GRSE Share Price Today, 28 November 2025: Garden Reach Shipbuilders Stock Edges Higher on Strong Q2 Earnings and Defence Theme

Garden Reach Shipbuilders & Engineers Ltd (GRSE) traded higher on Friday, 28 November 2025, extending this week’s recovery in defence PSU names as investors weighed strong recent earnings against still‑rich valuations.

On the NSE, GRSE was quoted around ₹2,830 by late morning, up roughly 1.6% from Thursday’s close of ₹2,785.30. ^[1] End‑of‑day data later showed the stock settling near ₹2,831, with a day’s range between ₹2,781.20 and ₹2,864.00 on volumes of just over 1 million shares. ^[2]

At current levels, the Kolkata-based defence shipyard commands a market capitalisation of about ₹32,300–₹32,400 crore and trades near 52.5x trailing earnings and 15x book value, with a modest dividend yield of about 0.5%. ^[3]

GRSE share price today: snapshot for 28 November 2025

Key market metrics as of Friday’s session:

Last traded price (NSE): ~₹2,830, up 1.61% vs previous close of ₹2,785.30 (data as of 11:01 am IST). ^[4]
Intraday range: High ₹2,864.00, low ₹2,781.20; closing price around ₹2,831.00 with volume of about 1.01 million shares. ^[5]
Short-term returns: 1‑day ~1.6%, 1‑week ~0.5%, 1‑month ~10%, 3‑month ~21%. ^[6]
Longer-term returns: Around 64–65% over 1 year, and well over 1,300% over 5 years, reflecting the multi‑year re‑rating of defence PSUs. ^[7]
52‑week range: From roughly ₹1,185 to ₹3,538, keeping the stock about 20% below its recent peak but still many multiples above its 52‑week low. ^[8]
Valuation & quality: Trailing P/E ~52.5x, P/B ~15.3x, book value ~₹181–200 per share, ROE ~27–28%, and an almost debt‑free balance sheet. ^[9]

Price action over the last three sessions has been constructive: from Tuesday’s close of ₹2,757.80 to today’s ~₹2,831, GRSE has gained roughly 2.6–2.7%, trimming part of the recent pullback from all‑time highs. ^[10]

What’s moving GRSE today: the latest data points

There is no new exchange filing from GRSE on 28 November 2025 under SEBI Regulation 30, but Friday’s trade is unfolding against a dense backdrop of company‑specific updates, sector news and technical triggers through November.

1. Strong November momentum after a Q2 beat

The immediate driver of sentiment remains the Q2 FY26 earnings beat published on 6 November. Business Standard’s result coverage highlights that standalone net profit for Q2 FY26 jumped about 57% year‑on‑year to ₹153.78 crore, while revenue from operations rose ~45% YoY to ₹1,677.38 crore for the quarter ended 30 September 2025. ^[11]

Profit before tax climbed over 60% YoY to around ₹209 crore, and EBITDA grew by more than 50%, indicating that margins expanded along with topline growth. ^[12]

On a half‑year basis, GRSE’s PAT for H1 FY26 is up roughly 48% to ₹274 crore, with revenue from operations rising about 38% YoY to nearly ₹2,987 crore. ^[13]

Several research and screening platforms have since flagged GRSE’s multi‑year growth profile, citing:

Net sales rising from about ₹1,140 crore (FY21) to over ₹5,000 crore (FY25),
PAT climbing from roughly ₹110 crore to ₹527 crore over the same period, and
Profit growth around 25% CAGR over five years. ^[14]

This backdrop remains the core fundamental anchor behind today’s strength.

2. Market evaluation upgrades and technical tailwinds

On 26 November 2025, MarketsMojo reported a revision in GRSE’s evaluation to reflect stronger quality metrics, healthy sales growth, a low debt‑to‑equity profile and a string of positive quarters, noting that the stock has delivered one‑year returns north of 75% and continues to show mildly bullish technical momentum. ^[15]

The Economic Times’ technical screen also points to a fresh 14‑day moving‑average crossover buy signal, historically associated with mid‑single‑digit average gains over the following week, although such signals are probabilistic and do not guarantee outcomes. ^[16]

Taken together, these inputs help explain why GRSE continues to attract short‑term traders even after a large multi‑year run‑up.

3. Senior management change in focus

Corporate governance and leadership changes are another talking point. In a disclosure dated 24 November 2025, GRSE informed NSE and BSE that Smt. Aparajita Ghosh has been promoted from General Manager (Finance) to Chief General Manager (Finance), effective 18 November 2025, with the promotion order issued on 22 November. ^[17]

PSU Connect’s coverage notes that Ghosh is a dual‑qualified CA and cost accountant with more than two decades of experience across private and public sector entities, and has been with GRSE since 2014. ^[18]

While such changes are not typically immediate price drivers, they matter for investors tracking the company’s ability to manage a growing order book and capex cycle.

4. Fresh tenders and operational activity around 28 November

On the operational side, GRSE continues to issue and close procurement and service tenders, several of which cluster around 28 November 2025:

A tender for comprehensive advertisement activities (SCC/AJK/OT/Advertisement Activities/144/ET‑3312) in Kolkata carries a bid end date of 28 November 2025 at 12:00 pm, with an EMD of ₹1.4 lakh. ^[19]
TenderShark’s GRSE page lists active bids closing 28 November for items such as SAL and PINE wood supplies for the ORV yard and a warranty extension for the OWS of Yard 3023 (P17A), among other service contracts. ^[20]

These contracts are operational rather than strategic by themselves, but they demonstrate a steady flow of shipbuilding‑linked work and life‑cycle support — important ingredients for maintaining utilisation and margins.

5. Index inclusion and passive flows

GRSE has become increasingly embedded in thematic and broad‑market indices, which can influence passive and quant fund flows:

It is part of Nifty India Defence, with a weight of about 2.9%, according to Smart‑Investing’s index composition data. ^[21]
It also appears in Nifty 500, Nifty Smallcap 100, Nifty Smallcap 250, and momentum/quality variants such as Nifty500 Multicap Momentum Quality 50, as tracked by Screener and other data providers. ^[22]

This index presence means that sector‑level defence flows, ETF rebalancing and quant strategies can all add an extra layer of demand or supply on days like today.

Q2 FY26: what the latest results say about GRSE’s fundamentals

The Q2 FY26 print is central to the current narrative around GRSE.

Strong revenue and profit growth

According to Business Standard and exchange‑filed numbers:

Revenue from operations in Q2 FY26: ₹1,677.38 crore, up about 45.5% YoY.
Standalone PAT: ₹153.78 crore, up roughly 57% YoY vs ₹97.77 crore in Q2 FY25.
PBT: Around ₹209 crore, up over 60% YoY.
EBITDA: Approximately ₹225 crore, growing more than 50% YoY. ^[23]

Screener’s quarterly data corroborate this trend, showing sales rising from roughly ₹1,153 crore in Sep 2024 to ₹1,677 crore in Sep 2025 and net profit moving from ₹98 crore to ₹154 crore over the same period, with operating margins around 9%. ^[24]

Order book and pipeline

Several research summaries, drawing on management commentary from recent calls, place GRSE’s order book near ₹20,200 crore as of end‑September 2025 and refer to a future opportunity pipeline of about ₹1.5 lakh crore, spanning naval platforms, auxiliary vessels and potential export orders. ^[25]

Though the company has not published fresh order‑book numbers on 28 November itself, investors watching today’s move are effectively pricing the stock as a high‑visibility, multi‑year execution story rather than a simple cyclical trade.

Dividend, capital allocation and balance sheet strength

GRSE continues to pair growth with shareholder payouts and a conservative balance sheet.

Interim dividend in November

Ahead of today’s session, the stock went ex‑dividend on 11 November 2025 for an interim dividend of ₹5.75 per share, as highlighted in HDFC Sky and exchange notices. ^[26]

At current prices, that interim payout works out to a small sub‑1% yield, but ET data show GRSE’s overall dividend yield at about 0.5% with a history of roughly 30% payout ratio, consistent with management’s preference to reinvest most earnings into growth while still sharing a slice with shareholders. ^[27]

Virtually debt‑free balance sheet

Both ET and Screener emphasise that GRSE is effectively debt‑free, with total debt‑to‑equity near 0x, interest costs under 1% of operating revenue, and ROE in the mid‑20s for FY25. ^[28]

This matters because a defence shipyard’s order book can be large relative to its net worth; the ability to fund working capital, capex and potential new shipyard projects without straining the balance sheet is a key part of the bullish thesis that underlies today’s expensive multiples.

Valuation check: a high‑quality stock at a high price

The central debate around GRSE on 28 November is not whether the company is executing well – the numbers suggest it is – but how much of that success is already in the price.

Rich multiples vs sector peers

At today’s ~₹2,830 level, GRSE trades at: ^[29]

P/E ~52.5x trailing earnings,
P/B ~15x, and
Market‑cap‑to‑sales ~3.8x FY25 revenue.

These are elevated even by defence‑PSU standards and significantly above the broader market, which is why multiple commentaries this month have listed GRSE among capex and defence PSUs that have corrected from recent highs but still trade at demanding valuations. ^[30]

FII profit‑taking amid valuation concerns

An Economic Times deep‑dive on 18 November 2025 showed that foreign institutional investors (FIIs) reduced their stake in GRSE from 5.33% to 3.26% in the September quarter – the steepest FII pullback among Nifty India Defence constituents. ^[31]

The article attributes this to valuation worries and slower‑than‑expected emergency order inflows, even as mutual funds increased their holdings across much of the defence basket. ^[32]

For traders watching the tape on 28 November, this creates a tension:

Strong fundamentals and index inclusion attract domestic money and retail interest.
High valuations and FII selling cap the upside and can amplify volatility on negative news or weak sessions.

Sector backdrop: defence story is intact, but expectations are high

GRSE sits squarely inside India’s defence and shipbuilding super‑theme:

The government’s focus on indigenisation, exports and large naval programmes continues to underpin long‑term demand for warships, patrol vessels and auxiliary craft. ^[33]
The Nifty India Defence index has cooled off, correcting roughly 20–22% from its peak, even as select names such as GRSE still show healthy 6‑ to 12‑month returns, underscoring a shift from broad‑based euphoria to more selective stock‑picking. ^[34]

In this context, today’s modest rise in GRSE is less about a new story emerging on 28 November and more about the market re‑balancing between growth, quality, and valuation inside a crowded theme.

Key factors to watch after today’s move

For readers tracking GRSE beyond today’s tick‑by‑tick action, several medium‑term drivers stand out:

Order book execution and margin profile
With a reported order book of roughly ₹20,200 crore and a large opportunity pipeline, investors will be watching how quickly GRSE converts this into revenue without sacrificing margins, especially as labour and subcontracting costs rise. ^[35]
New shipyard MoU in Andhra Pradesh
In mid‑November, GRSE signed a non‑binding MoU with the Andhra Pradesh Maritime Board for a greenfield shipyard project, signalling intent to expand capacity and geographic footprint. ^[36]
Leadership and finance function depth
The promotion of Aparajita Ghosh as CGM (Finance), together with the earlier selection of Niranjan Bhalerao (currently ED Finance at IOCL) for the Director (Finance) role at GRSE, suggests a deliberate strengthening of the finance bench ahead of a heavier execution cycle. ^[37]
Flows from FIIs, MFs and passive funds
- FIIs have trimmed stakes recently, citing valuations. ^[38]
- Mutual funds and retail participation remain robust. ^[39]
- Index weight in Nifty India Defence and broader indices ties GRSE’s fate partly to sector‑wide sentiment.
Policy and budget signals
Any shift in defence capital allocation, export policy, or indigenisation rules over the coming Union Budget and defence procurement cycles could quickly feed into GRSE’s order book visibility.

Bottom line: how to read GRSE’s move on 28 November 2025

On 28 November 2025, GRSE’s share price is grinding higher rather than exploding, consolidating a sharp multi‑month rally on the back of:

Strong Q2 FY26 growth in revenue and profit,
A fat, long‑duration order book,
A near debt‑free balance sheet with high returns on equity, and
Steadily improving technical and index positioning. ^[40]

The flip side is clear:

Valuations are demanding,
FIIs have recently booked profits, and
The broader defence basket is in a phase of consolidation, not euphoria. ^[41]

For now, GRSE on 28 November looks like a high‑quality but fully‑priced defence PSU, where near‑term returns may depend more on flows and sentiment than on incremental news — while the long‑term story remains anchored in execution of ships already on the drawing board.

GRSE 🚢 Set for a Strong FY? | Defence Stock Alert! #shorts