Goa Shipyard Limited (Goa Shipyard) Return Comparision with Primex 40 Index

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Goa Shipyard Limited

Goa Shipyard Limited Standalone Balance Sheet (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Non - Current Assets
Property, Plant & Equipment	96,073.54	1,02,479.15
Intangible Assets	1,167.65	948.75
Right of use Asset	507.49	423.80
Capital work in progress	1,312.32	484.59
Investments	103.05	-
Loans	67.79	83.84
Other Financial Assets	36.91	36.91
Other Non-current Assets	3,898.82	256.46
Current Assets
Inventories	71,741.26	36,885.23
Trade Receivables	8,106.63	11,070.16
Cash & Cash Equivalents	74,476.82	89,334.59
Bank Balances other than (iii) above	3,10,132.44	3,49,811.00
Loans	17.88	20.19
Others Financial Assets	13,550.88	16,148.43
Contract Assets	3,370.02	4,894.64
Current Tax Assets (net)	13,572.79	11,710.48
Other Current Assets	1,37,463.36	86,774.23
Total Assets	7,35,599.65	7,11,362.45
Equity
Equity Share Capital	5,820.19	5,820.19
Other Equity	1,56,237.90	1,37,968.69
Non - Current Liabilities
Lease Liability	417.55	388.29
Other Financial Liabilities	4.12	3.87
Provisions	2,999.46	2,944.70
Deferred Tax Liability (net)	104.57	204.86
Other Non-Current Liabilities	47,869.24	51,904.39
Current Liabilities
Lease Liabilities	145.75	82.16
Trade Payables
Outstanding due of Micro/Small Enterprise	982.89	67.56
Outstanding dues of other than Micro/Small enterprise	54,449.40	45907.62
Other Financial Liabilities	10,834.89	7317.18
Contract Liabilities	4,17,348.78	421219.82
Other current Liabilities	29,751.28	30126.78
Provisions	8,633.63	7406.34
Total Equity & Liabilities	7,35,599.65	7,11,362.45

Goa Shipyard Limited Standalone Profit & Loss Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Revenue from Operations
Turnover (Value of production)	2,80,085.10	163571.12
Other Operating revenue	4,975.10	11685.03
Other Income	33,950.40	33,827.59
Total Income	3,19,010.60	2,09,083.74
Expenses
Cost of Materials consumed:	2,24,605.55	1,13,565.18
Cost of Base and Depot Spares	144.00	28.71
Employee Benefit Expenses	16,181.56	15,842.98
Sub Contract Expenses	11,451.76	16,469.26
Direct Expense	9,616.75	6,077.37
Finance Costs	54.53	38.91
Depreciation & Amortization Expenses	8,083.62	7,489.54
Other Expenses	9,010.57	8,148.46
Corporate Social Responsibility Expenditure	483.70	381.43
Provisions	1,514.41	4,578.53
Total Expenses	2,81,146.45	1,72,620.37
Profit Before Tax	37,864.15	36,463.37
Current Tax	9,650.00	10,300.00
Tax pertaining to previous years	(529.20)	-
Deferred Taax	(100.29)	(968.37)
Profit for the year	28,843.64	27,131.74
Other Comprehensive Income	(505.51)	(288.32)
Total Comrehensive Income	28,338.13	26,843.42
Earning Per Equity Share
Basic	24.78	23.31
Diluted	24.78	23.31

Goa Shipyard Limited Standalone Cash Flow Statement (Rs in Lakhs)

Particulars	31-03-2025	31-03-2024
Cash Flow from Operating Activities
Net Profit after Tax as per Statement of Profit and Loss	37,864.15	36,463.37
Adjustments For
Profit on sale of fixed Asset ( Net )	(18.22)	(20.32)
Depreciation and Amortization expenses	8,083.62	7,489.54
Interest Income	(29,522.46)	(31,465.73)
Finance cost	54.53	38.91
Unwinding of Grant Income	(4,312.47)	(4,370.49)
Operating Profit before Working Capital Changes	12,149.15	8,135.28
Inventories	(34,856.03)	(25,457.23)
Trade Receivables	2,963.53	5,803.13
Loans	18.36	2.62
Other Financial Assets	1,353.66	(2,972.66)
Other Current Assets	(49,164.51)	(2,503.18)
Other Non-current Assets	(3,642.36)	(146.00)
Trade Payables	9,457.11	4,705.79
Other Financial Liabilities	3,518.96	(837.24)
Other Liabilities	(3,969.22)	76,224.21
Provisions	776.54	4,093.89
Cash Generated from Operations	(61,394.81)	67,048.61
Taxes Paid (net of refund)	(10,983.11)	(13,459.61)
Net cash generated from operating activities	(72,377.92)	53,589.00
Cash flows from investing activities
Purchase of property, plant and equipment	(1,862.34)	(13,558.12)
Sale of property, plant & equipment	92.33	22.35
Capital work in progress	(827.73)	10,551.15
Investment in joint venture	(103.05)	-
Redemption of fixed deposit having original maturity more than 3 months	39,678.56	(29,551.73)
Interest Income Received	30,766.35	26,837.12
Net cash used in investing activities	67,744.12	(5,699.23)
Cash flows from financing activities
Repayment of Lease Liability	(100.52)	(85.11)
Dividend paid	(10,068.92)	(7,740.85)
Interest Paid	(54.53)	(38.91)
Net Cash Flow from financing activities	(10,223.97)	(7,864.87)
Net Increase/Decrease in Cash and Cash Equivalents	(14,857.77)	40,024.90
Opening Balance of Cash and Cash Equivalents	89,334.59	49,309.69
Closing Balance of Cash and Cash Equivalents	74,476.82	89,334.59
Components of Cash and Cash Equivalents
Balances with Banks in current accounts	147.94	149.30
Fixed Deposit with Banks	74,310.00	89,171.00
In Imprest Account	18.88	14.29
Total	74,476.82	89,334.59

Summary of the Cash Flow Statement for the years 2025 and 2024:

Cash Flow from Operating Activities

The company reported a net profit after tax of ₹37,864.15 lakhs in 2025, slightly higher than ₹36,463.37 lakhs in 2024. After adding back non-cash expenses like depreciation of ₹8,083.62 lakhs and adjusting for finance cost of ₹54.53 lakhs, the operating profit before working capital changes stood at ₹12,149.15 lakhs in 2025, compared to ₹8,135.28 lakhs in 2024.

However, significant working capital changes negatively impacted cash flows. Inventories rose sharply by ₹34,856.03 lakhs, and other current assets increased by ₹49,164.51 lakhs, which drained cash. Although trade payables increased by ₹9,457.11 lakhs and receivables improved by ₹2,963.53 lakhs, these were not enough to offset the heavy outflow. As a result, the company recorded negative operating cash flow of ₹72,377.92 lakhs in 2025, compared to a healthy positive ₹53,589.00 lakhs in 2024. This indicates a heavy cash lock-up in working capital during 2025.

Cash Flow from Investing Activities

In 2025, the company generated strong positive cash flows from investing activities, unlike the previous year. Proceeds mainly came from redemption of fixed deposits worth ₹39,678.56 lakhs and interest income received of ₹30,766.35 lakhs. Against this, the company spent ₹1,862.34 lakhs on purchase of property, plant & equipment and ₹827.73 lakhs on capital work-in-progress. Overall, investing activities gave a net inflow of ₹67,744.12 lakhs in 2025, while in 2024, there was a small outflow of ₹5,699.23 lakhs. This shift shows that the company relied on investments to generate liquidity in 2025.

Cash Flow from Financing Activities

From financing activities, the company had a net outflow of ₹10,223.97 lakhs in 2025, higher than the outflow of ₹7,864.87 lakhs in 2024. The main reasons were dividend payments of ₹10,068.92 lakhs and lease liability repayments of ₹100.52 lakhs, along with interest paid of ₹54.53 lakhs. This indicates that more cash was returned to shareholders in 2025 compared to last year.

Net Change in Cash & Closing Balance

Combining all activities, the company had a net decrease in cash of ₹14,857.77 lakhs in 2025, whereas in 2024, it recorded a net increase of ₹40,024.90 lakhs. The closing cash balance was ₹74,476.82 lakhs in 2025, down from ₹89,334.59 lakhs in 2024. Most of the reduction came from negative operating cash flows, despite healthy inflows from investments.

Financial Ratios of Goa Shipyard Limited

Particulars	2025	2024
Current Ratio (in times)	1.21	1.18
Return on Equity Ratio (in %)	18.87	20.22
Trade Receivables Turnover Ratio (in times)	29.21	11.71
Trade Payable Turnover Ratio (in times)	5.91	6.80
Net Capital Turnover Ratio (in times)	2.78	2.05
Net Profit Ratio (in %)	10.12	15.48
Return on Capital Employed Ratio (in %)	23.30	25.27
Return on Investments (in %)	7.77	7.71
Inventory Turnover Ratio (in times)	5.02	5.02

Summary of the financial ratios of Goa Shipyard Limited for the year 2025 and 2024:

Current Ratio

The current ratio improved slightly from 1.18 times in 2024 to 1.21 times in 2025. This means the company’s current assets are just enough to cover its current liabilities, and the liquidity position is stable. A ratio above 1 shows that the company can meet its short-term obligations, but the improvement is only marginal.

Return on Equity

ROE stood at 18.87% in 2025, compared to 20.22% in 2024. This indicates that the company is earning a good return for its shareholders, but the slight fall suggests profitability on shareholders’ funds has come down a bit. Still, the company is using equity efficiently.

Trade Receivables Turnover Ratio

The receivables turnover ratio jumped from 11.71 times in 2024 to 29.21 times in 2025. This is a very positive sign, as it shows the company is collecting money from customers much faster. Better collection improves cash flow and reduces the risk of bad debts.

Trade Payables Turnover Ratio

The trade payables turnover ratio decreased from 6.80 times in 2024 to 5.91 times in 2025. This means the company is taking slightly longer to pay its suppliers. While this can help manage cash, too much delay may affect supplier relationships.

Net Capital Turnover Ratio

The ratio improved from 2.05 times in 2024 to 2.78 times in 2025. This shows that the company is using its working capital more efficiently to generate sales. Higher turnover indicates stronger operational efficiency.

Net Profit Ratio

The net profit ratio dropped from 15.48% in 2024 to 10.12% in 2025. This means that out of every ₹100 of sales, the company now earns about ₹10 as profit compared to ₹15 earlier. The fall suggests higher costs or lower margins in 2025.

Return on Capital Employed

ROCE declined from 25.27% in 2024 to 23.30% in 2025. This indicates that while the company is still generating strong returns from its total capital employed, profitability efficiency has come down slightly year-on-year.

Return on Investments

ROI remained almost stable at 7.77% in 2025 compared to 7.71% in 2024. This shows that the company’s investments are generating steady returns, with no major improvement or decline.

Inventory Turnover Ratio

The ratio remained the same at 5.02 times in both 2025 and 2024. This means the company is maintaining its efficiency in selling and replacing inventory. Stable inventory turnover indicates good stock management.

Goa Shipyard Annual Reports, Balance Sheet and Financials