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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,95,572 | 48.1 | 12.31 | 34.1 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD ◆ | 28,027 | 35.0 | 10.67 | — | 28.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · GRSE completes dispatch of 110th AGM notice and FY26 annual report | compliance | minimal | — | — |
| 3 Sept 2026 · GRSE 110th AGM on 25 Sep; Final Dividend 6.70, Total FY26 Dividend 19.60 | corporate actions | high | — | — |
| 3 Sept 2026 · 110th AGM on 25 Sep 2026; final dividend of Rs 6.70 per share proposed | corporate actions | medium | — | — |
| 3 Sept 2026 · GRSE 110th AGM on 25 Sep 2026, Annual Report FY26 submitted | board shareholder meetings | low | — | — |
| 3 Sept 2026 · GRSE inks MoUs with DNV and Damen for shipbuilding and dredgers | strategic transactions | high | — | — |
| 1 Sept 2026 · Notice of 110th AGM scheduled for 25 Sep 2026 via video conferencing | compliance | minimal | — | — |
| 24 Aug 2026 · GRSE wins Rs 45.02 crore electric ferry order from WBTDCL | business updates | medium | — | — |
| 24 Aug 2026 · GRSE announces Rs 2,670 crore capacity expansion across three shipyard facilities | capex operations | high | — | — |
| 11 Aug 2026 · GRSE Q1 FY27 call: Navratna tag, Rs 13,596 crore order book, Rs 1.5 lakh crore pipeline ahead | investor communications | medium | — | — |
| 6 Aug 2026 · GRSE holds Q1 FY27 analyst call, audio uploaded on website | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 36.2 |
| — |
| 13.7 |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 | 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.0 | 83.7 | 5 of 23 | 82% |
| P/B | 10.7 | 10.6 | 13 of 23 | 46% |
| 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 | 28027 | 7486 | 4 of 26 | 88% |
| 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 |
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.
