NSE: COCHINSHIP · BSE: 540678
COCHIN SHIPYARD LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAZAGON DOCK SHIPBUIL LTD | 69,914 | 24.5 | 7.00 | 19.9 | 25.8 | 27.9 | 26.3 | 25.8 |
| COCHIN SHIPYARD LIMITED ◆ | 29,678 | 43.6 | 5.05 | 25.1 | 12.2 | 15.3 | 12.2 | 23.8 |
| LAXMIPATI ENGINEERING WORKS LI | 229 | 6.8 | — | — | — | 71.8 | — | — |
| HARIYANA SHIP BREAKERS L | 54 | 2.8 | 0.36 | 33.4 | 0.3 | (1.3) | (52.8) | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 43.6 | 26.5 | 92 of 139 | 34% |
| P/B | 5.0 | 3.0 | 81 of 120 | 33% |
| ROCE | 15.3 | 11.2 | 52 of 151 | 66% |
| ROE | 12.2 | 9.5 | 38 of 121 | 69% |
| Debt / Equity | 0.2 | 0.2 | 69 of 121 | 43% |
| 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 | 29678 | 325 | 4 of 150 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Cochin Shipyard completes acquisition of 23% stake in Conoship | strategic transactions | high | — | — |
| 12 Oct 2026 · Cochin Shipyard receives Crisil ESG rating of 59 and Core ESG 66 | general | medium | — | — |
| 9 Oct 2026 · Cochin Shipyard refutes media report on 40 ship export orders | business updates | high | — | — |
| 9 Oct 2026 · CSL subsidiary wins order for two luxury river cruise vessels | business updates | high | — | — |
| 9 Oct 2026 · Cochin Shipyard Postal Ballot E-Voting Notice to Shareholders | compliance | minimal | — | — |
| 9 Oct 2026 · Cochin Shipyard discloses ISIN details of outstanding debt securities | compliance | minimal | — | — |
| 9 Oct 2026 · Routine quarterly confirmation certificate from registrar submitted to exchanges | compliance | minimal | — | — |
| 8 Oct 2026 · Postal ballot notice for ISRF transfer to JV with Drydocks World Dubai | board shareholder meetings | low | — | — |
| 30 Sept 2026 · AGM results: 9 resolutions passed; total dividend Rs 9 per share confirmed | compliance | minimal | — | — |
| 29 Sept 2026 · Cochin Shipyard 54th AGM - dividends of INR 9 per share approved | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | 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 |
Sources, method and disclosures
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.