Garden Reach Shipbuilders & Engineers Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹22,033 Cr
- P/E
- 27.52
- ROE
- 31.60%
- PEG
- 0.54
- Price to sales
- 2.94
- Debt to equity
- 0.01
- 52W high / low
- ₹3,094 / ₹1,861
- Sales growth (5Y)
- 43.75%
- EBITDA margin
- 11.09%
- Net profit margin
- 10.62%
- Promoter holding
- 74.50%
- Sales (last year)
- ₹7,507 Cr
Garden Reach Shipbuilders & Engineers Ltd is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE is a diversified, profit making and the first Shipyard in the country to export warships and deliver 100 warships to the Indian Navy and Indian Coast Guard.[1]
Guidance scorecard · Q1 FY27 call
What Garden Reach Shipbuilders & Engineers Ltd's management guided
and where it ranks in Aerospace & Defense
Aerospace & Defense
RevenueQ1 FY27 call
20–40%- GRSE expects to maintain strong execution momentum in FY27, continuing from recent quarters with robust ship deliveries (eight ships delivered last year).
- Current order book stands at approximately ₹13,596 crore, with major projects like P-17 Alpha (₹4,519 crore left) and Anti-Submarine Shallow Water Craft (₹1,816 crore left), supporting steady revenue recognition.
- Next-Generation Corvette (NGC) contract revenue to begin from FY28, with full project completion targeted by 2034-35, adding to revenue streams in the medium to long term.
- Water metro projects across multiple states may drive additional orders worth about ₹1,500 crore with 30-40 platforms, contributing to volumes.
2 more points from Garden Reach Shipbuilders & Engineers Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Garden Reach Shipbuilders & Engineers Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- GRSE has a clear expansion plan involving both Brownfield and Greenfield projects on eastern and western seaboards.
- Brownfield modernization within current premises aims to increase shipbuilding capacity from 28 to 32 platforms by end of calendar year.
- Greenfield project in West Bengal (Raichak, closer to the sea) involves setting up a full-fledged shipyard with capital infusion approx. ₹2,200 crore; project expected to take 3-5 years.
- Another Greenfield facility on western seaboard focused on total ship solution (shipbuilding, green ship recycling, ship repair) with capital infusion approx. ₹2,000 crore; expected completion in about 3 years.
2 more points from Garden Reach Shipbuilders & Engineers Ltd's call on capex
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FundraisingQ1 FY27 call
See what Garden Reach Shipbuilders & Engineers Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Flat- Current total order book: ₹13,596.26 crore
- Expected upcoming RFPs worth around ₹70,000 crore (including Landing Platform Docks and Mine Countermeasure vessels).
- Total expected orders near ₹1,50,000 crore combining live and expected RFPs.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 20–40% | Up 0–2% | ₹1,775 Cr | 43.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingFinancials of Garden Reach Shipbuilders & Engineers Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Garden Reach Shipbuilders & Engineers Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 601 | 756 | 898 | 923 | 1,016 | 1,010 | 1,153 | 1,271 | 1,642 | 1,310 | 1,677 | 1,896 | 2,119 |
| Expenses + | 581 | 710 | 849 | 874 | 925 | 953 | 1,084 | 1,196 | 1,421 | 1,198 | 1,521 | 1,724 | 1,764 |
| Operating Profit | 20 | 46 | 49 | 49 | 91 | 56 | 69 | 75 | 221 | 112 | 156 | 172 | 355 |
| OPM % | 3% | 6% | 5% | 5% | 9% | 6% | 6% | 6% | 13% | 9% | 9% | 9% | 17% |
| Other Income + | 70 | 71 | 72 | 82 | 76 | 74 | 75 | 72 | 114 | 73 | 69 | 62 | 71 |
| Interest | 4 | 5 | 2 | 1 | 3 | 4 | 2 | 2 | 1 | 6 | 4 | 4 | 3 |
| Depreciation | 10 | 10 | 10 | 10 | 10 | 10 | 11 | 11 | 10 | 12 | 12 | 12 | 13 |
| Profit before tax | 76 | 102 | 107 | 119 | 153 | 115 | 131 | 134 | 324 | 167 | 209 | 218 | 411 |
| Tax % | 28% | 25% | 25% | 26% | 27% | 24% | 25% | 27% | 25% | 28% | 27% | 22% | 26% |
| Net Profit + | 55 | 77 | 81 | 88 | 112 | 87 | 98 | 98 | 244 | 120 | 154 | 171 | 303 |
| EPS in Rs | 4.83 | 6.69 | 7.05 | 7.70 | 9.74 | 7.61 | 8.53 | 8.57 | 21.32 | 10.49 | 13.43 | 14.91 | 26.47 |
Financials of Garden Reach Shipbuilders & Engineers Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,562 | 1,657 | 921 | 1,347 | 1,386 | 1,433 | 1,141 | 1,754 | 2,561 | 3,593 | 5,076 | 7,002 |
| Expenses + | 1,500 | 1,565 | 1,082 | 1,362 | 1,344 | 1,391 | 1,060 | 1,613 | 2,412 | 3,357 | 4,654 | 6,207 |
| Operating Profit | 62 | 92 | -161 | -15 | 42 | 42 | 81 | 141 | 149 | 235 | 422 | 795 |
| OPM % | 4% | 6% | -17% | -1% | 3% | 3% | 7% | 8% | 6% | 7% | 8% | 11% |
| Other Income + | 61 | 191 | 217 | 179 | 169 | 215 | 165 | 154 | 202 | 300 | 335 | 274 |
| Interest | 6 | 4 | 9 | 8 | 5 | 3 | 10 | 2 | 7 | 13 | 11 | 16 |
| Depreciation | 27 | 28 | 27 | 29 | 27 | 30 | 29 | 36 | 39 | 41 | 42 | 49 |
| Profit before tax | 90 | 252 | 20 | 128 | 179 | 224 | 207 | 257 | 305 | 481 | 703 | 1,005 |
| Tax % | 43% | 35% | 43% | 28% | 39% | 27% | 26% | 26% | 25% | 26% | 25% | 26% |
| Net Profit + | 52 | 164 | 11 | 92 | 110 | 163 | 153 | 190 | 228 | 357 | 527 | 748 |
| EPS in Rs | 41.77 | 132.79 | 9.26 | 8.07 | 9.60 | 14.27 | 13.40 | 16.55 | 19.91 | 31.19 | 46.04 | 65.29 |
| Dividend Payout % | 48% | 15% | 472% | 55% | 72% | 50% | 37% | 35% | 31% | 30% | 30% | 30% |
Financials of Garden Reach Shipbuilders & Engineers Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 124 | 124 | 124 | 115 | 115 | 115 | 115 | 115 | 115 | 115 | 115 | 115 |
| Reserves | 883 | 1,013 | 959 | 907 | 924 | 926 | 1,023 | 1,143 | 1,299 | 1,559 | 1,965 | 2,512 |
| Borrowings + | 0 | 0 | 25 | 0 | 0 | 0 | 4 | 11 | 312 | 66 | 10 | 37 |
| Other Liabilities + | 2,994 | 3,317 | 3,458 | 3,302 | 3,152 | 4,355 | 5,656 | 6,374 | 9,057 | 8,524 | 8,274 | 7,973 |
| Total Liabilities | 4,001 | 4,454 | 4,567 | 4,323 | 4,191 | 5,395 | 6,797 | 7,643 | 10,783 | 10,263 | 10,362 | 10,636 |
| Fixed Assets + | 366 | 344 | 358 | 389 | 302 | 304 | 340 | 501 | 508 | 493 | 515 | 584 |
| CWIP | 11 | 22 | 23 | 16 | 34 | 52 | 151 | 10 | 6 | 25 | 28 | 16 |
| Investments | 0 | 0 | 0 | 0 | 2 | 54 | 826 | 197 | 234 | 0 | 0 | 0 |
| Other Assets + | 3,624 | 4,088 | 4,185 | 3,918 | 3,852 | 4,986 | 5,480 | 6,936 | 10,036 | 9,746 | 9,819 | 10,036 |
| Total Assets | 4,001 | 4,454 | 4,567 | 4,323 | 4,191 | 5,395 | 6,797 | 7,643 | 10,783 | 10,263 | 10,362 | 10,636 |
Financials of Garden Reach Shipbuilders & Engineers Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -74 | -112 | 628 | 515 | -356 | 1,450 | -707 | 16 | -290 | |||
| Cash from Investing Activity + | 267 | 198 | 245 | -1,173 | 429 | -1,666 | 1,056 | 170 | 527 | |||
| Cash from Financing Activity + | -193 | -89 | -153 | -62 | -72 | 220 | -358 | -187 | -223 | |||
| Net Cash Flow | 0 | -3 | 720 | -720 | 0 | 4 | -9 | -1 | 13 | |||
| Free Cash Flow | -124 | -164 | 560 | 351 | -411 | 1,408 | -755 | -51 | -367 | |||
| CFO/OP | 748% | -564% | 1,200% | 701% | -204% | 1,023% | -248% | 45% | -4% |
Financials of Garden Reach Shipbuilders & Engineers Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 37 | 34 | 79 | 55 | 58 | 136 | 57 | 31 | 7 | 20 | 19 | 64 |
| Inventory Days | 334 | 236 | 383 | 727 | 168 | 1,590 | 606 | 458 | 662 | 648 | 368 | 306 |
| Days Payable | 202 | 190 | 290 | 968 | 177 | 1,922 | 592 | 159 | 266 | 161 | 119 | 164 |
| Cash Conversion Cycle | 170 | 79 | 172 | -186 | 48 | -196 | 71 | 330 | 404 | 507 | 267 | 205 |
| Working Capital Days | -1,124 | -388 | -705 | -468 | -392 | -533 | -1,012 | -660 | -546 | -276 | -169 | -81 |
| ROCE % | 10% | 24% | 3% | 12% | 18% | 22% | 21% | 20% | 20% | 27% | 37% | 43% |
Guidance history
How Garden Reach Shipbuilders & Engineers Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Flat |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Flat |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
8 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −25.1% | 30% |
| Last 6 months | −34.4% | 5% |
| Last 3 months | −25.6% | 6% |
The price is 41.5% below its all-time high of ₹3,287.6 (20 Jun 2025). Stocks more than 20% below their peak have their score halved, so 15 became 8.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Garden Reach Shipbuilders & Engineers Ltd: 0.4 × 30 + 0.4 × 5 + 0.2 × 6 = 15, halved to 8 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Garden Reach Shipbuilders & Engineers Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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