Garden Reach Shipbuilders & Engineers Ltd.

NSE: GRSE | BSE: 542011 | ASM

Mid-range Performer

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2337.70 -86.50 (-3.57%)

33.93% Fall from 52W High

682.2K NSE+BSE Volume

NSE 28 Aug, 2025 3:31 PM (IST)

26,778.8

Market Cap

Above industry Median

1.5

Beta 1Year

Very High Volatility

Garden Reach Shipbuilders & Engineers Ltd. share price target and research reports

Name: Latest research reports of Garden Reach Shipbuilders & Engineers Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Garden Reach Shipbuilders & Engineers Ltd.
Rating: 1
Author: ICICI Securities Limited

Latest analyst research reports with target prices and PDF download for GRSE, BSE:542011 Garden Reach Shipbuilders & Engineers Ltd.

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Garden Reach Shipbuilders & Engineers Ltd.

15 Aug 2024

2337.70

-3.57%

Impressive growth in store, but it is all in the price

Sell: Garden Reach Shipbuilders ...

ICICI Securities Limited

We attended the Q1FY25 concall of Garden Reach Shipbuilders (GRSE). Orderbook at end-Q1FY25 was INR 252.3bn, four major contracts worth INR 15-16bn.

Garden Reach Shipbuilders & Engineers Ltd. is trading above its 200 day SMA of 2029.1

Garden Reach Shipbuilders & Engineers Ltd.

23 Aug 2023

2337.70

-3.57%

Upside capped

Sell: Garden Reach Shipbuilders ...

Target

ICICI Securities Limited

Garden Reach Shipbuilders’ (GRSE) Q1FY24 performance was boosted by P-17A frigates project entering the peak revenue booking phase. Key points: 1) revenue was up 30.4% YoY while EBITDA rose 37.6% YoY; 2) orderbook as at Jun’23-end was at INR 245.5bn, implying orderbook/revenue at 8.96x; 3) an order worth INR 2.5bn for Naval guns from Indian Navy was received; and 4) company subcontracted part of its orderbook to L&T for speedy execution.

Number of FII/FPI investors increased from 108 to 162 in Jun 2025 qtr.

Garden Reach Shipbuilders & Engineers Ltd.

31 May 2023

2337.70

-3.57%

Earnings at risk of peaking out by FY26E

Sell: Garden Reach Shipbuilders ...

ICICI Securities Limited

We attended the analyst concall organised by Garden Reach Shipbuilders & Engineers’ (GRSE) to discuss the company’s Q4FY23 performance and outlook on the future.

Garden Reach Shipbuilders & Engineers Ltd. has gained 78.46% in the last 6 Months

Garden Reach Shipbuilders & Engineers Ltd.

25 May 2023

2337.70

-3.57%

Earnings outlook hazy...

Sell: Garden Reach Shipbuilders ...

Target

ICICI Securities Limited

Garden Reach Shipbuilders & Engineers’ (GRSE) Q4FY23 EBITDA performance was below street estimates by ~50.5%. Key highlights: 1) revenues rose 10.7% YoY largely on the back of delivery of two ships (cargo-cum-ferry vessel for the government of Guyana and fast patrol vessel {FPV} for Indian Coast Guard), and P-17A advanced frigates entering their peak billing phase.

Number of FII/FPI investors increased from 108 to 162 in Jun 2025 qtr.

Garden Reach Shipbuilders & Engineers Ltd.

03 Apr 2023

2337.70

-3.57%

Data Patterns Ltd.

Hold: Garden Reach Shipbuilders ...

ICICI Direct

Number of FII/FPI investors increased from 108 to 162 in Jun 2025 qtr.

Garden Reach Shipbuilders & Engineers Ltd.

24 Feb 2023

2337.70

-3.57%

Garden Reach Shipbuilders & Engineers | Management Meet Note

Not Rated: Garden Reach Shipbuilders ...

Edelweiss

On a steady course; guidance maintained.

Garden Reach Shipbuilders & Engineers Ltd. is trading above its 200 day SMA of 2029.1

Garden Reach Shipbuilders & Engineers Ltd.

24 Feb 2023

2337.70

-3.57%

Earnings outlook nebulous

Sell: Garden Reach Shipbuilders ...

ICICI Securities Limited

We attended the analyst meet organised by Garden Reach Shipbuilders & Engineers’ (GRSE) to discuss its Q3FY23 performance and outlook. Key highlights: 1) Management sees benefits from the ongoing fleet expansion drive in defence; 2) EBITDA margin during the quarter was lower due to all the recent orders coming via competitive bidding.

Garden Reach Shipbuilders & Engineers Ltd. has gained 31.50% in the last 1 Year

Garden Reach Shipbuilders & Engineers Ltd.

12 Feb 2023

2337.70

-3.57%

Earnings outlook hazy

Sell: Garden Reach Shipbuilders ...

Target

ICICI Securities Limited

Garden Reach Shipbuilders & Engineers’ (GRSE) Q3FY23 performance was a mixed bag. Key highlights: 1) revenues grew 44% YoY largely on the back of P- 17A advanced frigates, which have entered their peak revenue generation phase; 2) EBITDA was down 10% YoY at Rs469mn due to higher ‘other expenses’; 3) ‘other income’ rose 14.6% YoY to Rs.502mn mainly due to higher advances.

Garden Reach Shipbuilders & Engineers Ltd. is trading below its 30 day SMA of 2571.7

Garden Reach Shipbuilders & Engineers Ltd.

11 Jan 2023

2337.70

-3.57%

Gujarat Fluorochemicals

Buy: Garden Reach Shipbuilders ...

ICICI Direct

Garden Reach Shipbuilders & Engineers Ltd. is trading below its 30 day SMA of 2571.7

Garden Reach Shipbuilders & Engineers Ltd.

16 Nov 2022

2337.70

-3.57%

Earnings expected to peak out in FY25

Sell: Garden Reach Shipbuilders ...

Recommendation Target

ICICI Securities Limited

Garden Reach Shipbuilders & Engineers’ (GRSE) Q2FY23 performance missed consensus estimates. Key highlights: 1) EBITDA was down 12% YoY at Rs483mn despite higher gross margin owing to sub-contracting expenses shooting up 52% YoY.

Garden Reach Shipbuilders & Engineers Ltd. has gained 31.50% in the last 1 Year

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