NSE: GRSE · BSE: 542011
GARDEN REACH SHIP&ENG LTD
Builds warships and commercial vessels from Indian shipyards, with the Indian Navy as its primary customer. In FY26 it delivered 8 warships — including 3 on the same day — and laid 19 keels, including 13 hybrid ferries. Revenue is driven mainly by defence shipbuilding; the closing order book was ₹15,324 crore across 9 projects and 39 platforms, with shipbuilding at 95% of the book and non-defence work at 22.5%. The order pipeline adds up to ~₹1.5 lakh crore, including the Next Generation Corvette (NGC, ~₹33,000 crore for the company), P-17 Bravo frigates (₹70,000 crore total), MCMV (₹32,000 crore) and LPD (₹35,000 crore). Commercial work is also growing — an ONGC Notification of Award for 4 Platform Supply Vessels worth ₹1,032.07 crore, an L1 win for an electric bollard pull tug (~₹40 crore) for a Kolkata port, and export revenue crossing ₹270 crore for the first time. Materials are the biggest cost at 48.9% of revenue (₹3,421.72 crore), followed by other operating expenses at 24.8%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Defence shipbuilding, Non-defence shipbuilding and commercial vessels (23%), Shipbuilding (total) (95%), Exports. Long-cycle, order-book-driven defence shipbuilding with a growing non-defence commercial line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,758 | 2,561 | 3,593 | 5,076 | 7,002 |
| EBITDA (ex other income) | 133 | 149 | 234 | 421 | 795 |
| margin % | 7.6 | 5.8 | 6.5 | 8.3 | 11.4 |
| Owners' profit | 190 | 228 | 357 | 527 | 748 |
| EPS, as reported (₹) | 16.55 | 19.91 | 31.19 | 46.04 | 65.29 |
| ROE % · ROCE % | 15.1 · 18.8 | 16.1 · 20.3 | 21.3 · 27.4 | 25.4 · 32.4 | 28.5 · 36.8 |
| Debt / equity (x) | 0.00 | 0.21 | 0.03 | 0.00 | 0.00 |
| Cash from operations | (356) | 1,450 | (707) | 16 | (290) |
| Capex | (55) | (42) | (48) | (67) | (77) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,153 | 1,271 | 1,642 | 1,310 | 1,677 | 1,896 | 2,119 | 1,815 |
| Profit before tax | 131 | 134 | 324 | 167 | 209 | 218 | 411 | 232 |
| Net profit | 98 | 98 | 244 | 120 | 154 | 171 | 303 | 173 |
| EPS (₹) | 8.54 | 8.57 | 21.32 | 10.49 | 13.43 | 14.91 | 26.47 | 15.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD ◆ | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.2 | 69.8 | 2 of 23 | 96% |
| P/B | 8.3 | 9.6 | 9 of 23 | 64% |
| ROCE | 36.2 | 13.6 | 1 of 26 | 100% |
| ROE | 28.5 | 10.9 | 2 of 23 | 96% |
| Debt / Equity | 0.0 | 0.0 | 1 of 23 | 68% |
| EBITDA margin | 13.7 | 22.3 | 17 of 23 | 27% |
| Revenue growth | 38.5 | 24.9 | 7 of 23 | 73% |
| Profit growth | 43.8 | 14.9 | 8 of 21 | 65% |
| Market cap | 21752 | 6504 | 5 of 26 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 16 Oct 2026 · GRSE appoints Shri Dharminder Kumar as Independent Director | management changes | medium | — | — |
| 7 Oct 2026 · Insider trading compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · GRSE files Q2 FY27 dematerialisation compliance certificate | compliance | minimal | — | — |
| 6 Oct 2026 · Two new Independent Directors appointed to GRSE Board | management changes | medium | — | — |
| 26 Sept 2026 · GRSE 110th AGM: All 8 resolutions passed; total dividend of Rs 19.60/share approved | corporate actions | high | — | — |
| 25 Sept 2026 · GRSE 110th AGM proceedings - Rs 19.60 total dividend for FY26 approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · CAG appoints S K Agrawal and Co as Statutory Auditor for FY 2026-27 | management changes | medium | — | — |
| 24 Sept 2026 · Trading window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · GRSE Board approves Rs 2,896 crore greenfield shipyard at Raichak | capex operations | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.