COCHINSHIP · Capital Goods
Cochin Shipyard Ltd. reported revenue of ₹1,097 cr for July to September 2024, +15.0% on the year and +54.5% on the quarter.
Operating profit (EBITDA) was ₹196 cr, a margin of 17.9%, −257 bps on the year and −777 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 17.9% to 30.5%). Operating costs grew +18.7%, faster than revenue at +15.0%, so operating profit grew less than sales.
Net profit was ₹193 cr, +1.0% on the year and +6.6% on the quarter, with earnings per share of ₹7.34. Profit before other income, one-offs and tax fell 2.4%, so 3 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹33.70 over the last four quarters, the stock at ₹1,290.00 trades at 38.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹954 cr | ₹1,021 cr | ₹1,225 cr | ₹710 cr | ₹1,097 cr | ₹1,070 cr | ₹1,651 cr | ₹977 cr | ₹951 cr | ₹1,165 cr | ₹1,214 cr | ₹910 cr |
| YoY | — | — | — | +60% | +15% | +5% | +35% | +38% | −13% | +9% | −26% | −7% |
| EBITDA margin | 20.4% | 30.5% | 23.3% | 25.6% | 17.9% | 22.6% | 15.3% | 24.0% | 5.9% | 14.2% | 18.1% | 17.4% |
| Other income, % of PBT | 34% | 16% | 23% | 33% | 38% | 18% | 41% | 22% | 91% | 39% | 48% | 40% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 28% | 23% | 25% | 28% | 26% | 24% | 24% | 28% | 26% | 31% | 24% |
| Net profit | ₹191 cr | ₹248 cr | ₹265 cr | ₹181 cr | ₹193 cr | ₹184 cr | ₹285 cr | ₹188 cr | ₹101 cr | ₹138 cr | ₹216 cr | ₹136 cr |
| YoY | — | — | — | +66% | +1% | −26% | +8% | +4% | −48% | −25% | −24% | −28% |
| Core profit YoY | — | — | — | +166% | −2% | −29% | −17% | +20% | −92% | −45% | −26% | −45% |
| EPS | ₹7.26 | ₹9.43 | ₹10.06 | ₹6.87 | ₹7.34 | ₹7.01 | ₹10.82 | ₹7.14 | ₹3.84 | ₹5.23 | ₹8.23 | ₹5.16 |
| Flags | 1 | · | · | ✓ | ✓ | 1 | 3 | ✓ | 3 | 3 | ✓ | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Cochin Shipyard Ltd. reported revenue of ₹1,097 cr (+15.0% on the year) and net profit of ₹193 cr (+1.0% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −2.4% on the year, against +1.0% for reported profit.
None of the 7 checks that could run raised a question.
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