The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · COCHIN SHIPYARD LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
COCHIN SHIPYARD LIMITED Discounted cash flow · base FY26
COCHIN SHIPYARD LIMITED
Value per share, this model₹226
CMP 2026-09-10₹1,381.00
Difference(83.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of COCHIN SHIPYARD LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
4% a year
FY26 4.2% · 5-yr CAGR 12.2%
EBITDA margin
16.2%
FY26 16.2% · 5-yr average 18.0%
Depreciation · capex, % of revenue
2.6% · 1.4%, fading to 1.2× depreciation
FY26 2.6% · 1.4%
Working capital, % of added revenue · tax
34.8% · 28.3%
127 working-capital days · effective 28.3%
Discount rate
11.00%
1-yr beta 1.3
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹993 · ₹0 · ₹0 cr
FY26 net debt ₹993 cr
Shares
26.31 crore
26.31 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
5,022
5,223
5,432
5,649
5,875
6,110
growth %
4.2
4.0
4.0
4.0
4.0
4.0
EBITDA
811
846
880
915
952
990
Depreciation
(130)
(136)
(141)
(147)
(153)
(159)
NOPAT
489
509
530
551
573
596
less capex
(70)
(73)
(99)
(128)
(158)
(191)
less working-capital build
—
(70)
(73)
(76)
(79)
(82)
Free cash flow to firm
—
502
499
494
489
482
Present value
477
427
381
339
302
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · COCHIN SHIPYARD LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,925
PV of the terminal value (72% of EV)
5,008
Enterprise value
6,933
less net debt
(993)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,940
÷ 26.31 crore shares
₹226
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
234
253
276
304
339
10.5%
214
230
249
271
298
11.0%
197
210
226
244
266
11.5%
182
193
206
222
240
12.0%
169
179
190
203
218
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
