| Company | Business Model | Key Segments | Major Clients |
|---|---|---|---|
| Garden Reach Shipbuilders (GRSE) | Primarily engaged in shipbuilding for the Indian Navy and Coast Guard. Also builds commercial vessels and offers ship repair services. | – Warships – Offshore Patrol Vessels (OPVs) – Fast Patrol Vessels (FPVs) – Survey vessels |
Indian Navy, Coast Guard, Private clients |
| Mazagon Dock Shipbuilders (MDL) | Focuses heavily on warship and submarine construction. Largest defense shipyard in India. | – Submarines (Scorpene class) – Destroyers, Frigates, Corvettes – Offshore patrol vessels |
Indian Navy |
| Cochin Shipyard (CSL) | Engaged in shipbuilding, ship repair, and offshore rig construction. Strong presence in commercial shipping as well. | – Merchant ships – Aircraft carriers (INS Vikrant) – Dry docks |
Indian Navy, Shipping corporations |
| Reliance Naval and Engineering (RNAVAL) | Private sector shipbuilder engaged in building defense and commercial vessels. Facing severe financial distress. | – Warships – Offshore patrol vessels |
Indian Navy (few orders), International clients |
| Goa Shipyard (GSL) | Public sector shipyard engaged in defense shipbuilding and repair services. | – Frigates – Fast patrol vessels (FPVs) – Offshore vessels |
Indian Navy, Coast Guard |
| Company | Revenue (FY24) | Net Profit (FY24) | EBITDA Margin | Order Book | Market Cap (₹ Cr) |
|---|---|---|---|---|---|
| GRSE | ₹3,500 Cr (approx) | ₹290 Cr | ~8.5% | ₹24,000 Cr | ₹12,000 Cr |
| MDL | ₹8,500 Cr (approx) | ₹1,150 Cr | ~13% | ₹39,000 Cr | ₹37,000 Cr |
| CSL | ₹4,800 Cr (approx) | ₹580 Cr | ~11% | ₹21,000 Cr | ₹14,500 Cr |
| RNAVAL | ₹250 Cr (approx) | -₹900 Cr (loss) | Negative | No major orders | ₹750 Cr (delisted earlier) |
| GSL | ₹1,600 Cr (approx) | ₹250 Cr | ~14% | ₹15,000 Cr | ₹5,800 Cr |
| Company | Revenue Stream | Key Factors for Profitability |
|---|---|---|
| GRSE | Shipbuilding, Ship Repair, Engineering Products | Higher order book, cost control, timely deliveries |
| MDL | Defense shipbuilding (Submarines, Warships) | High-margin contracts from the Navy, Large-scale orders |
| CSL | Shipbuilding, Ship Repair, Offshore Rig Repair | Government orders, commercial shipbuilding, diversification |
| RNAVAL | Shipbuilding, Commercial Vessels | Struggling due to financial distress, under-utilization of facilities |
| GSL | Shipbuilding, Ship Repair, Export contracts | High-margin defense contracts, expansion into new markets |
| Company | Strengths |
|---|---|
| GRSE | Established relationship with the Indian Navy, strong order book, low debt |
| MDL | Monopoly in submarine construction, large-scale government orders |
| CSL | Ability to build large warships (Aircraft Carriers), strong commercial shipbuilding |
| RNAVAL | Large private sector infrastructure, potential for turnaround |
| GSL | Fast and low-cost ship construction, growing export orders |
| Company | Weaknesses |
|---|---|
| GRSE | Lower margins, high dependence on government orders |
| MDL | Long project cycles, dependence on defense orders |
| CSL | High capital costs, dependence on Navy orders |
| RNAVAL | Heavy debt, continuous losses, minimal orders |
| GSL | Smaller scale compared to MDL and CSL |
| Company | Future Plans |
|---|---|
| GRSE | Expand export orders, modernize shipbuilding infrastructure, boost repair services |
| MDL | Increase submarine orders, diversify into offshore platforms |
| CSL | Build more aircraft carriers, expand ship repair and commercial services |
| RNAVAL | Attempt restructuring, seek large commercial orders |
| GSL | Increase export orders, modernize shipbuilding |
| Company | Share Price (₹) | YTD Return (%) | 5-Year CAGR (%) |
|---|---|---|---|
| GRSE | ₹1,250 | +70% | +32% |
| MDL | ₹2,450 | +110% | +47% |
| CSL | ₹1,100 | +55% | +24% |
| RNAVAL | ₹3.5 (delisted earlier) | -98% | Negative |
| GSL | ₹850 | +65% | +29% |
| Company | Major Clients | Key Projects |
|---|---|---|
| GRSE | Indian Navy, Coast Guard | Anti-Submarine Warfare Ships, Fast Patrol Vessels |
| MDL | Indian Navy | Scorpene Submarines, Destroyers |
| CSL | Indian Navy, Shipping Corporation | INS Vikrant (Aircraft Carrier), Ship repair |
| RNAVAL | Few private clients | Offshore support vessels (minimal operations) |
| GSL | Indian Navy, Export Market | Fast Patrol Vessels, Offshore Patrol Vessels |
| Metric | Winner | Why? |
|---|---|---|
| Revenue Growth | Mazagon Dock (MDL) | Large-scale submarine and warship contracts |
| Profit Margins | Goa Shipyard (GSL) | High-margin contracts and efficient operations |
| Future Potential | Cochin Shipyard (CSL) | Strong commercial and defense shipbuilding |
| Market Position | Mazagon Dock (MDL) | Dominates submarine construction |
| Turnaround Potential | Reliance Naval (RNAVAL) | If restructuring happens, it can grow |
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