📝 Introduction
Cochin Shipyard has reported its financial results for Q4 FY25, showcasing a robust 37% YoY surge in revenue backed by strong execution in shipbuilding and repair. However, margin pressures led to a decline in profitability, indicating a mixed quarter overall. The company also announced a shareholder-friendly dividend, reinforcing its commitment to investor returns.
Source: Company filings, investor presentation, Q4 FY25 result report
📊 Financial Highlights
| Metric | Q4 FY25 | Q3 FY25 | Q4 FY24 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 1,758 | 1,148 | 1,286 | ▲ 37% | ▲ 53% |
| Expenses (₹ Cr) | 1,492 | 910 | 998 | ▲ 49% | ▲ 64% |
| Operating Profit (EBITDA) | 266 | 237 | 288 | ▼ 7.6% | ▲ 12% |
| PBT (₹ Cr) | 384 | 242 | 342 | ▲ 12.2% | ▲ 58.6% |
| Net Profit (₹ Cr) | 287 | 177 | 259 | ▼ 10.8% | ▲ 62% |
| EPS (₹) | 10.92 | 6.73 | 9.84 | ▲ 11% | ▲ 62% |
💰 Dividend Announcement
Cochin Shipyard declared a final dividend of ₹2.25 per share for FY24-25. This reflects the company’s strong cash flow and commitment to rewarding shareholders, even amid margin pressures.
📈 Key Financial Metrics Overview
📅 Quarter-on-Quarter (QoQ)
- Revenue: ₹1,758 Cr vs ₹1,148 Cr (▲ 53%)
- EBITDA: ₹266 Cr vs ₹237 Cr (▲ 12%)
- Net Profit: ₹287 Cr vs ₹177 Cr (▲ 62%)
📅 Year-on-Year (YoY)
- Revenue: ₹1,758 Cr vs ₹1,286 Cr (▲ 37%)
- EBITDA: ₹266 Cr vs ₹288 Cr (▼ 7.6%)
- Net Profit: ₹287 Cr vs ₹259 Cr (▼ 10.8%)
Trend: Despite a revenue surge, EBITDA margins and profitability declined due to cost pressures.
📊 Key Financial Ratios
| Metric | Q4 FY25 | Q3 FY25 | Q4 FY24 | YoY | QoQ |
|---|---|---|---|---|---|
| Operating Margin (OPM%) | 15% | 21% | 22% | ▼ 730 bps | ▼ 600 bps |
| Net Profit Margin (%) | 16.30% | 15.40% | 20.10% | ▼ 380 bps | ▲ 90 bps |
| EPS (₹) | 10.92 | 6.73 | 9.84 | ▲ 11% | ▲ 62% |
🔍 Peer Comparison
| Company | CMP (₹) | Mkt Cap (₹ Cr) | P/E | P/B | ROE % | ROCE % | 52W High (₹) | 52W Low (₹) |
|---|---|---|---|---|---|---|---|---|
| Mazagon Dock | 3367 | 1,35,818.06 | 49.37 | 18.62 | 35.19 | 44.19 | 3737.05 | 1200 |
| Cochin Shipyard | 1862 | 48,985.68 | 59.15 | 8.8 | 15.64 | 19.99 | 2979.45 | 1180.2 |
| Garden Reach Ship. | 2449.35 | 28,057.82 | 53.25 | 13.45 | 28.11 | 37.28 | 2834.6 | 1093.05 |
| Zen Technologies | 1935 | 17,471.21 | 62.32 | 10.27 | 26.08 | 36.71 | 2627.95 | 893.8 |
🚀 Strategic Developments
- Continued strong execution in both shipbuilding and repair segments.
- Robust order book remains a key growth driver.
- Dividend policy remains consistent, signaling investor-friendly management.
- Positive industry trends supported by defence sector and global trade uptick.
✅ Positives & Negatives
✅ Positives This Quarter:
- Revenue grew by 37% YoY, indicating robust order execution.
- Strong dividend payout reflects management confidence.
- Stock up 5.92% post-results, indicating positive investor sentiment.
- Order pipeline and sector tailwinds suggest continued growth ahead.
❌ Negatives / Challenges This Quarter:
- EBITDA margin declined from 22.4% to 15.1% YoY.
- PAT dropped 10.8% YoY despite strong top-line.
- Rising input costs and FX pressures affected margins.
- Competitive pressures and execution risks may impact profitability.
📉 Market Reaction & Street View
- Stock Movement: Rose 5.92% on result day; CMP ₹1800.10 as of May 15, 2025.
- Investor Sentiment: Cautious optimism due to margin pressure.
- Broker Commentary: Analysts see ₹1900+ potential; immediate support at ₹1640.
🔮 Final Outlook
Cochin Shipyard continues to showcase solid growth, underpinned by strong revenue performance and a healthy order book. However, margin contraction due to rising costs is a key watchpoint. While long-term investors may find value in its strategic positioning and dividend policy, near-term profitability pressures may keep the stock range-bound. Continued execution and cost efficiency will be critical moving forward.
🔗 External Links
For detailed financials and official updates, visit: Official Company Site
⚠️ Disclaimer
This summary is based on publicly available information from official filings, press releases, and financial news sources. It is provided for informational purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any securities. Readers are advised to conduct their own research or consult with a qualified financial advisor before making any investment decisions.