This has reference to our letter No. SECY/GRSE/BD-69/CA/25/26-27 dated 03 Sep2026 on the subject matter of 'Intimation of 110th Annual General Meeting, Book Closure andDividend'.In this regard, please find enclosed the following:a) Voting Results of the business transacted at the Annual General Meeting (AGM)of the Company held on 25 Sep 2026 as required under Regulation 44 of the SEBI(LODR) Regulations, 2015.b) The Scrutinizer's Report dated 25 Sep 2026, pursuant to Section 108 of theCompanies Act, 2013 read with Rule 20 of the Companies (Management andAdministration) Rules, 2014.This is for your information and record.
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Latest filings
NSE announcements · newest firstThe 110th Annual General Meeting of the Members of the Company was heldon Friday, 25th September, 2026 at 1030 Hrs., through Video Conferencing (VC) /Other Audio Visual Means (OAVM), in accordance with the MCA and SEBI Circulars,to transact the business as stated in the Notice dated 29th July, 2026 convening theAGM.In this regard, please find enclosed the Summary of the proceedings of the110th AGM of the Company as required under Regulation 30 read with Part A ofSchedule III of the Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations, 2015.This is for your information and record.
Pursuant to Regulation 30 of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015, we hereby informed that the Comptroller & Auditor General of India vide its letter No./CA. V/ COY/CENTRAL GOVERNMENT,GRSE(1)/ 627 dated 08 Sep 2026 has appointed M/s. S K Agrawal and Co., Chartered Accountants LLP, Kolkata as Statutory Auditor for the Company, u/s 139(5) of the Companies Act, 2013, for the financial year 2026-27. The auditor s appointment will take effect from 25 Sep 2026 i.e. on the date of the AGM of the Company. The brief profile of Statutory Auditor is placed as Annexure-I.This is for your information and record.
Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
This disclosure is in continuation to the disclosure filed by the Company on 24 Aug 2026 regarding Capacity Expansion through three new facilities including Raichak.In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we wish to inform that the Board of Directors of the Company in its 423rd meeting held today, i.e. 21 Sep 2026 has, inter-alia, approved Capital Budgetary outlay of Rs. 2896 crore for construction of a Greenfield Shipyard at Raichak for enhancing the ship building capacity of GRSE in both the Naval and Commercial segments.The Board Meeting commenced at 1430 hours and concluded at 1630 hours.
Key MetricsFull financials →
P/E (TTM)
–
EPS ₹69.89
P / Book
–
BVPS ₹229
ROE
31.8%
FY26, avg equity
Net margin
10.7%
FY26
Revenue YoY
+38.5%
Q1 FY27
Net profit YoY
+43.8%
Q1 FY27
Debt / equity
0.00×
₹0 Cr debt
Div. yield
–
no dividend in 12 months
From NSE filings (standalone) and the last close.
Shareholding Pattern Jun 2026
Promoter pledge: none reported
Peer Comparison
| Company | P/E | P/B | ROE | Margin |
|---|---|---|---|---|
| HAL₹3.21L Cr | 34.4× | 7.82× | 24.0% | 27.5% |
| BEL₹2.88L Cr | 46.8× | 11.99× | 27.6% | 22.0% |
| BDL₹41,788 Cr | 80.2× | 9.85× | 10.2% | 17.2% |
| GRSE₹26,565 Cr | 33.2× | 10.12× | 31.8% | 10.7% |
| DATAPATTNS₹24,745 Cr | 92.4× | 14.25× | 16.7% | 29.3% |
| SIGMAADV₹16,672 Cr | 102.0× | 35.59× | 87.6% | 54.5% |
Aerospace & Defense: the companies closest in market value, of the 23 in that basic industry whose filings we hold. Computed from each company's NSE filings (up to Q1 FY27) and the last close; hover a column for its definition.
Forensic Flags3 Watch
Operating cash flow was 0.06× net profit
Cumulative over FY22–FY26 (5 years).
Free cash flow was negative in 4 of the last 5 years
Operating cash flow less capital expenditure, as filed.
Receivables grew 371% against revenue growth of 38%
FY26: debtor days moved from 19 to 64.
Other income is 27% of profit before tax
FY26.
10 checks within their thresholds
Inventory grew -4% against revenue growth of 38%
FY26: inventory days moved from 255 to 177.
Debt to equity is 0.00×
As at 2026-03-31; it was 0.21× at 2023-03-31.
Profit before interest and tax covers finance costs 63.3×
FY26.
Exceptional items above 5% of pre-tax profit in 0 of the last 5 years
FY22–FY26.
Effective tax rate averaged 25%
Tax over pre-tax profit, last 3 years. The base corporate rate is about 25%.
Share count changed +0.0% in three years, net of bonuses and splits
From 2023-03-31 to 2026-03-31. Shares issued for mergers, placements, conversions and stock options all count.
Promoter holding is 74.50%, +0.00 points over a year
2026-06-30 against 2025-06-30.
No promoter shares are pledged
Shareholding pattern as at 2026-06-30.
No auditor change or resignation filings in three years
From NSE announcements on record.
Results were filed late in 0 of the last 8 quarters
Slowest filing came 44 days after the period end.
Computed from NSE filings (standalone). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice.
Formula Scores
Piotroski F-score: 6 of 9 · FY to 2026-03-31one point for each of nine tests on profitability, leverage and liquidity, and operating efficiency, comparing the year with the one before
- ✓ Return on assets positive: 7.22 — profit after tax over the year's opening total assets, %
- ✗ Operating cash flow positive: -289.7 — ₹ crore
- ✗ Cash flow above profit (accruals): -1,037.7 — operating cash flow less profit after tax, ₹ crore
- ✓ Return on assets improved: 2.08 — change in ROA, percentage points
- ✗ Long-term borrowings to assets fell: 0 — no long-term borrowings in either year; the paper scores no decrease as 0
- ✓ Current ratio improved: 0.07 — change in current assets over current liabilities
- ✓ No new shares issued: 0 — change in share capital, %
- ✓ Gross margin improved: 16.64 — revenue less material cost over revenue, change in percentage points
- ✓ Asset turnover improved: 0.181 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹748 Cr (2026-03-31) · profit after tax ₹527 Cr (2025-03-31) · total assets ₹10,636 Cr (2026-03-31) · total assets ₹10,354 Cr (2025-03-31)
The paper's bands: 8–9: the paper's high group; 0–2: the paper's low group
Source: Joseph Piotroski, "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers", Journal of Accounting Research, 2000
Altman Z-score: 3.56 · FY to 2026-03-31Z = 1.2 × working capital / total assets + 1.4 × retained earnings / total assets + 3.3 × EBIT / total assets + 0.6 × market value of equity / total liabilities + 1.0 × sales / total assets
- working capital / total assets: 0.173 × 1.2
- retained earnings / total assets: 0.236 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.096 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 3.405 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 0.658 × 1
Inputs: total assets ₹10,636 Cr (2026-03-31) · current assets ₹9,697 Cr (2026-03-31) · current liabilities ₹7,859 Cr (2026-03-31) · reserves ₹2,512 Cr (2026-03-31) · total equity ₹2,626 Cr (2026-03-31) · profit before tax ₹1,005 Cr (2026-03-31) · finance cost ₹16 Cr (2026-03-31) · revenue ₹7,002 Cr (2026-03-31) · market capitalisation (today) ₹27,272 Cr
The paper's bands: above 2.99: the paper's safe zone; 1.81–2.99: the grey zone; below 1.81: the distress zone
the 1968 form, fitted on manufacturers; reserves stand in for retained earnings, and profit before tax plus finance cost for EBIT
Source: Edward Altman, "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy", Journal of Finance, 1968
Graham number: 580.32 ₹ per share · FY to 2026-03-31√(22.5 × earnings per share × book value per share): the price at which P/E × P/B = 22.5 (a P/E of 15 at a P/B of 1.5)
- earnings per share: 65.29
- book value per share: 229.25 — owners' equity over shares (paid-up capital / face value)
Inputs: earnings per share 65.29 (2026-03-31) · owners' equity ₹2,626 Cr (2026-03-31) · paid-up capital ₹115 Cr (2026-03-31) · face value 10 (2026-03-31)
a number the book uses as a ceiling for a defensive investor's purchase price; it is arithmetic on two reported figures, not a valuation
Source: Benjamin Graham, The Intelligent Investor (1949; the 22.5 in the 1973 edition's criteria for the defensive investor)
Sloan accrual ratio: 9.89 % of assets · FY to 2026-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹748 Cr (2026-03-31) · operating cash flow ₹-290 Cr (2026-03-31) · total assets ₹10,636 Cr (2026-03-31) · total assets ₹10,354 Cr (2025-03-31)
how much of the year's profit was not cash; the paper sorts companies by this and reports the top decile's later returns
Source: Richard Sloan, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?", The Accounting Review, 1996
Each score is its published formula applied to the company's own filings (standalone); open one for the tests, the inputs and the paper. Arithmetic on the filings, not a view on the stock.