Shares of Garden Reach Shipbuilders have surged over 130% in the past six months. Analysts at Antique Broking think the stock can still go up even as the Garden Reach share price has been feeling the heat at the bourses in the past few weeks. In the last 30 days, the stock has slumped around 9%.

The Garden Reach Analyst: Analysts at Antique Broking maintained their “buy” rating for the shipbuilder with a target price of ₹2,092. The target indicates an around 17% upside from the stock’s last closing price of ₹1,779.30.

The Garden Reach Thesis: The analyst firm said that it met with the company’s management to understand their strategic priorities. The brokerage said that the company’s current order book stands at ₹25,230 crore, with major projects set for execution over the next 2-3 years.

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GRSE is also expecting tenders for a range of vessels, including five next-generation survey vessels, two multi-purpose vessels, 21 water jet fast attack crafts, six NOPVs (Naval Offshore Patrol Vessels), 22 IBs (Interceptor Boats), and 120 fast interceptor crafts in the near future.

On the non-defence side, the company is focusing on shipbuilding and green energy platforms such as electric ferries and green tugs, which provide opportunities for growth, the analysts added. Additionally, potential orders for next-generation corvettes could further boost the order book. The brokerage added that it remains positive on the company’s growth prospects.

The brokerage house expects the company’s revenue to surge 45% year-on-year in FY25 to ₹5,227 crore with net profit going up 22% to ₹439 crore.

Price Action: GRSE’s share price was up 0.16% to trade at ₹1,781.15 as the markets opened on Monday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.