đź“Ś At a Glance
Cochin Shipyard’s FY25 revenue sailed past ₹4,528 Cr — a historic high. Net profit? ₹843 Cr. Margins remain tight but stable. And while PSU peers are known for “employee first, shareholder maybe,” CSL somehow manages to maintain a 20% ROCE and near-zero debt.
So why’s the stock still 25% off its 52-week high?
Let’s set sail into the numbers.
🏢 About the Company
- Founded:1972
- HQ:Kochi, Kerala
- Core Business:Shipbuilding, Ship Repair, Defence Projects, Marine Engineering Training
- Track Record:45+ ships exported, 93 small & medium vessels built, and 31 defence ships delivered till FY23
Unlike most PSUs that spend decades building departments, Cochin Shipyard spends decades building ships. Actual ones.
🧾 5-Year Financial Highlights
| Year | Revenue (â‚ą Cr) | Net Profit (â‚ą Cr) | OPM % | EPS (â‚ą) | ROCE % | Reserves (â‚ą Cr) | Borrowings (â‚ą Cr) | Other Income (â‚ą Cr) |
|---|---|---|---|---|---|---|---|---|
| FY21 | 2,819 | 610 | 26% | 23.19 | 21% | 3,846 | 532 | 194 |
| FY22 | 3,190 | 587 | 20% | 22.29 | 18% | 4,228 | 546 | 266 |
| FY23 | 2,330 | 334 | 12% | 12.71 | 9% | 4,292 | 567 | 268 |
| FY24 | 3,645 | 813 | 24% | 30.91 | 22% | 4,894 | 489 | 307 |
| FY25 | 4,528 | 843 | 19% | 32.04 | 20% | 5,479 | 501 | 380 |
📉 FY23: The Ship Hit the Fan
In FY23, Cochin Shipyard’s revenue shrank
to â‚ą2,330 Cr and margins halved. Net profit tanked to â‚ą334 Cr. Why?
- Delays in shipbuilding execution (COVID & supply chain)
- PSU procurement bureaucracy
- Negative working capital shifts
But CSL turned it around in FY24–25. And how.
âš“ FY25 Highlights
- Revenuejumped 24% YoY to ₹4,528 Cr — highest in company history
- Net profitcrossed ₹843 Cr — up 3.7% YoY
- EPS:â‚ą32.04
- Order book visibility: Stretched into FY28, thanks to:
- Naval support ships
- Offshore Patrol Vessels
- Exports to European clients
- Zero default,no NPA,no SEBI drama— boring is the new multibagger
đź’Ą Operating Margins vs Other Income
Cochin Shipyard’s numbers always include a fat slice of “other income” — ₹380 Cr in FY25. That’s ~45% of net
