GRSE

Garden Reach Shipbuilders & Engineers share price & financials

Price
₹2,798.3
Market cap
₹29.5k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 06 Aug 2026

Garden Reach Shipbuilders & Engineers Limited Q1 FY27

Revenue from Operations ₹1,815 cr +39%Profit After Tax ₹173 cr +44%EPS ₹15.09 +44%Total Income ₹1,914 cr +38%

What went well

  • Total income grew 38% YoY to ₹1,914 crore in Q1 FY27.
  • Revenue from operations increased 39% YoY to ₹1,815 crore.
  • Profit after tax surged 44% YoY to ₹173 crore.

What to watch

  • Order book dropped below ₹15,000 crore for the first time in 10 years, though management attributes this to strong execution.
  • Next-Generation Destroyer (NGD) RFP not expected until FY29, indicating a long lead time for a major project.
Read the full call →

What Garden Reach Shipbuilders & Engineers Limited does

Garden Reach Shipbuilders & Engineers is a Government of India defence shipyard under the Ministry of Defence that designs and builds warships, patrol vessels, survey ships and landing craft mainly for the Indian Navy and Coast Guard, alongside commercial and export vessels. Beyond shipbuilding, it runs a ship-repair and refit vertical using leased dry docks at Kolkata port, an Engineering division that makes Bailey-type portable steel bridges and marine deck machinery, and a Diesel Engine Plant at Ranchi that manufactures marine diesel engines in technology partnership with MTU, Germany. It earns revenue from long-cycle shipbuilding contracts with the Navy/Coast Guard and other government agencies, ship-repair contracts, and sale of bridges, deck machinery and engines to defence and civil customers.

Segments

  • Shipbuilding
  • Ship Repair
  • Engineering
  • Marine Diesel Engines
Warships delivered (cumulative)
100+
Warships currently under construction
14
Dry docks leased for ship repair (Kolkata port)
3
Operating verticals
Shipbuilding, Ship Repair, Engineering, Marine Diesel Engines
Ship-repair export markets
Sri Lanka, Maldives, Mauritius, Seychelles (Indian Ocean Region)
Portable steel bridge market position
Leads the Indian market in portable steel bridges
Headquarters Kolkata, West Bengal, IndiaEmployees 1,690 (FY2024-25 (as of 31 Mar ) Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 4 delivered 2 missed 17 open
  • Revenue CAGR delivered said Q3 FY25 Promised: maintain a CAGR between 20% to 25% over a 5-year period Q1 FY27: Q1 FY27 revenue grew 39% YoY to ₹1,815 crore, continuing to outperform the required run-rate for the long-term CAGR target.
  • Order Book Value missed said Q2 FY26 Promised: ending the financial year with an order book plus 50,000 crores Q1 FY27: No new update. Status remains missed.
  • Next-Generation Corvette Contract delayed said Q4 FY25 Promised: optimistic timeline of contract conclusion by December this year, and a conservative timeline of March next year Q1 FY27: The June 2026 (Q1 FY27) target was missed. Management is now confident it will be signed in the current quarter (Q2 FY27).

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 38.5%, net profit up 44.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,153 1,271 1,642 1,310 1,677 +45%1,896 +49%2,119 +29%1,815 +39%
EBITDA69 75 221 112 156 +126%172 +129%355 +61%149 +33%
Net profit98 98 244 120 154 +57%171 +74%303 +24%173 +44%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +0.6% 1Y

₹2.0k₹2.5k₹3.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 12 May 2026Q1 FY27 — 6 Aug 2026

1Y: ₹2,412.9 on 10 Sept 2025 → ₹2,427.5. High ₹3,093.8 (7 May 2026), low ₹1,972.8 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+3.7%
6 Aug
Q4 FY26
−5.2%
12 May
Q3 FY26
+0.5%
12 Feb
Q2 FY26
+5.4%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 39.8% a year over 3 years, FY23 to FY26. Operating margin widened to 11.4%.

Year endingFY23FY24FY25FY26
Revenue₹2.6k Cr₹3.6k Cr₹5.1k Cr₹7.0k Cr
Operating profit₹148 Cr₹235 Cr₹421 Cr₹795 Cr
Operating margin5.8%6.5%8.3%11.4%
Interest₹7 Cr₹11 Cr₹9 Cr₹17 Cr
Depreciation₹39 Cr₹40 Cr₹42 Cr₹49 Cr
Net profit₹228 Cr₹358 Cr₹527 Cr₹748 Cr
Net margin8.9%10.0%10.4%10.7%
Cash from operations₹1.4k Cr₹-707 Cr₹16 Cr₹-290 Cr
Free cash flow₹1.4k Cr₹-755 Cr₹-51 Cr₹-367 Cr
ROCE20.0%27.0%37.0%43.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹115 Cr₹115 Cr₹115 Cr₹115 Cr₹115 Cr₹115 Cr
Reserves₹1.0k Cr₹1.1k Cr₹1.3k Cr₹1.6k Cr₹2.2k Cr₹2.5k Cr
Borrowings₹4 Cr₹11 Cr₹312 Cr₹66 Cr₹32 Cr₹37 Cr
Other liabilities₹5.7k Cr₹6.4k Cr₹9.1k Cr₹8.5k Cr₹8.7k Cr₹8.0k Cr
Total liabilities₹6.8k Cr₹7.6k Cr₹10.8k Cr₹10.3k Cr₹11.0k Cr₹10.6k Cr
Fixed assets₹340 Cr₹501 Cr₹508 Cr₹493 Cr₹563 Cr₹584 Cr
Capital work in progress₹151 Cr₹10 Cr₹6 Cr₹25 Cr₹18 Cr₹16 Cr
Investments₹826 Cr₹197 Cr₹234 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹5.5k Cr₹6.9k Cr₹10.0k Cr₹9.7k Cr₹10.4k Cr₹10.0k Cr
Total assets₹6.8k Cr₹7.6k Cr₹10.8k Cr₹10.3k Cr₹11.0k Cr₹10.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.12 pp while the public added +2.00 pp. The shareholder count shrank 2% to 3,99,380.

Promoters
74.5%
FIIs
3.2%
DIIs
1.9%
Public
20.4%

Since Jun 2025

  • FIIs −2.12 pp
  • Public +2.00 pp
  • DIIs +0.12 pp

How it drifted, 12 quarters

Over this window the public went from 16.2% to 20.4% — +4.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.5%, FIIs 3.3%, DIIs 6.0%, Public 16.2%.Dec '23: Promoters 74.5%, FIIs 2.9%, DIIs 6.0%, Public 16.6%.Mar '24: Promoters 74.5%, FIIs 3.3%, DIIs 6.1%, Public 16.1%.Jun '24: Promoters 74.5%, FIIs 3.9%, DIIs 3.2%, Public 18.4%.Sep '24: Promoters 74.5%, FIIs 3.6%, DIIs 1.9%, Public 20.0%.Dec '24: Promoters 74.5%, FIIs 3.7%, DIIs 1.9%, Public 19.9%.Mar '25: Promoters 74.5%, FIIs 3.9%, DIIs 1.9%, Public 19.8%.Jun '25: Promoters 74.5%, FIIs 5.3%, DIIs 1.8%, Public 18.4%.Sep '25: Promoters 74.5%, FIIs 3.3%, DIIs 2.0%, Public 20.3%.Dec '25: Promoters 74.5%, FIIs 3.0%, DIIs 1.6%, Public 20.9%.Mar '26: Promoters 74.5%, FIIs 3.5%, DIIs 1.7%, Public 20.3%.Jun '26: Promoters 74.5%, FIIs 3.2%, DIIs 1.9%, Public 20.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Garden Reach Shipbuilders & Engineers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 74.50%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in GRSE

Filings to Aug 2026

0 new, 4 added, 2 trimmed, 0 sold out — net +0.01 L shares (+0.1%).

Held by funds
₹185 Cr
7 schemes
Biggest holder
HDFC Balanced Advantage Fund
₹165 Cr · 0.1% of that fund
SchemeHoldingLast month
HDFC Balanced Advantage Fund HDFC Mutual Fund₹165 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹12 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹6 Cr+0.00 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
Nippon India Nifty 500 Quality 50 Index Fund Nippon India Mutual Fund₹0 Cr−0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 2 trimmed — net +808 shares (+0.1%)

Funds are sitting on
+367%
vs est. average cost
Held by funds
₹185 Cr
7 schemes · ≈ 0.68% of the company
Biggest holder
HDFC Balanced Advantage Fund
₹165 Cr · 0.1% of that fund

Shares held by these funds −90%

Aug '23 7.12 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹2428, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~49%. At that growth it is worth ₹6735 — upside of 177%.

Growth the price implies
26.8% a year
for 7 years, fading to 4%
It has actually compounded at
48.6% a year
net profit, FY23–FY26 · EPS 48.6%
The gap
-0.2 pp
177% downside if it only repeats history
Price today ₹2,427.5 Value at the reference growth ₹6,734.92

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Garden Reach Shipbuilders & Engineers Limited

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