cr
Stock P/E39.2Price to Earnings
ROCE43%Return on Capital
ROE31.8%Return on Equity
Div. Yield0.53%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 36.2% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 27.9%
  • +Company has been maintaining a healthy dividend payout of 30.0%

Weaknesses

  • −Stock is trading at 11.3 times its book value
  • −Earnings include an other income of Rs.274 Cr.
  • −Debtor days have increased from 34.0 to 63.6 days.

Shareholding Pattern

Promoters74.5%
FIIs3.51%
DIIs1.69%
Public20.32%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.5%74.5%74.5%74.5%74.5%74.5%74.5%74.5%
FIIs3.91%3.65%▼0.33.71%▲0.13.85%▲0.15.33%▲1.53.26%▼2.12.96%▼0.33.51%▲0.5
DIIs3.2%1.87%▼1.31.87%1.9%▲0.01.81%▼0.11.99%▲0.21.64%▼0.41.69%▲0.1
Public18.38%19.98%▲1.619.92%▼0.119.76%▼0.218.36%▼1.420.25%▲1.920.9%▲0.620.32%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales9231,0161,0101,1531,2711,6421,3101,6771,8962,119
Expenses8749259531,0841,1961,4211,1981,5211,7241,764
Operating Profit4991566975221112156172355
OPM %5%9%6%6%6%13%9%9%9%17%
Net Profit88112879898244120154171303
EPS ₹7.79.747.618.538.5721.3210.4913.4314.9126.47

AI Insights

Revenue Trend

Mar 2026 revenue at ₹7,002Cr, up 37.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹37Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹16Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.69% (-5.77pp change). FIIs: 3.51% (+0.40pp change). Promoters hold 74.5%.

Margin & Efficiency

ROCE improving from 10% (Mar 2015) to 43% (Mar 2026). Working capital days: -81.

Valuation

PE 39.2x with 43% ROCE. Price is 1019% above book value of ₹229. Dividend yield: 0.53%.

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