Aerospace & Defense
Valuation | |
|---|---|
| Market Cap | 28.81 kCr |
| Price/Earnings (Trailing) | 41.82 |
| Price/Sales (Trailing) | 4.21 |
| EV/EBITDA | 29.45 |
| Price/Free Cashflow | -582 |
| MarketCap/EBT | 31.41 |
| Enterprise Value | 28.81 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -1.2% |
| Price Change 1M | 2.5% |
| Price Change 6M | -2.8% |
| Price Change 1Y | 67.4% |
| 3Y Cumulative Return | 74% |
| 5Y Cumulative Return | 66.6% |
| 7Y Cumulative Return | 62.5% |
Cash Flow & Liquidity |
|---|
| Revenue (TTM) |
| 6.84 kCr |
| Rev. Growth (Yr) | 45.8% |
| Earnings (TTM) | 688.98 Cr |
| Earnings Growth (Yr) | 73.9% |
Profitability | |
|---|---|
| Operating Margin | 13% |
| EBT Margin | 13% |
| Return on Equity | 30.01% |
| Return on Assets | 6.27% |
| Free Cashflow Yield | -0.17% |
| Cash Flow from Investing (TTM) | 169.78 Cr |
| Cash Flow from Operations (TTM) | 15.59 Cr |
| Cash Flow from Financing (TTM) | -186.75 Cr |
| Cash & Equivalents | 7.43 Cr |
| Free Cash Flow (TTM) | -51.47 Cr |
| Free Cash Flow/Share (TTM) | -4.49 |
Balance Sheet | |
|---|---|
| Total Assets | 10.98 kCr |
| Total Liabilities | 8.69 kCr |
| Shareholder Equity | 2.3 kCr |
| Current Assets | 10.12 kCr |
| Current Liabilities | 8.54 kCr |
| Net PPE | 537.62 Cr |
| Inventory | 3.27 kCr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.00 |
| Debt/Equity | 0.00 |
| Interest Coverage | 60.74 |
| Interest/Cashflow Ops | 2.28 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 17.8 |
| Dividend Yield | 0.71% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Past Returns: Outperforming stock! In past three years, the stock has provided 74% return compared to 13.2% by NIFTY 50.
Size: Market Cap wise it is among the top 20% companies of india.
Profitability: Recent profitability of 10% is a good sign.
Growth: Awesome revenue growth! Revenue grew 44.2% over last year and 155.5% in last three years on TTM basis.
Smart Money: Smart money is losing interest in the stock.
Momentum: Stock has a weak negative price momentum.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Past Returns: Outperforming stock! In past three years, the stock has provided 74% return compared to 13.2% by NIFTY 50.
Size: Market Cap wise it is among the top 20% companies of india.
Profitability: Recent profitability of 10% is a good sign.
Growth: Awesome revenue growth! Revenue grew 44.2% over last year and 155.5% in last three years on TTM basis.
Smart Money: Smart money is losing interest in the stock.
Momentum: Stock has a weak negative price momentum.
Investor Care | |
|---|---|
| Dividend Yield | 0.71% |
| Dividend/Share (TTM) | 17.8 |
| Shares Dilution (1Y) | 0.00% |
| Earnings/Share (TTM) | 60.15 |
Financial Health | |
|---|---|
| Current Ratio | 1.19 |
| Debt/Equity | 0.00 |
Technical Indicators | |
|---|---|
| RSI (14d) | 55.62 |
| RSI (5d) | 38.35 |
| RSI (21d) | 52.07 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Hold |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Summary of Garden Reach Shipbuilders & Engineers's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management conveyed an optimistic outlook for Garden Reach Shipbuilders & Engineers Limited (GRSE), highlighting significant growth and future opportunities. For Q2 FY '26, revenue from operations surged to Rs.1,677 crores, up 45% from Rs.1,153 crores, while profit after tax increased by 57% to Rs.154 crores from Rs.98 crores.
The order book as of September 30 stood at Rs.20,205.56 crores, comprising 10 shipbuilding projects and 43 platforms, including 13 warships for the Indian Navy and two export projects. GRSE is executing multiple projects, including a high-profile P-17 Alpha project with scheduled deliveries and promising progress on other vessels, such as the Anti-Submarine Shallow Water Craft and Next-Generation Offshore Patrol Vessels.
Looking ahead, management mentioned potential orders valued at approximately Rs.8,700 crores from the Indian Navy and Coast Guard. Additionally, seven projects with an Approval of Necessity (AoN) worth around Rs.1,52,000 crores were confirmed, encompassing significant contracts like the P-17 Bravo and Mine Countermeasure Vessels.
With a confident projection, management expects to end the financial year with an order book exceeding Rs.50,000 crores, up from the current levels. The strategy includes enhancing shipbuilding capacity from 28 to 32 ships by 2026 and further to 40 ships over four years through both brownfield and greenfield expansions.
Overall, GRSE's robust financial performance, a strong order book, and future growth prospects suggest a positive trajectory for the company as it seeks to capitalize on expanding defense and commercial shipbuilding markets.
Understand Garden Reach Shipbuilders & Engineers ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| THE PRESIDENT OF INDIA | 74.5% |
Distribution across major stakeholders
Detailed comparison of Garden Reach Shipbuilders & Engineers against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| LT | Larsen & Toubro | 5.73 LCr | 2.83 LCr | +3.60% | +25.20% | 35.27 | 2.03 | - | - |
| BEL | Bharat Electronics | 3.2 LCr | 27.19 kCr |
Comprehensive comparison against sector averages
GRSE metrics compared to Aerospace
| Category | GRSE | Aerospace |
|---|---|---|
| PE | 41.81 | 45.29 |
| PS | 4.21 | 9.29 |
| Growth | 44.2 % | 11 % |
Garden Reach Shipbuilders & Engineers Limited engages in the design and construction of war ships in India. The company offers 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, water jet fast attack crafts, anti-submarine warfare shallow water crafts, electric ferries, ocean going passenger and cargo ferry vessels, hovercrafts, and fast interceptor boats to the Indian Navy, Indian Coast Guard, and other governments. It also provides autonomous underwater vehicles, unmanned surface and aerial vessels, and naval surface guns. In addition, the company offers portable bridges; and deck machinery equipment, such as anchor capstan, anchor windlass, mooring and dock capstan, general purpose davits, ammunition davits, electric boat and electro-hydraulic boat davits, survey motor boat and hydrographic davits, oceanographic winch, anchor cum general purpose winches for beaching operations, helicopter traversing systems, etc. Further, it engages in the assembling, overhauling, and testing of marine diesel engines, as well as provides dry docking and afloat maintenance, refit, and repair services for defence and commercial ships. Garden Reach Shipbuilders & Engineers Limited was founded in 1884 and is based in Kolkata, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Buy |
| SMA 100 Signal | Buy |
GRSE vs Aerospace (2021 - 2026)
Here's a summary of the major questions and answers from the Q&A section of the earnings transcript:
Question: "The recently approved AoNs of Rs.79,000-odd crores... What is the likely order value for LPD, and who are the competitors?" Answer: "The LPD project involves 4 ships, with an approximate order value of Rs.35,000 crores. The competitors include MDL, HSL, GRSE, Cochin Shipyard, and L&T. The RFP issuance is expected in 1-1.5 years, with contract signing around 2-2.5 years from now, and project duration will be about 4 years."
Question: "What is the status of the Next-Generation Corvette project?" Answer: "The contract negotiations are in final stages, and we expect to sign it within 3-4 months. This project is crucial and involves a significant pre-production time where orders to partners will begin, ensuring trickle-down effects by FY '27."
Question: "Do you foresee any earnings decline in the next few quarters due to a diminishing order book?" Answer: "Despite recognizing Rs.2,942 crores in the last 2 quarters versus a drop of Rs.2,000 crores in the order book, I don't foresee revenue issues. Ongoing projects like P-17 Alpha and Anti-Submarine Craft are expected to keep revenue stable."
Question: "What margins are expected in the NGC order?" Answer: "For conventional shipbuilding, we expect PAT margins around 7.5%. Given the high value of this project, we anticipate margins exceeding this figure."
Question: "What could be the impact of increased subcontracting costs?" Answer: "Increased subcontracting costs correspond naturally with revenue growth, particularly as we outsource non-core jobs. Revenue at this stage is primarily from profitable projects like P-17 Alpha."
Question: "Could you provide insights on the revenue guidance and KPIs?" Answer: "We maintain our guidance of 25-30% growth year-on-year, and we are optimistic about meeting these targets based on performance in H1 FY '26."
Question: "What is the expected timeline for RFPs in the P-17 Bravo project?" Answer: "We expect the RFP to be released by end of Q4 FY '26. The bidding will likely be competitive among four shortlisted shipyards."
Question: "What is the status of naval gun procurement?" Answer: "We have acceptance trials completed for the 30mm Naval Gun, with substantial orders anticipated from both the Navy and Coast Guard due to ongoing demand."
Question: "What plans do you have regarding corporate actions, like stock splits or bonuses?" Answer: "We are adhering to DIPAM guidelines and awaiting directives regarding corporate actions. Investors will be informed as soon as we have updates."
Question: "How much cash does the company currently hold?" Answer: "We're holding Rs.3,009 crores in cash, which includes Rs.283 crores in company funds and Rs.2,874 crores designated for projects and partner payments."
These responses encapsulate the company's position on various operational aspects and future guidance reflected during the earnings call.
Distribution across major institutional holders
| +59.90% |
| 53.59 |
| 11.76 |
| - |
| - |
| HAL | Hindustan Aeronautics | 2.79 LCr | 35.02 kCr | -6.60% | +10.10% | 32.91 | 7.96 | - | - |
| COCHINSHIP | Cochin Shipyard | 40.21 kCr | 5.71 kCr | -2.60% | +11.50% | 55.28 | 7.05 | - | - |
| 13.2% |
| 1,740 |
| 1,537 |
| 1,216 |
| 1,432 |
| 1,209 |
| 1,097 |
| Profit Before exceptional items and Tax | 4.3% | 218 | 209 | 167 | 324 | 134 | 131 |
| Total profit before tax | 4.3% | 218 | 209 | 167 | 324 | 134 | 131 |
| Current tax | 3.8% | 56 | 54 | 43 | 75 | 35 | 32 |
| Deferred tax | -1151.1% | -8.88 | 1.94 | 3.46 | 3.96 | 0.28 | 0.78 |
| Total tax | -16.4% | 47 | 56 | 47 | 79 | 36 | 33 |
| Total profit (loss) for period | 11.1% | 171 | 154 | 120 | 244 | 98 | 98 |
| Other comp. income net of taxes | 90.2% | 0.84 | -0.64 | -0.64 | -3.38 | 0.55 | 0 |
| Total Comprehensive Income | 12.5% | 172 | 153 | 120 | 241 | 99 | 98 |
| Earnings Per Share, Basic | 11.9% | 14.91 | 13.43 | 10.49 | 21.32 | 8.57 | 8.54 |
| Earnings Per Share, Diluted | 11.9% | 14.91 | 13.43 | 10.49 | 21.32 | 8.57 | 8.54 |