Garden Reach Share Price: 41.3% CAGR in 3 Years as This Naval Shipbuilder Takes On BEL, Cochin Shipyard and Mazagon Dock

Garden Reach previous close Rs 2,198.10. 3-year CAGR 41.3%. Up 2.8x since 9 Nov 2023. ROE 28.48%. Market cap Rs 25,189 crore.

The Garden Reach share price has been one of the stronger stories among Indian defence public sector companies. Garden Reach Shipbuilders and Engineers, the Kolkata-based builder of warships and patrol vessels that listed in 2018, has nearly tripled investor money over three years.

This article compares that run with Bharat Electronics, Cochin Shipyard and Mazagon Dock. We calculate the three-year CAGR for all four and place the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

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How Much Has the Garden Reach Share Price Returned in 3 Years?

The Garden Reach stock closed at Rs 779.40 on 9 November 2023 and at Rs 2,198.10 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 2.82 lakh, which is a CAGR of 41.3%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Garden Reach can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Garden Reach share price has also drawn attention because of the push for indigenous naval vessels, which has widened the order books of Indian shipyards.

Garden Reach vs Bharat Electronics, Cochin Shipyard and Mazagon Dock Shipbuilders: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
Bharat Electronics	Rs 137.95	Rs 394.55	2.9x	41.9%
Garden Reach Shipbuilders and Engineers	Rs 779.40	Rs 2,198.10	2.8x	41.3%
Cochin Shipyard	Rs 518.80	Rs 1,290.00	2.5x	35.5%
Mazagon Dock Shipbuilders	Rs 998.23	Rs 1,878.00	1.9x	23.4%

The Garden Reach stock ranks second of the four at 41.3%. It sits ahead of Cochin Shipyard (35.5%) and Mazagon Dock Shipbuilders (23.4%). The company ahead is Bharat Electronics (41.9%). BEL edges ahead of Garden Reach by a small margin, and Cochin Shipyard and Mazagon Dock follow. The gap between the first two is small, so the four shipbuilding and defence names are best read as a close group at the top.

Look at the Garden Reach share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Bharat Electronics	Rs 2,88,151 crore	45.00	47.55	24.37%	0.00
Mazagon Dock Shipbuilders	Rs 75,755 crore	30.91	47.55	23.45%	0.08
Cochin Shipyard	Rs 33,911 crore	49.86	47.55	12.20%	0.28
Garden Reach Shipbuilders and Engineers	Rs 25,189 crore	31.46	51.77	28.48%	0.01

By market cap, Bharat Electronics is the largest of the group at Rs 2,88,151 crore, while the Garden Reach stock stands at Rs 25,189 crore, about 9% of that size. On earnings, Garden Reach shares trade at a P/E of 31.46 against an industry P/E of 51.77, a discount of about 39% to the sector, which leaves room if earnings keep growing. Peer multiples are Bharat Electronics at 45.00, Cochin Shipyard at 49.86 and Mazagon Dock Shipbuilders at 30.91.

Return on equity is 28.48% for the Garden Reach stock, which ranks first among the four, and debt to equity stands at 0.01. Trailing EPS is Rs 69.89. Defence and shipbuilding companies are valued on their order books, so P/E should be read alongside return on equity and the visibility of future orders.

What Is Driving the Garden Reach Stock?

Garden Reach Shipbuilders and Engineers builds warships, fleet support vessels and other craft for the Indian Navy and the Coast Guard, and it also makes marine engines and deck machinery. It is a Ministry of Defence public sector company.

Shipbuilding is an order book business with long delivery periods. A strong order book gives earnings visibility over several years, though quarterly revenue can move with the stage of each project.

Followers of the Garden Reach share price usually track fresh orders, the pace of execution on existing projects, margins and the share of export or non-defence work.

How the Established Players Stack Up

Bharat Electronics makes defence electronics such as radars, communication systems and electronic warfare equipment, and it is a large Navratna public sector company. It compounded at 41.9% a year, on a market cap of Rs 2,88,151 crore and an ROE of 24.37%.

Cochin Shipyard is a Kochi-based shipbuilder and ship repair company that built the aircraft carrier INS Vikrant. It compounded at 35.5% a year, on a market cap of Rs 33,911 crore and an ROE of 12.20%.

Mazagon Dock Shipbuilders is a Mumbai-based shipyard that builds submarines and destroyers for the Indian Navy. It compounded at 23.4% a year, on a market cap of Rs 75,755 crore and an ROE of 23.45%.

What Should Investors Track Next?

Three things are worth watching on the Garden Reach share price. First, the size and quality of the order book. Second, the pace of execution on naval projects. Third, margins as vessels move from construction to delivery.

At a P/E of 31, expectations are meaningful. Order timing in defence can shift from quarter to quarter, so size any position with that in mind.

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How to Compare Shipbuilding Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Garden Reach stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Garden Reach share price, the same four checks give a more complete picture than price alone.

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A Strong Order Book and a High Return on Equity

The Garden Reach share price compounded at 41.3% a year over three years, ahead of Cochin Shipyard at 35.5% and Mazagon Dock at 23.4%, and just behind BEL at 41.9%. Its ROE of 28.48% is the highest of the four.

BEL brings scale and consistent defence electronics demand, Cochin Shipyard brings a commercial and naval mix, and Mazagon Dock brings submarine capability. The choice depends on which part of the defence cycle you want exposure to.

Frequently Asked Questions

What is the Garden Reach share price today?

Ans. Garden Reach Shipbuilders and Engineers closed at Rs 2,198.10 on 9 November 2026, according to NSE data. It has a market cap of Rs 25,189 crore and a P/E of 31.46. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Garden Reach stock?

Ans. Garden Reach Shipbuilders and Engineers delivered a price CAGR of 41.3% over three years, moving from Rs 779.40 on 9 November 2023 to Rs 2,198.10 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Garden Reach better than Mazagon Dock?

Ans. The Garden Reach stock delivered a higher three-year CAGR at 41.3% than Mazagon Dock at 23.4%. Mazagon Dock is larger by market cap at Rs 75,755 crore, while Garden Reach has the higher ROE at 28.48% against 23.45%. The better choice depends on your view of each order book.

What does Garden Reach Shipbuilders and Engineers do?

Ans. Garden Reach Shipbuilders and Engineers is a Kolkata-based Ministry of Defence public sector company that builds warships, patrol vessels and other naval craft, along with marine engines and deck machinery.

Is the Garden Reach stock debt free?

Ans. The debt to equity ratio of the Garden Reach stock is 0.01 and its return on equity is 28.48%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Garden Reach expensive compared with the industry?

Ans. Garden Reach trades at a P/E of 31.46 against an industry P/E of 51.77. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which shipbuilding stock gave the highest return in 3 years?

Ans. Among the companies compared here, Bharat Electronics delivered the highest three-year CAGR at 41.9%, followed by Garden Reach Shipbuilders and Engineers at 41.3%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.