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Kolkata-based public sector shipyard building naval warships, frigates and patrol vessels for the Indian Navy and Coast Guard.
Kolkata-based public sector shipyard building naval warships, frigates and patrol vessels for the Indian Navy and Coast Guard.
Builds warships under long government contracts and is paid in stages as construction milestones are met, so revenue is recognised gradually over years and the order book gives long visibility. The Indian Ministry of Defence owns it, and a few large naval programmes make up most of its work. It has also built commercial vessels for export.
In one line: India's state-owned naval shipbuilder.
Moat: narrow (regulatory licence, installed base). Strategic defense-shipbuilding role and specialized naval construction facilities limit new entrants.
Headquarters: Kolkata, India · Founded: 1884 · Employees: 1,595
Size Garden Reach Shipbuilders & Engineers (GRSE.NS) is an India Industrials company (Trucks/Construction/Farm Machinery) with a market value of $2.60B, the 315th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,136 on 6 Nov 2026.
Performance Over six months the shares fell 31.0%, against -13.5% for the median peer and 0.0% for the India market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 39.6% over the last twelve months (peer median +12.7%); the operating margin is 10.4% (peer median 6.5%).
Valuation It trades at 26.5× forward earnings against a peer median of 10.9× (5th most expensive of 20).
Capital Return on invested capital runs 2.3 points above its cost of capital (20.0% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹75.1B | ₹70.0B | ₹50.8B | ₹35.9B | ₹25.6B |
| Revenue growth | — | +38% | +41% | +40% | — |
| Gross profit | ₹9.30B | ₹8.56B | ₹4.71B | ₹2.97B | ₹1.95B |
| EBITDA | ₹8.33B | ₹8.10B | ₹4.29B | ₹2.47B | ₹1.58B |
| Net income | ₹8.01B | ₹7.48B | ₹5.27B | ₹3.57B | ₹2.28B |
| Free cash flow | n/a | -₹1.34B | ₹1.88B | -₹4.94B | ₹15.8B |
| Capital expenditure | n/a | ₹769M | ₹671M | ₹481M | ₹423M |
| Total debt | n/a | ₹374M | ₹96.7M | ₹657M | ₹3.12B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Garden Reach Shipbuilders & Engineers GRSE.NS | $2.60B | -31% | +40% | 10% | 26.5× | n/a |
| Cochin Shipyard COCHINSHIP.NS | $3.40B | -33% | -1% | 13% | 34.3× | n/a |
| Mazagon Dock Shipbuilders MAZDOCK.NS | $7.87B | -31% | +8% | 15% | 30.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GRSE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.6% | +2.0% | 11th highest of 21 |
| 6-month return | -31.0% | -13.5% | 5th lowest of 21 |
| Distance from 52-week high | -36.0% | -29.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +39.6% | +12.7% | 3rd highest of 21 |
| Operating margin | 10.4% | 6.5% | 6th highest of 21 |
| Forward P/E | 26.5× | 10.9× | 5th most expensive of 20 |
| ROIC minus cost of capital | +2.3 pp | +0.9 pp | 7th highest of 20 |
| EV / EBITDA | 29.5× | 7.8× | 2nd most expensive of 9 |
| Net debt / EBITDA | -4.0× | 0.7× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Garden Reach Shipbuilders & Engineers GRSE.NS | India | $2.60B | -31% | +40% | 10% | 26.5× | n/a | n/a |
| Guangxi Liugong Machinery 000528.SZ | China | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% | +5.0% |
| Cadeler A/S CADLR.OL | Norway | $2.41B | -14% | +53% | 36% | 9.4× | n/a | n/a |
| Hd Ce 267270.KS | South Korea | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% | +9.6% |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |
| Sumec 600710.SS | China | $2.18B | -9% | +14% | 4% | 9.8× | -17.2% | +3.6% |
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| CIMC Vehicles (Group) 301039.SZ | China | $2.07B | -18% | +6% | 4% | 16.6× | -4.3% | -5.2% |
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% | +9.3% |
| Anhui Heli 600761.SS | China | $2.06B | -14% | +13% | 7% | 10.9× | -6.7% | +9.2% |
| Shantui Construction Machinery 000680.SZ | China | $2.06B | -22% | +14% | 10% | 9.8× | -4.4% | +15.6% |
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |