Goa Shipyard Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹0
- Market Cap
- 0
- ISIN
- INE178Z01013
- Face Value
- ₹5
- P/E Ratio
- 0
- EPS
- 24.78
- P/B Ratio
- 0
- Book Value
- 139.23
- Debt / Equity Ratio
- 0
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|
| Revenue from Operations | 2,851 | 1,753 | 869 | 740 | 860 |
| Growth % | 62.65% | 101.58% | 17.43% | -13.96% | -7.60% |
| Operating Expenses | 2,730 | 1,651 | 778 | 669 | 728 |
| Growth % | 65.37% | 112.07% | 16.29% | -8.09% | -1.77% |
| Operating Profit | 121 | 102 | 91 | 71 | 132 |
| Operating Profit Margin % | 4.23% | 5.80% | 10.46% | 9.58% | 15.36% |
| Other Income | 340 | 338 | 176 | 124 | 118 |
| Finance Costs | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 81 | 75 | 62 | 56 | 50 |
| Exceptional Items | 0 | 0 | 0 | 4 | 28 |
| Profit Before Tax | 379 | 365 | 205 | 135 | 172 |
| Tax | 90 | 93 | 50 | 34 | 44 |
| Tax % | 3.16% | 5.32% | 5.80% | 4.64% | 5.16% |
| Profit After Tax | 288 | 271 | 155 | 101 | 128 |
| Growth % | 6.31% | 75.56% | 52.87% | -20.97% | -35.33% |
| PAT % | 10.12% | 15.48% | 17.78% | 13.65% | 14.86% |
| Diluted EPS | 24.78 | 23.31 | 13.28 | 8.68 | 10.99 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|
| Equity Capital | 58 | 58 | 58 | 58 | 58 |
| Other Equity | 1,562 | 1,380 | 1,189 | 1,091 | 1,040 |
| Total Equity | 1,621 | 1,438 | 1,247 | 1,149 | 1,099 |
| Financial Liabilities | 4 | 4 | 4 | 5 | 5 |
| Long term Provisions | 30 | 29 | 27 | 20 | 27 |
| Other Non-Current Liabilities | 480 | 521 | 574 | 612 | 498 |
| Total Non Current Liabilities | 514 | 554 | 605 | 638 | 530 |
| Financial Liabilities | 664 | 534 | 495 | 353 | 394 |
| Short term Provisions | 86 | 74 | 33 | 49 | 41 |
| Other Current Liabilities | 4,471 | 4,513 | 3,752 | 2,570 | 2,144 |
| Total current Liabilities | 5,221 | 5,121 | 4,280 | 2,973 | 2,578 |
| Equity + Liabilities | 7,356 | 7,114 | 6,131 | 4,759 | 4,207 |
| Fixed Assets (incl. WIP) | 979 | 1,034 | 1,084 | 1,091 | 1,035 |
| Other Non Current Assets | 53 | 13 | 6 | 38 | 23 |
| Total Non current Assets | 1,032 | 1,047 | 1,090 | 1,130 | 1,059 |
| Trade Receivables | 81 | 111 | 169 | 190 | 202 |
| Cash & Cash Equivalents | 745 | 893 | 493 | 124 | 349 |
| Other Current Assets | 5,498 | 5,062 | 4,380 | 3,316 | 2,598 |
| Total current Assets | 6,324 | 6,066 | 5,042 | 3,630 | 3,149 |
| Total Assets | 7,356 | 7,114 | 6,131 | 4,759 | 4,207 |
Shareholding Pattern
- Government (President of India)
- 51.09%%
- Mazagon Dock Shipbuilders Limited
- 47.21%%
- General Public and Others
- 1.70%%
Strengths & Weaknesses
Strengths
- Expertise and Infrastructure: GSL has decades of experience in shipbuilding and possesses India's first Defence PSU shiplift system, two land berths each of 130m × 30m, a 119m slipway, an Advanced Composite Manufacturing Facility, and SCADA-managed power substations.
- Established operations and strong track record: With a proven track record of over six decades, GSL has built a variety of ships for the Navy, Coast Guard, and other departments. Its product range mainly includes warships for defence needs, such as frigates, corvettes, missile crafts, offshore patrol vessels, fast patrol vessels, fast attack crafts, and hovercrafts, among others.
- Financial performance: The company reported a sharp revenue growth over the last three years with a (CAGR) of 57.35% followed by the two large-sized orders received between FY22 and FY24. The revenue growth continued in the current fiscal with operating income increasing 30% from ₹390 crore in Q1FY25 to ₹506 crore in Q1FY26.
- Favourable Industry outlook: Large spending plan by the Indian Navy is expected to drive the order book of Indian shipbuilding companies, more so for Central PSE shipyards. This is reflected in increased allocation towards the defence sector. In FY26 budget, the government allocated ~₹6.81 lakh crore to ministry of defence, representing a 9.5% increase over previous year, with the Navy receiving ₹97,149.80 crore
- Strategic order book position: As on June 30, 2025, GSL had an order book of ₹15,756 crore. About 78% orders are from the Indian Navy. Indian Government plans to float a new shipping entity with 1000 ships, which would aid the existing order book of Indian Shipping companies. The company also extends its services to foreign nations through competitive bidding and nominations received from foreign ministries.
Weaknesses
- Geographical Limitation Restricted waterfronts, frequent siltation, and draught constraints act as impediments to expansion. The company is considering a Floating Dry Dock for vessels and is evaluating greenfield shipyard options in Gujarat, Maharashtra, and Andhra Pradesh to circumvent site-level physical constraints.
- Fixed-price contracts with fluctuating margins: The work contracts are mostly fixed price in nature resulting in profitability susceptible to unprecedented input price increase. While the company builds in sufficient contingencies to mitigate the impact of input price rise, there exists risk associated with volatility in the profit margins.
About Goa Shipyard Ltd
Goa Shipyard Limited (GSL) is a prominent Public Sector Undertaking (PSU) in defence, operating under the Ministry of Defence, Department of Defence Production. GSL is strategically located on the banks of river Zuari in Goa, a major international tourist destination well connected by its international airport and major port enroute all important shipping lines.
Board of Directors
- Brajesh Kumar Upadhyay - Chairman & Managing Director
- Amit Satija - Part-time Official (Government) Director
- Sunil Shivaling Bagi - Director Finance & CFO
- Rear Admiral Nelson A. J. D’Souza, (IN, Retd) - Director Operations
- Deepak Manohar Patwardhan - Independent Director
- Hasmukh Hindocha - Independent Director
Senior Management
- Brajesh Kumar Upadhyay - Chairman & Managing Director
- Sunil Shivaling Bagi - Director Finance & CFO
- Smt. Chhaya Jain - Company Secretary
- Sanjay Krishna Navhale - Chief Vigilance Officer