Garden Reach Shipbuilders & Engineers Ltd (GRSE) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 542011 | NSE: GRSE | Ship Building | Small Cap

Garden Reach Ship Share Price

2,466 -84.65 -3.32%
as on 05-Dec'25 12:24

Garden Reach Shipbuilders & Engineers Ltd (GRSE) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 542011 | NSE: GRSE | Ship Building | Small Cap

DeciZen - make an informed investing decision on Garden Reach Ship

Based on:

Overall Rating
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1. Quality


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2. Valuation


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3. Price Trend


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Garden Reach Shipbuilders & Engineers stock performance -

Key Ratios
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P/E Ratio (SA):
47.40
Market Cap:
29,218.2 Cr.
52-wk low:
1,180.1
52-wk high:
3,535

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10 Year X-Ray of Garden Reach Ship: Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Garden Reach Shipbuilders & Engineers Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 23.9%2.6%12.7%17.9%21.8%20%21.6%21.2%28.9%37.8%-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,6569221,3481,3861,4331,1411,7542,5613,5935,0765,900
Sales YoY Gr.--44.3%46.2%2.9%3.4%-20.4%53.8%46%40.3%41.3%-
Adj EPS 130.78.29.714.815.216.82031.245.553.8
YoY Gr.--94.6%1067.1%18.9%52.4%2.8%10.6%19.1%55.8%45.7%-
BVPS (₹) 91.687.589.290.690.899.3109.8123.4146.1181.5200.4
Adj Net
Profit
1618.793.6111170174193230358521616
Cash Flow from Ops. 423-191-74-112628515-3561,450-70715.6-
Debt/CF from Ops. 0-0.1000000.2-0.10-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 13.3%28.8%42.5%41.3%
Adj EPS 14.9%25.2%39.3%45.7%
BVPS7.9%14.9%18.2%24.3%
Share Price - 65.8% 68.6% 40.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
15.30.88.910.816.31616.117.223.227.828.2
Op. Profit
Mgn %
4.9-17.5-1.332.98.28.16.16.78.49.6
Net Profit
Mgn %
9.70.96.9811.815.31191010.310.5
Debt to
Equity
00000000.2000
Working Cap
Days
8741,054738626561938821739612450266
Cash Conv.
Cycle
4791183316665810018224120040

Recent Performance Summary

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Latest Financials - Garden Reach Shipbuilders & Engineers Ltd.

Standalone Consolidated
TTM EPS (₹) 53.8 -
TTM Sales (₹ Cr.) 5,900 -
BVPS (₹.) 200.4 -
Reserves (₹ Cr.) 2,181 -
P/BV 12.73 -
PE 47.40 -
From the Market
52 Week Low / High (₹) 1180.10 / 3535.00
All Time Low / High (₹) 77.00 / 3535.00
Market Cap (₹ Cr.) 29,218
Equity (₹ Cr.) 114.6
Face Value (₹) 10
Industry PE 50

Management X-Ray of Garden Reach Ship:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Garden Reach Ship - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

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Key Ratios of Garden Reach Ship

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,6559221,3481,3861,4331,1411,7542,5613,5935,076
Operating Expenses 1,5751,0831,3671,3441,3911,0601,6132,4083,3544,649
Manufacturing Costs2051476407918284591,0591,3762,3293,551
Material Costs1,022462260141104190178596504521
Employee Cost 292286299291297269290317349361
Other Costs 5618816812116214186119171216
Operating Profit 81-161-19424281141153239427
Operating Profit Margin (%) 4.9%-17.5%-1.4%3.0%2.9%7.1%8.0%6.0%6.7%8.4%
Other Income 185217183171225186161202300335
Interest 49853102101616
Depreciation 28272927302936394142
Exceptional Items 1600-2-11-21-8000
Profit Before Tax 24920128179224207257305481703
Tax 879356960546877124176
Profit After Tax 1621192110163153190228357527
PAT Margin (%) 9.8%1.2%6.9%7.9%11.4%13.5%10.8%8.9%9.9%10.4%
Adjusted EPS (₹)13.10.98.19.614.313.416.619.931.246.0
Dividend Payout Ratio (%)33%472%55%72%50%37%35%31%30%30%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 1,1341,0831,0221,0381,0401,1371,2581,4141,6732,079
Share Capital 124124115115115115115115115115
Reserves 1,0109599079249261,0231,1431,2991,5591,965
Minority Interest0000000000
Debt02500000301560
Long Term Debt02500000000
Short Term Debt0000000301560
Trade Payables5293686893705477834121,1749921,151
Others Liabilities 2,7893,0912,6092,7823,9755,0046,1667,9907,7577,318
Total Liabilities 4,4514,5674,3194,1905,5626,9247,83510,87810,47910,549

Fixed Assets

Gross Block372413472400431496687730754816
Accumulated Depreciation28548397127156186222262301
Net Fixed Assets 344358389302304340501508493515
CWIP 22231634521511062528
Investments 00025482619723400
Inventories6554865133504417881,1722,9193,9843,552
Trade Receivables15419920222053517815151194259
Cash Equivalents flag 1,2811,6201,0221,9892,6112,2812,5584,3283,7203,732
Others Assets 1,9961,8802,1761,2931,5652,3593,2472,8342,0632,462
Total Assets 4,4514,5674,3194,1905,5626,9247,83510,87810,47910,549

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 423-191-74-112628515-3561,450-70716
PBT 24920128179224207257305481703
Adjustment -158-174-139-138-183-119-103-140-224-243
Changes in Working Capital 39542-100-279462481-4421362-840-269
Tax Paid -64-7937126125-54-68-77-124-176
Cash Flow From Investing Activity -483227267198245-1,173429-1,6661,056170
Capex -17-42-50-53-67-164-55-42-48-67
Net Investments -593113151111198-1,162353-1,802832-13
Others 127156166139114153130178271250
Cash Flow From Financing Activity -30-50-193-89-153-62-72220-358-187
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0-200000000
Interest Paid -0-9-8-2-2-1-1-5-11-12
Dividend Paid -25-53-65-87-124-60-70-73-99-119
Others -514-121-0-27-2-1298-247-56
Net Cash Flow -90-140-3720-72004-9-1

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)15.421.038.7810.6715.7314.115.8317.0823.1428.11
ROCE (%)23.872.6112.7217.8721.8219.9521.6321.2328.8837.77
Asset Turnover Ratio0.280.210.30.330.290.180.240.270.340.48
PAT to CFO Conversion(x)2.61-17.36-0.8-1.023.853.37-1.876.36-1.980.03
Working Capital Days
Receivable Days346954569611434141216
Inventory Days573224135114101197204292351271
Payable Days1943547431,3741,6111,2801,228485784751

Garden Reach Shipbuilders & Engineers Ltd Stock News

Garden Reach Shipbuilders & Engineers Ltd FAQs

The current trading price of Garden Reach Ship on 05-Dec-2025 12:24 is ₹2,466.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Dec-2025 the market cap of Garden Reach Ship stood at ₹29,218.2.
The latest P/E ratio of Garden Reach Ship as of 04-Dec-2025 is 47.40.
The latest P/B ratio of Garden Reach Ship as of 04-Dec-2025 is 12.73.
The 52-week high of Garden Reach Ship is ₹3,535 and the 52-week low is ₹1,180.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Garden Reach Ship is ₹5,900 ( Cr.) .

About Garden Reach Shipbuilders & Engineers Ltd

Garden Reach Shipbuilders & Engineers was incorporated at Calcutta under the Companies Act, 1913 with the Registrar of Companies, Calcutta, as ‘Garden Reach Workshops Limited’ on February 26, 1934. The company changed its name to ‘Garden Reach Workshops Private Limited’ on November 5, 1957 after the promulgation of the Companies Act, 1956. Thereafter, the company changed its name to ‘Garden Reach Workshops Limited’ on November 30, 1961 pursuant to the acquisition of the company by the Government of India and the status of the company was changed from ‘private limited company’ to ‘deemed public limited company under the provision of Section 43(1A) of the Companies Act, 1956 with effect from January 8, 1976. The name of the company was again changed from ‘Garden Reach Workshop Limited’ to ‘Garden Reach Shipbuilders & Engineers Limited’ on December 31, 1976 by the Registrar of Companies, West Bengal. The company became a public company pursuant to a special resolution of the shareholders at an Annual General Meeting held on August 25, 2017.

Over the years, the company has established capabilities for in-house design and shipbuilding and has made considerable contributions to the indigenous warship construction program of the country. Its shipbuilding product line spans from technologically sophisticated Frigates and Corvettes to Fast Patrol Vessels. In last five decades, it has built and delivered ships ranging from small to large and advanced vessels including frigates, anti-submarine warfare corvettes, missile corvettes, landing ship tanks, landing craft utilities, survey vessels, fleet replenishment tankers, fast patrol vessels, offshore patrol vessels, inshore patrol vessels, WJ-FAC, hover crafts and fast interceptor boats to the Indian Navy, Indian Coast Guard, MHA and Governments of other countries.

Business area of the company

Garden Reach Shipbuilders & Engineers is a ship-building company in India under the administrative control of the MoD and primarily adhere to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. In addition to its ship and warship building capabilities, it is engaged in engineering and engine production activities. As a part of its engineering division it manufactures deck machinery items, pre-fabricated portable steel bridges and marine pumps. The company’s shipbuilding division contributes a significant majority of its revenue from operations.

Product segment

  • Shipbuilding
  • Engineering
  • Engine

Awards and Recognition

  • 2006: Accorded the status of Mini Ratna - Category I.
  • 2010-11: Best Performing Defence Shipyard.
  • 2010-11: Excellent grading under MoU signed with the GoI.
  • 2011-12: Best Performing Defence Shipyard.
  • 2011-12: Excellent grading under MoU signed with the GoI.
  • 2011-12: Indira Gandhi Rajbhasha Puraskar - 2nd prize in ‘C’ region for the implementation of official language Hindi in the company.
  • 2012-13: Best Performing Defence Shipyard.
  • 2012-13: Indira Gandhi Rajbhasha Puraskar - 1st prize in 'C' region for implementation of official language Hindi under PSU category.
  • 2012-13: Excellent grading under MoU signed with the GoI.
  • 2013-14: Best Performing Defense Shipyard.
  • 2013-14: Excellent grading under MoU signed with the GoI.
  • 2014-15: National Talent Management Leadership Award 2015 in the Best Onboarding Program category from the World HRD Congress.
  • 2014-15: Most Caring Company Award at CSR Congress-2015.
  • 2014-15: Rajbhasha Kirti Puraskar - 2nd prize in ‘C’ region for excellence in implementation of official language policy under PSU category.
  • 2015-16: Raksha Mantri’s Award for in-house design effort of CGS Barracuda.
  • 2015-16: Rajbhasha Kirti Puraskar - 1st prize for excellence in implementation of official language in the company.
  • 2016 Quality leadership award by Quality Circle Forum of India.
  • 2016: Rajbhasha Kirti Puraskar - 2nd prize for excellence in implementation of official language.
  • 2016: Rajbhasha Kirti Puraskar - 2nd prize for the magazine ‘Rajbhasha Jagriti’.
  • 2017: Quality Leadership Award by Quality Circle Forum of India.
  • 2017: Runner-up in the category of ‘Contribution of Women in PSEs’ by ICC.
  • 2017: Runner-up in the category of ‘Human Resource Management’ by ICC.
  • 2017: Runner-up in the category of ‘CSR & Sustainability’ by ICC.
  • 2017: ICC PSE Excellence Award in the category of “Company of the Year”.
  • 2017: ICC PSE Excellence Award in the category of “Corporate Governance”.
  • 2017: SCOPE Corporate Communication Excellence Award 2017 in the category of Brand Building through Inclusive Growth Initiatives.
  • 2017: SCOPE Corporate Communication Excellence Award 2017 in the category of Best Corporate
    Communication Campaign/ Program (External).
  • 2018: ET Bengal Corporate Award on Best CSR Idea - 2018 awarded by the Economic Times Group.
  • 2018-19: National Awards for Excellence in Cost Management 2018.
  • 2019-20: “Rajbhasa Shield 2018-19” award for best implementation of Rajbhasa in the Company during 2018-19 from Governor of West Bengal.
  • 2019-20: “Recognition of WIPS Activity Award 2019” at 30th National Meet of WIPS.

Milestones

  • 1961: Built the indigenous warship of the country INS Ajay, which was the first Naval ship built in the country after India's independence.
  • 1980: Built the patrol vessel for Indian Coast Guard, CGS Rajhans (GRSE Yard 2003).
  • 1981: Designed and built survey vessel for Indian Navy. This 1900-ton ship, INS Sandhayak was delivered on February 26, 1981.
  • 1984: Designed in-house and built the first of class landing ship tank (large).
  • 1992: The class ship of new design FPV, CGS Priyadarshini (the Company Yard 2031) was delivered to Indian Coast Guard on March 03, 1992.
  • 1994: The class P-16A guided missile frigate “INS Brahmaputra” (the Company Yard 3009) was launched on January 26, 1994.
  • 1994: Built research vessel. The ship was named as “Sagardhwani” which means 'Sound of Sea”.
  • 1997: Designed & developed, portable steel bridges for the first time in India.
  • 2000: Built and delivered the class fast attack craft (the Company Yard No. 2047) on September 11, 2000 after extensive trials.
  • 2009: The two WJ-FAC, INS Carnicobar and INS Chetlat were delivered on January 09, 2009 to
    Indian Navy.
  • 2011: The company signed the contract for building CGS Barracuda, a multi-role offshore patrol vessel for National Coast Guard of Mauritius on March 04, 2011 for export of a warship. CGS Barracuda also has the distinction of being the first ever ship to be built at the new integrated shipbuilding facility, created in the company under modernization.
  • 2014: The class ASW Corvette, INS Kamorta, was delivered to Indian Navy on July 12, 2014.
  • 2016: The first of the four (4) follow-on WJ-FAC, INS Tarmugli (Yard No 2109) was delivered to the Indian Navy on April 16, 2016.
  • 2016-2017: Two ships of the class new generation landing crafts have been delivered to Indian Navy on September 30, 2016 and July 20, 2017.
  • 2017: The class ASW Corvette, INS Kiltan (Yard No 3019) was delivered to the Indian Navy on
    October 14, 2017.
  • 2018: Delivery of fourth LCU ‘L-54’ to Indian Navy on April 6, 2018.
  • 2018: Inauguration of Data Centre of Central Design Office at GRSE’s 61 Park Unit on June 1, 2018.
  • 2018: Inauguration of modern Pump Test Bed Facility at GRSE’s Taratala unit on June 11, 2018.
  • 2018: Inauguration of Virtual Reality Lab of Central Design Office at 61 Park Unit on July 7, 2018.
  • 2019: The company has achieved a historic milestone by delivering its 100th warship to Indian Navy - a Landing Craft Utility, designed and developed by GRSE with over 90% indigenous content on 30 Mar 2019.
  • 2020: The company delivered final ship in Fast Patrol Vessels' series to Indian Coast Guard.
  • 2021: Garden Reach Shipbuilders & Engineers signed a memorandum of understanding (MoU) with GE Power Conversion.
  • 2021: The company commenced production of Anti-Submarine Warfare Shallow Water Crafts for Indian Navy
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