Cochin Shipyard Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Ship Building: 62.0% • Ship Repair: 30.5% • Others: 7.5%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has a healthy return on capital (ROCE) of 21.0%
- Company has consistently been profitable over the last 5 years
- Company has been maintaining a healthy dividend payout of 33.0%
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (10.0x coverage)
- Company generates healthy free cash flow
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 28.4% versus prior year
- A large part of profit comes from other income (41.0% 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MAZDOCK | 2335.50 | 32.97 | 94209.40 | 0.78 | 550.46 | 21.74 | 2942.70 | 12.08 | 36.51 | 16.48 |
| COCHINSHIP | 1381.50 | 53.44 | 36344.61 | 0.65 | 151.45 | -19.37 | 1094.21 | 2.40 | 17.60 | 17.65 |
| GRSE | 2425.50 | 34.70 | 27784.59 | 0.81 | 172.84 | 43.82 | 1814.62 | 38.53 | 43.66 | 8.22 |
| KMEW | 2869.80 | 56.18 | 7279.05 | 0.00 | 62.75 | 466.05 | 115.41 | 138.11 | 24.88 | 63.61 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 476 | 1,012 | 1,056 | 1,286 | 771 | 1,143 | 1,148 | 1,758 | 1,069 | 1,119 | 1,350 | 1,484 | 1,094 | |
| 397 | 821 | 746 | 998 | 594 | 946 | 910 | 1,492 | 827 | 1,045 | 1,164 | 1,175 | 959 | |
| Operating Profit | 79 | 191 | 310 | 288 | 177 | 197 | 237 | 266 | 241 | 74 | 187 | 310 | 135 |
| OPM % | 16.54% | 18.90% | 29.35% | 22.42% | 22.99% | 17.26% | 20.69% | 15.12% | 22.59% | 6.59% | 13.82% | 20.87% | 12.38% |
| 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 |
| Profit before Tax | 137 | 251 | 340 | 342 | 236 | 263 | 242 | 384 | 250 | 150 | 197 | 403 | 202 |
| Tax % | 28.18% | 27.79% | 28.13% | 24.37% | 26.12% | 28.28% | 26.82% | 25.22% | 24.73% | 28.27% | 26.48% | 31.32% | 25.20% |
| Net Profit | 0 | 0 | 0 | 0 | 174 | 189 | 177 | 287 | 188 | 108 | 145 | 276 | 151 |
| 3.75 | 6.90 | 9.29 | 9.84 | 6.62 | 7.18 | 6.73 | 10.92 | 7.14 | 4.09 | 5.50 | 10.51 | 5.76 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,355 | 2,966 | 3,422 | 2,819 | 3,191 | 2,365 | 3,830 | 4,820 | 5,022 | 5,047 | |
| 1,891 | 2,394 | 2,711 | 2,096 | 2,564 | 2,103 | 2,949 | 3,925 | 4,192 | 4,342 | |
| Operating Profit | 464 | 571 | 711 | 723 | 627 | 262 | 882 | 894 | 830 | 705 |
| OPM % | 19.72% | 19.26% | 20.79% | 25.64% | 19.65% | 11.07% | 23.01% | 18.56% | 16.53% | 13.98% |
| 189 | 226 | 245 | 203 | 260 | 269 | 310 | 389 | 410 | 423 | |
| Interest | 12 | 15 | 50 | 58 | 53 | 43 | 46 | 55 | 111 | 106 |
| Depreciation | 38 | 34 | 49 | 60 | 68 | 69 | 75 | 103 | 130 | 128 |
| Profit before Tax | 604 | 748 | 858 | 808 | 766 | 418 | 1,071 | 1,125 | 999 | 952 |
| Tax % | 34.42% | 36.08% | 26.32% | 24.68% | 26.37% | 27.18% | 26.86% | 26.47% | 28.26% | 28.54% |
| Net Profit | 396 | 478 | 632 | 609 | 564 | 305 | 783 | 827 | 717 | 680 |
| EPS | 31.00 | 35.47 | 48.05 | 46.27 | 42.87 | 11.58 | 29.77 | 31.45 | 27.24 | — |
| Dividend Payout % | 41.16% | 35.76% | 34.61% | 33.50% | 39.07% | 73.39% | 32.75% | 31.00% | 33.03% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 12%
- 3 Years:
- 29%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 3%
- 3 Years:
- 33%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 50%
- 3 Years:
- 37%
- 1 Year:
- -16%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 13%
- 3 Years:
- 15%
- Last Year:
- 13%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 136 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 |
| Minority Interest | 6 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3,120 | 3,197 | 3,591 | 3,902 | 4,262 | 4,296 | 4,872 | 5,448 | 5,741 | |
| 126 | 126 | 499 | 517 | 522 | 440 | 473 | 529 | 1,644 | |
| Trade Payables | 272 | 347 | 419 | 435 | 169 | 216 | 465 | 494 | 962 |
| 1,781 | 1,374 | 1,719 | 2,413 | 3,215 | 4,824 | 5,997 | 6,687 | 6,051 | |
| Total Liabilities | 5,440 | 5,180 | 6,360 | 7,399 | 8,299 | 9,908 | 11,938 | 13,290 | 14,531 |
| 349 | 376 | 764 | 867 | 970 | 953 | 968 | 3,047 | 3,164 | |
| Capital Work in Progress | 121 | 342 | 799 | 1,176 | 1,241 | 1,602 | 2,195 | 515 | 586 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 113 | |
| 315 | 283 | 313 | 434 | 298 | 373 | 1,026 | 1,896 | 2,288 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 303 | 225 | 423 | |
| Cash & Bank | 3,505 | 2,577 | 2,195 | 2,209 | 3,213 | 4,758 | 3,864 | 3,113 | 2,406 |
| 1,150 | 1,601 | 2,288 | 2,713 | 2,576 | 2,222 | 3,581 | 4,494 | 5,550 | |
| Total Assets | 5,440 | 5,180 | 6,360 | 7,399 | 8,299 | 9,908 | 11,938 | 13,290 | 14,531 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 787 | -251 | 434 | 818 | 1,549 | 1,990 | -172 | -284 | -1,234 | |
| Cash from Investing | -1,312 | 1,074 | -97 | -443 | -1,007 | -1,738 | 481 | 538 | 327 |
| Cash from Financing | 812 | -409 | -309 | -405 | -239 | -274 | -371 | -243 | 696 |
| 131 | 214 | -154 | -138 | 152 | -136 | -62 | 10 | -211 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Cochin Shipyard Limited has informed the Exchange about Agreements
2026-09-10 - Cochin Shipyard Limited has informed the Exchange about Link of Recording
2026-09-10 - Cochin Shipyard Limited has informed the Exchange about Investor Presentation
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 - CSL Board approves the proposal for forming a joint venture with Drydocks World Dubai FZCO (DDW)
2026-09-07 - Cochin Shipyard Limited has informed the Exchange about Schedule of meet
2026-09-05 - Cochin Shipyard Limited has informed the Exchange about Copy of Newspaper Publication
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 - 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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Cochin Shipyard Ltd.
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