Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Garden Reach Shipbuilders & Engineers Ltd.
NSE: GRSEIndustrialsAerospace & Defense
- Last close
- ₹1,861.00
- Day change
- −₹94.80 (−4.85%)vs
- Market cap
- ₹24,083 crIndian rupees
- Research updated
- 1 report
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About Garden Reach Shipbuilders & Engineers
Garden Reach Shipbuilders & Engineers Ltd. is an Indian public sector shipbuilding and engineering company headquartered in Kolkata, West Bengal. Operating under the administrative control of the Ministry of Defence, it focuses primarily on the design and construction of warships and auxiliary vessels for the Indian Navy and Indian Coast Guard. The company’s core shipbuilding portfolio includes frigates, corvettes, fleet tankers, landing ship tanks, landing craft utilities, survey vessels, offshore patrol vessels, fast attack craft, and various patrol and ferry craft, serving both defence and select commercial customers. Beyond shipbuilding, Garden Reach Shipbuilders & Engineers Ltd. is active in ship repair, marine diesel engine assembly and overhaul, and the manufacture of deck machinery, marine pumps, naval guns, and portable steel bridges. By combining ship design, construction, and engineering capabilities across multiple production units in and around Kolkata, the company plays a significant role in India’s maritime and defence industrial ecosystem, supporting coastal security, naval operations, and infrastructure needs for government and institutional clients.
- Sector
- Industrials
- Industry
- Aerospace & Defense
- Listing
- NSE: GRSE
- Next results
- Employees
- 1,463
- Headquarters
- Kolkata, India
- ISIN
- INE382Z01011
- Website
- grse.in
Public research · Report of
Business model & financial foundation
GRSE (NSE: GRSE), Defence shipbuilding and marine engineering: revenue of ₹7,002 crore in FY26 (+38.0% on FY25), an EBITDA margin of 11.4%, net profit of ₹747.9 crore and net cash of ₹3,474 crore.
- Revenue, FY26 (₹ crore)
- 7,002
- standalone
- Revenue growth, FY26
- +38.0%
- on FY25
- EBITDA margin, FY26
- 11.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 747.9
- to owners
- Return on equity, FY26
- 31.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -3,474
- Debt including leases less identified gross bank liquidity
- Market capitalisation (₹ crore)
- 26,514
- at the close of 16 Oct 2026
Company profile
GRSE is a Government of India-controlled defence shipbuilder under the Ministry of Defence, based in Kolkata. It builds naval and coast-guard vessels and commercial/export platforms, and provides ship repair. Engineering activities include portable steel bridges, deck machinery, marine diesel engines and naval surface guns. Long-duration contracts and customer milestone advances are central to revenue recognition and liquidity.
| Item | Value |
|---|---|
| Legal name | Garden Reach Shipbuilders & Engineers Limited (formerly Garden Reach Workshops Limited) |
| Exchange and ticker | NSE: GRSE; BSE: 542011 |
| ISIN | INE382Z01011 |
| CIN | L35111WB1934GOI007891 |
| Sector | Industrials / Defence |
| Industry | Defence shipbuilding and marine engineering |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | S K Agrawal and Co., Chartered Accountants LLP, Kolkata (FY27 statutory auditor; FY26 audited by Guha Nandi & Co.) (since 2026-09-25) |
| Market capitalisation | ₹26,514 crore (16 Oct 2026) |
| Shares outstanding | 11.46 crore shares (FY26) |
| Price | ₹2,102 (close, 16 Oct 2026) |
| 52-week range | ₹1,964 - ₹3,339 (to 16 Oct 2026) |
| Website | https://www.grse.in |
Corporate structure and shareholding
Parent: Government of India (President of India), Ministry of Defence.
No subsidiary is recorded.
No subsidiaries, JV or associates: FY26 Directors' Report and CARO. Government ownership 74.5% at 31 March 2026 (S4). No consolidation events identified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.50% | 74.50% | 74.50% | 74.50% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 2.96% | 3.51% | 3.22% | 3.17% |
| Domestic institutions | 1.64% | 1.69% | 1.94% | 2.00% |
| of which mutual funds | 1.44% | 1.50% | 1.64% | 1.59% |
| Retail | 17.11% | 16.52% | 16.46% | 16.77% |
| Other | 3.79% | 3.78% | 3.88% | 3.56% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
GRSE is a Kolkata defence shipyard under the Ministry of Defence, 74.5% owned by the President of India. It builds frigates, ASW craft, survey and patrol vessels and commercial ships, and also earns from B&D spares, naval guns, ship repair, Bailey bridges and engines. In FY26, shipbuilding contracts were Rs5,772.9cr of revenue and B&D spares Rs603.5cr. Revenue on ship contracts is recognised over time by cost input. Customer stage payments fund the build: contract liabilities were Rs5,751cr at FY26 and gross advances Rs9,739cr. Gross liquidity of Rs3,511cr earns treasury income, and other income was Rs274cr, 27% of FY26 PBT. There are no subsidiaries, so standalone is the business.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Contract revenue shipbuilding (Ind AS115 disaggregation, not operating segment) | 5,773 | 79.5% |
| Base and depot spares sale of products | 603.5 | 8.3% |
| Gun sale of products | 112.9 | 1.6% |
| Ship repair contract revenue plus services | 272.9 | 3.8% |
| Bailey bridge products plus services | 202.1 | 2.8% |
| Diesel engines contract revenue plus services | 14.7 | 0.2% |
| General engineering products plus services | 14.5 | 0.2% |
| Revenue from export contracts geography memo | 270.7 | 3.7% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Mazagon Dock Shipbuilders (MAZDOCK) | Direct shipbuilding peer: defence PSU, complex naval platforms, milestone advances and project-accounting exposure. |
| Cochin Shipyard (COCHINSHIP) | Direct shipbuilding/ship-repair peer: defence and commercial platforms, yard capex and milestone working capital. |
| Larsen & Toubro (LT) | |
| Bharat Electronics (BEL) | Defence PSU customer/budget and order-execution comparator; electronics economics differ from shipbuilding. |
| Hindustan Aeronautics (HAL) | Defence platform PSU with government procurement and advances; aerospace not direct maritime peer. |
| Bharat Dynamics (BDL) | Defence PSU long-cycle order execution and government customer concentration; missile manufacturer not shipyard. |
| BEML (BEML) | Defence/capital-goods project manufacturer, useful working-capital and public-sector governance comparator, not direct shipbuilding. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,745 | 2,548 | 3,593 | 5,076 | 7,002 |
| Cost of revenue (vendor classification) * | 1,199 | 1,931 | 2,778 | 4,020 | 5,244 |
| Other operating costs (vendor classification) * | 111.1 | 141.0 | 199.7 | 222.3 | 505.6 |
| EBITDA (vendor classification) * | 281.1 | 339.5 | 518.2 | 743.5 | 1,066 |
| Operating EBIT excluding other income | 258.7 | 311.7 | 192.8 | 378.8 | 746.4 |
| Finance costs | 1.43 | 6.48 | 11.5 | 10.3 | 16.1 |
| Profit before tax | 257.2 | 305.2 | 480.9 | 703.3 | 1,005 |
| Total tax expense | 67.7 | 77.1 | 123.7 | 175.9 | 256.8 |
| Profit after tax | 189.5 | 228.1 | 357.3 | 527.4 | 747.9 |
| Diluted EPS (₹) | 16.55 | 19.91 | 31.19 | 46.04 | 65.29 |
| Materials, resale purchases and inventory changes | 2,251 | 3,535 | 4,060 | ||
| Employee benefits expense | 348.9 | 360.8 | 412.8 | ||
| Subcontracting plus project and general other expenses | 758.2 | 758.2 | 1,734 | ||
| Other income | 299.6 | 334.8 | 274.4 | ||
| Depreciation and amortisation | 41.3 | 42.5 | 48.9 | ||
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners (standalone PAT) | 357.3 | 527.4 | 747.9 | ||
| Operating EBITDA excluding other income | 234.1 | 421.3 | 795.3 | ||
| Company EBITDA inclusive of other income, exact reconstruction | 533.7 | 756.1 | 1,070 | ||
| Cost of materials consumed | 2,060 | 3,325 | 3,422 | ||
| Purchases for resale B and D spares | 197.1 | 271.2 | 588.3 | ||
| Changes in work in progress and scrap | -6.06 | -60.5 | 49.7 | ||
| Sub-contracting charges | 524.9 | 483.6 | 1,183 | ||
| Other expenses project related | 99.0 | 148.2 | 399.8 | ||
| Other expenses nonproject | 134.2 | 126.4 | 152.0 | ||
| Current tax expense | 124.6 | 172.7 | 257.8 | ||
| Deferred tax expense (negative credit) | -0.90 | 3.17 | -1.06 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,258 | 1,414 | 1,673 | 2,079 | 2,626 |
| Bank borrowings excluding leases | 11.2 | 312.1 | 55.6 | 0.00 | 0.00 |
| Cash and cash equivalents | 9.71 | 14.0 | 5.27 | 3.88 | 17.3 |
| Trade receivables | 151.3 | 50.8 | 194.2 | 259.5 | 1,221 |
| Inventories | 1,172 | 2,919 | 3,984 | 3,552 | 3,402 |
| Trade payables current and noncurrent | 411.7 | 1,174 | 1,000 | 1,159 | 1,836 |
| Net PPE including ROU, excluding intangibles and CWIP | n.r. | n.r. | 485.0 | 499.5 | 557.1 |
| Capital work in progress | 9.73 | 4.84 | 11.6 | 21.2 | 15.8 |
| Total assets * | 7,632 | 10,776 | 10,252 | 10,354 | 10,636 |
| Other bank balances including earmarked deposits | 3,715 | 3,728 | 3,371 | ||
| Bank deposits maturity above 12 months | n.r. | 0.00 | 123.0 | ||
| Noncurrent investments, liquidity status unverified | 0.00 | 0.00 | 0.00 | ||
| Current and noncurrent lease liabilities | 10.1 | 9.67 | 37.4 | ||
| Gross identified cash and bank deposits | 3,720 | 3,732 | 3,511 | ||
| Debt including leases less identified gross bank liquidity | -3,655 | -3,722 | -3,474 | ||
| Current contract liabilities | 7,327 | 6,900 | 5,751 | ||
| Gross customer advances for contracts in progress | 15,509 | 19,860 | 9,739 | ||
| Bank deposits original maturity 3 to 12 months | 3,369 | 3,638 | 3,161 | ||
| P17A variable-item earmarked flexi bank deposits | 345.9 | 90.0 | 210.0 | ||
| Restricted unpaid dividend bank account | 0.11 | 0.14 | 0.23 | ||
| FDs held in bank lien | 245.0 | n.r. | n.r. | ||
| Current lease liabilities | 1.80 | 2.05 | 5.94 | ||
| Noncurrent lease liabilities | 8.29 | 7.62 | 31.5 | ||
| Net PPE excluding right of use | 475.2 | 490.3 | 521.3 | ||
| Net right of use assets | 9.82 | 9.19 | 35.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 32.7 | 850.5 | -706.9 | 15.6 | -289.7 |
| Free cash flow (vendor definition) * | -410.5 | 1,408 | -755.0 | -51.5 | -366.6 |
| Cash dividends paid, positive expenditure | -69.9 | -72.7 | 98.7 | 119.0 | 203.9 |
| Gross cash capex, positive expenditure | -54.8 | -42.3 | 48.1 | 67.1 | 76.9 |
| Bank overdraft net repayment | 245.6 | 54.4 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 11.46 | 11.46 | 11.46 | 11.46 | 11.46 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,153 | 1,271 | 1,642 | 1,310 | 1,677 | 1,896 | 2,119 | 1,815 |
| Cost of revenue (vendor classification) * | 984.9 | 1,538 | 1,506 | 1,453 | ||||
| Other operating costs (vendor classification) * | 107.1 | 84.4 | 145.9 | 110.6 | ||||
| EBITDA (vendor classification) * | 143.7 | 147.4 | 334.9 | 184.5 | 233.9 | 426.5 | 248.8 | |
| Operating EBIT excluding other income | 58.0 | 64.2 | 210.7 | 100.3 | 144.3 | 159.6 | 342.3 | 135.7 |
| Finance costs | 2.41 | 2.31 | 1.36 | 6.09 | 3.62 | 3.79 | 2.62 | 3.76 |
| Profit before tax | 130.5 | 133.8 | 323.6 | 166.7 | 209.4 | 217.8 | 410.9 | 231.5 |
| Tax expense: current plus deferred | 32.8 | 35.6 | 79.3 | 46.5 | 55.6 | 47.0 | 107.7 | 58.7 |
| Profit after tax (standalone) | 97.8 | 98.2 | 244.2 | 120.2 | 153.8 | 170.8 | 303.2 | 172.8 |
| Diluted EPS (statement Basic & Diluted) (₹) | 8.54 | 8.57 | 21.32 | 10.49 | 13.43 | 14.91 | 26.47 | 15.09 |
| EBITDA operating, excl other income | 68.7 | 75.6 | 220.7 | 111.9 | 156.2 | 171.9 | 355.3 | 149.2 |
| Cost of materials consumed | 807.2 | 874.1 | 1,045 | 679.9 | 677.9 | 1,252 | 811.5 | 1,244 |
| Purchase of products for resale (B&D spares) | 28.6 | 23.3 | 102.3 | 72.0 | 146.9 | 153.0 | 216.5 | 128.1 |
| Changes in inventories of WIP and scrap | -3.52 | 16.9 | -40.4 | -2.60 | 44.9 | 0.01 | 7.34 | -0.40 |
| COGS: materials + purchases + inventory change | 832.3 | 914.4 | 1,107 | 749.2 | 869.7 | 1,406 | 1,035 | 1,372 |
| Sub-contracting charges | 105.5 | 116.6 | 129.9 | 235.6 | 343.7 | 132.5 | 470.7 | 81.5 |
| Other expenses - project related | 31.3 | 43.4 | 51.6 | 66.2 | 173.8 | 54.5 | 105.2 | 74.0 |
| Other expenses (non-project) | 32.6 | 30.2 | 35.8 | 40.9 | 40.5 | 29.9 | 40.6 | 36.6 |
| Employee benefits expense | 82.5 | 90.8 | 97.3 | 105.9 | 93.5 | 101.4 | 112.0 | 101.3 |
| Other expenses incl. subcontracting and project related | 169.4 | 190.2 | 217.3 | 342.8 | 558.0 | 216.9 | 616.6 | 192.1 |
| Other income | 74.9 | 71.8 | 114.2 | 72.5 | 68.7 | 62.0 | 71.2 | 99.6 |
| Depreciation and amortisation | 10.7 | 11.3 | 10.0 | 11.7 | 11.9 | 12.4 | 13.0 | 13.5 |
| Profit attributable to owners (standalone PAT) | 97.8 | 98.2 | 244.2 | 120.2 | 153.8 | 170.8 | 303.2 | 172.8 |
| Exceptional items (no separate items in results format) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Minority interest: absent group | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates and JV: absent group | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 54.1% | 46.0% | 41.0% | 41.3% | 38.0% |
| EBITDA margin | 6.5% | 8.3% | 11.4% | ||
| Net margin | 9.9% | 10.4% | 10.7% | ||
| Return on equity | 23.1% | 28.1% | 31.8% | ||
| Return on capital employed | 21.5% | 20.8% | 11.2% | 19.9% | 31.7% |
| Return on assets | 3.4% | 5.1% | 7.1% | ||
| Net debt (₹ crore) | -3,655 | -3,722 | -3,474 | ||
| Net debt / EBITDA | -15.6x | -8.84x | -4.37x | ||
| Interest cover | 180.9x | 48.1x | 16.8x | 36.7x | 46.3x |
| Asset turnover | 0.24x | 0.28x | 0.34x | 0.49x | 0.67x |
| Receivable days | 32 | 7 | 20 | 19 | 64 |
| Inventory days (on revenue) | 245 | 418 | 405 | 255 | 177 |
| Payable days (on revenue) | 86 | 168 | 102 | 83 | 96 |
| Cash conversion | -1.98x | 0.03x | -0.39x | ||
| Capex intensity | 3.1% | 1.7% | 1.3% | 1.3% | 1.1% |
| Free cash flow (₹ crore) | -22.1 | 808.2 | -755.0 | -51.5 | -366.6 |
| Dividend payout | 27.6% | 22.6% | 27.3% | ||
| EPS, diluted (₹) | 16.55 | 19.91 | 31.19 | 46.04 | 65.29 |
| Book value per share (₹) | 109.8 | 123.4 | 146.1 | 181.5 | 229.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Debt including leases less identified gross bank liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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