# GRSE (GRSE) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/grse

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹2,402.7
- Change: +2.98%
- As of: 2026-09-18
- 1D return: +3.08%
- 5D return: -0.96%
- 1M return: -7.87%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 18, 2026, GRSE is trading at ₹2411.8, with a technical stance that shows mixed signals across different timeframes. The daily timeframe indicates a bearish trend, with the price below key moving averages like the 20-day EMA (₹2478.41) and 50-day EMA (₹2550.61), and the Supertrend indicator also signaling bearishness at ₹2532.11. This is further supported by a negative slope in short-term moving averages. However, the weekly timeframe presents a conflicting bullish signal from the Supertrend (₹2197.17), although the price remains below its 20-day and 50-day EMAs on this timeframe. The monthly view also shows a bearish Supertrend (₹3966.55) and the price below its 20-day SMA (₹2461.23), but above the 20-day EMA (₹2407.62).

Recent market activity includes a "Morning Star" pattern formation on the daily chart as of September 18, 2026, which can sometimes signal a potential reversal. However, this is occurring within a broader daily bearish context. The stock is currently positioned near its nearest support level of ₹2396.0, which is approximately 0.66% below the current price. The nearest resistance is observed at ₹2420.1, about 0.34% above the current price. The stock's annualized volatility stands at 53%, with a current drawdown of -31% and a maximum drawdown of -44%, indicating significant price fluctuations.

Key watch conditions include monitoring the price action around the ₹2420.1 resistance level. A sustained move above this level could challenge the daily bearish trend. Conversely, a break below the ₹2396.0 support could reinforce the bearish sentiment, especially if accompanied by increased volume. The divergence between the daily bearish trend and the weekly bullish Supertrend signal warrants close observation for any convergence or further divergence.

- The stock's current price on September 18, 2026, is ₹2411.8.
- Nearest support is identified at ₹2396.0 (approx. 0.66% below current price).
- Nearest resistance is identified at ₹2420.1 (approx. 0.34% above current price).
- A "Morning Star" pattern was observed on the daily chart on September 18, 2026.
- Annualized volatility is 53%, with a current drawdown of -31%.

- Morning Star
- Harami
- Bearish Engulfing Reversal

### News Context

Garden Reach Shipbuilders and Engineers Ltd (GRSE) was in focus around its September 18 dividend record date. The company announced an interim dividend of ₹6.75 per share, while competitor Cochin Shipyard declared a final dividend of ₹1.5 per share. This news coincided with a broader positive sentiment in defence stocks on September 17, with several key players, including GRSE, seeing price increases. This sector-wide uptick was attributed by some reports to investor focus on long-term growth, following a significant approval of ₹1.1 lakh crore in defence acquisitions by the Defence Acquisition Council earlier in the month. However, the preceding session on September 16 saw the Nifty India Defence index decline for a fifth consecutive day.

- GRSE announced an interim dividend of ₹6.75 per share, with a record date of September 18, 2026.
- Defence stocks, including GRSE, experienced a rise on September 17, 2026, amidst investor focus on long-term growth.
- The Defence Acquisition Council approved ₹1.1 lakh crore in acquisitions earlier in September 2026, contributing to sector interest.
- The Nifty India Defence index had declined for five consecutive sessions leading up to September 16, 2026.

- Paras Defence, Data Patterns, BEL, HAL and more: Why are defence stocks on fire today? Check sector outlook
- Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why
- GRSE vs Cochin Shipyard dividend comparison ahead of record date: Which defence PSU wins on yield, stock performance?
- Defence stocks slide for fifth straight session
- Japan minister visits Kolkata; discusses investment, defence ties with Bengal govt

### What Changed

Garden Reach Shipbuilders & Engineers (GRSE) has experienced a recent price increase, moving from ₹2,339.8 to ₹2,411.8 between the prior observation date and September 18, 2026. The company's profile on the NSE remains unchanged. No new filings or news have been reported recently that would provide additional context for these price movements.

- GRSE's stock price increased from ₹2,339.8 to ₹2,411.8 as of September 18, 2026.
- The observation date for the latest price was September 18, 2026.
- The company continues to be listed on the NSE.
- No new filings or news have been reported for GRSE.

### Official Filings

Garden Reach Shipbuilders & Engineers Limited (GRSE) has announced its 110th Annual General Meeting (AGM) scheduled for September 25, 2026. The meeting will address the declaration of a final dividend of ₹6.70 per equity share, which, combined with interim dividends, would bring the total annual dividend to ₹19.60 per share for the fiscal year 2025-26. The record date for this dividend is set as September 18, 2026, with the register of members and share transfer books to be closed from September 19 to September 25, 2026. The company also plans to seek shareholder approval for the appointments of Shri Niranjan Mukund Bhalerao as Whole-time Director (Finance) and Dr. Vijay Namdeorao Zade as Government Nominee Director. Additionally, GRSE has entered into Memoranda of Understanding (MoUs) with DNV and Damen Technical Cooperation B.V. to enhance expertise in warship design and explore the construction of dredgers for Indian customers, respectively. These collaborations are not expected to have immediate financial implications. In a significant development, GRSE is undertaking capacity expansion initiatives with an aggregate capital expenditure of ₹2,670 crore across three facilities in West Bengal, aimed at strengthening shipbuilding capabilities and supporting future growth.

- The 110th AGM is scheduled for September 25, 2026, to approve a final dividend of ₹6.70 per share, making the total dividend for FY 2025-26 ₹19.60 per share.
- The record date for the dividend is September 18, 2026.
- GRSE has signed MoUs with DNV for warship design expertise and Damen Technical Cooperation B.V. for dredger construction collaboration.
- The company is investing ₹2,670 crore in capacity expansion across three facilities in West Bengal.
- Shareholder approval will be sought for the appointments of Shri Niranjan Mukund Bhalerao as Whole-time Director (Finance) and Dr. Vijay Namdeorao Zade as Government Nominee Director.

- Garden Reach Shipbuilders & Engineers Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026. |SUBJECT: Record Date
- Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have enclosed herewith the newspaper clippings regarding completion of dispatch of the Notice of 110th Annual General Meeting of the Company and Annual Report for FY 2025-26 to the members of the Company.Copies of newspaper clippings are attached herewith.This is for your information and record. |SUBJECT: Copy of Newspaper Publication
- 1. In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that, the Company has entered into the following Memorandum of Understandings (MoUs): (a) Memorandum of Understanding (MoU) with DNV (Det Norske Veritas), a globally recognized Maritime organization to establish expertise in warship design, shipbuilding and marine engineering with DNV s global capabilities in classification, certification, technical assurance, digitalization, sustainability and maritime advisory services.(b) MoU with Damen Technical Cooperation B.V., Netherlands, for establishing a technical and business collaboration framework to explore the design and construction of dredgers for Indian customers.The MoU combines GRSE s Shipbuilding capabilities with Damen s globally proven expertise on Trailing Suction Hopper Dredgers (TSHD) and Water Injection Dredgers (WID).2. There is no financial imp |SUBJECT: Press Release
- Garden Reach Shipbuilders & Engineers Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026. |SUBJECT: Record Date
- This is to inform that the 110th Annual General Meeting ( AGM ) of the Company will be held on Friday, 25th September, 2026 at 1030 hours through Video Conferencing ( VC )/ Other Audio-Visual Means ( OAVM ) to transact the businesses as set out in the AGM Notice dated 29th Jul 2026, in accordance with the applicable circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India. The deemed venue for the 110th AGM shall be the Registered & Corporate Office of the Company at GRSE Bhavan, 61, Garden Reach Road, Kolkata - 700 024. The copy of the Notice of 110th AGM is enclosed herewith.Further, in terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the SEBI Listing Regulations ), we wish to inform you that the Register of Members and Share Transfer Books of the Company shall remain closed from 19th September, 2026 to 25th September, 2026 (both days inclusive) for the purpose of 110th AGM of the Company and payment of final dividend. The final dividend for financial year 2025-26, if approved at the 110th AGM, will be payable within 30 days from the date of declaration to those members whose names appear on the Company's Register of Members / Beneficial Owners as at the closure of business hours on 18th September, 2026 (record date).This is for your information and record. |SUBJECT: Shareholders meeting
- Garden Reach Shipbuilders & Engineers Limited has informed the Exchange about Notice of Shareholders Meeting for Annual General Meeting to be held on 25-Sep-2026 |SUBJECT: Notice Of Shareholders Meetings-XBRL
- AS ON DATE : 03-SEP-26
- Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have enclosed herewith newspaper clippings containing information regarding 110th Annual General Meeting of the members of the Company which is scheduled to be held on Friday, 25 September 2026 at 10.30 a.m. through Video Conferencing (VC)/Other Audio Visual Means (OAVM).The Copies of newspaper clippings are attached herewith.This is for your information and record. |SUBJECT: Copy of Newspaper Publication
- In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform you that the Company is undertaking capacity expansion initiatives at Raichak, Timber Pond facility -Shalimar and Damodar facility Khidderpore Docks to strengthen its indigenous shipbuilding capabilities, support future growth and enhance the ability to execute larger and more complex projects with capital expenditure cost of Rs.2500 crore, Rs.100 crore and Rs.70 crore, respectively, aggregating to Rs.2670 crore.Copy of the press release is enclosed herewith.This is for your information and record. |SUBJECT: Press Release

### Fundamentals

Garden Reach Shipbuilders & Engineers (GRSE) has demonstrated a notable upward trajectory in its financial performance, particularly in revenue and profitability over the past several years. Sales have shown consistent growth, with a 5-year compounded annual growth rate (CAGR) of 44% and a TTM CAGR of 40%. This sales growth has been accompanied by a significant improvement in profitability, evidenced by a 3-year compounded profit growth of 50% and a TTM CAGR of 43%. The company's Return on Equity (ROE) has also seen a positive trend, reaching 32% in the last reported year, and is projected to increase further.

Looking at the most recent reported quarterly data, GRSE's revenue from operations for Q1 FY2026-27 was ₹1,814.62 crore. Profit Before Tax (PBT) for the same period was ₹231.53 crore, with a Tax Expense of ₹58.69 crore, resulting in a Profit Loss For Period of ₹172.84 crore. The Basic Earnings Per Share (EPS) from continuing operations for Q1 FY2026-27 was ₹15.09 per share.

Financially, GRSE has managed its debt levels. Borrowings were ₹66 crore in March 2024, projected to decrease to ₹10 crore by March 2025, and then increase to ₹37 crore by March 2026. The company's equity capital has remained stable at ₹115 crore, while reserves have grown substantially from ₹924 crore in March 2019 to ₹1,559 crore in March 2024. The company's Cash Flow from Operations (CFO) has been volatile, showing a negative ₹707.0 crore in FY2024, but is projected to turn positive to ₹45.0 crore in FY2025 before becoming negative again at ₹4.0 crore in FY2026. Free Cash Flow (FCF) has also been inconsistent, with a negative ₹755.0 crore in FY2024, projected to be negative ₹51.0 crore in FY2025 and negative ₹367.0 crore in FY2026. The Cash Conversion Cycle has seen significant fluctuations, standing at 507 days in March 2024, projected to decrease to 267 days in March 2025 and 206 days in March 2026.

- Sales have shown a 5-year CAGR of 44% and a TTM CAGR of 40%.
- Profitability has grown, with a 3-year CAGR of 50% and a TTM CAGR of 43%.
- Return on Equity (ROE) was 32% in the last year and is projected to rise.
- For Q1 FY2026-27, Revenue from Operations was ₹1,814.62 crore, and Profit Loss For Period was ₹172.84 crore, with Basic EPS at ₹15.09 per share.
- Borrowings were ₹66 crore in March 2024, projected to decrease to ₹10 crore by March 2025.
- Cash Flow from Operations (CFO) was negative ₹707.0 crore in FY2024, with projections showing volatility for FY2025 and FY2026.
- Free Cash Flow (FCF) was negative ₹755.0 crore in FY2024, with projections indicating continued negative FCF for FY2025 and FY2026.

### Bull Case

Garden Reach Shipbuilders & Engineers (GRSE) on the NSE has demonstrated a significant improvement in its cash flow generation. The company shifted from negative cash flow from operations in March 2019 to a positive ₹628.0 million in March 2020. This operational improvement is further reflected in a positive Free Cash Flow of ₹560.0 million for the same period, a notable increase from a negative ₹164.0 million in the prior year. Additionally, the company has maintained a debt-free balance sheet with zero borrowings reported in both March 2019 and March 2020, while its equity capital remained stable at ₹115 million.

- Cash flow from operations turned positive, increasing from ₹-112.0 million in March 2019 to ₹628.0 million in March 2020.
- Free Cash Flow improved from ₹-164.0 million in March 2019 to ₹560.0 million in March 2020.
- The company reported zero borrowings on its balance sheet for both March 2019 and March 2020, indicating a debt-free status.
- Compounded sales growth stood at 44% over 5 years and 40% on a TTM basis, while compounded profit growth was 36% over 5 years and 43% TTM.

- Paras Defence, Data Patterns, BEL, HAL and more: Why are defence stocks on fire today? Check sector outlook
- Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why
- GRSE vs Cochin Shipyard dividend comparison ahead of record date: Which defence PSU wins on yield, stock performance?
- Defence stocks slide for fifth straight session
- Japan minister visits Kolkata; discusses investment, defence ties with Bengal govt

### Bear Case

The company's financial position shows a significant increase in "Other Assets" and "Other Liabilities" between March 2019 and March 2020, rising from ₹3,852 crore to ₹4,986 crore and from ₹3,152 crore to ₹4,355 crore, respectively. This growth in both asset and liability categories, which constitute the largest portions of the balance sheet, warrants attention. While the company reported positive cash flow from operations in March 2020 (₹628 crore) compared to a negative figure in March 2019 (₹-112 crore), the overall net cash flow for March 2020 was ₹720 crore, a substantial increase from ₹-3 crore in March 2019. However, the technical indicators suggest a cautious outlook, with the daily trend showing a bearish supertrend direction and a negative slope in moving averages. The weekly trend also indicates a bearish supertrend direction, despite a bullish signal on the supertrend itself. The stock has experienced a drawdown of -31% and a maximum drawdown of -44%, with annualized volatility at 53%. Recent market commentary indicates that defence stocks, including GRSE, have seen declines for five consecutive sessions, although specific news highlights potential growth drivers like defence acquisitions.

- "Other Assets" increased by 29.4% from ₹3,852 crore in March 2019 to ₹4,986 crore in March 2020.
- "Other Liabilities" increased by 38.1% from ₹3,152 crore in March 2019 to ₹4,355 crore in March 2020.
- The stock has experienced a current drawdown of -31% and a maximum drawdown of -44%.
- Daily and weekly technical trends indicate a bearish supertrend direction, with negative slopes observed in moving averages on the daily timeframe.

- Paras Defence, Data Patterns, BEL, HAL and more: Why are defence stocks on fire today? Check sector outlook
- Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why
- GRSE vs Cochin Shipyard dividend comparison ahead of record date: Which defence PSU wins on yield, stock performance?
- Defence stocks slide for fifth straight session
- Japan minister visits Kolkata; discusses investment, defence ties with Bengal govt

### FAQs

**What were Garden Reach Shipbuilders & Engineers' (GRSE) key financial changes between March 2019 and March 2020?**

Between March 2019 and March 2020, GRSE saw its Total Assets increase from ₹4,191 to ₹5,395. This growth was primarily driven by an increase in Other Assets, which rose from ₹3,852 to ₹4,986, and a significant jump in Investments from ₹2 to ₹54. Total Liabilities also increased from ₹4,191 to ₹5,395, with Other Liabilities growing from ₹3,152 to ₹4,355. The company maintained zero borrowings in both periods. Cash Flow from Operations improved substantially, moving from -₹112 in March 2019 to ₹628 in March 2020, leading to a positive Free Cash Flow of ₹560 in March 2020, compared to -₹164 in March 2019.

**What recent corporate actions and collaborations has GRSE announced?**

GRSE announced its 110th Annual General Meeting (AGM) scheduled for September 25, 2026. The company has set September 18, 2026, as the record date for its final dividend for the fiscal year 2025-26, which, if approved at the AGM, will be payable within 30 days. The register of members and share transfer books will be closed from September 19 to September 25, 2026, for the AGM and dividend payment. Additionally, GRSE signed Memoranda of Understanding (MoUs) on September 2, 2026, with DNV for expertise in warship design and with Damen Technical Cooperation B.V. for collaboration on dredger design and construction.

**How has GRSE's stock performed over different periods, and what is its current technical trend?**

As of September 18, 2026, GRSE's stock has shown mixed returns across different periods. It has returned 3% in the last day, but -4% over 10 days, -10% in the last month, and -15% over the last three months. Over a longer timeframe, it has returned 1% over six months and -1% year-to-date. The company's stock has a 5-year compounded sales growth of 44% and a 5-year compounded profit growth of 36%. Technically, the daily trend is currently indicated as bearish, with the Supertrend indicator at 2532.11. However, the weekly trend is indicated as bullish, with the Supertrend at 2197.17.

- Paras Defence, Data Patterns, BEL, HAL and more: Why are defence stocks on fire today? Check sector outlook
- Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why
- GRSE vs Cochin Shipyard dividend comparison ahead of record date: Which defence PSU wins on yield, stock performance?
- Defence stocks slide for fifth straight session
- Japan minister visits Kolkata; discusses investment, defence ties with Bengal govt
- Garden Reach Shipbuilders & Engineers Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026. |SUBJECT: Record Date
- Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we have enclosed herewith the newspaper clippings regarding completion of dispatch of the Notice of 110th Annual General Meeting of the Company and Annual Report for FY 2025-26 to the members of the Company.Copies of newspaper clippings are attached herewith.This is for your information and record. |SUBJECT: Copy of Newspaper Publication
- 1. In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that, the Company has entered into the following Memorandum of Understandings (MoUs): (a) Memorandum of Understanding (MoU) with DNV (Det Norske Veritas), a globally recognized Maritime organization to establish expertise in warship design, shipbuilding and marine engineering with DNV s global capabilities in classification, certification, technical assurance, digitalization, sustainability and maritime advisory services.(b) MoU with Damen Technical Cooperation B.V., Netherlands, for establishing a technical and business collaboration framework to explore the design and construction of dredgers for Indian customers.The MoU combines GRSE s Shipbuilding capabilities with Damen s globally proven expertise on Trailing Suction Hopper Dredgers (TSHD) and Water Injection Dredgers (WID).2. There is no financial imp |SUBJECT: Press Release
- Garden Reach Shipbuilders & Engineers Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026. |SUBJECT: Record Date
- This is to inform that the 110th Annual General Meeting ( AGM ) of the Company will be held on Friday, 25th September, 2026 at 1030 hours through Video Conferencing ( VC )/ Other Audio-Visual Means ( OAVM ) to transact the businesses as set out in the AGM Notice dated 29th Jul 2026, in accordance with the applicable circulars issued by Ministry of Corporate Affairs and Securities and Exchange Board of India. The deemed venue for the 110th AGM shall be the Registered & Corporate Office of the Company at GRSE Bhavan, 61, Garden Reach Road, Kolkata - 700 024. The copy of the Notice of 110th AGM is enclosed herewith.Further, in terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the SEBI Listing Regulations ), we wish to inform you that the Register of Members and Share Transfer Books of the Company shall remain closed from 19th September, 2026 to 25th September, 2026 (both days inclusive) for the purpose of 110th AGM of the Company and payment of final dividend. The final dividend for financial year 2025-26, if approved at the 110th AGM, will be payable within 30 days from the date of declaration to those members whose names appear on the Company's Register of Members / Beneficial Owners as at the closure of business hours on 18th September, 2026 (record date).This is for your information and record. |SUBJECT: Shareholders meeting
## Technical analytics

- As of: 2026-09-18
- Daily trend: Moderate Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹2,343.8
- Risk regime: Higher Price Risk

### Support levels
- 2380.3609375
- 2336.5
- 2295

### Resistance levels
- 2596.675
- 2650.65
- 2691.935546875

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +3.08% |
| return_10 | -3.90% |
| return_1m | -9.91% |
| return_1y | -8.17% |
| return_20 | -7.87% |
| return_3m | -14.64% |
| return_5 | -0.96% |
| return_6m | +0.80% |
| return_since_start | +46.16% |
| return_ytd | -1.24% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -43.52% |
| annualized_volatility | +53.07% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue and Profit Rise Year-on-Year, Sequential Decline Mirrors Prior Year

Garden Reach Shipbuilders & Engineers Limited reported higher revenue and net profit for the quarter ended 30 June 2026 compared to the same quarter last year. Revenue from operations grew 38.5% and net profit increased 43.8%. On a sequential basis, revenue and profit declined from the March 2026 quarter, a pattern similar to the prior year. Profit margins were largely stable, and other income remained a significant contributor to pre-tax profit.

## Revenue and Profit Growth

Revenue from operations was ₹1,814.62 crore, up 38.5% from ₹1,309.87 crore in Q1 FY2025-26. Profit before tax (PBT) rose 38.9% to ₹231.53 crore, and net profit increased 43.8% to ₹172.84 crore.

Sequentially, revenue declined 14.4% from ₹2,119.21 crore in Q4 FY2025-26. PBT and net profit fell 43.6% and 43.0%, respectively. In the prior year, Q4 revenue was also higher than Q1, with a similar quarter-on-quarter movement.

## Profitability and Margin Stability

The PBT margin was 12.76%, nearly unchanged from 12.73% in the year-ago quarter. The net profit margin edged up to 9.52% from 9.18%, helped by a lower effective tax rate. Tax expense of ₹58.69 crore represented an effective rate of 25.4%, down from 27.9% a year earlier.

## Expense Composition and Other Income

Key expense items for the quarter included:

- Cost of materials consumed: ₹1,244.23 crore (68.6% of revenue)
- Employee benefit expense: ₹101.35 crore (5.6% of revenue)
- Finance costs: ₹3.76 crore, down 38.3% from ₹6.09 crore in Q1 FY2025-26
- Depreciation and amortisation: ₹13.50 crore

Other income was ₹99.57 crore, equivalent to 43% of profit before tax.

## Net Profit, Comprehensive Income, and EPS

Net profit of ₹172.84 crore translated to basic earnings per share of ₹15.09, up from ₹10.49 in the year-ago quarter. Comprehensive income for the period was ₹173.54 crore, nearly matching net profit.

## Key Takeaway

GRSE’s Q1 FY2026-27 results showed year-on-year growth in revenue and profit, with stable PBT margins and a lower tax rate supporting net profit. The sequential decline from the March 2026 quarter was similar to the pattern seen in the prior year. Other income continued to be a notable contributor to pre-tax profit.

### Ratios

## Official filings

- 2026-09-14 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_14092026131604_Intimation_of_Record_Date_of_Dividend_GRSE.pdf)
- 2026-09-04 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_04092026113352_Newspaper_Clippings_Advertisement_after_dispatch_of_Notice.pdf)
- 2026-09-03 — Press Release: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_03092026094736_Corp_Ann_MoUs_signed_with_DNV_and_Damen_-_Reg_30.pdf)
- 2026-09-03 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_03092026155552_Intimation_of_110th_AGM_2026_Book_Closure_and_Dividend_GRSE.pdf)
- 2026-09-03 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_03092026155200_Intimation_of_110th_AGM_2026_Book_Closure_and_Dividend_GRSE.pdf)
- 2026-09-03 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_16762_WebXMLFile_20260903_165822472.xml)
- 2026-09-03 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_16762_WebXMLFile_20260903_172408744.xml)
- 2026-09-02 — Annual Report: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/annual_reports/AR_31220_GRSE_2025_2026_A_6966672_03092026151936.pdf)
- 2026-09-01 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_01092026161632_Advertisement_before_dispatch_of_Notice_and_AR_110_AGM.pdf)
- 2026-08-24 — Press Release: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_24082026102244_Corp_Ann__Press_Release_regarding_3_new_facilities.pdf)
- 2026-08-24 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_16762_WebXMLFile_20260824_132229163.xml)
- 2026-08-24 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_24082026131738_Corp_Ann__Receipt_of_Order_from_WBTDCL.pdf)
- 2026-08-06 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_16762_WebXMLFile_20260806_174636286.xml)
- 2026-08-06 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited held an investor/analyst conference call on August 6, 2026, to discuss the unaudited financial results for the quarter ended June 30, 2026, and future outlook. An audio recording of this call has been uploaded to the company's website at www.grse.in. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_06082026174928_Con_Call_Audio_Q1_FY26-27.pdf)
- 2026-08-04 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited received a Letter of Intent from Syama Prasad Mookerjee Port on August 3, 2026, for the construction of one 15 T Bollard Pull Electric Battery Propulsion Tug, including shore charging infrastructure. The total value of the contract is ₹37,94,48,131, including GST and taxes. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_04082026115049_LOI_Syama_Prasad_Mookerjee_Port_one_15_T_Bollard_Pull_Tug.pdf)
- 2026-08-03 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited will hold an Investors/Analyst Conference Call on August 6, 2026, at 3:30 PM to discuss the Unaudited Financial Results for the Quarter Ended June 30, 2026, and the company's operations and future outlook. The call details and registration link have been provided. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_03082026113839_Intimation_of_Investors_and_Analyst_Meeting_-_Q1_-_FY_26-27_-_GRSE.pdf)
- 2026-08-03 — Official Filing: Garden Reach Shipbuilders & Engineers Limited will hold an earnings conference call on August 6, 2026, at 15:30 IST to discuss the unaudited financial statements for the quarter ended June 30, 2026, and the company's future outlook. The virtual meeting will be accessible via a conference call from GRSE Bhavan, Kolkata. The agenda includes a review of Q1 results and the road ahead.
- 2026-07-30 — Official Filing: Garden Reach Shipbuilders & Engineers Limited (GRSE) has received an order from Oil and Natural Gas Corporation Limited (ONGC) for the construction of four Platform Supply Vessels (PSV). The order, valued at ₹1032.07 Crore including GST, is to be executed within 48 months from the Notice of Acceptance (NOA). This contract is in the ordinary course of GRSE's business and is with a domestic listed entity.
- 2026-07-30 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited received a Notification of Award on July 30, 2026, from Oil and Natural Gas Corporation Limited (ONGC) for the construction of four Platform Supply Vessels. The total value of the contract is ₹1032.07 Crore, and the project is to be completed within 48 months from the date of the award. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_30072026153243_Corp_Ann__Receipt_of_Notification_of_Award_ONGC.pdf)
- 2026-07-29 — Press Release: Garden Reach Shipbuilders & Engineers Limited (GRSE) reported its Q1 FY27 financial results, with revenue reaching ₹1814.62 Crore, a 38.53% increase year-over-year compared to Q1 FY26. Profit After Tax (PAT) for the quarter was ₹172.84 Crore, marking a 43.83% rise from the previous year's first quarter. The company attributes its sustained growth momentum to efforts towards excellence and aims to adopt an aggressive business development strategy to secure domestic and export orders. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_29072026164608_Press_Release_for_Q1_FY_2026-27.pdf)
- 2026-07-29 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited reported its unaudited financial results for the quarter ended June 30, 2026, on July 29, 2026. The company's total income was Rs. 1,91,418.14 lakh, with a profit before tax of Rs. 23,152.61 lakh and a net profit after tax of Rs. 17,283.76 lakh. The Board of Directors approved these results during a meeting held on the same day. The statutory auditors provided a limited review report on these financial results. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_29072026134721_GRSE_-_Unaudited_Financial_Results_-_Q1_FY_26-27.pdf)
- 2026-07-21 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited submitted newspaper clippings on July 21, 2026, to the National Stock Exchange of India Limited and BSE Limited. These clippings serve as notice for the transfer of unclaimed dividends and equity shares to the Investor Education and Protection Fund (IEPF) Account, in compliance with SEBI regulations and the IEPF Authority Rules, 2016. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_21072026122755_Submission_of_Newspaper_Clippings_IEPF.pdf)
- 2026-07-14 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited submitted a compliance certificate for Q1 FY2026-27 (April 1 to June 30, 2026) under SEBI Regulation 74(5). The Registrar and Share Transfer Agent, Alankit Assignments Limited, confirmed that no securities were received from depositories for dematerialization during this period, meaning no certificates were mutilated, cancelled, or substituted. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_14072026172025_GRSE_-_Certificate_UR_74__5__-_Q1-FY_26-27.pdf)
- 2026-07-10 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited's Board of Directors approved the appointment of M/s. Bandyopadhyaya Bhaumik & Co. as the Cost Auditor for FY 2026-27 during a meeting held on July 10, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_10072026174504_Appointment_of_Cost_Auditor_for_FY_2026-27.pdf)
- 2026-07-10 — Generic Announcement: Garden Reach Shipbuilders & Engineers Limited's Board of Directors appointed M/s. SPAN & Associates, Chartered Accountants, as the Internal Auditors for the Financial Year 2026-27. This decision was made during a board meeting held on July 10, 2026, in compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and the Companies Act, 2013. — [Official attachment](https://nsearchives.nseindia.com/corporate/GRSE_10072026173538_Intimation_of_Appointment_of_Internal_Auditor_for_FY_2026-27.pdf)

## News and market events

- 2026-09-17 — Mint: **Paras Defence, Data Patterns, BEL, HAL and more: Why are defence stocks on fire today? Check sector outlook** — Defence stocks gained on Thursday with investors focusing on long-term growth. Key players like Paras Defence and Data Patterns saw significant increases. The Defence Acquisition Council approved  ₹1.1 lakh crore in acquisitions earlier this month. — [Source](https://www.livemint.com/market/stock-market-news/paras-defence-data-patterns-bel-hal-and-more-why-are-defence-stocks-on-fire-today-check-sector-outlook-11789625005479.html)
- 2026-09-17 — BUSINESSTODAY: **Paras Defence, Apollo Micro, BEML, BEL, GRSE: Defence stocks rise up to 5% today; here's why** — BEL share price, HAL share price, BDL share price, defence stocks, Paras Defence, Apollo Micro, BEML, GRSE, defence stocks — [Source](https://www.businesstoday.in/markets/stocks/story/paras-defence-apollo-micro-beml-bel-grse-defence-stocks-rise-up-to-5-today-heres-why-556066-2026-09-17)
- 2026-09-17 — Mint: **GRSE vs Cochin Shipyard dividend comparison ahead of record date: Which defence PSU wins on yield, stock performance?** — Shares of Garden Reach Shipbuilders and Cochin Shipyard surged ahead of their dividend record date. GRSE announced an interim dividend of  ₹6.75 per share while Cochin Shipyard approved a final dividend of  ₹1.5 per share, with a record date set for September 18. — [Source](https://www.livemint.com/market/stock-market-news/grse-vs-cochin-shipyard-dividend-comparison-ahead-of-record-date-which-defence-psu-wins-on-yield-stock-performance-11789617257760.html)
- 2026-09-16 — BUSINESS: **Defence stocks slide for fifth straight session** — The Nifty India Defence index slipped 0.16% to 9,129.40 on Wednesday, extending its losing streak to a fifth consecutive session. — [Source](https://www.business-standard.com/markets/capital-market-news/defence-stocks-slide-for-fifth-straight-session-126091600510_1.html)
- 2026-09-15 — IANSLIVE.IN: **Japan minister visits Kolkata; discusses investment, defence ties with Bengal govt** — Tokyo/New Delhi, Sep 15 (IANS) Japan’s State Minister for Foreign Affairs Dr. Kunimitsu Ayano visited Kolkata and other parts of West Bengal from September 10 to 13, holding discussions with senior state government officials on strengthening Japan-India ties, promoting Japanese investment in the state and expanding people-to-people exchanges, according to a press release issued on Tuesday by Japan’s Ministry of Foreign Affairs. — [Source](https://ianslive.in/japan-minister-visits-kolkata-discusses-investment-defence-ties-with-bengal-govt--20260915103952)
- 2026-09-09 — The Hindu: **Kolkata-based GRSE launches indigenous ocean research vessel 'Sagar Manthan'** — GRSE launches 'Sagar Manthan', an ₹840-crore indigenous ocean research vessel, enhancing India's deep-sea exploration capabilities by 2028. — [Source](https://www.thehindu.com/sci-tech/energy-and-environment/kolkata-based-grse-launches-indigenous-ocean-research-vessel-sagar-manthan/article71446742.ece)
- 2026-09-09 — Economic Times: **India launches a new ocean research vessel that can explore deep-sea rare earth mineral, oil and gas exploration: Here's what GRSE's new vessel can do** — Garden Reach Shipbuilders and Engineers (GRSE) has launched a new ocean research vessel for the Ministry of Earth Sciences, with Union minister Jitendra Singh virtually launching the ship. The 89.5-metre vessel is designed for multidisciplinary oceanographic research, deep-sea exploration and seismic surveys, and will operate at depths of up to 6,000 metres while supporting scientists with laboratories and specialised equipment. — [Source](https://economictimes.indiatimes.com/news/defence/india-launches-a-new-ocean-research-vessel-that-can-explore-deep-sea-rare-earth-mineral-oil-and-gas-exploration-heres-what-grses-new-vessel-can-do/articleshow/133953882.cms)
- 2026-09-09 — MONEYCONTROL: **Trade Spotlight: How should you trade Marico, Narayana Hrudayalaya, Granules, Laurus Labs, Caplin Point, Tata Technologies, and others on September 9?** — Trade Spotlight — [Source](https://www.moneycontrol.com/news/business/markets/trade-spotlight-how-should-you-trade-marico-narayana-hrudayalaya-granules-laurus-labs-caplin-point-tata-technologies-and-others-on-september-9-14025670.html)
- 2026-09-01 — CNBC-TV18: **7 defence PSUs present ₹3,951 crore dividend cheques to Rajnath Singh for FY26** — CMDs of 7 PSUs , presented dividend cheques worth a total of ₹3,951 crore for the Government's equity shares to the Defence Minister for FY 2025-26. — [Source](https://www.cnbctv18.com/photos/market/7-defence-psus-present-rs-3951-crore-dividend-cheques-to-rajnath-singh-for-fy26-19981730.htm)
- 2026-08-31 — MONEYCONTROL: **Defence Minister Rajnath Singh to review performance of 16 DPSUs in Delhi on September 1** — defence minister, rajnath singh, dpsu — [Source](https://www.moneycontrol.com/news/india/defence-minister-rajnath-singh-to-review-performance-of-16-dpsus-in-delhi-on-september-1-14018952.html)
- 2026-08-31 — IANSLIVE.IN: **Rajnath Singh to review performance of 16 defence PSUs** — New Delhi, Aug 31 (IANS) Defence Minister Rajnath Singh will undertake the annual performance review of 16 defence public sector undertakings (DPSUs) here on Tuesday, underscoring the importance of developing new indigenous technologies and enhancing exports, according to an official statement issued on Monday. — [Source](https://ianslive.in/defence-minister-to-review-performance-of-16-defence-psus--20260831134503)
- 2026-08-24 — BUSINESSTODAY: **GRSE shares rise after Rs 2,670 crore capacity expansion plan; stock reacts** — GRSE share price, GRSE shares, GRSE, GRSE shares today, Garden Reach Shipbuilders & Engineers — [Source](https://www.businesstoday.in/markets/stocks/story/grse-shares-rise-after-rs-2670-crore-capacity-expansion-plan-stock-reacts-550878-2026-08-24)
- 2026-08-24 — Economic Times: **GRSE, YIL step up shipbuilding, defence manufacturing capacity in West Bengal** — Garden Reach Shipbuilders and Yantra India are expanding defence manufacturing capabilities. Five brownfield projects will involve investments exceeding three thousand three hundred crore rupees. These initiatives aim to boost warship construction and commercial vessel repair capacities. New facilities will incorporate advanced technologies and reduce import dependence. The expansion reflects growing confidence in West Bengal's industrial ecosystem. — [Source](https://economictimes.indiatimes.com/news/defence/grse-and-yil-boost-defence-manufacturing-in-west-bengal-with-3300-crore-investment/articleshow/133451725.cms)
- 2026-08-17 — Economic Times: **Nifty takes a breather as bulls and bears watch the next move: Analysts** — The Nifty index has reached a temporary halt following a robust upward surge, positioning itself at critical support and resistance zones. Analysts are divided in their approaches: some suggest capitalizing on price dips, while others lean towards profiting from price spikes. Notably, the Bank Nifty remains strong, indicating potential for additional growth. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/nifty-takes-a-breather-as-bulls-and-bears-watch-the-next-move-analysts/articleshow/133284227.cms)
- 2026-08-03 — Economic Times: **GRSE bags Rs 1,032 crore contract from ONGC to build four offshore support vessels** — Garden Reach Shipbuilders secured a significant Rs 1,032 crore contract from ONGC. This agreement involves the construction of four advanced Platform Supply Vessels. These vessels will feature a hybrid propulsion system and advanced battery technology. The project diversifies GRSE's portfolio into the commercial offshore vessel segment. This initiative will bolster India's indigenous shipbuilding and offshore energy infrastructure capabilities. — [Source](https://economictimes.indiatimes.com/industry/energy/power/grse-bags-rs-1032-crore-contract-from-ongc-to-build-four-offshore-support-vessels/articleshow/132826188.cms)
- 2026-07-31 — BUSINESSTODAY: **GRSE wins Rs 1,032-crore order from ONGC, stock in focus** — GRSE order win, , Garden Reach share price,  Garden Reach shares gain, Garden Reach shares rally, GRSE latest order win, Garden Reach shares shares in news, Garden Reach shares market cap, Garden Reach shares net profit, Garden Reach dividend, Garden Reach shares in focus, Garden Reach share price today — [Source](https://www.businesstoday.in/markets/stocks/story/grse-wins-rs-1032-crore-order-from-ongc-stock-in-focus-546422-2026-07-31)
- 2026-07-31 — CNBC-TV18: **Sensex Today | Stock Market Live Updates: GIFT Nifty trades 70 points higher; CLSA upgrades M&M** — Stock Market Live Updates: The Indian markets will react to the return of the AI / Chip rally after Microsoft's historic move overnight. The Nifty has managed to stay the course despite all the bad news this week and the bulls have been aiming for 24,500 on the upside. On the lower end, 24,000 will be a key level to watch. Earnings continue at their frenetic pace with more Nifty and broader market names expected today. Watch this space for all the LIVE stock market updates. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-it-infosys-banks-tata-steel-swiggy-sun-pharma-mdl-bajaj-fin-share-price-liveblog-19958369.htm)
- 2026-07-30 — BUSINESSTODAY: **GRSE share price: Garden Reach a buy post Q1 results? Why Antique cut target for defence PSU** — GRSE share price: Garden Reach a buy post Q1 results? Why Antique cut target for defence PSU — [Source](https://www.businesstoday.in/markets/stocks/story/grse-share-price-garden-reach-a-buy-post-q1-results-why-antique-cut-target-for-defence-psu-546208-2026-07-30)
- 2026-07-29 — CNBC-TV18: **Garden Reach Shipbuilders Q1 Results: Revenue growth strong at 38% but higher costs impact margins** — GRSE's balance sheet remained strong, with the debt-equity ratio at 0.014 times as of June-end, compared with 0.012 times a year ago. Net worth increased to ₹2,799.7 crore from ₹2,198.8 crore, while the current ratio improved to 1.32 times from 1.18 times. — [Source](https://www.cnbctv18.com/market/garden-reach-shipbuilders-q1-results-revenue-growth-high-costs-margins-impact-share-price-psu-19956717.htm)
- 2026-07-29 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty surges 260 points; Kaynes Tech up 12%** — Sensex Today | Stock Market LIVE Updates: We are the halfway mark of the day's trade, and the bulls look in a strong position. The markets are on the rise, and are trading on a strong footing. The Nifty up over 240 points, jumping to 24,200. The Nifty Bank index is up 400 points, rising to 57,000. Infosys, Larsen & Toubro and HUL are the top gainers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-hul-asian-paints-adani-oil-lt-grse-it-dmart-share-price-liveblog-19956206.htm)

## Business profile

**Strategic vision:** Designs and constructs naval vessels and engineering products.

### Business segments
- **Ship Division:** Designs and constructs warships such as frigates, anti-submarine warfare corvettes, fleet tankers, and landing ship tanks for the Indian Navy and international governments.
- **Engineering Division:** Produces prefabricated steel bridges of various types and deck machinery items, including anchor capstans and boat davits.
- **Engine Division:** Assembles, tests, and overhauls marine diesel engines, and manufactures naval surface guns.

### Competitive strengths
- Operates under the administrative control of the Ministry of Defence.
- Possesses capabilities in designing and constructing various types of warships.
- Has experience in manufacturing prefabricated steel bridges and marine diesel engines.

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## Freshness and sources

- Data as of: 2026-09-18
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/grse
Markdown representation: https://faxioms.com/stocks/grse?render=md