Builds and repairs ships at its Kochi shipyard, with revenue split between two main segments. Ship building — covering tugs, river cruise vessels, cargo ships, electric hybrid water-metro boats and defence vessels — contributed ₹2,651.39 crores (56.3%) of FY26 segment revenue with EBIT of ₹475.37 crores, while ship repair contributed ₹1,656.30 crores (35.1%) with EBIT of ₹429.41 crores; an unallocated residual made up 8.6%. The order book stood at ₹21,100 crores spread across 75 vessels, broken into ₹19,600 crores of shipbuilding work and ₹1,500 crores of ship repair work. A new 310-metre drydock and the International Ship Repair Facility have just become operational, with management guiding to roughly ₹1,500 crores of FY26 ship repair revenue and a long-term turnover target of ₹10,000–12,000 crores by 2030–31. Costs are dominated by materials and components at 43.7% of revenue, followed by other operating expenses at 30.6% and employees at 9.4%; depreciation is 2.6% and capex 1.4%. The operator is a central public sector enterprise under the Ministry of Ports, Shipping and Waterways, with the Government of India holding 63.33% after a recent offer for sale of 1.20 crore shares, and has guided FY26 to 14–15% revenue growth, ~15% PAT margin and ship-building segment margins of 10–12%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ship building (56%), Ship Repair (35%), Unallocated (9%). Asset-heavy, project-driven shipbuilding and ship repair with a multi-year order book
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,191 | 2,365 | 3,830 | 4,820 | 5,022 |
| EBITDA (ex other income) | 620 | 315 | 869 | 878 | 811 |
| margin % | 19.4 | 13.3 | 22.7 | 18.2 | 16.2 |
| Owners' profit | 564 | 305 | 783 | 827 | 717 |
| EPS, as reported (₹) | 42.87 | 23.16 | 29.77 | 31.45 | 27.24 |
| ROE % · ROCE % | 12.8 · 16.4 | 6.9 · 9.3 | 15.7 · 20.0 | 14.8 · 19.0 | 12.2 · 16.7 |
| Debt / equity (x) | 0.03 | 0.03 | 0.00 | 0.01 | 0.19 |
| Cash from operations | 1,397 | 1,889 | (172) | (297) | (1,234) |
| Capex | (175) | (45) | (30) | (403) | (70) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,143 | 1,148 | 1,758 | 1,069 | 1,119 | 1,350 | 1,484 | 1,094 |
| Profit before tax | 263 | 242 | 384 | 250 | 150 | 197 | 403 | 202 |
| Net profit | 189 | 177 | 287 | 188 | 108 | 145 | 276 | 151 |
| EPS (₹) | 7.18 | 6.73 | 10.92 | 7.14 | 4.09 | 5.50 | 10.51 | 5.76 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Ship building | 2,927 | 53.9 |
| Ship Repair | 1,656 | 30.5 |
| Unallocated | 410 | 7.5 |
| Ship Building | 439 | 8.1 |
| Total, before eliminations | 5,432 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAZAGON DOCK SHIPBUIL LTD | 94,351 | 33.0 | 9.45 | 27.0 | 25.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Cochin Shipyard signs Joint Venture with Drydocks World Dubai | strategic transactions | high | — | — |
| 10 Sept 2026 · Audio recording of Q1 FY27 analyst call uploaded to website | investor communications | low | — | — |
| 10 Sept 2026 · Cochin Shipyard Investor Presentation: Q1FY26 Results, Order Book and JVs | investor communications | medium | — | — |
| 9 Sept 2026 · Cochin Shipyard fined for non-compliance on independent directors | regulatory legal | high | — | — |
| 9 Sept 2026 · CSL forms 50:50 JV with Drydocks World Dubai for ship repair facility | strategic transactions | high | — | — |
| 9 Sept 2026 · Cochin Shipyard approves 50:50 JV with Drydocks World for ship repair facility | strategic transactions | high | — | — |
| 7 Sept 2026 · Cochin Shipyard schedules investor call on Sept 10 to discuss business updates | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Cochin Shipyard publishes AGM notice with e-voting details | compliance | minimal | — | — |
| 4 Sept 2026 · Record date set for Rs 1.50 final dividend for FY26 | corporate actions | high | — | — |
| 4 Sept 2026 · Cochin Shipyard submits BRSR for FY26 with Rs 4,307 Cr turnover | compliance | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 27.9 |
| 26.3 |
| 25.8 |
| COCHIN SHIPYARD LIMITED ◆ | 36,331 | 53.4 | 6.19 | 30.6 | 12.2 | 15.3 | 12.2 | 23.8 |
| LAXMIPATI ENGINEERING WORKS LI | 256 | 7.6 | — | — | — | 71.8 | — | — |
| HARIYANA SHIP BREAKERS L | 62 | 3.3 | 0.42 | 38.4 | 0.3 | (1.3) | (52.8) | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.4 | 26.9 | 106 of 147 | 28% |
| P/B | 6.2 | 3.4 | 86 of 119 | 27% |
| ROCE | 15.3 | 11.2 | 53 of 153 | 66% |
| ROE | 12.2 | 9.2 | 39 of 125 | 69% |
| Debt / Equity | 0.2 | 0.2 | 73 of 125 | 42% |
| EBITDA margin | 23.8 | 12.6 | 23 of 117 | 81% |
| Revenue growth | 2.4 | 19.5 | 84 of 122 | 31% |
| Profit growth | (19.4) | 17.1 | 79 of 117 | 33% |
| Market cap | 36331 | 376 | 3 of 149 | 99% |
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| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
