Garden Reach Shipbuilders & Engineers Ltd

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Garden Reach Shipbuilders & Engineers Ltd

₹ 1,256 -4.11%
28 Feb - close price
grse.in BSE: 542011 NSE: GRSE
About

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]

Key Points

Shipbuilding Segment (89% of revenues)[1]
GRSE shipbuilding division consists of the construction of vessels for clients engaged in the defense sector shipping industry. Its build vessels i.e. Frigates, missile corvette, anti-submarine warfare corvette, survey vessel, offshore patrol vessel, etc.
Majority of the products manufactured by GRSE are supplied to central and state governments and entities owned and controlled by the government i.e. the Indian Navy and the Indian Coast Guard.
In addition to the shipbuilding products mentioned above, over the years GRSE has also supplied various boats, pontoons, barges, fishing trawlers, fire floats, tugs, dredgers, passenger ferries, motor cutters, deck whalers, launch, etc. to various other customers. [2]
It owns 3 separate shipbuilding facilities close to each other in Kolkata. The ships are built at the Main Works Unit and the Rajabagan Dockyard. [3]

Website BSE NSE
  • Market Cap ₹ 14,388 Cr.
  • Current Price ₹ 1,256
  • High / Low ₹ 2,835 / 673
  • Stock P/E 36.4
  • Book Value ₹ 161
  • Dividend Yield 0.75 %
  • ROCE 27.4 %
  • ROE 22.2 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 25.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 32.1%

Cons

  • Stock is trading at 7.81 times its book value
  • Contingent liabilities of Rs.6,508 Cr.
  • Earnings include an other income of Rs.297 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Aerospace & Defence Industry: Miscellaneous

Part of Nifty 500 BSE 500 Nifty MidSmallcap 400 Nifty Smallcap 100 BSE CPSE

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Quarterly Results

Figures in Rs. Crores

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
487 543 580 682 699 601 756 898 923 1,016 1,010 1,153 1,271
435 511 546 634 652 581 710 849 874 925 953 1,084 1,196
Operating Profit 52 33 33 48 47 20 46 49 49 91 56 69 75
OPM % 11% 6% 6% 7% 7% 3% 6% 5% 5% 9% 6% 6% 6%
44 41 41 41 50 70 71 72 82 76 74 75 72
Interest -0 1 1 1 1 4 5 2 1 3 4 2 2
Depreciation 10 10 9 10 10 10 10 10 10 10 10 11 11
Profit before tax 86 63 64 79 86 76 102 107 119 153 115 131 134
Tax % 27% 25% 22% 25% 26% 28% 25% 25% 26% 27% 24% 25% 27%
63 47 50 59 64 55 77 81 88 112 87 98 98
EPS in Rs 5.50 4.12 4.38 5.13 5.58 4.83 6.69 7.05 7.70 9.74 7.61 8.53 8.57
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
1,524 1,611 1,562 1,657 921 1,347 1,386 1,433 1,141 1,754 2,561 3,593 4,449
1,389 1,488 1,500 1,565 1,082 1,362 1,344 1,391 1,060 1,613 2,412 3,357 4,159
Operating Profit 135 123 62 92 -161 -15 42 42 81 141 149 235 291
OPM % 9% 8% 4% 6% -17% -1% 3% 3% 7% 8% 6% 7% 7%
75 82 61 191 217 179 169 215 165 154 202 300 297
Interest 1 1 6 4 9 8 5 3 10 2 7 13 12
Depreciation 14 23 27 28 27 29 27 30 29 36 39 41 43
Profit before tax 194 181 90 252 20 128 179 224 207 257 305 481 533
Tax % 32% 36% 43% 35% 43% 28% 39% 27% 26% 26% 25% 26%
132 117 52 164 11 92 110 163 153 190 228 357 395
EPS in Rs 106.41 94.13 41.77 132.79 9.26 8.07 9.60 14.27 13.40 16.55 19.91 31.19 34.45
Dividend Payout % 20% 21% 48% 15% 472% 55% 72% 50% 37% 35% 31% 30%
Compounded Sales Growth
10 Years: 8%
5 Years: 21%
3 Years: 47%
TTM: 40%
Compounded Profit Growth
10 Years: 11%
5 Years: 25%
3 Years: 29%
TTM: 31%
Stock Price CAGR
10 Years: %
5 Years: 52%
3 Years: 77%
1 Year: 54%
Return on Equity
10 Years: 13%
5 Years: 17%
3 Years: 18%
Last Year: 22%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 124 124 124 124 124 115 115 115 115 115 115 115 115
Reserves 743 831 883 1,013 959 907 924 926 1,023 1,143 1,299 1,559 1,728
0 0 0 0 25 0 0 0 4 11 312 66 10
5,079 5,477 2,994 3,317 3,458 3,302 3,152 4,355 5,656 6,374 9,057 8,524 8,207
Total Liabilities 5,947 6,432 4,001 4,454 4,567 4,323 4,191 5,395 6,797 7,643 10,783 10,263 10,059
278 363 366 344 358 389 302 304 340 501 508 493 502
CWIP 77 18 11 22 23 16 34 52 151 10 6 25 15
Investments 0 0 0 0 0 0 2 54 826 197 234 0 187
5,592 6,052 3,624 4,088 4,185 3,918 3,852 4,986 5,480 6,936 10,036 9,746 9,354
Total Assets 5,947 6,432 4,001 4,454 4,567 4,323 4,191 5,395 6,797 7,643 10,783 10,263 10,059

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-74 -112 628 515 -356 1,450 -707
267 198 245 -1,173 429 -1,666 1,056
-193 -89 -153 -62 -72 220 -358
Net Cash Flow 0 -3 720 -720 0 4 -9

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 22 11 37 34 79 55 58 136 57 31 7 20
Inventory Days 1,568 1,932 334 236 383 727 168 1,590 606 458 662 648
Days Payable 94 136 202 190 290 968 177 1,922 592 159 266 161
Cash Conversion Cycle 1,495 1,806 170 79 172 -186 48 -196 71 330 404 507
Working Capital Days -185 23 -1,124 -388 -695 -468 -392 -533 -1,012 -660 -503 -270
ROCE % 24% 20% 10% 24% 3% 12% 18% 22% 21% 20% 20% 27%

Shareholding Pattern

Numbers in percentages

2 Recently
Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024
74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50% 74.50%
1.55% 1.76% 1.95% 2.52% 2.68% 3.11% 3.34% 2.86% 3.26% 3.91% 3.65% 3.71%
10.68% 9.16% 8.36% 7.55% 7.91% 7.46% 5.96% 6.03% 6.14% 3.20% 1.87% 1.87%
13.27% 14.58% 15.20% 15.43% 14.91% 14.93% 16.20% 16.61% 16.10% 18.38% 19.98% 19.92%
No. of Shareholders 35,80637,51841,46060,04860,63868,8591,08,9221,17,6211,25,6312,59,8274,04,1574,21,148

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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