Cochin Shipyard Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
COCHINSHIP · price
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Cochin Shipyard reported strong top-line growth for Q1 FY26, with standalone revenue from operations rising about 38% year-on-year to Rs 977.42 crore (from Rs 709.84 crore in Q1 FY25). Standalone profit after tax grew modestly by about 4% to Rs 187.86 crore (vs Rs 180.85 crore), translating to an EPS of Rs 7.14. Consolidated results were similarly robust, with revenue up nearly 39% to Rs 1,068.59 crore and PAT at Rs 187.83 crore. The growth was driven entirely by the ship repair segment, whose revenue jumped to Rs 629.62 crore from Rs 244.78 crore, while ship building revenue actually fell to Rs 347.80 crore from Rs 465.07 crore. Operating margins compressed from 31% to 24% (consolidated) due to higher sub-contract costs and depreciation from newly capitalised projects.
Shareholders will note the strong revenue momentum from ship repair operations and a healthy AAA credit rating, but the sharp decline in ship building segment profitability and margin compression may temper near-term enthusiasm. The auditor's emphasis of matter on unrecognised liquidated damages for two delayed government passenger ships remains a watchable risk.