S

RATING

RECOMMENDATION

Sell

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  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

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RATING

RECOMMENDATION

Sell

Business Type

Traditional Business

Discover and get a complete analysis on Goa Shipyard Limited - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get the latest updates on Goa Shipyard Upcoming IPO.

ISIN

INE178Z01013

Face Value

₹5.00

Total Share

11,64,03,748

Total Income

₹978.76 Cr

Profit After Tax

₹127.91 Cr

EPS

₹10.99

P/E

27.30

P/B

3.29

Market Capitalisation

₹3,492.11 Cr

Enterprise Value

₹1,436.86 Cr

Book Value

₹91.25

Intrinsic Value

₹206.00

Dividend Yield

1.58 %

Earnings Yield

3.66 %

Sector

Industrials

Sub-sector

Shipbuildings

Category

Small Cap

Cashflow - Operations

₹1,090.54 Cr

Cashflow - Financing

-₹56.39 Cr

Goa Shipyard Growth

Compounded Sales Growth

  • -7.60%

    1 Year

  • -14.43%

    3 Year

  • 2.45%

    5 Year

Pro Only

Compounded Profit Growth

  • -35.33%

    1 Year

  • -16.20%

    3 Year

  • 15.48%

    5 Year

Pro Only

Return On Equity

  • 12.04%

    2021

  • 14.44%

    2019

  • 15.66%

    2017

Pro Only

About Goa Shipyard

  • Goa Shipyard Ltd (GSL) is a renowned shipyard that produces medium-sized advanced warships for the Indian Navy, Indian Coast Guard, and other customers. It is situated on the southern bank of the Zuari River in Vasco da Gama, Goa.
  • The company designs, builds, and commissions vessels for defense and commercial sector. They also provides repair and modernization of vessels, technology transfer.
  • The Indian Navy, Indian Coast Guard, ONGC, Madras Port Trust, Government of Sri Lanka, Government of Myanmar, and Government of Goa are among the enterprises' important clients.
  • The Portuguese founded Goa Shipyard Limited (GSL) on November 26, 1957, as 'Estalerios Navais de Goa.' Since September 26, 1967, it has operated on its own Board of Directors. It is a CPSE under the Ministry of Defense's administrative jurisdiction.

  • Goa Shipyard IPO Details

Currently, the company has no plans to go public.

  • Goa Shipyard Merger & Acquisition

Investments

  • The Company has not awarded any loans or made any investments, according to the facts and explanations provided by the company.
  • Goa Shipyard Subsidiaries

There are no subsidiaries in this company.

Goa Shipyard Business Model

The firm creates, constructs, and commissions boats for the defense and commercial markets. They also offer vessel maintenance and modernization, as well as technology transfer.

  • Goa Shipyard Revenue Segmentation

  • Revenue generated from sale of products
  • Revenue generated from services
  • Other Operational Revenue
  • Other Income
  • Revenue generated from contracts regarding ship construction
  • Goa Shipyard Product & Services

Products and Services: 

  • For the Indian Navy, the Coast Guard, and other clients, the business develops and manufactures advanced ships. Commercial boats such as offshore supply vessels, oceanographic and coastal research vessels, fishing vessels, dredgers, tugs, and so on are also built by them.
  • Goa Shipyard Assets

Tangible assets as on 31 March 2021:

AssetsAmount in Cr.
LandRs.7
Building & Other Civil ConstructionsRs.648
Plant and MachineryRs.405
Furniture'sRs.11
Office Equipment Rs.11
ComputersRs.13
Motor Cars and Vehicles Rs.3
Steam Launches and BoatsRs.8

Intangible assets as on 31 March2021:

Assets Amount in Cr.
Software Rs.3


  • Goa Shipyard Industry Overview

Industry Statistics

Ship Building Industry:

  • This industry includes businesses that specialize in the construction of ships such as passenger ships, naval ships, container ships, and cargo ships. 
  • According to Euromonitor, India's ship and boat manufacturing value fell by 18.3% in FY20, making it the region's 10th largest country. The industry's production value is expected to expand at a CAGR of 5.8% from FY20 to FY25 where the impact of COVID-19 epidemic is expected to have fully recovered in FY24. The growth is primarily driven by factors such as increased seaborne trade, accelerated economic expansion, rising energy consumption, and rising demand for environmentally friendly ships.

Market Trends

  • Shipbuilding's Advanced Outfitting- Many shipyards are employing sophisticated outfitting techniques to shorten the shipbuilding cycle and save expenses. Traditionally, the shipbuilding process was sequential, with component outfitting occurring only after the ship hull was launched, whereas advanced outfitting involves the installation of machinery, seating structures, piping, electrical, and hull outfit items prior to the fabrication and erection of the hull structure on the birth or dock. This results in less overhead work, higher man-hour utilization, and increased productivity, allowing shipbuilding companies to build ships fastereriii. Depending on the complexity of the shipbuilding process, advanced outfitting is divided into two categories: block outfitting and zone outfitting.
  • Shipbuilding Robotics- Robotics technology is rapidly being used by shipbuilding businesses to streamline processes and boost productivity. To automate welding, blasting, heavy lifting, painting, pipe cleaning, inspection, and other operations in a shipyard, robots employ 3D camera sensors and system-on-chip (SoC) technology. Shipbuilding businesses in Europe, South Korea, Brazil, Japan, and China employ shipyard robots extensively.
  • Technologies for Green Shipbuilding- Green shipbuilding technologies are rapidly being used by shipbuilding enterprises across the world to comply with environmental standards. Ships with no ballast systems, which prevent organisms from entering the ship and eliminate the need for sterilisation equipment, sulphur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, fuel and solar cell propulsion systems, and LNG fuels for propulsion and auxiliary engines are among the technologies being used in shipbuilding. Ships designed with these technology save a lot of energy and emit very little carbon.

Peers:

  • The company's competitors include Cochin Shipyard and Garden Reach Shipbuilders & Engineers Ltd.

Future Prospects

Outlook:
  • The advancement of the military sector has a significant impact on the company's and industry's shipbuilding development. In India, the defense industry is undergoing considerable and progressive transformation, with potential for expansion. The Indian government has set a target of US$ 25Bn. in defense manufacturing by FY25 (including US$ 5Bn in exports). The defense capital investment in the budget FY21-22 has been increased by 19% in FY21 over FY20 to fund defense modernization.

Government Initiatives

Government Regulator:
  • Indian Register of Shipping (IRClass) - Founded in 1975, the Indian Register of Shipping (IRClass) is a globally recognised, independent ship classification association. It is a non-profit organisation, a government undertaking, and a member of the International Association of Classification Societies, which has 12 members (IACS). Along with Croatian Register of Shipping (CRS) and Polish Register of Shipping, it was accepted into IACS (PRS). Today, IRClass serves as the sole authority for final assignment of Load Lines in Indian flag vessels and as the security organisation that determines compliance with the International Ship and Port Facility Security Code (ISPS) for Indian flag ships and port facilities on behalf of the Maritime Administration of the Government of India.
  • AATMANIRBHAR BHARAT - INDIGENISATION AND MAKE IN INDIA INITIATIVES - The government is continuing to implement many programmes under the 'AatmaNirbhar Bharat Abhiyan' to stimulate domestic defence industry and, as a result, lessen its reliance on imported defence items. Under the 'AatmaNirbhar Bharat' initiative, the Indian government has placed 101 defence products under import restriction and issued the Defence Acquisition Procedure (DAP) 2020, with the ultimate goal of converting India into a worldwide defence manufacturing powerhouse. A draught Production and Export Promotion Policy (DPEPP) 2020 has been developed in tandem with the goal of self-sufficiency and increased export. The government has issued a 'Positive Indigenisation List' of 108 commodities that must be acquired from indigenous sources in order to give this self-reliance project a boost.

Goa Shipyard Awards & Achievements

  • 8th PSU Award for CSR Commitment, HR Excellence and Research & Innovation in FY21

Goa Shipyard Strengths

  • Full line of products and services helps GSL to generate revenue from diversified sources, whilst mitigating risk associated with concentrated product offerings. The product basket ranges from offshore and fast patrol vessels, interceptor crafts and survey patrol vessel for defense needs. to oil tankers for commercial needs. It offers survival at Sea Training Facility (SSTF) and damage control stimulator. It also offers training ships and crafts with advanced technology equipped with missile systems along with offshore supply vessels for anchor handling tug and transportation of products along with passenger vessels. Its Samudra Shiksha, which is a Survival at Sea Training Facility (SSTF) unit, built for ONGC helps in training people for survival and rescue at sea during fire and associated risks.
  • A significant portion of the company's infrastructure modernization plan has been accomplished, significantly increasing the Yard's ability to build larger and more sophisticated vessels. The company's modernization effort is being carried out in five phases, with Phases 1, 2, and 3A having been completed.
  • GSL leverages on its strong customer base to enhance its top line performance. GSL’s clientele comprises Indian Navy, Indian Coast Guard, Oil & Natural Gas Corporation, Mormugao Port Trust, Madras Port Trust and Tutikorin Port Trust. It also serves the Government of Goa, Government of Maldives, Government of Mauritius, Government of Mozambique, Government of Yemen, Government of Iran, Ministry of Home affairs Govt. of India and Andaman & Nicobar Administration. The company maintains strong relation with Exploratory Fisheries Project, Mumbai; Central Institute of Fisheries, Mumbai; Royal navy of Oman; and Central Marine Fisheries Research Institute.

Goa Shipyard Shortcomings

  • There have been some instances where there was some technical issues in final deliveries of the ships, company have to look into this as it may tarnish the image of company in market.
  • Geographic Concentration: GSL operates primarily in India and this could limit its revenue generation. Dependence on the Indian market makes the company vulnerable to economic, social, political and climatic instability in the region and reduces the demand for its products or prevents customers from coming to its stores. The loss of sales as a result of these factors could affect the company’s revenue generation. It also exposes the company to regional instability and natural disasters, which could be avoided if it widens its store operations globally.

Goa Shipyard Opportunities

  • The company is going into AI systems to establish a lively AI ecosystem with intelligent machines allowing high level cognitive processes in shipbuilding goods and processes, in keeping with the MoD's impetus towards adoption and implementation of Artificial Intelligence ('AI') technology. This will make it easier to include AI into shiplift system condition monitoring.
  • Growing Indian Defense Spending GSL stands to benefit from the growing Indian defense spending. According to in-house research, the Indian defense market was valued at US$73 billion in 2019 and is expected to reach US$96.6 billion by 2024, growing at a CAGR of 5.8% during 2019-24. India accounted for 14.2% of the defense spending in Asia-Pacific. The Army segment accounted for 35.8% of the Indian defense spending, followed by Air Force with 15.1%, Navy with 9.2%, and Other with 40%. The company offers product support to Coast Guard, Navy, by supplying spares and services for major overhauls and routine maintenance.
  • Repair and refit of ships of Indian Navy and Indian Coastal Guards has got significant business potential. The company has enough potential to grab this opportunity.

Goa Shipyard Threats

  • The company’s government contacts are subject to several complex procurement laws and regulations, in addition to the routine audits of contract pricing and any changes in government and defense priorities could result in postponement, cancellation or termination of contracts that could affect the company’s operations, as company depend of government contracts.
  • Intense Competition GSL operates in the highly competitive industry that is characterized by evolving industry standards and business models. Some of its competitors include Chowgule and Co Pvt Ltd, Reliance Naval and Engineering Ltd, Cochin Shipyard Ltd, Hindustan Shipyard Ltd and Western India Shipyard Ltd. The company’s competitors may have extensive and diversified developmental or operating experience and greater financial resources. In recent years, competition is increasing with respect to both obtaining sales agreements and acquiring new assets. Markets regarding these factors have caused higher acquisition prices for existing assets. Thus, increasing competition is likely to put pressure on the company’s pricing policy and could reduce the market share it currently enjoys. Its business could also be threatened by new and efficient technologies.

Goa Shipyard Rating

  • RECOMMENDATION

    Sell

  • Goa Shipyard Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

30/03/2022

Registered Date

26/11/1957

Planify Ticker

Goa

Reg Office: Swatantra Path, Vaddem, New Vaddem, Vasco da Gama, Goa 403802

Website: https://goashipyard.in/

Frequently Ask Questions

Goa Shipyard Ltd has expressed no intention of raising funds through IPO.

The face value of Goa Shipyard Ltd share is Rs. 5

Yes, Goa Shipyard Ltd is expected to make good profits in the future.

The promoter of the Goa Shipyard Ltd hold major shareholding of the company.

Mr. Bharat Bhushan Nagpal is the Managing Director and Chairman of Goa Shipyard Ltd.

Goa Shipyard Ltd has successfully installed a prototype Condition Monitoring System on the ICGS Samarth, a 105M OPV, which will aid in reducing unexpected ship engine downtime and in making key decisions.

We recommend "sell" rating on Goa Shipyard Ltd Shares.

Goa Shipyard Ltd made a profit of  Rs.128 Cr. in FY21.

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Check credit of stock_name_auto Unlisted Shares Instantly?
• 1.You can download the NSDL or CDSL application from google play-store and check. If you want to check whether your stock broker is registered with NSDL or CDSL then check the following procedure.
• By carefully examining the number format of Demat Account we can easily identify whether the stock broker is registered with CDSL or NSDL.
• Demat Account = DP ID + Client ID. (16 Characters )
• "DP ID is the unique identification of the Broker. Every broker gets a unique number from CDSL or NSDL.By carefully examining the number format of Demat Account we can easily identify whether the stock broker is registered with CDSL or NSDL.
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