Cochin Shipyard Ltd - Stock Valuation and Financial Performance

BSE: 540678 | NSE: COCHINSHIP | Ship Building | Mid Cap

Cochin Shipyard Share Price

2,827.75 -36.20 -1.26%
as on 12-Jul'24 16:01

DeciZen - make an informed investing decision on Cochin Shipyard

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Cochin Shipyard stock performance -

mw4me loader
P/E Ratio (CD):
94.98
Market Cap:
74,392.7 Cr.
52-wk low:
313
52-wk high:
2,977.1

Is Cochin Shipyard Ltd an attractive stock to invest in?

1. Is Cochin Shipyard Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Cochin Shipyard Ltd is a average quality company.

2. Is Cochin Shipyard Ltd undervalued or overvalued?

The key valuation ratios of Cochin Shipyard Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Cochin Shipyard Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Cochin Shipyard Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Cochin Shipyard:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Cochin Shipyard Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 0%0%0%0%11.9%14.3%18.4%16.2%13.8%6.4%-
Value Creation
Index
NANANANA-0.10.00.30.20.0-0.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 00002,3552,9663,4222,8193,1912,3653,830
Sales YoY Gr.-NANANANA25.9%15.4%-17.6%13.2%-25.9%-
Adj EPS 000014.518.224.22321.41029.8
YoY Gr.-NANANANA25%33%-4.7%-7.1%-53.4%-
BVPS (₹) 0000119.7126.5141.5153.3167168.3190.2
Adj Net
Profit
0000395478636606563262783
Cash Flow from Ops. 0000631-4512537101,3981,889-
Debt/CF from Ops. 00000.2-0.30.50.20.10.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NA0.1%-11.6%-25.9%
Adj EPS NA-7.3%-25.6%-53.4%
BVPSNA7.1%6%0.8%
Share Price - 72.1% 144% 798.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
000012.114.51815.613.45.916.6
Op. Profit
Mgn %
000019.719.320.925.619.711.122.7
Net Profit
Mgn %
000016.816.118.621.517.611.120.5
Debt to
Equity
00000000000
Working Cap
Days
00000206239372343420324
Cash Conv.
Cycle
00000471512437882

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 16.60%

Sales growth is good in last 4 quarters at 58.75%

Sales growth has been subdued in last 3 years -11.60%

Net Profit has been subdued in last 3 years -25.55%

Latest Financials - Cochin Shipyard Ltd.

Standalone Consolidated
TTM EPS (₹) 30.9 29.8
TTM Sales (₹ Cr.) 3,645 3,830
BVPS (₹.) 191 190.2
Reserves (₹ Cr.) 4,894 4,872
P/BV 14.80 14.87
PE 91.49 94.98
From the Market
52 Week Low / High (₹) 313.00 / 2977.10
All Time Low / High (₹) 104.50 / 2977.10
Market Cap (₹ Cr.) 74,393
Equity (₹ Cr.) 131.5
Face Value (₹) 5
Industry PE 71.4

Management X-Ray of Cochin Shipyard:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Cochin Shipyard

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales2,3552,9663,4222,8193,1912,365
Operating Expenses 1,8912,3942,7112,0962,5642,103
Manufacturing Costs309461440408506546
Material Costs1,1911,5041,7961,2201,6151,120
Employee Cost 271278306292311334
Other Costs 120152169176131102
Operating Profit 464571711723627262
Operating Profit Margin (%) 19.7%19.3%20.8%25.6%19.7%11.1%
Other Income 189226245191263207
Interest 121550585343
Depreciation 383449606869
Exceptional Items 00013-362
Profit Before Tax 604748858808766418
Tax 208270226199202114
Profit After Tax 396478632609564305
PAT Margin (%) 16.8%16.1%18.5%21.6%17.7%12.9%
Adjusted EPS (₹)14.618.224.023.121.411.6
Dividend Payout Ratio (%)41%36%35%34%39%73%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 3,2553,3293,7234,0334,3934,428
Share Capital 136132132132132132
Reserves 3,1203,1973,5913,9024,2624,296
Minority Interest650000
Debt12312312312312630
Long Term Debt12312312312312623
Short Term Debt000007
Trade Payables272347419435169216
Others Liabilities 1,7841,3762,0952,8073,6115,242
Total Liabilities 5,4405,1806,3607,3998,2999,916

Fixed Assets

Gross Block4545129471,1271,2941,349
Accumulated Depreciation105136183260324396
Net Fixed Assets349376764867970953
CWIP 1213427991,1761,2641,619
Investments 000000
Inventories315283313434298373
Trade Receivables580392288353437338
Cash Equivalents 3,5052,5772,1952,2093,2134,758
Others Assets5701,2082,0002,3592,1161,875
Total Assets 5,4405,1806,3607,3998,2999,916

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 631-4512537101,3981,889
PBT 604748858808766418
Adjustment -110-147-69-1144-74
Changes in Working Capital 293-852-355207391658
Tax Paid -156-201-181-107-151-114
Cash Flow From Investing Activity -1,3121,074-97-443-1,007-35
Capex -13-58-38-53-174-37
Net Investments -1,3831,142228000
Others 84-10-288-390-8332
Cash Flow From Financing Activity 812-409-309-405-239-276
Net Proceeds from Shares 96200000
Net Proceeds from Borrowing 000000
Interest Paid -11-12-45-15-11-12
Dividend Paid -102-163-192-368-204-233
Others -37-234-72-21-25-31
Net Cash Flow 131214-154-1381521,578
PARTICULARSMar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)12.1714.5117.9315.6913.396.91
ROCE (%)18.2422.3424.8721.6518.8810.17
Asset Turnover Ratio0.430.560.590.410.410.26
PAT to CFO Conversion(x)1.59-0.940.41.172.486.19
Working Capital Days
Receivable Days906036424560
Inventory Days493732484252
Payable Days8375781286863

Cochin Shipyard Ltd Stock News

Cochin Shipyard Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Cochin Shipyard on 12-Jul-2024 16:01 is ₹2,827.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Jul-2024 16:01 the market cap of Cochin Shipyard stood at ₹74,392.7.
The latest P/E ratio of Cochin Shipyard as of 12-Jul-2024 16:01 is 91.49.
The latest P/B ratio of Cochin Shipyard as of 12-Jul-2024 16:01 is 14.80.
The 52-week high of Cochin Shipyard is ₹2,977.1 and the 52-week low is ₹313.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Cochin Shipyard is ₹3,645 ( Cr.) .

About Cochin Shipyard Ltd

The company was incorporated as Cochin Shipyard Limited on March 29, 1972 as a private limited company under the Companies Act, 1956, with the Registrar of Companies, Kerala at Ernakulam. The company became a deemed public limited company under section 43A of Companies Act, 1956 on July 1, 1982. The company again became a private limited company with effect from July 16, 1985. The company became a public limited company with effect from November 8, 2016 and a fresh certificate of incorporation consequent upon conversion to public limited company was issued by the Registrar of Companies, Kerala at Ernakulam.

In the last three decades the company has emerged as a forerunner in the Indian Shipbuilding & Ship repair industry. This yard can build and repair the largest vessels in India. The yard has delivered two of India’s largest double hull Aframax tankers each of 95,000 DWT. CSL has secured shipbuilding orders from internationally renowned companies from Europe & Middle East and is nominated to build the country’s first indigenous Air Defense Ship. Shipyard commenced ship repair operations in the year 1982 and has undertaken repairs of all types of ships including upgradation of ships of oil exploration industry as well as periodical lay-up repairs and life extension of ships of Navy, UTL, Coast Guard, Fisheries and Port Trust besides merchant ships of SCI & ONGC. The yard has, over the years, developed adequate capabilities to handle complex and sophisticated repair jobs. The Shipyard also trains graduate engineers to marine engineers who later join ships both Indian and foreign as 5th Engineers.

Business area of the company

The company caters to clients engaged in the defence sector in India and clients engaged in the commercial sector worldwide. In addition to shipbuilding and ship repair, it also offers marine engineering training. Moreover, the company is in the process of constructing a new dock, a ‘stepped’ dry dock (Dry Dock). This stepped dock will enable longer vessels to fill the length of the dock and wider, shorter vessels and rigs to be built or repaired at the wider part. It is also in the process of setting up an International Ship Repair Facility (ISRF), which includes setting up a shiplift and transfer system.

Awards and Recognition

  • 2015: The Gateway awards for shipbuilding company of the year. Shipbuilding Company of the Year in recognition of healthy order book and technical competence and also for active contribution to ‘Make in India’ initiative.
  • 2015 TMA- HLL CSR award Trivandrum management association jointly with HLL Lifecare Limited awarded the company as winner for spending Rs 54.6 million for the benefit of society.
  • 2015: Samatva 2015 Winner of best CSR practices among public sector undertakings.
  • 2016: Award for Outstanding Safety Performance. Winner of the award for outstanding performance in industrial safety in the category of very large size engineering industries (having more than 750 employees) given by National Safety Council (Kerala Chapter).
  • 2016: KMA Excellence Award For best in-house magazine.
  • 2016: Safety Award Award for outstanding performance in industrial safety in the category of very large factories (having more than 500 workers) given by Department of Factories & Boilers, Government of Kerala.
  • 2016: National safety council (Kerala chapter) safety awards Award for outstanding safety performance for outstanding performance in industrial safety as winner by achieving the lowest frequency rate of accidents.
  • 2016: Award for top 50 PSU organisations with innovative HR practices Award presented by Times Ascent to top 50 PSU organisation with “Innovative HR Practices” at Asia Pacific HRM Congress.
  • 2016: KMA excellence award for best CSR activities undertaken.
  • 2016: BT-CSR excellence award Award of excellence in the category of best performing PSE (CSR head) given by Bureaucracy Today.
  • 2016: Best corporate citizen award. Winner in category III awarded by National Institute of Personnel Management (Kerala chapter).
  • 2017: KMA Excellence Award-2017 For undertaking best CSR activities.
  • 2017 Rajbhasha Karyanvan Puraskaar Awarded first prize by Nagar Rajbhasha Karyanvan Samiti (Upakram), Kochi, for best implementation of official language Hindi during the year 2015-16.
  • 2017: Recognition of WIPS Activities Award Awarded by Forum of Women in Public Sector (under the aegis of SCOPE) in its 27th National Meet held at Nagpur on February 11, 2017- February 12, 2017.
  • 2018: KMA CSR award 2018 for the category, Education.
  • 2018: KMA CSR award 2018 for the category, Health and Hygiene.
  • 2018: Rajbhasha Kirti Puraskar in recognition of the achievements of the PSUs and Government departments in implementation of the Official Language.
  • 2018: Rajbhasha Shield (second prize) for the year 2016-17 and 2017-18 from Ministry of Shipping for best official language implementation.
  • 2018: Rajbhasha Trophy (first prize) for the year 2017-18 from Kochi Town Official Language Implementation Committee (TOLIC) for the best implementation in the Official Language field.
  • 2019: KMA award 2019 for recognition of contribution in the category ‘innovative and effective deployment of CSR fund’ and also in specific contribution in the category ‘health & hygiene'.
  • 2019: NIPM Best Corporate Citizen Award 2019 from National Institute of Personnel Management, in recognition of its CSR initiatives in ‘healthcare’ sector.
  • 2019: Rotary International CSR Excellence Award 2019. The Company won golden award for its contribution in ‘healthcare and sanitation’ sector and platinum award for its contribution in ‘education and special education’ sector.
  • 2019: Rajbhasha Kirti Puraskar in recognition of the achievements of the PSUs and Government departments in implementation of the official language.
  • 2019: Rajbhasha Shield (first prize) for the year 2018-19 from Ministry of Shipping for best official language implementation.

Milestones

  • April, 1972: Laying of foundation stone for hull shop of the company.
  • July, 1975: Vice Admiral N. Krishnan and Admiral S. M. Nanda sign the contract for building the first bulk carrier at Cochin Shipyard.
  • July, 1981: Delivery of first ship named ‘Rani Padmini’.
  • October, 1990: Delivery of first tanker named ‘007 Motilal Nehru’.
  • May, 1993: Received approval from Directorate General of Shipping for starting Graduate Engineer’s Course for six months at the company.
  • May, 1999: Delivered the Double Hull Motor Tanker ‘M.T. Abul Kalam Azad’ with a dead weight at design draught of 83576 T to Shipping Corporation of India Limited.
  • February, 2003: Delivered first export order, LB II Barge to National Petroleum Construction Company, Abu Dhabi.
  • January, 2004: Contract signed for building of six bulk carriers for M/s Clipper Group, Bahamas - The first series of export order.
  • November, 2006: Delivered nine fire-fighting tugs to Saudi Seaport Authority, Saudi Arabia from December 2004.
  • February, 2009: Keel laying of the first Indigenous Aircraft Carrier for the Indian Navy.
  • October, 2010: Signed the shipbuilding order of 20 Fast Patrol Vessels for Indian Coast Guard.
  • September, 2011: Set up the 500 Tonne Bollard Pull facility at Vizhinjam, the largest facility for bollard pull test in Asia.
  • December, 2012: Signed contract for setting up of ISRF at Cochin Port Trust.
  • August, 2013: Launched the first Indigenous Aircraft Carrier for the Indian Navy.
  • December, 2013: Allotment of 8.51% Secured redeemable non-convertible tax-free bonds of face value of Rs 1,000 million.
  • March, 2014: Delivered the 100th ship built by the company.
  • July, 2014: Implemented SAP ERP System.
  • December, 2015: Obtains license from GTT to build LNG Ships using the containment system known as the Mark-III Technology.
  • December, 2016: The last ship of the 20 Fast Patrol Vessel delivered to Indian Coast Guard.
  • June, 2017: Delivered double ended Ro-Ro ferry ‘Sethusagar - I and II’ to Kochi Municipal Corporation.
  • August 11, 2017: Cochin Shipyard Limited was Listed on BSE and NSE.
  • October 23, 2017: Incorporated Joint Venture Company viz., Hooghly Cochin Shipyard Ltd in partnership with Hooghly Dock and Port Engineers Limited.
  • January 18, 2018: Signed MOI with Defence Research and Development Organisation (DRDO) for export of Defence vessels incorporating Defence systems developed by DRDO and produced by Indian OEMs.
  • March 17, 2018: Signed MOU with Kolkata Port Trust for operations and management of ship repair facility at Netaji Subhas Dock. CSL shall utilize the facilities for the purpose of ship repair and allied services and for the growth of ship repair in the region.
  • October 30, 2018: Launching of 2 nos. 500 Pax vessels for A&N Administration by Smt. Kanchan
  • Gadkari, wife of Shri Nitin Gadkari, Hon’ble Union Minister for Shipping, Road Transport, Highways, Water Resources, River Development and Ganga Rejuvenation.
  • February 19, 2019: First batch of three Tuna Long Liner Cum Gillnetter Fishing Vessels for fishermen beneficiaries of Department of Fisheries, Government of Tamil Nadu was flagged off by Honb’le Chief Minister of Tamil Nadu, Thiru Edappadi K Palaniswami.
  • March 28, 2019: An agreement entered into between CSL and Kolkata Port Trust for operations and management of ship repair facility at Netaji Subhas Dock, which shall be focusing on the ship repair requirements at Kolkata area and inland waterways.
  • April 30, 2019: CSL signed contract for building 8 nos. Anti-Submarine Warfare Shallow Water Crafts for Indian Navy.
  • June 26, 2019: Commencement of Block Erection of 2 nos. RO-PAX Vessels for IWAI by Shri Paul Ranjan D, Director (Finance), CSL and Shri Mathew George, Director, IWAI.
  • September 19, 2019: Inauguration of CSL Maritime Park by Shri Mansukh L Mandaviya, Hon’ble Minister of State for Shipping (Independent Charge) and Chemicals & Fertilizers.
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