GRSE share price today

Garden Reach Shipbuilders & Engineers Ltd's share price was ₹2,135.70 at the close on 6 November 2026. It has been falling for 5 weeks. That is 12.6% below its average price over the last 200 trading days. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 22 weeks running.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Garden Reach Shipbuilders & Engineers Ltd is in stage 4. The phase helps read everything below.

In the last 52 weeks it traded between ₹1,861 and ₹3,058, and at that close it sat 23% of the way up from that low.

Over the last 8.1 years the share price moved +2,006% while the NIFTY 500 moved +150%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 19 June 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹1,815 crore, +38.5% on a year earlier.

   Why: Revenue rose because the company executed more shipbuilding work, with naval ships being commissioned and handed over.

   Next results: check whether the delayed NGC contract is signed and starts bringing in money.

   From the earnings call on 6 Aug 2026.

2. Profit up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter profit was ₹173 crore, +44.2% on a year earlier.

   Why: Profit rose because other expenses were lower: this quarter had no ship commissioning work, unlike the prior quarter's three-ship phase.

   Next results: check if the final P17 Alpha ship and the remaining ASW-SWC ships are delivered on time.

   From the earnings call on 6 Aug 2026.

GRSE paid ₹19.60 a share in regular dividends in the 12 months to 7 November 2026 (3 payments), a yield of 0.92% at the ₹2,135.70 close on 6 November 2026. The last was a dividend of ₹6.70 a share, ex-date 18 September 2026.

GRSE dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Garden Reach Shipbuilders & Engineers Ltd paid out 27% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 7 November 2026.

For April to June 2026 (the quarter ended 30 June 2026), GRSE reported revenue of ₹1,815 crore, up 38.5% from ₹1,310 crore a year earlier, and a profit of ₹173 crore, up 44.2% from ₹120 crore.

GRSE results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

GRSE's management discussed these results on a call held on 6 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

GRSE closed at ₹2,135.70 on 6 November 2026, down 17.0% from ₹2,574.10 a year earlier (7 November 2025) and up 713.6% over five years. Its highest weekly close since October 2018 was ₹3,287.60 on 20 June 2025.

GRSE share price: then and now

Weekly closing prices. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

428 weekly closes from 12 October 2018 to 6 November 2026.

6 Nov 2026: GRSE closed at ₹2,135.70, up 9.9% on the week and up 4.4% on the month. 18 Sep 2026: ex-date for a dividend of ₹6.70 a share.

Earlier

• 6 Aug 2026: GRSE held its results call for April to June 2026. Management guided: NGC contract expected during the current quarter; revenue recognition begins FY28, first delivery after five years and completion by FY34-35 if signed now.
• Results for April to June 2026: Revenue up 38.5% and profit up 44.2% on a year earlier.
• Our read, 27 Jun 2026: GRSE delivered 8 warships in FY26 including an unprecedented 3-vessel same-day delivery, growing revenue to ₹7,002 crore (+38% on a year earlier) and profit to ₹748 crore (+42% on a year earlier).
• 3 Feb 2026: ex-date for an interim dividend of ₹7.15 a share.
• 11 Nov 2025: ex-date for an interim dividend of ₹5.75 a share.

Our read of the business

GRSE delivered 8 warships in FY26 including an unprecedented 3-vessel same-day delivery, growing revenue to ₹7,002 crore (+38% on a year earlier) and profit to ₹748 crore (+42% on a year earlier).

Latest quarter: Record year completed, operating margin at cycle highs, order book at 5-year lows.

Our read after the latest results, written 27 June 2026.

On the call for April to June 2026, held on 6 August 2026, GRSE's management guided: NGC contract expected during the current quarter; revenue recognition begins FY28, first delivery after five years and completion by FY34-35 if signed now.

“With the creation of these two facilities, we intend to completely eliminate this capacity constraint, and we will have the capability to build 43 platforms.”Commodore P R Hari, on the call for April to June 2026

What management guided

• Current-quarter execution expected to be replicable; final P17 Alpha ship by November and remaining ASW-SWC ships during FY27.
• NGOPV second ship launch on the 11th of this month, third/fourth launches in Q3/January to March 2027; deliveries begin July to September 2027 and finish July to September 2028.
• West Bengal ferry project: two deliveries in September and October, balance by April 2027.
• Concurrent capacity to 32 platforms by calendar year-end; capital spending about ₹200 crore for Kolkata basins, ₹2,200 crore Rajabagan and ₹2,000 crore West Coast; operations in 3-5 years.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 6 August 2026.

What is changing at GRSE, from the latest results and calls: ngc contract signing and revenue ramp, p17 alpha completion and delivery revenue and ₹1.5 lakh crore rfp pipeline.

• NGC Contract Signing and Revenue Ramp. Revenue recognition commencing H2 FY28 at 3-5% per year = ₹1,000-1,650 crore/year from 2028-2034. ⚠ estimate
• ₹1.5 lakh Crore RFP Pipeline. Seven projects with AoN approved totalling ₹1.5 lakh crore, P17 Bravo (₹70,000 crore), MCMV (₹32,000 crore), LPD (₹35,500 crore), with RFPs expected Q1-July to September 2026. ⚠ estimate
• Capacity Expansion to 32 Platforms. Concurrent platform capacity expanding from 28 to 32 by end of calendar 2026 through brownfield modernisation, unlocking capacity to bid on larger programmes simultaneously. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 27 June 2026.

Current order book ₹15,324 crore (first time below ₹20,000 crore in 5 years) as of January to March 2026. Non-defence orders represent 22.5% of order book (approximately ₹3,447 crore)

• Non-defence orders 22.5% of order book. Export revenue crossed ₹270 crore in FY26 across shipbuilding (German MPVs, Bangladesh training vessel), naval guns, and bridges. ✓ fact

Our read after the latest results, written 27 June 2026.

NGC contract signing slips beyond July to September 2026, or the contract value is revised materially below ₹30,000 crore, either event would delay the FY28 revenue ramp and leave a gap between P17 Alpha completion and NGC commencement.

Each change stops working if

• NGC Contract Signing and Revenue Ramp: NGC contract signing slips beyond July to September 2026, or the contract value is revised materially below ₹30,000 crore, either event would delay the FY28 revenue ramp and leave a gap between P17 Alpha completion and NGC commencement.
• P17 Alpha Completion and Delivery Revenue: Delivery slippage of both remaining P17 Alpha ships beyond December 2026 would compress the FY27 revenue and create a gap quarter before the NGC pipeline lands.
• ₹1.5 lakh Crore RFP Pipeline: Government defence budget curtailment causes broad RFP postponements beyond 12-18 months, a parliamentary committee report flagged shipbuilding allocations declining from ₹42,000 crore to ₹18,900 crore projected, though management disputes the interpretation as a fund-flow timing issue rather than a programme reduction.

The main risks

• FY28 Revenue Plateau and Order Book Gap: P17 Alpha completes mid-2026, NGC revenue recognition commences H2 FY28, a 12-18 month window where revenue growth may stall if RFP-to-contract conversions are delayed. ✓ fact
• NGC Contract Signing Delay: NGC contract has already slipped 3 times: December 2025 (May 2025 guide) → January to March 2026 (Aug 2025) → April to June 2026 (current); each slip delays revenue commencement by 1 quarter. ✓ fact
• Structural operating cash flow Weakness and Other Income Dependency: 3-year operating cash flow/profit aggregate -0.6x; other income averaging ₹70-80 crore per quarter constitutes 33-65% of profit before tax in lower-margin quarters, reported profit is structurally higher than operating cash generation. ✓ fact

Our read after the latest results, written 27 June 2026.

When GRSE reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: NGC contract signing - verify award closure and whether the first recognition phase begins as outlined.

GRSE is on 2 of our India lists: Small & mid cap stocks and Defence stocks.

Garden Reach Shipbuilders & Engineers Ltd earned ₹173 Cr of net profit in the Jun 2026 quarter, +44.2% on the same quarter a year earlier. That is the 12th quarter in a row of profit growth. Full-year FY26 profit was ₹748 Cr. Over 10 years profit has grown 16.4% a year on average. That is 9.5% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹120 Cr.

For the full year, FY26 profit was ₹748 Cr (+41.9% on the year before).

Why profit moved: revenue changed +38.5% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +50.0% and revenue +40.5%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Garden Reach Shipbuilders & Engineers Ltd reported ₹1,815 Cr of revenue in the Jun 2026 quarter, +38.5% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 15.5% a year on average. The last full year, FY26, came in at ₹7,002 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹7,507 Cr.

FY26 revenue was ₹7,002 Cr, +37.9% on the year before.

Recent pace: the last four quarters grew +40.5% on average, against 15.5% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +39.6%, against +39.7% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +43.0%, against +47.5% a year (rolling over).

Garden Reach Shipbuilders & Engineers Ltd's operating margin was 8.0% in the Jun 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between −17.0% and 11.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The NGC (Next Generation Corvette) project is the pivotal inflection for GRSE's post-FY27 revenue trajectory. Management confirmed price negotiations completed as of the Q1 FY27 call (May 2026), and formal contract signing expected in Q1 FY27. Project economics: 65% equipment (55-60% electronics from BEL, 40-45% machinery/steel), 35% labor and yard effort. Revenue recognition expected to commence H2 FY28 at 3-5% of contract value per year in the early phases, ramping as platform construction progresses. This single contract would take order book from Rs 15,324 crore to approximately Rs 48,000 crore.

Why the margin moved: operating margin changed −0.3 percentage points on the year while gross margin changed −18.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

Over the last 3 years Garden Reach Shipbuilders & Engineers Ltd's operations used more cash than they brought in, so cash conversion was −60%, a gap worth watching. In FY26 its operations used ₹290 Cr of cash, against ₹748 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹106 Cr of spending on assets, free cash was −₹396 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason.

What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building.

Garden Reach Shipbuilders & Engineers Ltd's customer, stock and supplier day counts come out in the thousands of days on sales this small (₹7,002 Cr in FY26), so no cash-cycle chart is drawn and this section looks at its spending on assets instead. It spent ₹218 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Averaged over those years that is 1.0% of FY26 revenue a year.

Spending on assets: ₹218 Cr over the last 3 years, against ₹132 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹24.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Garden Reach Shipbuilders & Engineers Ltd's P/E is 30.5×, in the middle of its own history: higher than 61% of past readings. Its usual P/E (the middle reading) is 22.4×, over 8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +41.8% while the price moved −17.0%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved +52.1% a year; about +32.7% a year came from earnings growth and about +19.4 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Garden Reach Shipbuilders & Engineers Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +60.0% at its peak to +43.0%, but the business is still expanding, with ROCE rising at 43.6%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Garden Reach Shipbuilders & Engineers Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: PEAK CYCLE MID EXPANSION.

NOT YET CHECKED

From the numbers. The compression is earnings-driven: EPS has doubled from 46 in FY25 to 65 in FY26 while the price corrected. The…

From the price. Price stage 4, week 5, below its 200-day line, relative strength falling.

Where they disagree. The compression is earnings-driven: EPS has doubled from 46 in FY25 to 65 in FY26 while the price corrected. The surface read looks like a maturing multiple with earnings support. FIIs increased from 3.26% to 5.33% in Jun 2025 (peak) before settling to 3.51% in Mar 2026, institutional stake-building has been range-bound, not…

The test written in advance. FY28 Revenue Plateau and Order Book Gap. Measured by: FY28 Revenue Plateau and Order Book Gap by the next result.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The research reads it further: OPM 16.8% is at the 97th percentile of the 8-year trailing history (range approximately -37% to +17%). The mean is 6.1%. Project-based shipbuilding OPM is inherently cyclical, it peaks during the advanced construction and equipment installation phase (the final 20-30% of physical progress) and troughs during the early planning and hull-laying phases. The Q4 FY26 spike reflects 8 warships at advanced stages simultaneously, a configuration that occurs perhaps once per decade.

What the surface reading misses. The surface reading is: Negative OCF signals poor earnings quality, PAT may be overstated. The research reads it further: The OCF weakness is structural to PSU shipbuilding, not an accrual signal. GRSE collects large advance payments from MoD at contract inception (approximately 30-40% of contract value), which are classified as advances received and reduce the cash flow statement's WC build. As ships are built, WC builds (inventory and WIP), consuming cash. The net OCF/PAT is negative in years of strong revenue growth because new project ramps consume more cash than maturing projects release. This is the opposite of a typical manufacturing business where OCF follows PAT.

• 1 · Operating leveragebuilding
• 2 · Value-added mixbuilding
• 3 · Management changebuilding
• 4 · Paying down debtbuilding
• 5 · Regulatory approvalbuilding
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 2 · Value-added mix: building. P17 Alpha remains the primary revenue engine through mid-2026 to 2 ships remaining at 74% and 56% progress, converting to revenue as construction peaks and deliveries occur. What proves it keeps working: P17 Alpha Completion and Delivery Revenue. It stops working if Delivery slippage of both remaining P17 Alpha ships beyond December 2026 would compress the FY27 revenue and create a gap quarter before the NGC pipeline lands.

Lever 3 · Management change: building. Seven projects with AoN approved totalling Rs 1.5 lakh crore, P17 Bravo (Rs 70,000 crore), MCMV (Rs 32,000 crore), LPD (Rs 35,500 crore), with RFPs expected Q1-Q2 FY27. What proves it keeps working: Rs 1.5 Lakh Crore RFP Pipeline.

Lever 4 · Paying down debt: building. Concurrent platform capacity expanding from 28 to 32 by end of calendar 2026 through brownfield modernisation, unlocking capacity to bid on larger programmes simultaneously. What proves it keeps working: Capacity Expansion to 32 Platforms. It stops working if Greenfield facility DPR process takes beyond 3 years to translate into production capacity, a risk already flagged by a timeline slip from 'acquire within 1 year' (Aug 2025 guidance) to 'DPR in progress' (Nov 2025 update).

Sources: our stock research file (27 June 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Garden Reach Shipbuilders & Engineers Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Next-Generation Corvette Contract Slippage · 6 August 2026. In May 2026, management expected the contract to be signed during June, but in August 2026 it moved the expected signing to the current quarter after acknowledging a delay. Management did not identify what caused the slippage, which changes the timing of a major order previously expected imminently.

Research Vessel Progress Reversal · 6 August 2026. The May 2026 call reported approximately 50% construction progress for the ocean research vessel and nearly 20% for the acoustic research ship. In August 2026, management reported only approximately 20% and 12% progress, respectively, without explaining the apparent reversal in reported physical progress.

ASW Project Completion Delay · 11 November 2025. Management consistently guided in both May 2025 and August 2025 that the entire Anti-Submarine Warfare Shallow Water Craft project would be completed by the end of calendar year 2026. However, in the November 2025 call, a new delivery goal for ships 4 and 5 into H1 2027 was revealed, contradicting the established overall project completion date and indicating a material, unexplained schedule slip. Earlier call (Aug 2025): “by the end of next calendar year, that is by end of 2026, we will be completing this project by delivering the balance ships.” Earlier call (May 2025): “all the ships of these projects will be delivered during calendar year 2026.” Later call (Nov 2025): “The fourth and fifth ship.we are targeting delivery of both these ships during the first half of 2027.”

Greenfield Shipyard Timeline Slowdown · 11 November 2025. In the August 2025 call, management set an aggressive timeline for its major greenfield expansion, stating they would 'conclude the negotiations and acquire' the facility within a year. This was significantly walked back in the November 2025 call to a plan where it will take 'about a year' just to put the prepared DPR 'into action,' indicating a material and unexplained delay in this key strategic project. Earlier call (Aug 2025): “within a year, we will conclude the negotiations and acquire this facility.” Later call (Nov 2025): “The DPR fabrication is currently in progress. maybe in about a year, we will be able to put the DPR report into action with respect to implementation.”

Every quote above is taken word for word from the company’s own earnings calls.

Garden Reach Shipbuilders & Engineers Ltd earned a ROCE of 43% in FY26. That is up from a low of 3% in FY17. Its return on capital used (ROIC) is 8.6 percentage points above its cost of capital, so growth here adds value, not just size.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 10.7% net margin and 0.66× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 10.7% net margin × 0.66× asset turnover × 4.05× leverage (assets divided by equity) ≈ 28.6% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 20.6% − 12.0% = +8.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value.