Garden Reach Shipbuilders & Engineers Ltd.

NSE: GRSE · Aerospace & Defense

52W Range₹1,964 ₹3,339

Snapshot

Unlock Garden Reach Shipbuilders & Engineers Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Garden Reach Shipbuilders & Engineers Limited is a premier Indian shipyard specialising in the design and construction of warships and auxiliary vessels for the Indian Navy and Coast Guard. The company also manufactures a diverse range of marine engineering equipment, including portable bridges, deck machinery, and naval pumps.

Business Model

The company operates primarily through long-term government contracts for shipbuilding, vessel maintenance, and the supply of specialised marine engineering components. Revenue is generated through the design, construction, and lifecycle support of naval assets, alongside the assembly and overhauling of marine propulsion systems.

Growth Outlook

Growth is driven by the ongoing modernisation of the Indian Navy and Coast Guard fleets, supported by the 'Make in India' initiative. The company continues to expand its order book through the development of advanced survey vessels, patrol craft, and export opportunities for naval equipment.

Key Risks

  • Geopolitical Dependency. The company is heavily reliant on government defence spending and policy decisions, making it vulnerable to shifts in national security priorities.
  • Execution Risk. Large-scale shipbuilding projects are subject to complex supply chain dependencies and potential delays in project delivery timelines.
  • Technological Obsolescence. Failure to keep pace with rapid advancements in naval warfare technology and maritime engineering could impact long-term competitiveness.
  • Concentration Risk. A significant portion of revenue is derived from a limited number of government clients, creating exposure to budgetary constraints within the public sector.

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Key Metrics

REVENUE

₹7,507 Cr

TTM · standalone

+39.6%YoY

NET PROFIT

₹801 Cr

TTM · standalone

+42.9%YoY

EPS

₹69.90

TTM · standalone

+42.9%YoY

RETURN ON EQUITY

34.0%

TTM · standalone

+7.0 ppYoY

RETURN ON CAPITAL EMPLOYED

43.5%

TTM · standalone

+8.7 ppYoY

P/E

36.2x

Q1 FY27 · standalone

36.2 vs 93.3x5Y avg

EV/EBITDA

25.6x

Q1 FY27 · standalone

25.6 vs 61.6x5Y avg

EBITDA MARGIN

15.1%

TTM · standalone

+0.0 ppYoY

NET PROFIT MARGIN

9.5%

Q1 FY27 · standalone

+0.3 ppYoY

DEBT TO EQUITY

0.0x

Q1 FY27 · standalone

+0.00xYoY

Peers · Aerospace & Defense

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Garden Reach Shipbuilders & Engineers Ltd.GRSE
₹29,018 Cr36.2425.5739.6%15.1%34.0%43.5%+5.3%
Data Patterns (India) Ltd.DATAPATTNS
₹25,669 Cr95.8064.3533.8%42.3%16.5%22.2%+87.7%
MTAR Technologies LimitedMTARTECH
₹22,027 Cr165.0486.7353.4%23.9%17.2%23.5%+406.4%
Astra Microwave Products LimitedASTRAMICRO
₹16,416 Cr86.8448.024.0%30.2%15.7%22.3%+70.2%
Zen Technologies Ltd.ZENTEC
₹16,265 Cr89.8953.25-23.5%45.3%11.0%14.6%+22.1%
AequsAEQUS
₹16,242 Cr7.0%

As of Q1 FY27

Financials