22-Oct-2026 09:43:41
Goldman Sachs Turns Bearish on Garden Reach, Mazagon Dock; Defence Stocks Slide Over 5%
Goldman Sachs initiated ‘Sell’ ratings on Garden Reach Shipbuilders and Mazagon Dock Shipbuilders, citing limited exposure to emerging growth opportunities, an expected decline in earnings before interest, tax, depreciation and amortisation (EBITDA), and expensive valuations. The cautious assessment weighed on investor sentiment, with both stocks falling over 5% in trade, according to the reported market update. The downgrade raises concerns over whether future earnings growth can justify the premium valuations of these defence shipbuilding companies.