Today we discuss a new stock that has potential to become a multibagger share in upcoming time. Here, we explore GRSE share Price Target , GRSE Order Book & Fundamental analysis.
Garden Reach Shipbuilders & Engineers Ltd is a leading shipbuilding company in India, functioning under the Ministry of Defense. Mainly serving the shipbuilding needs of the Indian Navy and the Indian Coast Guard.
GRSE is a profitable and diversified shipyard, being the first in the country to export warships and having successfully delivered 100 warships to the Indian Navy and Indian Coast Guard.
Garden Reach Shipbuilders & Engineers Brief Info
Contents
GRSE was established in 1884 as a small workshop to repair vessels of River Steam Navigation Company. After that in 1934, It was registered under the Indian Companies Act, 1913 and started its new journey as Garden Reach Workshops (GRW) Limited. The Company was taken over by the Government of India in 1960.
| Company Name | Garden Reach Shipbuilders & Engineers Ltd |
| Founded in | 1884 |
| Number of employees | 1000 |
| Subsidiaries | Rajabagan Dockyard |
| Official Website | grse.in |
| Address | GRSE Bhavan, 61, Garden Reach Road, Kolkata – 700 024, West Bengal, India |
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GRSE Business
GRSE has developed more than 785 platforms and delivered 108 warships for the Indian Navy, Indian Coast Guard, and international clients. It has built warships, including frigates, anti-submarine warfare corvettes, fleet tankers, and landing ship tanks (large).
Company provides commercial & defense ship repair services. Its engineering products include prefabricated steel bridges and various deck machinery items. GRSE is actively involved in engine production and other engineering activities, including the assembly, testing, and overhauling of MTU diesel engines, as well as the manufacturing of diesel alternators.
GRSE Product
- Frigate
- Missile Corvette
- Anti Submarine Warfare Corvette
- Fleet Replenishment Tanker
- Landing Ship Tank
- Landing Craft Utility
- Survey Vessel
- Offshore Patrol Vessel
- Next Generation Offshore Patrol Vessel
- Anti-Submarine Warfare Shallow Water Craft
- Fast Attack Craft
- Inshore Patrol Vessels and Fast Patrol Vessel
- New Generation Electric Ferry
- Ocean Going Passenger & Cargo Ferry Vessel
- Hover Craft
- Fast Interceptor Boat
GRSE Revenue Breakdown
Shipbuilding Segment (89% of revenues)
Company collect 89% of the total revenue from Shipbuilding segment. The majority of GRSE’s manufactured products are supplied to central and state governments, as well as entities owned and controlled by the government, including the Indian Navy and the Indian Coast Guard.
The shipbuilding division of GRSE focuses on constructing vessels for clients operating in the defense sector of the shipping industry. Company developed various types of vessels, including frigates, missile corvettes, anti-submarine warfare corvettes, survey vessels, offshore patrol vessels, and more.
Engineering Division (less than 1% of revenues)
Company get less than 1% revenues from Engineering Division. The engineering division of the GRSE specializes in manufacturing portable bridges, deck machinery items, and marine pumps. It was primarily design to develop the indigenize sophisticated deck machinery items.
The company operates two facilities: the 61 Park Unit in Kolkata, which produces portable steel bridges, and the Taratala Unit in Kolkata, dedicated to manufacturing deck machinery items.
Diesel Engine Segment (3% of revenues)
Company’s Diesel Engine Segment contributes 3% of Total revenues. The company’s Diesel Engine Plant in Ranchi focuses on testing and overhauling marine propulsion engines, as well as assembling semi-knocked down units of diesel engines.
The company holds a license agreement with MTU Germany for the semi-knocked down assembly of MTU 12V/16V 4000M90 engines and the manufacturing of specific engine components.
Other Income (7% of revenues) – Company’s other operation contribute 7% of total revenues.
The short-term and long-term GRSE share price targets are determined by the company’s current financial year earnings.
| Year | Target 1st | Target 2nd | Target 3rd |
|---|---|---|---|
| 2024 | 960 | 1000 | 1100 |
| 2025 | 1100 | 1170 | 1250 |
| Months | Target Prices |
|---|---|
| January | 1000 |
| February | 1070 |
| March | 1020 |
| April | 970 |
| May | 1000 |
| June | 1100 |
| July | 1170 |
| August | 1150 |
| September | 1090 |
| October | 1060 |
| November | 1100 |
| December | 1250 |
| Months | Target Prices |
|---|---|
| January | 1259 |
| February | 1162 |
| March | 990 |
| April | 1060 |
| May | 1155 |
| June | 1250 |
| July | 1156 |
| August | 1262 |
| September | 1368 |
| October | 1271 |
| November | 1474 |
| December | 1577 |
| Months | Target Prices |
|---|---|
| January | 1659 |
| February | 1762 |
| March | 1600 |
| April | 1560 |
| May | 1655 |
| June | 1750 |
| July | 1856 |
| August | 1962 |
| September | 1868 |
| October | 1971 |
| November | 2074 |
| December | 2177 |
| Months | Target Prices |
|---|---|
| January | 2259 |
| February | 2162 |
| March | 2065 |
| April | 2160 |
| May | 2255 |
| June | 2350 |
| July | 2456 |
| August | 2362 |
| September | 2268 |
| October | 2371 |
| November | 2474 |
| December | 2577 |
| Months | Target Prices |
|---|---|
| January | 2659 |
| February | 2562 |
| March | 2465 |
| April | 2560 |
| May | 2655 |
| June | 2550 |
| July | 2756 |
| August | 2862 |
| September | 2968 |
| October | 3071 |
| November | 2974 |
| December | 3177 |
| Months | Target Prices |
|---|---|
| January | 3259 |
| February | 3062 |
| March | 2965 |
| April | 3160 |
| May | 3255 |
| June | 3350 |
| July | 3470 |
| August | 3262 |
| September | 3568 |
| October | 3671 |
| November | 4874 |
| December | 4177 |
GRSE Recent Development
- Garden Reach Shipbuilders and Engineers (GRSE) Ltd achieved a remarkable milestone with the simultaneous launch of two ASWSWC warships for the Indian Navy in Kolkata on Wednesday, March 13, 2024.
- The company signed a Memorandum of Understanding (MoU) with the Border Roads Organisation (BRO) to fabricate, supply, erect, and launch an additional 30 Double-Lane Class 70 modular steel bridges in border areas. Furthermore, securing the order to domestically develop and supply ten 30 mm Naval Surface Guns for the Indian Navy marks another significant milestone.
- The commissioning of the ship MV ‘Ma Lisha,’ developed by GRSE for the Cooperative Republic of Guyana, which is a significant milestone achievement. GRSE delivered INS Sandhayak the largest survey vessel to our nation on 4 Dec 2023 and the Next Generation Electric Ferry to the West Bengal’s government on March 22, 2024.
GRSE Fundamental
| Market Cap | ₹ 10,152 Cr. |
| Current Price | ₹ 886 |
| High / Low | ₹ 975 / 444 |
| Stock P/E | 33.6 |
| Book Value | ₹ 136 |
| Dividend Yield | 0.89 % |
| ROCE | 20.3 % |
| ROE | 16.4 % |
| Face Value | ₹ 10.0 |
| Debt to equity | 0.01 |
| Debt Capacity | 0.58 |
| Debt 10Years back | ₹ 0.00 Cr. |
| Debt preceding year | ₹ 11.2 Cr. |
| Debt | ₹ 10.5 Cr. |
| Reserves | ₹ 1,449 Cr. |
| EPS | ₹ 26.3 |
| EPS last year | ₹ 19.9 |
| Pledged percentage | 0.00 % |
Quarterly Results
| June 2022 | Sep 2022 | Dec 2022 | March 2023 | June 2023 | Sep 2023 | Dec 2023 | |
|---|---|---|---|---|---|---|---|
| Sales + | 580 | 682 | 699 | 601 | 756 | 898 | 923 |
| Expenses + | 546 | 634 | 652 | 581 | 710 | 849 | 874 |
| Operating Profit | 33 | 48 | 47 | 20 | 46 | 49 | 49 |
| OPM % | 6% | 7% | 7% | 3% | 6% | 5% | 5% |
| Other Income + | 41 | 41 | 50 | 70 | 71 | 72 | 82 |
| Interest | 1 | 1 | 1 | 4 | 5 | 2 | 1 |
| Depreciation | 9 | 10 | 10 | 10 | 10 | 10 | 10 |
| Profit before tax | 64 | 79 | 86 | 76 | 102 | 107 | 119 |
| Tax % | 22% | 25% | 26% | 28% | 25% | 25% | 26% |
| Net Profit + | 50 | 59 | 64 | 55 | 77 | 81 | 88 |
| EPS in Rs | 4.38 | 5.13 | 5.58 | 4.83 | 6.69 | 7.05 | 7.70 |
CAGR Report
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 14% |
| 3 Years: | 21% |
| TTM: | 27% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 20% |
| 3 Years: | 10% |
| TTM: | 37% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 53% |
| 3 Years: | 63% |
| 1 Year: | 84% |
| Return on Equity | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 15% |
| 3 Years: | 15% |
| Last Year: | 16% |
| June 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | |
|---|---|---|---|---|---|---|---|
| Promoters + | 74.50% | 74.50% | 74.50% | 74.50% | 74.50% | 74.50% | 74.50% |
| FIIs + | 1.76% | 1.95% | 2.52% | 2.68% | 3.11% | 3.34% | 2.86% |
| DIIs + | 9.16% | 8.36% | 7.55% | 7.91% | 7.46% | 5.96% | 6.03% |
| Public + | 14.58% | 15.20% | 15.43% | 14.91% | 14.93% | 16.20% | 16.61% |
| No. of Shareholders | 37,518 | 41,460 | 60,048 | 60,638 | 68,859 | 1,08,922 | 1,17,621 |
GRSE Order Book
As of June 30 2023, the GRSE order book position amounted to Rs 24,546 crore. GRSE aims to fulfill all orders in its book by 2027. It works on four projects for the Indian Navy, comprising a total of 19 warships. These projects consist of three P17 Alpha advanced frigates, eight anti-submarine shallow watercraft, and four large survey vessels.
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