Want to see IN:GRSE full AI Analyst Report?
Top Page
Garden Reach Shipbuilders & Engineers Ltd.
(GRSE)
Select Model
Select Model
Rating:67Neutral
Price Target:
₹2,838.00
▲(16.54% Upside)
Action:Downgraded
Date:04/30/26
The score is anchored by strong technical momentum and robust revenue/earnings growth with improving ROE, but it is held back by weak and volatile cash generation and a relatively expensive valuation (high P/E with low yield).
Positive Factors
Revenue & Earnings Growth
Sustained multi-year revenue compounding and rising ROE (~28% in FY2026) indicate durable earnings power and improving capital efficiency. For a shipbuilder reliant on multi-year defence contracts, consistent top-line and ROE improvement signal expanding program wins and stronger profitability over the medium term.
Negative Factors
Weak Cash Conversion
Volatile and frequently negative operating and free cash flow undermines the translation of reported profits into spendable cash. For long-duration shipbuilding projects this raises working-capital and execution risk, increases reliance on balance-sheet flexibility, and can constrain reinvestment or dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Earnings Growth
Sustained multi-year revenue compounding and rising ROE (~28% in FY2026) indicate durable earnings power and improving capital efficiency. For a shipbuilder reliant on multi-year defence contracts, consistent top-line and ROE improvement signal expanding program wins and stronger profitability over the medium term.
Read all positive factors
Garden Reach Shipbuilders & Engineers Ltd. (GRSE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹304.93B
Dividend Yield0.8%
Average Volume (3M)173.51K
Price to Earnings (P/E)40.8
Beta (1Y)2.30
Revenue Growth37.95%
EPS Growth41.82%
CountryIN
Employees1,573
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)65.30
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)79.62
Revenue Forecast (FY)₹85.38B
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 makes money mainly by executing shipbuilding and engineering contracts, with revenue recognized as it progresses on long-duration projects (and/or upon achieving contract milestones), rather than through recurring subscription-style income. I...
Garden Reach Shipbuilders & Engineers Ltd. Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
78
Positive
Cash Flow
38
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 70.02B | 50.71B | 35.88B | 25.48B | 17.45B |
| Gross Profit | 8.98B | 10.51B | 8.11B | 6.17B | 5.46B |
| EBITDA | 10.70B | 7.56B | 5.34B | 3.51B | 2.94B |
| Net Income | 7.48B | 5.27B | 3.57B | 2.28B | 1.90B |
Balance Sheet | |||||
| Total Assets | 106.36B | 103.54B | 102.52B | 107.76B | 76.32B |
| Cash, Cash Equivalents and Short-Term Investments | 33.88B | 39.37B | 33.81B | 41.42B | 23.30B |
| Total Debt | 373.98M | 96.69M | 656.71M | 3.12B | 112.04M |
| Total Liabilities | 80.10B | 82.75B | 85.78B | 93.62B | 63.74B |
| Stockholders Equity | 26.26B | 20.79B | 16.73B | 14.14B | 12.58B |
Cash Flow | |||||
| Free Cash Flow | -1.34B | -514.69M | -7.55B | 14.08B | -4.11B |
| Operating Cash Flow | -572.08M | 155.87M | -7.07B | 14.50B | -3.56B |
| Investing Cash Flow | 2.80B | 1.70B | 10.56B | -16.66B | 4.29B |
| Financing Cash Flow | -2.10B | -1.87B | -3.58B | 2.20B | -724.89M |
Garden Reach Shipbuilders & Engineers Ltd. Technical Analysis
Neutral
2435.25
Price Trends
2739.27
Negative
2595.96
Positive
2573.41
Positive
Market Momentum
-8.69
Positive
46.17
Neutral
13.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GRSE, the sentiment is Neutral. The current price of 2435.25 is below the 20-day moving average (MA) of 2730.77, below the 50-day MA of 2739.27, and below the 200-day MA of 2573.41, indicating a neutral trend. The MACD of -8.69 indicates Positive momentum. The RSI at 46.17 is Neutral, neither overbought nor oversold. The STOCH value of 13.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹3.01T | 33.07 | ― | 0.90% | 6.80% | 8.98% | |
71 Outperform | ₹976.22B | 35.36 | ― | 0.47% | 13.77% | 14.39% | |
67 Neutral | ₹304.93B | 40.77 | ― | 0.80% | 37.95% | 41.82% | |
67 Neutral | ₹3.03T | 50.02 | ― | 0.60% | 16.16% | 13.86% | |
56 Neutral | ₹492.97B | 117.22 | ― | 0.33% | -27.00% | -23.51% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹373.05B | 52.06 | ― | 0.59% | 4.19% | -13.39% |
* General Sector Average
IN:GRSE
Garden Reach Shipbuilders & Engineers Ltd.
2,661.95
12.90
0.49%
IN:BDL
Bharat Dynamics Ltd.
1,344.85
-471.30
-25.95%
IN:BEL
Bharat Electronics Limited
414.90
10.22
2.52%
IN:COCHINSHIP
Cochin Shipyard Limited
1,418.00
-499.99
-26.07%
IN:HAL
Hindustan Aeronautics Limited
4,506.55
-323.71
-6.70%
IN:MAZDOCK
Mazagon Dock Shipbuilders Ltd.
2,420.10
-675.09
-21.81%
Garden Reach Shipbuilders & Engineers Ltd. Corporate Events
Garden Reach Shipbuilders Reschedules FY26 Earnings Call to 12 May
May 7, 2026
Garden Reach Shipbuilders Engineers Ltd. has revised the schedule for its investors and analysts earnings conference call to discuss audited financial results for the quarter and year ended 31 March 2026. The call, originally set for 8 May 2026, ...
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.