Garden Reach Shipbuilders & Engineers Limited (GRSE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-26.4%

₹1,592.47

vs ₹2,165.00 price

Levered DCF

₹446.36

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	30.22×	36.73×	25.89×	22.87×	13.7×	13.79×	9.57×	10.52×
P/B	8.61×	9.32×	5.53×	3.69×	2.06×	1.86×	1.5×	1.11×
P/S	3.23×	3.82×	2.58×	2.05×	1.49×	1.87×	1.1×	0.84×
EV / EBITDA	17.99×	25.63×	17.44×	15.72×	8.83×	8.92×	3.29×	5.53×
Gross margin	12.8%	20.7%	22.6%	24.2%	31.3%	45.9%	37.9%	37.0%
Operating margin	10.7%	8.2%	5.9%	5.0%	6.4%	5.4%	0.5%	1.6%
Net margin	10.7%	10.4%	10.0%	9.0%	10.9%	13.5%	11.5%	8.0%
Current ratio	1.23×	1.17×	1.12×	1.08×	0.93×	0.99×	1.13×	1.16×
Debt / equity	0.01×	0×	0.04×	0.22×	0.01×	0×	0×	0×
Interest coverage	46.31×	97.09×	16.71×	18.53×	61.76×	22.71×	2.69×	11.31×
Dividend yield	0.9%	0.6%	1.1%	1.4%	2.7%	2.8%	9.6%	7.5%
Payout ratio	27.3%	22.6%	27.6%	31.9%	36.9%	39.2%	91.6%	78.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	28.5%	25.4%	21.3%	16.1%	15.1%	13.5%	15.7%	10.6%
Return on invested capital	20.0%	14.2%	8.5%	5.1%	6.0%	3.7%	-0.2%	1.2%
Return on assets	7.0%	5.1%	3.5%	2.1%	2.5%	2.3%	3.0%	2.6%
Free cash flow yield	-0.6%	-0.3%	-8.2%	27.0%	-15.8%	16.6%	35.8%	-14.2%
Earnings yield	3.3%	2.7%	3.9%	4.4%	7.3%	7.2%	10.4%	9.5%
Enterprise value	₹192.5B	₹193.8B	₹93.1B	₹55.1B	₹26B	₹21.1B	₹8.4B	₹11.5B
Net debt / EBITDA	-3.13×	0.01×	0.11×	0.85×	0.01×	-0.02×	-2.84×	-0.04×
Cash conversion cycle (days)	158	237	422	349	282	86	125	135