Cochin Shipyard logo

Cochin Shipyard

COCHINSHIP NSE

Key Fundamentals

MidcapShip BuildingCapital Goods
Market Cap
₹37,710 Cr
Volatility
Moderate
P/E Ratio
53.4
EBITDA
₹1,221 Cr
Return on Equity
12.2%
Debt to Equity
0.28
Book Value
₹223.23
52W High
₹1,979.9
52W Low
₹1,187

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 32.3%

Weaknesses

2
  • Earnings include an other income of Rs.423 Cr.
  • Promoter holding has decreased over last 3 years: -4.95%

Growth Rate

Revenue Growth
4.28% lower than 3Y
Net Income Growth
-13.37% lower than 3Y
Cash Flow Change
-334% higher than 3Y
ROE
-17.73% lower than 3Y
ROCE
-12.36% higher than 3Y
EBITDA Margin (Avg.)
-7.57% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Cochin Shipyard Ltd, with a market cap of ₹37,710 Cr, is a leading public sector shipyard that has delivered strong 3-year compounded sales growth of 29% and profit growth of 40%. However, recent TTM trends show a sales decline of -1% and profit decline of -19%, while the stock trades at an elevated PE of 59x and PB of 6.83x.

Bull Case 7
  • Strong 3-year compounded sales CAGR of 29%, indicating robust order execution and revenue scaling over the medium term
  • Impressive 3-year compounded profit CAGR of 40%, demonstrating significant operating leverage and margin expansion during this period
  • 5-year stock CAGR of 53% reflects sustained investor confidence and strong wealth creation over the medium term
  • 3-year ROE of 15% is healthy for a capital goods company and indicates efficient use of shareholder equity
  • Consistent dividend payout of 32.3% provides a degree of income return to shareholders, with a current yield of 0.59%
  • As a government-owned shipyard, Cochin Shipyard benefits from policy tailwinds under India's Atmanirbhar Bharat and indigenous defence shipbuilding push, positioning it for large naval and commercial orders
  • 5-year compounded sales growth of 12% shows the company has maintained a positive long-term revenue trajectory even through cyclical downturns
Bear Case 8
  • TTM compounded profit has declined -19%, signalling a sharp near-term deterioration in earnings quality
  • TTM sales growth of -1% indicates revenue stagnation or mild contraction in the most recent period
  • PE ratio of 59x is significantly elevated relative to the capital goods sector median, pricing in very high future growth expectations
  • PB ratio of 6.83x is steep for a shipyard business, leaving limited margin of safety if growth disappoints
  • Earnings include other income of ₹423 Cr, which inflates reported profits and raises questions about the sustainability of core operating performance
  • Promoter holding has decreased by 4.95% over the last 3 years, which may signal dilution or reduced promoter confidence
  • 1-year stock CAGR of -8% shows the stock has underperformed recently despite the broader market rally, suggesting possible re-rating risk
  • Last year ROE of 13% has dipped from the 3-year average of 15%, indicating a declining trend in return on equity

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 5
  • Q1FY27 profit plunges, margins compress Sep 9

    Net profit fell 19-28% YoY to ~₹151 crore, EBITDA margins contracted 604-658 bps to 17-22%, and revenue declined 7% YoY to ₹9.1 billion. Stock crashed 9% to ₹1,382.50 on the margin guidance disappointment.

  • Margin guidance halved to 14% Sep 10

    Management guided FY27 EBITDA margins at ~14%, down sharply from 24% in FY26, with shipbuilding margins at 10-12% and ship repair at 22-24%. This normalization spooked investors.

  • Negative free cash flow, working capital strain Sep 11

    FY26 operating cash flow was negative ₹1,234 crore and free cash flow was minus ₹1,304 crore. Inventories rose to ₹2,288 crore and the company raised ₹4,029 crore in short-term borrowings.

  • SEBI fines for board non-compliance Aug 27

    BSE and NSE imposed penalties totaling ₹19.3 lakh (₹9.66 lakh each) for failure to maintain required independent directors during Q4FY26. A second ₹9.66 lakh fine was reported Sep 9.

  • Stretched valuation vs weak execution Sep 11

    Stock trades at P/E of ~59x and P/B of 6.83x despite declining ROE (15.64% to 12.52%), negative FCF, and 15.47% decline over the past year — 29.84% below its 52-week high.

Positives 6
  • Order book grows to ₹21,900 crore Sep 10

    Unexecuted order book rose to ₹219 billion from ₹211 billion, with 75 vessels across facilities. Defence orders at ₹11,900 crore and commercial exports at ₹7,200 crore provide multi-year visibility.

  • Massive defence pipeline ₹1.17L crore Sep 9

    Defence opportunity pipeline includes 4 LPDs worth ₹32,000 crore, 12 MCMVs worth ₹36,000 crore, and 7 P17 Bravo vessels worth ₹49,000 crore. Company declared L1 for 5 Navy survey vessels worth ~₹5,000 crore.

  • Battery-electric tug construction begins Sep 2

    Steel cutting for four advanced battery-electric TRAnsverse 2600E tugs for Svitzer commenced, with options for four more. Svitzer selected CSL over global shipyards, supporting India's Green Tug Transition Programme.

  • Drydocks World JV unlocks ₹900cr cash Sep 11

    50:50 JV with Drydocks World Dubai for ISRF approved Sep 9, transferring facility at ₹1,800 crore valuation. CSL receives ₹900 crore cash and ₹900 crore equity, with JV targeting ₹600 crore revenue in two years.

  • Final dividend of ₹1.50 declared Sep 4

    FY26 final dividend of ₹1.50 per share with record date September 18, 2026. Payout scheduled by October 28, 2026.

  • Green maritime and ESG push Sep 4

    CSL formed Green Maritime Propulsion JV with HBL Engineering for indigenous marine batteries. Company targeting 4,000 kWp solar capacity by Dec 2028 and received NSE ESG rating of 60.

Neutral 4
  • Q1FY27 earnings call uploaded Sep 10

    Audio recording of Q1FY27 investor conference call held September 10, 2026 has been uploaded. Transcript to follow.

  • AGM set for September 29 Aug 22

    54th AGM scheduled for September 29, 2026 via video conferencing at 11:00 am. FY26 annual report filed with exchanges on Sep 4.

  • Independent director appointed Aug 17

    Dr. Vani Ahluwalia appointed as Non-official Independent Director for three years effective August 17, 2026, by the Ministry of Ports, Shipping and Waterways.

  • JV cedes operational control to DDW Sep 11

    Drydocks World holds 3 of 5 board seats and nominates CEO, CFO, and COO. Phase II expansion requires additional ₹1,500 crore capex for 10 more workstations.

TL;DR: Cochin Shipyard has a strong order book at ₹21,900 crore with a massive ₹2.85 trillion pipeline, and is making strategic moves into green shipbuilding and international ship repair via the Drydocks World JV. However, the sharp margin guidance cut to 14% from 24%, negative free cash flow of ₹1,304 crore, and Q1FY27 profit decline have rattled investors, sending shares down 9% and 15% below year-ago levels. At ~59x P/E, the stock is priced for execution that hasn't materialized yet. Near-term trajectory depends on whether Q2-Q4 margins stabilize and working capital comes under control — until then, sentiment is likely to remain cautious.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
476
1,012
1,056
1,286
771
1,143
1,148
1,758
1,069
1,119
1,350
1,484
1,094
Expenses
397
821
746
998
594
946
910
1,492
827
1,045
1,164
1,175
901
Operating Profit
79
191
310
288
177
197
237
266
241
74
187
310
193
OPM %
17%
19%
29%
22%
23%
17%
21%
15%
23%
7%
14%
21%
18%
Other Income
84
89
58
80
84
101
47
157
54
127
71
157
67
Interest
9
10
8
7
7
9
11
12
12
20
28
32
25
Depreciation
17
19
20
19
19
26
32
27
34
31
33
32
32
PBT
137
251
340
342
236
263
242
384
250
150
197
403
202
Tax %
28%
28%
28%
24%
26%
28%
27%
25%
25%
28%
26%
31%
25%
Net Profit
99
182
244
259
174
189
177
287
188
108
145
276
151
EPS in Rs
3.75
6.9
9.29
9.84
6.62
7.18
6.73
10.92
7.14
4.09
5.5
10.51
5.76
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,355
2,966
3,422
2,819
3,191
2,365
3,830
4,820
5,022
5,047
Expenses
1,891
2,394
2,711
2,096
2,564
2,103
2,949
3,925
4,190
4,284
Operating Profit
465
571
711
723
627
262
882
895
831
763
OPM %
20%
19%
21%
26%
20%
11%
23%
19%
17%
15%
Other Income
189
226
245
203
260
269
310
389
409
423
Interest
12
15
50
58
53
43
46
55
111
106
Depreciation
38
34
49
60
68
69
75
103
130
128
PBT
604
748
858
808
766
418
1,071
1,125
999
952
Tax %
34%
36%
26%
25%
26%
27%
27%
26%
28%
—
Net Profit
396
478
632
609
564
305
783
827
717
680
EPS in Rs
14.58
18.17
24.02
23.13
21.44
11.58
29.77
31.45
27.24
25.86
Div. Payout %
41%
36%
35%
34%
39%
73%
33%
31%
33%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
136
132
132
132
132
132
132
132
132
Reserves
3,120
3,197
3,591
3,902
4,262
4,296
4,872
5,448
5,741
Borrowings
123
123
123
540
554
587
502
560
1,672
Other Liabilities
2,109
1,799
2,565
2,976
3,467
5,006
6,531
7,253
6,986
Total Liabilities
5,487
5,251
6,411
7,549
8,414
10,021
12,037
13,393
14,531
Fixed Assets
349
376
764
867
970
953
968
3,047
3,164
CWIP
121
342
799
1,176
1,264
1,619
2,196
516
587
Investments
0
0
0
0
0
0
0
0
113
Other Assets
5,017
4,532
4,848
5,506
6,180
7,449
8,873
9,830
10,667
Total Assets
5,487
5,251
6,411
7,549
8,414
10,021
12,037
13,393
14,531
Figures in ₹ Crores

Cash Flow

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
631
-451
253
710
1,398
1,889
-172
-284
-1,234
Investing
-1,312
1,074
-97
-443
-1,007
-35
481
538
327
Financing
812
-409
-309
-405
-239
-276
-371
-243
696
Net Cash Flow
131
214
-154
-138
152
1,578
-62
10
-211
Free Cash Flow
556
-738
-242
280
1,135
1,553
-805
-541
-1,385
CFO/OP
169
-44
61
113
247
765
2
-15
-133
Figures in ₹ Crores

Ratios

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
90
48
31
46
50
52
29
17
31
Inventory Days
98
70
65
139
67
122
216
325
379
Days Payable
83
84
85
130
38
71
98
85
159
Cash Conversion Cycle
104
34
10
54
79
103
147
257
250
Working Capital Days
-114
-27
9
-8
-95
-423
-168
-54
16
ROCE %
—
22%
25%
20%
17%
8%
21%
20%
16%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others2.32%Promot.67.92%FIIs2.83%DIIs6.96%Public19.97%As ofJun 2026

Documents

Frequently Asked Questions about Cochin Shipyard

What does Cochin Shipyard Ltd do?
Incorporated in the year 1972, Cochin Shipyard Limited(CSL) is a leading player in construction of all kinds of vessels, repairs and refits of all types of vessels including periodic upgradation and life extension of ships. CSL has built & repaired some of the largest ships for its esteemed cust...
Where is Cochin Shipyard Ltd (COCHINSHIP) listed?
Cochin Shipyard Ltd trades as COCHINSHIP on the NSE and under code 540678 on the BSE.
Which sector does Cochin Shipyard Ltd belong to?
Cochin Shipyard Ltd is classified under the Capital Goods sector, in the Ship Building industry.
What is the market capitalisation of Cochin Shipyard Ltd?
Cochin Shipyard Ltd has a market capitalisation of ₹37,710 Cr, which places it in the Large Cap band.
What is the PE ratio of Cochin Shipyard Ltd?
Cochin Shipyard Ltd trades at a PE ratio of 53.40, against a book value of ₹223.23 per share.
What is the 52-week high and low of Cochin Shipyard Ltd?
Over the last 52 weeks Cochin Shipyard Ltd has traded between ₹1,187 and ₹1,979.9.
Does Cochin Shipyard Ltd pay dividends?
Cochin Shipyard Ltd has a dividend yield of 0.59%.
What is the Return on Equity (ROE) of Cochin Shipyard Ltd?
Cochin Shipyard Ltd reported a return on equity of 12.20%. Its debt-to-equity ratio is 0.28.

Company Information

Incorporated in the year 1972, Cochin Shipyard Limited(CSL) is a leading player in construction of all kinds of vessels, repairs and refits of all types of vessels including periodic upgradation and life extension of ships. CSL has built & repaired some of the largest ships for its esteemed customers across the globe. It has exported some 45 ships to various clients outside India. It has developed its expertise from building bulk carriers to smaller ships and ships which are more advanced in terms of technology such as Platform Supply vessels, Anchor Handling Tug Supply Vessels. [1]

Website cochinshipyard.com
Employees 2,140
Listed 2017-08-11
Face Value ₹ 5
Issued Size 26,30,80,780

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