Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 6 Oct - Shri Dharminder Kumar and Shri Laishram Meenabanta Singh appointed Independent Directors for three years.
Source: Bse
Garden Reach Shipbuilders & Engineers Limited (GRSE)
Small CapIndustrials stocks · Small cap · NSE
Garden Reach Shipbuilders & Engineers Limited (GRSE) is an Indian shipbuilder primarily serving the Indian Navy and Coast Guard, also engaged in commercial shipbuilding, naval surface guns, and portable steel bridges. The company is expanding its capacity and venturing into new technologies like autonomous vessels.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result29 Jul, 07:28 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -13.3% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GRSED candles · FIT view-29.0%Latest close ₹2024.10 on 2026-10-21
Bar
-3.2%
RSI
30
MACD hist
5.28
52W pos
4%
2026-10-21O ₹2090.00H ₹2100.90L ₹2010.00C ₹2024.10Vol 2.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GRSENifty India ManufacturingNifty 500
- GRSE
- -22.7%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -16.2 pp
Chart stats
21 Oct 2026- From 52W high
- -39.4%
- 52W range position
- 4%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.79x
- Avg traded value
- ₹79.1 Cr
- 20D price channel
- ₹2,000 - ₹2,459.2
₹3,339
₹1,963.7 - ₹3,339
₹64.3
Latest completed session
20-session average
30.5% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +38.5% · PAT +44.2% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model+26.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +39% YoY · PAT +44% YoY · operating leverage · margin compression
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,815 Cr | +38.5% | -14.3% |
| EBITDA | ₹149 Cr | +33.0% | -58.0% |
| Operating margin | 8.0% | -100 bps | -900 bps |
| PAT | ₹173 Cr | +44.2% | -42.9% |
| PAT margin | 9.5% | +37 bps | -477 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.40
- P/B
- 9.29
- EV/EBITDA
- 27.62
- Market Cap
- 24376.00Cr
Profitability
- ROE
- 31.60%
- ROCE
- 42.80%
- ROA
- 7.52%
- Dividend Y
- 0.93%
Growth (CAGR)
- Revenue 5Y
- 44.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- 40.00%
- EPS 3Y
- 50.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 59.50×
- Altman Z
- 3.21
- Book Value
- 229.00
Cash Flow
- FCF Yield
- 0.97%
- FCF Positive Y
- 7/5
- OCF
- -290.00 Cr
- EPS TTM
- 69.90
Shareholding
- Promoter Hold
- 74.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,815-14.3% vs prev
Net Profit
₹ CrLatest: 173-42.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~15.3% over last month) — short-term momentum negative.
- RSI(14) at 30 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
16
RS percentile
Stage 4 Downtrend
1M return
-14.7%
3M return
-22.7%
6M return
-29.7%
1Y return
-21.1%
RS 1D
-4
RS 20D
-23
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 20.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 84.52-2.05%
RS vs Nifty 50085
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation6/30
Growth21/25
Quality20/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 26.3%.
- Quality contributes 20/20 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
30.4
PB
9.3
EV/EBITDA
27.6
ROE
31.6%
ROCE
42.8%
FCF Yield
1.0%
Debt/Equity
0.0
MoS
+26.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 65 (+2)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+26.3%
Previous: +24.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
65
65
65
65
65
65
65
65
65
65
65
65
Factor attribution
Valuation
6+2
was 4
Modelled fair value
Graham Number
₹600.13
-237.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹2,747.07
+26.3% MoS
PEG
0.73
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
COCHINSHIP
Mid
Cochin Shipyard Limited
Shipbuilding
match 156
31
48.5
12.5%
-334%
OVERVALUED
DATAPATTNS
Small
Data Patterns (India) Limited
Defence Electronics
match 92
46
83.9
15.2%
-115%
FAIR VALUE
AZAD
Small
Azad Engineering Limited
Defence / Aerospace
match 89
34
139.0
9.1%
-218%
WATCHLIST
BEML
Small
BEML Limited
Defence / Aerospace
match 87
26
90.5
4.8%
-130%
OVERVALUED
EBGNG
Small
GNG Electronics Limited
Defence Electronics
match 86
44
55.6
26.8%
-43%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-06T07:28:03.867Z
Management commentary snapshot
GRSE reports best-ever financial performance in Q4 and FY26, with FY26 revenue up 38% YoY to INR 7,002 crore and PAT up 42% YoY to INR 748 crore, driven by robust physical execution including 8 warship deliveries.
GRSE's strong FY26 results, improved execution, and a substantial pipeline of defense and commercial orders support the investment thesis. The expected signing of the INR 33,000 crore Next Generation Corvette (NGC) project and ongoing capacity expansion are key positives, though revenue recognition for large projects has a long lead time.
Growth engines
Next Generation Corvette (NGC) Project
GRSE is L1 for the NGC project, valued at INR 33,000 crore, with contract signing expected in Q1 FY27. This is a significant order for future revenue.
Large Defense Order Pipeline
A pipeline of RFPs worth INR 1,50,000 crore (excluding NGC) is expected, including major projects like P-17 Bravo (INR 70,000 crore), Mine Countermeasure Vessels, and Landing Platform Docks.
Commercial Shipbuilding Exports
European ship owners are looking at India due to capacity constraints in China/Korea and competitive Indian pricing/quality. GRSE is in dialogue with clients and expects more contracts.
Autonomous Vessels & New Technology
GRSE has developed subsurface and surface autonomous vessels, supplied a product to DRDO, and is participating in Make-I/Make-II schemes for Extra-Large Autonomous Underwater Vessels.
Capacity and execution
Shipbuilding Capacity Expansion
Current shipbuilding capacity for 28 platforms will increase to 32 ships by end of current calendar year with ongoing modernization projects. Plans include two Brownfield and two Greenfield facilities.
Tailwinds
Government Focus on Warship Building
Government's intent for warship building is evident from accorded AoNs and promulgated RFPs by the Indian Navy and Coast Guard, translating into contracts.
Government Shipbuilding Revitalization Package
The government has promulgated a revitalization package for shipbuilding worth around INR 69,725 crore, expected to gather momentum in commercial shipbuilding.
Aggregated Commercial Vessel Demand
The Ministry of Shipping has aggregated domestic demand for commercial vessels, with four tenders currently live, which GRSE intends to participate in.
Global Demand for Commercial Vessels
European ship owners are increasingly considering India for commercial vessels due to capacity saturation in traditional markets and India's competitive pricing and quality.
Risk radar
Revenue Recognition Lag for Large Projects
Revenue booking for the NGC project is expected to commence in H2 FY28, with major recognition from FY29, indicating a significant lag between order win and financial impact.
Commodity Price Volatility
While existing contracts are fixed-price, new contracts will need to factor in the uncertainty and impact of commodity price increases, which could affect future margins.
Dependency on Defense Orders
A substantial portion of the current order book and future pipeline remains concentrated in defense projects, making the company susceptible to government spending and policy changes.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Shipbuilding is a long-cycle business with projects spanning multiple years. Annual and quarterly results are best compared year-over-year to account for project milestones and seasonal variations in execution.
Sector KPIs management disclosed
Order Book
Current order book stands at INR 15,324.13 crore, comprising nine projects and 39 platforms. Management notes this is the first time in five years the order book has dropped below INR 20,000 crore, indicating improved execution.
Order Inflow (on the anvil)
L1 for Next Generation Corvette (NGC) project (INR 33,000 crore), contract expected Q1 FY27. Live tenders: Multipurpose Vessels (INR 1,500 crore), Next Generation Offshore Patrol Vessels (INR 2,000 crore), 22 Interceptor Boats (INR 1,000 crore).
Order Inflow (RFP pipeline)
RFPs expected in next 3 months: 120 Fast Interceptor Craft (INR 3,500 crore), 31 Follow-On Water Jet FAC (INR 3,500 crore), 7 P-17 Bravo ships (INR 70,000 crore). RFPs expected later FY27: 12 Mine Countermeasure Vessels (INR 32,000 crore), 4 Landing Platform Docks (INR 35,000 crore). Total estimated order value on anvil is INR 1,50,000 crore (excluding NGC).
Execution & Deliveries (FY26)
Delivered eight warships to the Indian Navy, including three on the same day. Launched one warship and performed keel laying for 19 platforms (13 hybrid ferries, 6 others). Delivered seven naval surface guns and 110 portable steel bridges (30 for export).
Management forward view
Improved Execution Rate
The order book dropping below INR 20,000 crore for the first time in five years is seen by management as an indication of an improved execution rate.
Margin Sustainability
Management expects to maintain similar EBITDA margins in the current financial year (FY27) as seen in FY26.
Strategic Commercial Shipbuilding
GRSE will pursue commercial shipbuilding projects with higher margins and more attractive order values, especially those involving complex or hybrid platforms.
Future Revenue Outlook
Management expects healthy revenue accrual in FY27 from mature projects and anticipates new orders to stem the current order book deficit, ensuring revenue for FY28 and beyond.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NGC Contract Signing | Price negotiations completed, contract expected Q1 FY27. | Formal signing of the INR 33,000 crore contract and commencement of revenue recognition from H2 FY28. |
| Conversion of RFP Pipeline to Orders | INR 1,50,000 crore worth of RFPs expected in FY27/FY28. | Successful conversion of key RFPs, especially P-17 Bravo (INR 70,000 crore) and LPDs, into firm orders. |
| Commercial Export Order Wins | Dialogue with European clients for commercial vessels. | Conclusion of new commercial shipbuilding export contracts with reasonably good margins. |
| EBITDA Margin Trend | FY26 EBITDA margin 11.6%. Management expects similar margins in FY27. | Maintenance of margins in FY27 and beyond, especially as new projects with varying profitability profiles commence. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
44 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Industrials: 98th pctile, median 68 · Small: 99th pctile, median 66
Evidence depth
Financial-only
44 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
62
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸7 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-290 Cr.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Garden Reach Shipbuilders & Engineers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 25 Sep - CAG appoints S K Agrawal and Co. as GRSE statutory auditor for FY 2026-27, effective 25 Sep 2026 AGM.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 3 Sep - GRSE signed MoUs with DNV and Damen on 2-3 Sep 2026 for shipbuilding and dredger collaborations.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Pursuant to Reg 30 of SEBI (LODR) Reg 2015, we have enclosed herewith the newspaper clippings regarding completion of dispatch of the Notice of 110th …
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Aug - GRSE schedules Q1 FY27 investor and analyst call on 06 August 2026 at 3:30 PM.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Jun - Shri Sanjay Sarkar appointed General Manager (Technical) at GRSE effective 1 Jul 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Jun - GRSE promoted eight officers to General Manager and Chief General Manager effective 1 Jul 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 5 Jun - MoD appointed Vijay Namdeorao Zade as Government Nominee Director, replacing Dinesh Mahur effective 05 Jun 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 9 Jun - MoD nominates Dr. Vijay Namdeorao Zade as GRSE Government Nominee Director on 5 Jun 2026.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
AnnouncementMay 2026
May 2026 · Announcement under Regulation 30 (LODR)-Change in Management 27 May - Cmde Sreekumar Srinivasan appointed Chief General Manager (Technical) effective 27 May 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.