GRSECapital Goods

Garden Reach Shipbuilders & Engineers Limited

Aerospace & Defense · ISIN INE382Z01011 · BSE 542011 · NSE EQ · FV ₹10
Last price
₹2,340
+1.09%today
What this company does

Garden Reach Shipbuilders & Engineers Limited operates in Aerospace & Defense, part of the Capital Goods sector. It booked ₹1,815 cr of revenue in its latest quarter (Q1 FY27) and kept 9.5% of sales as profit. It is the 5th largest of 9 Aerospace & Defense companies we track, by market value.

In the report:
67out of 100
Equitytale Health Score
Solid

Healthier than 67% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 77–113 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
oversold
RSI (14)
29

At close. Not part of the score.

Profitability & returns77

How much profit it earns on the money it employs

Balance sheet78

How much it owes, and whether earnings cover the interest

Cash quality15

Whether reported profit actually arrives as cash

Growth & consistency87

Whether sales and profit have grown, and how steadily

Valuation48

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 39% vs last year
Profit up 44% vs last year
Promoters hold 75%
No promoter shares pledged
Strong 26% return on equity
Virtually debt-free
Watch-outs
! Operating cash flow is negative

What if I invest in GRSE?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹2,340 +1.09%
latest close · 2026-09-17
1-year return
+1160.7%
52-wk low ₹18352-wk high ₹2,706
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio38.8High
LowAverageHigh
P/B ratio10.21High
Below bookModerateHigh
EV / EBITDA26.9High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity26.3%Strong
WeakFairStrong ▸15%
Return on capital33.9%Strong
WeakFairStrong
Net margin9.5%Decent
ThinDecentStrong
EBITDA margin13.7%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.00Comfortable
LowModerateHigh ▸1
Interest cover62.5×Strong
RiskyOkayStrong ▸5×
Current ratio1.23Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹26,803 cr
Book value
₹229
EPS
₹15.09
latest quarter
Net debt
₹-17 cr
more cash than debt
Enterprise value
₹26,786 cr
EBITDA
₹995 cr
annualised
EBIT
₹941 cr
annualised
Operating margin
13.0%
Return on assets
6.5%
Earnings yield
2.58%
P/S
3.69
Sales / share
₹633.6
Tax rate
25.3%
Face value
₹10
Shares
11.5 cr
Working capital
₹1,837 cr
Current assets
₹9,697 cr
Current liabilities
₹7,859 cr
Delivery %
38.8%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2024 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹604₹638, midpoint ₹621

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹1,815 cr
Other Income₹100 cr
Total Income₹1,914 cr
Cost of Materials₹1,244 cr
Purchases of Stock-in-Trade₹128 cr
Inventory Change (±)₹-39.6 L
Employee Benefit Expense₹101 cr
Finance Costs₹4 cr
Depreciation & Amortisation₹14 cr
Other Expenses₹192 cr
Total Expenses₹1,683 cr
Profit before Tax₹232 cr
Tax Expense₹59 cr
Net Profit₹173 cr
Net margin on total income9.0%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹1,372 cr71.7%
Employee benefit expense₹101 cr5.3%
Finance costs₹4 cr0.2%
Depreciation & amortisation₹14 cr0.7%
Other expenses₹192 cr10.0%
Tax expense₹59 cr3.1%
Profit for the period₹173 cr9.0%
Total income ₹1,914 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue1,896 cr2,119 cr1,815 cr
Total income1,958 cr2,190 cr1,914 cr
Expenses1,740 cr1,780 cr1,683 cr
Profit before tax218 cr411 cr232 cr
Tax47 cr108 cr59 cr
Net profit (owners' share)171 cr303 cr173 cr
Net margin (owners' share, on revenue)9.0%14.3%9.5%
EPS (₹)14.9126.4715.09
YoY (latest quarter): total income +38.5% · net profit +43.8%
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹10,636 cr
Shareholder equity
₹2,626 cr
parent shareholders
Total debt
₹0 cr
Cash
₹17 cr
Cash flow · H1 FY26
Operating
₹-605 cr
Investing
₹675 cr
Financing
₹-67 cr
Peer comparison
Aerospace & Defense · by market value
CompanyPriceMarket capP/E
Hindustan Aeronautics Limited₹4,788₹3.20 L cr50.4
Bharat Electronics Limited₹395₹2.89 L cr68.7
Centum Electronics Limited₹4,343₹60,214 cr142.7
Bharat Dynamics Limited₹1,152₹42,224 cr88.9
Garden Reach Shipbuilders & Engineers Limitedthis company₹2,340₹26,803 cr38.8
Data Patterns (India) Limited₹4,411₹24,702 cr279.9
AXISCADES Technologies Limited₹1,852₹16,469 cr
Aequs Limited₹229₹15,380 cr
Astra Microwave Products Limited₹1,608₹15,265 cr309.2
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.55%
trailing 12 months
Dividend / share (TTM)
₹12.9
Last dividend
₹7.15
ex 3 Feb 2026
ActionDetailEx-date
Dividend₹7.15 / share3 Feb 2026
Dividend₹5.75 / share11 Nov 2025
Dividend₹4.9 / share12 Sep 2025
Dividend₹8.95 / share7 Feb 2025
Dividend₹1.44 / share13 Sep 2024
Dividend₹7.92 / share23 Feb 2024
Who owns it · 2026-06-30
No pledge
Promoter
74.5%
FII / Foreign
3.2%
DII / Domestic
1.9%
Retail / others
20.3%
Smart-money activity
Bulk / block deals
short · NSE10026 Aug 26
short · NSE12224 Jul 26
short · NSE2022 Jul 26
Stake changes
SoldHDFC Mutual Fund→ 3.07% · 25.32 L23 May 24
SoldHDFC Mutual Fund→ 5.28% · 24.33 L17 Aug 23
SoldNippon Life India Trustee Limited (formerly known as Reliance Capital Trustee Co Ltd) A/c through various schemes of Nippon India Mutual Fund→ 2.44% · 11.94 L4 Oct 21
What shareholders were asked to approve
4 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 19 Sep 2025
See the official result
1
To receive, consider and adopt the audited financial statements of the Company for the financial year ended 31st March, 2025, along with the Reports of the Board of Directors, Auditors’ and the comments of the Comptroller & Auditor General of India thereon.
Backed by 85% of shareholders other than promotersneeded 50%
47.94 L votes for, 8.29 L against · 15% of mutual funds and other big investors said no
2
To confirm the payment of Interim Dividend of ₹8.95 per equity share and to declare a Final Dividend of ₹4.90 per equity share for the financial year 2024-25 (i.e., total Dividend of ₹13.85 per equity share for the financial year 2024-25)
Backed by 98% of shareholders other than promotersneeded 50%
56.66 L votes for, 1.13 L against · 2% of mutual funds and other big investors said no
3
To appoint a Director in place of Cdr. Shantanu Bose, IN (Retd.) (DIN: 09631817), who retires by rotation and being eligible, offers himself for re-appointment.
⚑ Passed only because promoters voted yes
Backed by 34% of shareholders other than promotersneeded 50%
19.76 L votes for, 37.94 L against · 67% of mutual funds and other big investors said no
4
To fix the remuneration of Statutory Auditors to be appointed by the Comptroller & Auditor General of India for the financial year 2025-26.
Backed by 75% of shareholders other than promotersneeded 50%
43.40 L votes for, 14.37 L against · 25% of mutual funds and other big investors said no
5
To confirm the Appointment of Shri Kamleshbhai Shashikantbhai Mirani (DIN: 11118795) as an Independent Director of the Company.
⚑ Passed only because promoters voted yes
Backed by 71% of shareholders other than promotersneeded 75%
40.65 L votes for, 16.28 L against · 29% of mutual funds and other big investors said no
6
To confirm the Appointment of Capt. Sunilkumar Panangadan, IN (Retd.), (DIN: 11193635) as the Whole-time Director designated as Director (Corporate Planning and Personnel) of the Company.
⚑ Passed only because promoters voted yes
Backed by 46% of shareholders other than promotersneeded 50%
26.80 L votes for, 30.90 L against · 54% of mutual funds and other big investors said no
7
To confirm the Appointment of Shri Rajeev Prakash (DIN: 08590061) as the Government Nominee Director of the Company.
⚑ Passed only because promoters voted yes
Backed by 32% of shareholders other than promotersneeded 50%
18.53 L votes for, 39.16 L against · 69% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 1 named members
owning 74.5% between them · as of 2026-06-30
THE PRESIDENT OF INDIA74.50%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.