GRSE share price: Garden Reach target as defence PSU wins Rs 32,000 crore order
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- ✓Garden Reach Shipbuilders and Engineers won a Rs 32,000 crore order, boosting its current order book.
- ✓Antique kept a 'Buy' rating with a Rs 2,990 target price.
- ✓The firm said, "This order will provide an immediate boost to the estimated order book." Future growth depends on the upcoming P17B frigate programme.
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"The final order value is slightly lower than the media-reported estimate of Rs 33,000 crore. In our view, this order will provide an immediate boost to the estimated order book of Rs 10,000 crore. Going forward, GRSE remains well placed for the upcoming P17B frigate programme, which could provide another sizeable order opportunity," Antique said.
The brokerage retained its target price of Rs 2,990, based on a core P/E of 40 times estimated H1FY29 earnings per share. It maintained its 'Buy' rating, citing a strong execution pipeline, a healthy defence order outlook and improving opportunities in commercial shipbuilding.
Antique said the Rs 10,000-crore order book, equivalent to a meagre 17 months of trailing 12-month revenue, could see an immediate boost. It said the timely awarding of the P17B frigate order was critical to sustaining revenue growth.
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