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Garden Reach Shipbuilders & Engineers Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,488.33Overvalued by 10.43%vs CMP ₹2,778.00

P/E (42.5) × ROE (31.8%) × BV (₹229.00) × DY (0.50%)

₹1,095.88Overvalued by 60.55%vs CMP ₹2,778.00
MoS: -153.5% (Negative)Confidence: 66/100 (Moderate)Models: 1 Under, 9 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,221.0321%Under (+15.9%)
Graham NumberEarnings₹556.7115%Over (-80%)
Earnings PowerEarnings₹262.1910%Over (-90.6%)
DCFCash Flow₹1,474.5710%Over (-46.9%)
Net Asset ValueAssets₹200.667%Over (-92.8%)
EV/EBITDAEnterprise₹402.738%Over (-85.5%)
Dividend DiscountDividends₹275.008%Over (-90.1%)
Earnings YieldEarnings₹601.507%Over (-78.3%)
ROCE CapitalReturns₹316.558%Over (-88.6%)
Revenue MultipleRevenue₹443.635%Over (-84%)
Consensus (10 models)₹1,095.88100%Overvalued
Key Drivers: EPS CAGR 29.4% lifts DCF — verify sustainability. | Wide model spread (₹201–₹3,221) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 29.4%

*Investments are subject to market risks

Analyst Summary

Garden Reach Shipbuilders & Engineers Ltd operates in the Aerospace & Defense segment, NSE: GRSE | BSE: 542011, current market price is ₹2,778.00, market cap is 31,786 Cr.. At a glance, stock P/E is 42.5, ROE is 31.8 %, ROCE is 43.0 %, book value is 229, dividend yield is 0.50 %. The latest intrinsic value estimate is ₹1,095.88, around 60.6% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹5,076 Cr versus the prior period change of 41.3%, while latest net profit is about ₹527 Cr with a prior-period change of 47.6%. The 52-week range shown on this page is 3,538/1,741, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisGarden Reach Shipbuilders & Engineers Ltd. is a Public Limited Listed company incorporated on 26/02/1934 and has its registered office in the State of West Bengal, India. Company's Corporate Identific…

This summary is generated from the stock page data available for Garden Reach Shipbuilders & Engineers Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

76
Garden Reach Shipbuilders & Engineers Ltd scores 76/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health84/100 · Strong
ROCE 43.0% ExcellentROE 31.8% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 74.5% Stable
Earnings Quality50/100 · Moderate
OPM stable around 8% Steady
Quarterly Momentum90/100 · Strong
Revenue (4Q): +47% YoY AcceleratingProfit (4Q): +74% YoY Strong
Industry Rank100/100 · Strong
P/E 42.5 vs industry 91.3 Cheaper than peersROCE 43.0% vs industry 21.2% Above peersROE 31.8% vs industry 15.6% Above peers3Y sales CAGR: 43% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 12:09 am

Market Cap 31,786 Cr.
Current Price 2,778
Intrinsic Value₹1,095.88
High / Low 3,538/1,741
Stock P/E42.5
Book Value 229
Dividend Yield0.50 %
ROCE43.0 %
ROE31.8 %
Face Value 10.0
PEG Ratio1.44

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Garden Reach Shipbuilders & Engineers Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Garden Reach Shipbuilders & Engineers Ltd 31,786 Cr. 2,778 3,538/1,74142.5 2290.50 %43.0 %31.8 % 10.0
Data Patterns (India) Ltd 22,865 Cr. 4,093 4,295/2,12191.7 2750.19 %21.0 %15.2 % 2.00
MTAR Technologies Ltd 18,848 Cr. 6,128 6,787/1,350278 2430.00 %10.5 %7.51 % 10.0
Zen Technologies Ltd 13,793 Cr. 1,528 2,268/1,22394.6 2020.13 %11.2 %8.31 % 1.00
Bharat Dynamics Ltd 50,252 Cr. 1,372 2,097/1,08686.6 1150.34 %19.7 %14.4 % 5.00
Industry Average71,740.91 Cr2,116.7391.32180.710.26%21.19%15.63%4.00

All Competitor Stocks of Garden Reach Shipbuilders & Engineers Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 6996017568989231,0161,0101,1531,2711,6421,3101,6771,896
Expenses 6525817108498749259531,0841,1961,4211,1981,5211,724
Operating Profit 472046494991566975221112156172
OPM % 7%3%6%5%5%9%6%6%6%13%9%9%9%
Other Income 507071728276747572114736962
Interest 1452134221644
Depreciation 10101010101010111110121212
Profit before tax 8676102107119153115131134324167209218
Tax % 26%28%25%25%26%27%24%25%27%25%28%27%22%
Net Profit 6455778188112879898244120154171
EPS in Rs 5.584.836.697.057.709.747.618.538.5721.3210.4913.4314.91

Last Updated: February 5, 2026, 11:10 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 3:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,6111,5621,6579211,3471,3861,4331,1411,7542,5613,5935,0766,525
Expenses 1,4881,5001,5651,0821,3621,3441,3911,0601,6132,4123,3574,6545,864
Operating Profit 1236292-161-15424281141149235422661
OPM % 8%4%6%-17%-1%3%3%7%8%6%7%8%10%
Other Income 8261191217179169215165154202300335317
Interest 16498531027131115
Depreciation 23272827292730293639414246
Profit before tax 1819025220128179224207257305481703917
Tax % 36%43%35%43%28%39%27%26%26%25%26%25%
Net Profit 117521641192110163153190228357527689
EPS in Rs 94.1341.77132.799.268.079.6014.2713.4016.5519.9131.1946.0460.15
Dividend Payout % 21%48%15%472%55%72%50%37%35%31%30%30%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-55.56%215.38%-93.29%736.36%19.57%48.18%-6.13%24.18%20.00%56.58%47.62%
Change in YoY Net Profit Growth (%)0.00%270.94%-308.68%829.66%-716.80%28.62%-54.32%30.32%-4.18%36.58%-8.96%

Garden Reach Shipbuilders & Engineers Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:29%
3 Years:42%
TTM:40%
Compounded Profit Growth
10 Years:26%
5 Years:25%
3 Years:42%
TTM:52%
Stock Price CAGR
10 Years:%
5 Years:64%
3 Years:99%
1 Year:27%
Return on Equity
10 Years:16%
5 Years:20%
3 Years:23%
Last Year:28%

Last Updated: September 5, 2025, 4:30 am

Balance Sheet

Last Updated: December 4, 2025, 1:16 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 124124124124115115115115115115115115115
Reserves 8318831,0139599079249261,0231,1431,2991,5591,9652,181
Borrowings 00025000411312661032
Other Liabilities 5,4772,9943,3173,4583,3023,1524,3555,6566,3749,0578,5248,2748,656
Total Liabilities 6,4324,0014,4544,5674,3234,1915,3956,7977,64310,78310,26310,36210,984
Fixed Assets 363366344358389302304340501508493515563
CWIP 18112223163452151106252818
Investments 00000254826197234000
Other Assets 6,0523,6244,0884,1853,9183,8524,9865,4806,93610,0369,7469,81910,403
Total Assets 6,4324,0014,4544,5674,3234,1915,3956,7977,64310,78310,26310,36210,984

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + -74-112628515-3561,450-70716-290
Cash from Investing Activity + 267198245-1,173429-1,6661,056170527
Cash from Financing Activity + -193-89-153-62-72220-358-187-223
Net Cash Flow 0-3720-72004-9-113
Free Cash Flow -124-164560351-4111,408-755-51-367
CFO/OP 748%-564%1,200%701%-204%1,023%-248%45%-4%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow123.0062.0092.00-186.00-15.0042.0042.0077.00130.00-163.00169.00412.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 113734795558136573172019
Inventory Days 1,9323342363837271681,590606458662648368
Days Payable 1362021902909681771,922592159266161119
Cash Conversion Cycle 1,80617079172-18648-19671330404507267
Working Capital Days 23-1,124-388-705-468-392-533-1,012-660-546-276-169
ROCE %20%10%24%3%12%18%22%21%20%20%27%37%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.50%74.50%74.50%74.50%74.50%74.50%74.50%74.50%74.50%74.50%74.50%74.50%
FIIs 2.68%3.11%3.34%2.86%3.26%3.91%3.65%3.71%3.85%5.33%3.26%2.96%
DIIs 7.91%7.46%5.96%6.03%6.14%3.20%1.87%1.87%1.90%1.81%1.99%1.64%
Public 14.91%14.93%16.20%16.61%16.10%18.38%19.98%19.92%19.76%18.36%20.25%20.90%
No. of Shareholders 60,63868,8591,08,9221,17,6211,25,6312,59,8274,04,1574,21,1484,13,9864,07,7074,25,9004,19,648

Shareholding Pattern Chart

No. of Shareholders

Garden Reach Shipbuilders & Engineers Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Balanced Advantage Fund 636,090 0.16 175.83N/AN/AN/A
Union Small Cap Fund 75,000 1.22 20.73N/AN/AN/A
JM Value Fund 50,000 1.56 13.8240,0002026-02-21 00:41:2325%
JM Small Cap Fund 45,000 1.98 12.4440,0002026-02-22 18:38:2612.5%
Taurus Flexi Cap Fund 29,360 2.38 8.1214,2402026-01-26 00:07:34106.18%
Union Business Cycle Fund 16,448 0.88 4.55N/AN/AN/A
Union Value Fund 8,309 0.63 2.3N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 46.0431.1919.9116.5513.40
Diluted EPS (Rs.) 46.0431.1919.9116.5513.40
Cash EPS (Rs.) 49.7534.8023.3319.6615.94
Book Value[Excl.RevalReserv]/Share (Rs.) 181.51146.09123.42109.8199.27
Book Value[Incl.RevalReserv]/Share (Rs.) 181.51146.09123.42109.8199.27
Dividend / Share (Rs.) 13.859.366.205.805.00
Revenue From Operations / Share (Rs.) 443.09313.63223.58153.4299.59
PBDIT / Share (Rs.) 66.0046.5930.6326.3122.67
PBIT / Share (Rs.) 62.3042.9827.2123.1920.13
PBT / Share (Rs.) 61.3941.9826.6422.4618.08
Net Profit / Share (Rs.) 46.0431.1919.9116.5513.40
PBDIT Margin (%) 14.8914.8513.6917.1422.76
PBIT Margin (%) 14.0513.7012.1715.1120.21
PBT Margin (%) 13.8513.3811.9114.6318.15
Net Profit Margin (%) 10.399.948.9010.7813.45
Return on Networth / Equity (%) 25.3621.3416.1315.0613.49
Return on Capital Employeed (%) 32.3627.4220.3019.3118.67
Return On Assets (%) 5.093.482.112.482.26
Total Debt / Equity (X) 0.000.030.210.000.00
Asset Turnover Ratio (%) 0.490.340.270.240.18
Current Ratio (X) 1.171.121.070.930.98
Quick Ratio (X) 0.730.640.750.740.84
Inventory Turnover Ratio (X) 1.350.590.730.950.72
Dividend Payout Ratio (NP) (%) 22.5627.6331.8836.8639.18
Dividend Payout Ratio (CP) (%) 20.8824.7727.2131.0232.94
Earning Retention Ratio (%) 77.4472.3768.1263.1460.82
Cash Earning Retention Ratio (%) 79.1275.2372.7968.9867.06
Interest Coverage Ratio (X) 73.2546.4654.14394.4596.13
Interest Coverage Ratio (Post Tax) (X) 52.0932.1036.20259.1065.50
Enterprise Value (Cr.) 15563.865099.621190.6436.61-160.28
EV / Net Operating Revenue (X) 3.071.420.460.02-0.14
EV / EBITDA (X) 20.589.553.390.12-0.61
MarketCap / Net Operating Revenue (X) 3.802.442.041.481.86
Retention Ratios (%) 77.4372.3668.1163.1360.81
Price / BV (X) 9.285.243.692.061.86
Price / Net Operating Revenue (X) 3.802.442.041.481.86
EarningsYield 0.020.040.040.070.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Garden Reach Shipbuilders & Engineers Ltd. is a Public Limited Listed company incorporated on 26/02/1934 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L35111WB1934GOI007891 and registration number is 007891. Currently Company is involved in the business activities of Building of ships and boats. Company's Total Operating Revenue is Rs. 7002.16 Cr. and Equity Capital is Rs. 114.55 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
Aerospace & DefenseGRSE Bhavan, 61, Garden Reach Road, Kolkata West Bengal 700024Contact not found
Management
NamePosition Held
Commodore P R HariChairman & Managing Director
Capt.(Retd.) P SunilkumarDirector
Mr. Shantanu BoseDirector - Shipbuilding
Mr. Kamleshbhai Shashikantbhai MiraniNon Official PartTime (Ind.) Director
Mr. Rajeev PrakashGovernment Nominee Director

FAQ

What is the intrinsic value of Garden Reach Shipbuilders & Engineers Ltd and is it undervalued?

As of 08 May 2026, Garden Reach Shipbuilders & Engineers Ltd's intrinsic value is ₹1095.88, which is 60.55% lower than the current market price of ₹2,778.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (31.8 %), book value (₹229), dividend yield (0.50 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Garden Reach Shipbuilders & Engineers Ltd?

Garden Reach Shipbuilders & Engineers Ltd is trading at ₹2,778.00 as of 08 May 2026, with a FY2026-2027 high of ₹3,538 and low of ₹1,741. The stock is currently in the middle of its 52-week range. Market cap stands at ₹31,786 Cr..

How does Garden Reach Shipbuilders & Engineers Ltd's P/E ratio compare to its industry?

Garden Reach Shipbuilders & Engineers Ltd has a P/E ratio of 42.5, which is below the industry average of 91.32. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Garden Reach Shipbuilders & Engineers Ltd financially healthy?

Key indicators for Garden Reach Shipbuilders & Engineers Ltd: ROCE of 43.0 % indicates efficient capital utilization; ROE of 31.8 % shows strong shareholder returns. Dividend yield is 0.50 %.

Is Garden Reach Shipbuilders & Engineers Ltd profitable and how is the profit trend?

Garden Reach Shipbuilders & Engineers Ltd reported a net profit of ₹527 Cr in Mar 2025 on revenue of ₹5,076 Cr. Compared to ₹190 Cr in Mar 2022, the net profit shows an improving trend.

Does Garden Reach Shipbuilders & Engineers Ltd pay dividends?

Garden Reach Shipbuilders & Engineers Ltd has a dividend yield of 0.50 % at the current price of ₹2,778.00. The company pays dividends, though the yield is modest.

Last Updated: May 5, 2026, 12:09 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 542011 | NSE: GRSE
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Garden Reach Shipbuilders & Engineers Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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