Cochin Shipyard Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
COCHINSHIP · price
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Cochin Shipyard reported consolidated revenue of Rs 5,02,187 lakhs for FY2026, up 4.2% from Rs 4,81,996 lakhs in FY2025. However, profit after tax declined 13.4% to Rs 71,674 lakhs from Rs 82,733 lakhs, impacted by higher finance costs (Rs 9,238 vs Rs 3,858 lakhs) and increased subcontract expenses. EPS dropped to Rs 27.24 from Rs 31.45. Operating cash flow turned negative at Rs 1,23,408 lakhs due to rise in working capital (higher inventories and receivables). The Board recommended a dividend of Rs 1.5 per share. Auditors issued an unmodified opinion but included an emphasis of matter on suspended construction of two passenger vessels for Andaman & Nicobar Administration worth Rs 81,900 lakhs, where delivery dates have expired and commercial terms remain unresolved.
PAT decline and negative operating cash flow are concerns, though revenue growth and AAA credit rating provide some comfort. The unresolved A&N vessel contract and governance issues (lack of audit committee due to absence of independent directors) add uncertainty for investors.