Cochin Shipyard Ltd.

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cochinshipyard.inBSE: 540678NSE: COCHINSHIP

Market Cap₹ 40,116 Cr.

Current Price

High / Low₹ 1,980 / 1,187

Stock P/E67.9

Book Value₹ 229

Price to Book5.33

Dividend Yield0.59 %

ROCE15.7 %

ROE11.2 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Ship Building: 56.3% • Ship Repair: 35.1% • Unallocated: 8.6%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has a healthy return on capital (ROCE) of 20.5%
Company has been maintaining a healthy dividend payout of 36.8%
Company has a consistent dividend-paying track record
Company comfortably covers its interest (10.0x coverage)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 37.6% versus prior year
A large part of profit comes from other income (45.6% of PBT)
Promoter holding has decreased over last 2 years: -5.0pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.73x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsShip BuildingShip Building

Part ofNIFTY CPSE NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150

S.No.	Name
1.	MAZDOCK	2395.00	33.80	96609.51	0.76	550.46	21.74	2942.70	12.08	36.51	16.48
2.	COCHINSHIP	1524.85	58.98	40115.87	0.59	151.45	-19.37	1094.21	2.40	17.60	17.65
3.	GRSE	2437.00	34.87	27916.32	0.80	172.84	43.82	1814.62	38.53	43.66	8.22
4.	KMEW	2916.55	57.10	7397.63	0.00	62.75	466.05	115.41	138.11	24.88	63.61

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	444	954	1,021	1,225	710	1,097	1,070	1,651	977	951	1,165	1,214	910
	362	759	710	939	527	901	828	1,398	744	895	999	994	804
Operating Profit	82	195	311	286	182	196	242	253	234	56	166	220	106
OPM %	18.49%	20.43%	30.49%	23.35%	25.69%	17.87%	22.59%	15.35%	23.90%	5.90%	14.27%	18.10%	11.64%
	84	88	56	79	80	100	45	156	55	127	73	149	72
Interest	8	9	8	6	6	9	11	11	11	17	26	30	24
Depreciation	13	15	15	14	14	21	27	22	29	26	28	28	28
Profit before Tax	145	258	345	345	242	266	249	376	249	140	186	312	178
Tax %	24.61%	26.02%	28.08%	23.39%	25.31%	27.52%	25.99%	24.35%	24.45%	27.70%	25.98%	30.62%	23.86%
Net Profit	109	191	248	265	181	193	184	285	188	101	138	216	136
	4.16	7.26	9.43	10.06	6.87	7.34	7.01	10.82	7.14	3.84	5.23	8.23	5.16

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,059	2,355	2,966	3,422	2,819	3,190	2,330	3,645	4,528	4,308	4,240
	1,675	1,890	2,392	2,708	2,092	2,555	2,057	2,760	3,642	3,617	3,692
Operating Profit	384	465	574	714	727	635	273	885	886	691	548
OPM %	18.65%	19.75%	19.34%	20.87%	25.80%	19.90%	11.72%	24.29%	19.57%	16.04%	12.93%
	160	189	227	248	194	266	268	307	380	405	422
Interest	12	12	15	50	57	53	42	42	49	98	96
Depreciation	39	38	34	49	53	54	51	57	84	111	110
Profit before Tax	493	605	751	863	811	794	449	1,094	1,134	886	816
Tax %	34.83%	34.41%	35.96%	26.14%	24.73%	26.16%	25.42%	25.65%	25.66%	27.45%	27.58%
Net Profit	322	397	481	638	610	587	334	813	843	643	591
EPS	28.39	31.03	35.72	48.48	46.38	44.59	12.71	30.91	32.04	24.44	—
Dividend Payout %	31.60%	41.11%	35.54%	34.30%	33.42%	37.56%	66.85%	31.55%	30.43%	36.82%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 9%
3 Years:: 23%

COMPOUNDED PROFIT GROWTH

10 Years:: 9%
5 Years:: 1%
3 Years:: 24%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 50%
3 Years:: 37%
1 Year:: -16%

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 13%
3 Years:: 15%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	113	136	132	132	132	132	132	132	132	132
	1,915	3,120	3,201	3,600	3,846	4,228	4,292	4,894	5,479	5,761
	126	126	126	499	509	515	420	460	471	1,549
Trade Payables	161	272	347	419	435	165	208	422	293	905
	977	1,781	1,373	1,709	2,398	3,211	4,792	5,913	6,598	5,742
Total Liabilities	3,292	5,435	5,178	6,358	7,321	8,251	9,844	11,821	12,973	14,088
	371	349	375	756	756	740	716	722	2,804	2,925
Capital Work in Progress	54	115	341	768	1,062	1,224	1,587	2,189	511	583
	0	16	60	65	214	262	336	355	359	475
	186	315	283	313	432	288	350	959	1,761	2,142
	0	0	0	0	0	0	0	294	225	412
Cash & Bank	1,991	3,490	2,523	2,176	2,146	3,163	4,672	3,784	3,021	2,277
	690	1,150	1,596	2,279	2,710	2,573	2,182	3,518	4,292	5,274
Total Assets	3,292	5,435	5,178	6,358	7,321	8,251	9,844	11,821	12,973	14,088

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	362	788	-248	433	777	1,566	2,159	-173	-260	-1,253
Cash from Investing	65	-1,328	1,044	-74	-446	-1,011	-1,921	478	613	282
Cash from Financing	-113	812	-409	-309	-405	-238	-270	-371	-288	667
	165	116	186	-130	-181	166	-145	-65	65	-304

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.86	72.86	67.91	67.91	67.91	67.91	67.91	67.91	67.91
	4.93	3.83	2.91	2.88	3.87	3.22	2.74	3.10	2.83
	2.50	3.00	6.62	6.81	6.32	6.47	6.46	6.04	6.95
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	19.71	20.30	22.55	22.40	21.90	22.40	22.89	22.95	22.30

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Agreements

2026-09-11 - Cochin Shipyard Limited has informed the Exchange about Agreements

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Cochin Shipyard Limited has informed the Exchange about Link of Recording

2026-09-10

Investor Presentation

2026-09-10 - Cochin Shipyard Limited has informed the Exchange about Investor Presentation

2026-09-09

Updates

2026-09-09 - Cochin Shipyard Limited has informed the Exchange regarding 'Comments Of The Board Of Directors Of The Company Pursuant To SEBI Master Circular Dated January 30, 2026'.

2026-09-09

Outcome of Board Meeting

2026-09-09 - CSL Board approves the proposal for forming a joint venture with Drydocks World Dubai FZCO (DDW)

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Cochin Shipyard Limited has informed the Exchange about Schedule of meet

2026-09-05

Copy of Newspaper Publication

2026-09-05 - Cochin Shipyard Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

Record Date

2026-09-04 - Cochin Shipyard Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026.

2026-09-04

Shareholders meeting

2026-09-04 - Cochin Shipyard Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026

News

Recent coverage and analyst commentary for COCHINSHIP

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