GRSE
Garden Reach Shipbuilders & Engineers Limited
Warships and patrol vessels for Indian Navy and Coast Guard
Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense
grse.in(opens the company website in a new tab)Key metrics
Price as of 2026-10-19
Stock price
₹2085.80
Market cap
23,890 Cr
Stock P/E
29.8
P/B
9.10
Dividend yield
0.9%
ROE (FY26)
28.5%
ROCE (FY26)
38.9%
Operating margin (FY26)
10.7%
OCF / EBITDA (FY26)
-36.4%
OCF / EBITDA (3Y)
-67.6%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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What you need to know
GRSE (Garden Reach Shipbuilders & Engineers) is a government company that builds warships for the Indian Navy and also builds commercial and specialised vessels, with engineering and engine divisions alongside shipbuilding.
Company snapshot
4thBy market cap
Ranked among 25 companies in Aerospace & Defense.
What we see
Positives
- ✓Interest coverage of 46.3x — earnings comfortably cover interest obligations.
Concerns
- ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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Statement tables · Standalone
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Standalone only
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 898 Cr | 923 Cr | 1,016 Cr | 1,010 Cr | 1,153 Cr | 1,271 Cr | 1,642 Cr | 1,310 Cr | 1,677 Cr | 1,896 Cr | 2,119 Cr | 1,815 Cr |
| Operating expenses (approx.) | 849 Cr | 874 Cr | 925 Cr | 953 Cr | 1,084 Cr | 1,196 Cr | 1,421 Cr | 1,198 Cr | 1,521 Cr | 1,724 Cr | 1,764 Cr | 1,665 Cr |
| EBITDA | 49 Cr | 49 Cr | 91 Cr | 56 Cr | 69 Cr | 75 Cr | 221 Cr | 112 Cr | 156 Cr | 172 Cr | 355 Cr | 149 Cr |
| OPM % | 5.4% | 5.3% | 8.9% | 5.6% | 6.0% | 5.9% | 13.5% | 8.5% | 9.3% | 9.1% | 16.8% | 8.2% |
| Other income | 72 Cr | 82 Cr | 76 Cr | 74 Cr | 75 Cr | 72 Cr | 114 Cr | 73 Cr | 69 Cr | 62 Cr | 71 Cr | 100 Cr |
| Interest | 2 Cr | 1 Cr | 3 Cr | 4 Cr | 2 Cr | 2 Cr | 1 Cr | 6 Cr | 4 Cr | 4 Cr | 3 Cr | 4 Cr |
| Depreciation | 10 Cr | 10 Cr | 10 Cr | 10 Cr | 11 Cr | 11 Cr | 10 Cr | 12 Cr | 12 Cr | 12 Cr | 13 Cr | 14 Cr |
| Profit before tax | 107 Cr | 119 Cr | 153 Cr | 115 Cr | 131 Cr | 134 Cr | 324 Cr | 167 Cr | 209 Cr | 218 Cr | 411 Cr | 232 Cr |
| Tax % | 24.9% | 25.6% | 27.0% | 24.5% | 25.1% | 26.6% | 24.5% | 27.9% | 26.5% | 21.6% | 26.2% | 25.3% |
| Net profit | 81 Cr | 88 Cr | 112 Cr | 87 Cr | 98 Cr | 98 Cr | 244 Cr | 120 Cr | 154 Cr | 171 Cr | 303 Cr | 173 Cr |
| EPS (₹) | ₹7.05 | ₹7.70 | ₹9.74 | ₹7.61 | ₹8.54 | ₹8.57 | ₹21.32 | ₹10.49 | ₹13.43 | ₹14.91 | ₹26.47 | ₹15.09 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 929 Cr | 1,347 Cr | 1,386 Cr | 1,433 Cr | 1,141 Cr | 1,758 Cr | 2,561 Cr | 3,593 Cr | 5,076 Cr | 7,002 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,090 Cr | 1,361 Cr | 1,344 Cr | 1,393 Cr | 1,069 Cr | 1,617 Cr | 2,412 Cr | 3,359 Cr | 4,654 Cr | 6,207 Cr | Sign in free for the trailing twelve months |
| EBITDA | -161 Cr | -15 Cr | 42 Cr | 40 Cr | 72 Cr | 141 Cr | 149 Cr | 234 Cr | 421 Cr | 795 Cr | Sign in free for the trailing twelve months |
| OPM % | -17.3% | -1.1% | 3.0% | 2.8% | 6.3% | 8.0% | 5.8% | 6.5% | 8.3% | 11.4% | Sign in free for the trailing twelve months |
| Other income | 217 Cr | 179 Cr | 171 Cr | 225 Cr | 188 Cr | 161 Cr | 202 Cr | 300 Cr | 335 Cr | 274 Cr | Sign in free for the trailing twelve months |
| Interest | 9 Cr | 8 Cr | 5 Cr | 1 Cr | 3 Cr | 0.76 Cr | 6 Cr | 11 Cr | 10 Cr | 16 Cr | Sign in free for the trailing twelve months |
| Depreciation | 27 Cr | 29 Cr | 27 Cr | 30 Cr | 29 Cr | 36 Cr | 39 Cr | 41 Cr | 42 Cr | 49 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 20 Cr | 128 Cr | 179 Cr | 224 Cr | 207 Cr | 257 Cr | 305 Cr | 481 Cr | 703 Cr | 1,005 Cr | Sign in free for the trailing twelve months |
| Tax % | 43.0% | 32.1% | 38.6% | 27.0% | 25.9% | 26.3% | 25.3% | 25.7% | 25.0% | 25.6% | Sign in free for the trailing twelve months |
| Net profit | 11 Cr | 87 Cr | 110 Cr | 163 Cr | 153 Cr | 190 Cr | 228 Cr | 357 Cr | 527 Cr | 748 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹0.93 | ₹7.14 | ₹9.60 | ₹14.27 | ₹13.40 | ₹16.55 | ₹19.91 | ₹31.19 | ₹46.04 | ₹65.29 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 39.2% | 36.9% | 31.9% | 27.6% | 22.6% | 27.3% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 124 Cr | 115 Cr | 115 Cr | 115 Cr | 115 Cr | 115 Cr | 115 Cr | 115 Cr | 115 Cr | 115 Cr |
| Reserves | 959 Cr | 901 Cr | 924 Cr | 926 Cr | 1,023 Cr | 1,143 Cr | 1,299 Cr | 1,559 Cr | 1,965 Cr | 2,512 Cr |
| Borrowings | 25 Cr | — | — | — | — | — | 301 Cr | 56 Cr | — | — |
| Other liabilities | 3,458 Cr | 3,244 Cr | 3,152 Cr | 4,344 Cr | 5,646 Cr | 6,378 Cr | 9,061 Cr | 8,523 Cr | 8,275 Cr | 8,010 Cr |
| Total liabilities | 4,567 Cr | 4,260 Cr | 4,190 Cr | 5,384 Cr | 6,783 Cr | 7,636 Cr | 10,776 Cr | 10,252 Cr | 10,354 Cr | 10,636 Cr |
| Fixed assets (net) | 353 Cr | 383 Cr | 297 Cr | 299 Cr | 335 Cr | 495 Cr | 499 Cr | 485 Cr | 499 Cr | 557 Cr |
| CWIP | 23 Cr | 16 Cr | 34 Cr | 52 Cr | 151 Cr | 10 Cr | 5 Cr | 12 Cr | 21 Cr | 16 Cr |
| Investments | 0.0040 Cr | 0.0040 Cr | 2 Cr | 54 Cr | 826 Cr | 197 Cr | 234 Cr | 0.0044 Cr | 0.0044 Cr | 0.0044 Cr |
| Inventories | 486 Cr | 509 Cr | 350 Cr | 441 Cr | 788 Cr | 1,172 Cr | 2,919 Cr | 3,984 Cr | 3,552 Cr | 3,402 Cr |
| Trade receivables | 199 Cr | 203 Cr | 220 Cr | 535 Cr | 178 Cr | 155 Cr | 51 Cr | 194 Cr | 259 Cr | 1,221 Cr |
| Cash & bank | 12 Cr | 12 Cr | 9 Cr | 729 Cr | 9 Cr | 10 Cr | 14 Cr | 5 Cr | 4 Cr | 17 Cr |
| Other assets | 3,494 Cr | 3,137 Cr | 3,278 Cr | 3,274 Cr | 4,496 Cr | 5,598 Cr | 7,055 Cr | 5,571 Cr | 6,018 Cr | 5,423 Cr |
| Total assets | 4,567 Cr | 4,260 Cr | 4,190 Cr | 5,384 Cr | 6,783 Cr | 7,636 Cr | 10,776 Cr | 10,252 Cr | 10,354 Cr | 10,636 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | -191 Cr | -74 Cr | -112 Cr | 628 Cr | 517 Cr | -356 Cr | 1,450 Cr | -707 Cr | 16 Cr | -290 Cr |
| Cash from investing | 227 Cr | 267 Cr | 198 Cr | 245 Cr | -1,173 Cr | 428 Cr | -1,666 Cr | 1,056 Cr | 170 Cr | 527 Cr |
| Cash from financing | -50 Cr | -193 Cr | -89 Cr | -153 Cr | -64 Cr | -72 Cr | 220 Cr | -358 Cr | -187 Cr | -223 Cr |
| Net cash flow | -14 Cr | 0.04 Cr | -3 Cr | 720 Cr | -720 Cr | 0.39 Cr | 4 Cr | -9 Cr | -1 Cr | 13 Cr |
| Free cash flow (OCF − Capex) | -233 Cr | -124 Cr | -164 Cr | 560 Cr | 353 Cr | -411 Cr | 1,408 Cr | -755 Cr | -51 Cr | -367 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 2.6% | 13.3% | 17.7% | 21.6% | 18.5% | 20.5% | 18.2% | 28.5% | 34.3% | 38.9% |
| ROE % | 1.1% | 8.5% | 10.6% | 15.7% | 13.5% | 15.1% | 16.1% | 21.3% | 25.4% | 28.5% |
| Debtor days | 78 | 55 | 58 | 136 | 57 | 32 | 7 | 20 | 19 | 63 |
| Inventory days | 520 | 318 | 187 | 233 | 641 | 456 | 710 | 706 | 389 | 362 |
| Days payable | 394 | 431 | 198 | 289 | 637 | 160 | 286 | 176 | 126 | 194 |
| Cash conversion cycle | 204 | -58 | 47 | 81 | 61 | 328 | 432 | 550 | 281 | 231 |
| OCF / EBITDA % | — | — | -265.1% | n.m. | 717.9% | -253.0% | 973.1% | -301.9% | 3.7% | -36.4% |
| OCF / EBITDA % (3 years) | — | — | — | n.m. | 668.6% | 311.6% | 445.3% | 73.9% | 94.3% | -67.6% |
| Debt / equity | 0.02 | — | — | — | — | — | 0.21 | 0.03 | — | — |
| Current ratio | 0.95 | 0.78 | 1.16 | 1.13 | 0.99 | 0.93 | 1.07 | 1.12 | 1.17 | 1.23 |
| Net debt / EBITDA | — | — | -0.22 | -18.05 | -0.13 | -0.07 | 1.93 | 0.21 | -0.0092 | -0.02 |