Garden Reach Shipbuilders & Engineers Limited (GRSE)

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Garden Reach Shipbuilders & Engineers Limited (GRSE) · mywealthgrid

About

Garden Reach Shipbuilders & Engineers is an aerospace and defense contractor specializing in shipbuilding and marine engineering. With ₹30,000 Cr in market capitalization and 74.5% promoter ownership, the company operates primarily in India's defense shipbuilding sector.

Founded: 1884
Face value: ₹10

Market cap

₹24,193 Cr

P/E

30.2×

P/B

9.2×

Dividend yield

0.9%

ROE

31.8%

ROCE

41%

Debt / equity

OPM

11.4%

EPS (TTM)

₹69.9

Book value

₹229.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin fell sharply from 16.77% (Mar 2026) to 8.22% (Jun 2026), now below trailing 11.36% average—verify if temporary project mix or structural cost pressure.

Revenue lumpy: quarterly swings ₹1.15 Cr to ₹2.12 Cr—verify order concentration and forward visibility.

Customer concentration in government defense procurement—verify diversification across domestic, export, and commercial marine segments.

High valuation at PE 37.48 against deteriorating margins—verify earnings recovery plan and growth sustainability.

Generated analysis · source review pending

Growth drivers

Revenue +38% YoY (₹1,310 Cr Jun 2025 to ₹1,815 Cr Jun 2026)—verify order pipeline and contract execution pace.

EPS +44% YoY (₹10.49 to ₹15.09), outpacing revenue growth—verify whether from cost discipline or one-time income.

ROE 31.79% shows capital-efficient operations—verify capex plans for reinvesting earnings.

Zero debt (D/E 0) enables funding large contracts or growth initiatives—verify management's leverage and investment strategy.

Generated analysis · source review pending

1,966 historical price candles were omitted because the exchange source has not been verified.

₹2,111.1-4.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 27.7% (3-yr avg)
+High return on capital employed of 35.4%
+Profit CAGR of 37.3% over the last 5 years
+Revenue CAGR of 43.7% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 63.3×
+Dividend payout of 28.1% of profit
+High promoter holding of 74.5% with no pledge

Cons

−Trading at 9.2× book value

Research score

Structured signal from quality, growth, valuation and momentum.

72/100

Business quality: 84
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,662	929	1,350	1,386	1,433	1,141	1,758	2,561	3,593	5,076	7,002
COGS	835	348	583	763	722	483	944	1,612	2,251	3,535	4,060
Gross profit	827	581	766	623	712	658	814	949	1,341	1,540	2,942
	746	743	781	581	671	586	673	800	1,107	1,119	2,147
	81	-161	-15	42	40	72	141	149	234	421	795
OPM %	4.9%	-17.3%	-1.1%	3%	2.8%	6.3%	8%	5.8%	6.5%	8.3%	11.4%
Depreciation	28	27	29	27	30	29	36	39	41	42	49
Interest	4	9	8	5	1	3	1	6	11	10	16
	200	217	177	169	215	167	153	202	300	335	274
Profit before tax	249	20	128	179	224	207	257	305	481	703	1,005
Tax	87	9	35	69	60	54	68	77	124	176	257
Tax %	35%	43%	27.7%	38.6%	27%	25.9%	26.3%	25.3%	25.7%	25%	25.6%
	162	11	92	110	163	153	190	228	357	527	748
PAT margin %	9.8%	1.2%	6.9%	7.9%	11.4%	13.5%	10.8%	8.9%	9.9%	10.4%	10.7%
EPS (₹)	—	—	—	9.6	14.3	13.4	16.6	19.9	31.2	46	65.3
EPS adjusted (₹)	13.1	0.9	8.1	9.6	14.3	13.4	16.6	19.9	31.2	46	65.3
	—	—	—	0%	0%	0%	0%	0%	4.6%	30.1%	30%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	124	124	115	115	115	115	115	115	115	115	115
Reserves	883	959	907	924	926	1,023	1,143	1,299	1,559	1,965	2,512
Minority interest	—	—	0	—	—	—	—	—	—	—	—
	0	25	—	—	—	2	10	301	56	0	0
	2,994	3,458	3,297	3,152	4,344	5,644	6,364	9,061	8,523	8,275	8,010
Total equity & liabilities	4,001	4,567	4,319	4,190	5,384	6,783	7,632	10,776	10,252	10,354	10,636
	366	358	389	302	304	340	501	508	493	515	576
CWIP	11	23	16	34	52	151	10	5	12	21	16
Investments	0	0	0	0	0	826	197	234	0	0	0
	3,624	4,185	3,914	3,853	5,029	5,466	6,925	10,030	9,748	9,818	10,044
Total assets	4,001	4,567	4,319	4,190	5,384	6,783	7,632	10,776	10,252	10,354	10,636

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	44.9%	49.6%	57.7%	46.3%	37.1%	37.3%	30.3%	42%
EBITDA margin %	3%	2.8%	6.3%	8%	5.8%	6.5%	8.3%	11.4%
EBIT margin %	1.1%	0.7%	3.8%	6%	4.3%	5.4%	7.5%	10.7%
PAT margin %	7.9%	11.4%	13.5%	10.8%	8.9%	9.9%	10.4%	10.7%
Working capital
Receivable days	58	136	57	31	7	20	19	64
Inventory days	167	223	596	453	661	646	367	306
Payable days	7	1	592	160	266	161	119	164
NWC days	218	358	61	325	402	505	267	205
Leverage
Current ratio	1.16	1.13	0.99	0.93	1.07	1.12	1.17	1.23
Debt to EBITDA	—	—	0.03	0.07	2.02	0.24	0	0
Debt to equity	—	—	0	0.01	0.21	0.03	0	0
Interest coverage	36.5	176	85.4	349.6	48.1	42.9	69.1	63.3
Asset turnover	0.33	0.27	0.17	0.23	0.24	0.35	0.49	0.66
Return ratios
Return on assets %	2.6%	3%	2.3%	2.5%	2.1%	3.5%	5.1%	7%
Return on capital employed %	16.8%	20.9%	19.4%	20.4%	21.4%	29.6%	35.7%	41%
Return on equity %	10.6%	15.7%	13.5%	15.1%	16.1%	21.3%	25.4%	28.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.5%	74.5%	74.5%	74.5%	74.5%	74.5%	74.5%	74.5%	74.5%	74.5%	74.5%	74.5%
	3.34%	2.87%	3.26%	3.91%	3.65%	3.7%	3.84%	5.33%	3.26%	2.96%	3.51%	3.22%
	5.96%	6.03%	6.14%	3.2%	1.87%	1.87%	1.9%	1.82%	1.99%	1.64%	1.69%	1.94%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	16.2%	16.6%	16.1%	18.39%	19.98%	19.93%	19.76%	18.35%	20.25%	20.9%	20.3%	20.34%
No. of shareholders	—	—	—	—	—	—	—	—	4,25,900	4,19,648	4,07,526	3,99,380

Promoter holding up 0 percentage points since Sep 2023.

104 deals · 7 Jan 2022 – 29 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Apr 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Sell	7,00,050	₹3,167.12	₹221.71 Cr
29 Apr 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Buy	7,00,047	₹3,158.68	₹221.12 Cr
29 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	6,28,180	₹3,189.31	₹200.35 Cr
29 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	6,28,180	₹3,190.65	₹200.43 Cr
29 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	5,84,322	₹3,135.41	₹183.21 Cr
29 Apr 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	5,13,343	₹3,173.01	₹162.88 Cr
22 May 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	9,99,419	₹2,678.63	₹267.71 Cr
22 May 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	9,29,973	₹2,672.90	₹248.57 Cr
22 May 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	8,39,427	₹2,667.31	₹223.90 Cr
22 May 2025	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	8,39,427	₹2,665.92	₹223.78 Cr

1–10 of 104

1 / 11

Mr. HARI P RExecutive Director-Chairperson-MD
Mr. SHANTANU BOSEExecutive Director
Mr. SUNILKUMAR PANANGADANExecutive Director
Mr. NIRANJAN MUKUND BHALERAOExecutive Director
Mr. KAMLESHBHAI SHASHIKANTBHAI MIRANINon-Executive - Independent Director
Mr. Vijay Namdeorao ZadeNon-Executive - Nominee Director
Sandeep MahapatraCompany Secretary And Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

0.59%

of the company's equity

All mutual funds

1.64%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

31 schemes · 8 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	4.02 L	103.17	1.87%	0.351%	+10,185
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	98,605	25.3	1.86%	0.086%	-530
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	46,690	11.98	0.34%	0.041%	+571
IB25-Groww Nifty India Defence ETF	Groww Mutual Fund	26,720	6.86	1.86%	0.023%	+658
Nifty India Defence Index Fund	Axis Mutual Fund	25,212	6.47	1.87%	0.022%	+2,146
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	23,728	6.09	0.34%	0.021%	+264
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	17,201	4.41	0.34%	0.015%	+156
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	10,458	2.68	0.34%	0.009%	+204

1–8 of 31

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

6

Final dividend18 Sept 2026 · ex-date₹6.7
Interim dividend3 Feb 2026 · ex-date₹7.15
Interim dividend11 Nov 2025 · ex-date₹5.75
Final dividend12 Sept 2025 · ex-date₹4.9
Interim dividend7 Feb 2025 · ex-date₹8.95
Final dividend13 Sept 2024 · ex-date₹1.44

1

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

44 announcementsExport CSV

21 Sept 2026, 6:12 pmOthers

Board Meeting Outcome for Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	44.9%	49.6%	57.7%	46.3%	37.1%	37.3%	30.3%	42%
EBITDA margin %	3%	2.8%	6.3%	8%	5.8%	6.5%	8.3%	11.4%
EBIT margin %	1.1%	0.7%	3.8%	6%	4.3%	5.4%	7.5%	10.7%
PAT margin %	7.9%	11.4%	13.5%	10.8%	8.9%	9.9%	10.4%	10.7%
Working capital
Receivable days	58	136	57	31	7	20	19	64
Inventory days	167	223	596	453	661	646	367	306
Payable days	7	1	592	160	266	161	119	164
NWC days	218	358	61	325	402	505	267	205
Leverage
Current ratio	1.16	1.13	0.99	0.93	1.07	1.12	1.17	1.23
Debt to EBITDA	—	—	0.03	0.07	2.02	0.24	0	0
Debt to equity	—	—	0	0.01	0.21	0.03	0	0
Interest coverage	36.5	176	85.4	349.6	48.1	42.9	69.1	63.3
Asset turnover	0.33	0.27	0.17	0.23	0.24	0.35	0.49	0.66
Return ratios
Return on assets %	2.6%	3%	2.3%	2.5%	2.1%	3.5%	5.1%	7%
Return on capital employed %	16.8%	20.9%	19.4%	20.4%	21.4%	29.6%	35.7%	41%
Return on equity %	10.6%	15.7%	13.5%	15.1%	16.1%	21.3%	25.4%	28.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Dynamics LimitedBDLBDL	₹39,882 Cr	₹39,882 Cr	₹2,766 Cr	₹352 Cr	9.2%	₹521 Cr	17.2%	7.5%	10.2%	598
Garden Reach Shipbuilders & Engineers LimitedGRSEGRSE	₹24,193 Cr	₹24,193 Cr	₹7,507 Cr	₹833 Cr	11.4%	₹801 Cr	10.7%	41%	31.8%	205
Data Patterns (India) LimitedDATAPATTNSDATAPATTNS	₹23,807 Cr	₹23,807 Cr	₹941 Cr	₹373 Cr	40.4%	₹268 Cr	29.3%	22.6%	16.7%	499
Sigma Advanced Systems LimitedSIGMAADVSIGMAADV	₹18,975 Cr	₹19,275 Cr	₹843 Cr	₹121 Cr	9.7%	₹163 Cr	54.5%	73.1%	87.6%	271
Aequs LimitedAEQUSAEQUS	₹18,448 Cr	₹18,851 Cr	₹1,230 Cr	₹89 Cr	7.2%	₹-113 Cr	-9.2%	1.1%	-10.3%	259
Astra Microwave Products LimitedASTRAMICROASTRAMICRO	₹15,417 Cr	₹15,704 Cr	₹1,140 Cr	₹326 Cr	28.7%	₹189 Cr	16.6%	23.1%	16%	537
Apollo Micro Systems LimitedAPOLLOAPOLLO	₹14,558 Cr	₹15,091 Cr	₹1,022 Cr	₹231 Cr	24.1%	₹122 Cr	11.9%	18.2%	11.8%	443
Zen Technologies LimitedZENTECZENTEC	₹14,232 Cr	₹14,236 Cr	₹671 Cr	₹221 Cr	36%	₹186 Cr	31.7%	16.3%	10.8%	425
Paras Defence And Space Technologies LimitedPARASPARAS	₹10,285 Cr	₹10,311 Cr	₹511 Cr	₹130 Cr	25.3%	₹94 Cr	18.8%	16.9%	12.9%	435
Axiscades Technologies LimitedAXISCADESAXISCADES	₹9,806 Cr	₹10,082 Cr	₹1,099 Cr	₹152 Cr	15.3%	₹36 Cr	6.2%	17.7%	10.4%	31
Unimech Aerospace And Manufacturing LimitedUNIMECHUNIMECH	₹9,025 Cr	₹9,137 Cr	₹285 Cr	₹95 Cr	31.2%	₹72 Cr	26.3%	12.8%	9%	137
Mishra Dhatu Nigam LimitedMIDHANIMIDHANI	₹8,121 Cr	₹8,405 Cr	₹1,278 Cr	₹240 Cr	19.7%	₹135 Cr	10.9%	9.1%	8.9%	1,022

Date	Category	Subject	Filing
21 Sept 2026, 6:12 pm	Others Outcome without intimation	Board Meeting Outcome for Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.	PDF
14 Sept 2026, 12:55 pm	Corp. Action Record Date	Intimation Of Record Date For Final Dividend FY 2025-26	PDF
4 Sept 2026, 11:29 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Sept 2026, 3:46 pm	Corp. Action Dividend/AGM	Corporate Action-Board to consider Dividend	PDF
3 Sept 2026, 3:32 pm	AGM/EGM AGM	Intimation Of 110Th Annual General Meeting, Book Closure And Dividend	PDF
3 Sept 2026, 3:15 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
3 Sept 2026, 9:39 am	Company Update Memorandum of Understanding /Agreements	Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements	PDF
1 Sept 2026, 4:22 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	423	-191	-74	-112	628	517	-356	1,450	-707	16	-290
	-483	227	267	198	245	-1,173	428	-1,666	1,056	170	527
	-30	-50	-193	-89	-153	-64	-72	220	-358	-187	-223
Net cash flow	-90	-14	0	-3	720	-720	0	4	-9	-1	13
Free cash flow	406	-233	—	—	—	353	-411	1,408	-755	-51	-367
CFO / Operating profit %	522.7%	—	—	-265.2%	—	717.8%	-253%	973.1%	-301.9%	3.7%	-36.4%

Garden Reach Shipbuilders & Engineers Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

6

1

Announcements

Not in the F&O segment

Announcements

6

1

Annual reports

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Garden Reach Shipbuilders & Engineers Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends6

Board meetings1

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Dividends6

Board meetings1

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

6

1

6

1