Commercial Engineers & Body Builders Co Ltd / Jupiter Wagons Ltd — FY25 Financial Performance & Outlook

Revenue & Profit Growth Revenue from operations in FY25 increased by about 23.6% to ~₹11,976.65 crore from ~₹9,685.36 crore in FY24. Profit before tax (before exceptional items) grew ~38.6% to ~₹772.42 crore. After tax, net profit rose to ~₹591.28 crore, compared with ~₹414.31 crore in FY24, improving the net margin to about 4.9% of revenue. Margin Improvement & Operational Metrics EBITDA (excluding other income) improved ~31.7% to ~₹875.92 crore, with margin rising to ~7.3% from ~6.9% in the previous year. Tax rate dropped slightly (from ~25.6% to ~24.7%). Capital employed increased to ~₹2,427.28 crore. The company holds a net cash position of ~₹640.35 crore, up from ~₹455.93 crore. Segment & Order Book Highlights The Electro-Mechanical Projects & Commercial Air Conditioning Systems segment saw quarterly revenue grow ~30.6% in Q4 FY25 (from ~₹1,506.83 crore to ~₹1,968.17 crore). For the full year, that segment’s revenue rose ~27.2% to ~₹5,997.99 crore. The carrying-forward order book as of 31 March 2025 stood at ~₹6,263.36 crore, up ~9.9% from the prior year. Dividend & Shareholder Returns The board has recommended a dividend of ₹9 per share for FY25, up from ₹7 per share in FY24, reflecting confidence in financial strength and consistent performance. Outlook & Risks The growth in revenue and profits points to scale benefits and improving operating leverage. The company is also expanding into new product segments (electro-mechanical, AC systems) and has a strong order book, which provides near-term revenue visibility. Risks include: raw material price volatility, competitive pressures, working capital demands, execution risks associated with large projects, and possible delays in order inflows. Economic/infrastructure slowdowns could also weigh on future growth.