Glass fiber reinforced polymer (GFRP) stiffened composite plates with and without rectangular cutout are analysed under axial, lateral and combined axial and lateral loading using finite element software ABAQUS®. Ultimate load, maximum displacements and failure modes of GFRP stiffened composite plates with and without cutout obtained from finite element analyses are compared with experiments carried out at Department of Civil Engineering, IIT Madras. Validation of the finite element model is carried out by analysing a blade-stiffened composite panel and compared with the experimental results of Falzon and Hitchings (2003). Parametric studies are carried out for various plate slenderness ratios, column slenderness ratios, lateral pressure intensity and material type. Analysis of stiffened composite plates with reinforced cutout is carried out to determine the type and size of reinforcement required for restoring the lost strength and stiffness.