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Garden Reach Shipbuilders & Engineers Ltd.
(GRSE)
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Rating:55Neutral
Price Target:
₹2,573.00
▲(0.29% Upside)
Action:Reiterated
Date:08/06/26
The score is anchored by strong reported growth and improving profitability/ROE, supported by a generally conservative balance sheet. However, the biggest drag is inconsistent and recently negative operating/free cash flow, alongside weak technical momentum and a relatively high P/E with limited dividend support.
Positive Factors
Strong Revenue and Profit Growth
Sustained revenue expansion and materially higher net income indicate strong demand for GRSE’s defence shipbuilding and engineering capabilities. Continued growth can support scale benefits, backlog execution and improving profitability over the medium term.
Negative Factors
Weak Cash Conversion
Repeated operating and free cash flow deficits create uncertainty about the conversion of reported profits into liquidity. In milestone-based shipbuilding, working-capital absorption or delayed collections could constrain reinvestment and increase funding needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Profit Growth
Sustained revenue expansion and materially higher net income indicate strong demand for GRSE’s defence shipbuilding and engineering capabilities. Continued growth can support scale benefits, backlog execution and improving profitability over the medium term.
Read all positive factors
Garden Reach Shipbuilders & Engineers Ltd. (GRSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹297.82B
Dividend Yield0.66%
Average Volume (3M)173.51K
Price to Earnings (P/E)37.2
Beta (1Y)2.22
Revenue Growth39.64%
EPS Growth42.87%
CountryIN
Employees1,573
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)69.90
Shares Outstanding114,552,000
10 Day Avg. Volume108,904
30 Day Avg. Volume173,512
Financial Highlights & Ratios
PEG Ratio0.72
Price to Book (P/B)8.61
Price to Sales (P/S)3.23
P/FCF Ratio-168.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)79.38
Revenue Forecast (FY)₹85.65B
Garden Reach Shipbuilders & Engineers Ltd. Business Overview & Revenue Model
Company Description
Garden Reach Shipbuilders & Engineers Limited (GRSE) is an Indian company primarily engaged in the fabrication of naval vessels. They provide a comprehensive range of maritime platforms to the Indian Navy, the Indian Coast Guard, and various other...
How the Company Makes Money
GRSE primarily makes money by executing shipbuilding and engineering contracts—mainly for Indian defence and maritime security agencies—where revenue is earned against agreed project milestones for the design, construction, outfitting, testing and...
Garden Reach Shipbuilders & Engineers Ltd. Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
78
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 75.07B | 70.02B | 50.71B | 35.88B | 25.48B | 17.45B |
| Gross Profit | 10.98B | 8.98B | 10.51B | 8.11B | 6.17B | 5.46B |
| EBITDA | 11.34B | 10.70B | 7.56B | 5.34B | 3.51B | 2.94B |
| Net Income | 8.01B | 7.48B | 5.27B | 3.57B | 2.28B | 1.90B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 106.36B | 103.54B | 102.52B | 107.76B | 76.32B |
| Cash, Cash Equivalents and Short-Term Investments | 33.88B | 33.88B | 39.37B | 33.81B | 41.42B | 23.30B |
| Total Debt | 0.00 | 373.98M | 96.69M | 656.71M | 3.12B | 112.04M |
| Total Liabilities | -26.26B | 80.10B | 82.75B | 85.78B | 93.62B | 63.74B |
| Stockholders Equity | 26.26B | 26.26B | 20.79B | 16.73B | 14.14B | 12.58B |
Cash Flow | ||||||
| Free Cash Flow | -6.44B | -1.34B | -514.69M | -7.55B | 14.08B | -4.11B |
| Operating Cash Flow | -6.05B | -572.08M | 155.87M | -7.07B | 14.50B | -3.56B |
| Investing Cash Flow | 6.75B | 2.80B | 1.70B | 10.56B | -16.66B | 4.29B |
| Financing Cash Flow | -671.97M | -2.10B | -1.87B | -3.58B | 2.20B | -724.89M |
Garden Reach Shipbuilders & Engineers Ltd. Technical Analysis
Positive
2565.45
Price Trends
2651.41
Positive
2644.22
Positive
2570.43
Positive
Market Momentum
-4.82
Negative
57.40
Neutral
78.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GRSE, the sentiment is Positive. The current price of 2565.45 is below the 20-day moving average (MA) of 2595.47, below the 50-day MA of 2651.41, and below the 200-day MA of 2570.43, indicating a bullish trend. The MACD of -4.82 indicates Negative momentum. The RSI at 57.40 is Neutral, neither overbought nor oversold. The STOCH value of 78.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:GRSE.
Garden Reach Shipbuilders & Engineers Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹253.52B | 94.64 | ― | 0.23% | 33.81% | 24.90% | |
67 Neutral | ₹3.01T | 49.10 | ― | 0.70% | 19.83% | 11.75% | |
66 Neutral | ₹111.92B | 118.47 | ― | 0.04% | 36.61% | 47.63% | |
62 Neutral | ₹1.03T | 36.27 | ― | 0.71% | 13.87% | 31.72% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹297.82B | 37.20 | ― | 0.69% | 39.64% | 42.87% | |
55 Neutral | ₹383.55B | 56.37 | ― | 0.70% | -1.36% | -19.12% |
* General Sector Average
IN:GRSE
Garden Reach Shipbuilders & Engineers Ltd.
2,677.40
131.23
5.15%
IN:BEL
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IN:COCHINSHIP
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1,491.00
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IN:DATAPATTNS
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4,737.45
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IN:MAZDOCK
Mazagon Dock Shipbuilders Ltd.
2,586.00
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-6.32%
IN:PARAS
Paras Defence & Space Technologies Ltd.
1,527.65
846.85
124.39%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.