Cochin Shipyard Limited (COCHINSHIP)
₹1,248.80 -0.41% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Cochin Shipyard's revenue was ₹1,094 Cr (+2.4% year on year, -26.3% on the previous quarter), and net profit ₹151 Cr (-19.4% year on year); the operating margin was 17.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,094 | +2.4% | -26.3% |
| Operating profit | ₹193 | -20.0% | -37.7% |
| Net profit | ₹151 | -19.4% | -45.1% |
| Operating margin | 17.7% | — | — |
COCHINSHIP delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.1% of the COCHINSHIP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.99%. Delivery was unusually high while the price barely moved (-0.41%). Volume was 0.4 times its average, well below normal. In COCHINSHIP futures, open interest fell 0.17% while the futures price fell 0.10%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 25.9% · 33.6% · 47.5% · 35.7% · 45.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Cochin Shipyard Limited (CSL) has clarified media reports claiming it secured orders to build 40 ships from the US, Germany, Norway, and other countries. The company stated that all orders received have already been disclosed to stock exchanges, including a recent order by subsidiary Hooghly-CSL for two Luxury River Cruise vessels. CSL confirmed that as of October 09, 2026, it has no further firm orders to report, dispelling speculative buzz that triggered share price movement.
- Clarified news report from October 08, 2026 claiming an order to build 40 ships from the US, Germany, and Norway
- Company confirmed that all received export and domestic orders are already in the public domain
- Confirmed no further firm orders exist beyond disclosed contracts, including Hooghly-CSL's 2 Luxury River Cruise vessels order
- Filing made under Regulation 30(11) following material share price movements on October 09, 2026 at 10.07 AM IST
Cochin Shipyard's wholly owned subsidiary, Hooghly Cochin Shipyard Limited (Hooghly-CSL), has secured an order from Heritage River Journeys Private Limited to build two luxury river cruise vessels. Based on Cochin Shipyard's classification, a 'Notable' order falls within the range of ₹100 Cr to ₹250 Cr, representing approximately 2% to 5% of CSL's TTM revenue of ₹5,047 Cr. The contract is a repeat order following an earlier contract in June 2025, with scheduled deliveries by June 2029 and June 2030.
- Subsidiary Hooghly-CSL secured an order for 2 Luxury River Cruise vessels
- Contract classified as 'Notable', representing a value between ₹100 Cr and ₹250 Cr
- Repeat order from domestic client Heritage River Journeys Private Limited following June 2025 order
- Vessels scheduled for delivery by June 2029 and June 2030 respectively
Cochin Shipyard Limited (CSL) has issued a Postal Ballot notice seeking shareholder approval to transfer its International Ship Repair Facility (ISRF) to a 50:50 joint venture with Drydocks World – Dubai FZCO on a slump sale basis. The fair value consideration is ₹1,800 Cr (approx. 35.7% of CSL's TTM revenue of ₹5,047 Cr), structured as ₹900 Cr in cash and ₹900 Cr in JV equity shares. CSL anticipates an estimated one-time profit of approximately ₹800 Cr in FY 2026-27 PAT and net worth upon completion. Over a 5-year medium term (FY28–FY32), the JV is projected to generate an incremental turnover of ₹260 Cr to ₹650 Cr and PAT of ₹90 Cr to ₹180 Cr.
- Transfer of ISRF undertaking valued at ₹1,800 Crores on a slump sale basis to a 50:50 JV with Drydocks World – Dubai FZCO.
- Consideration split equally: ₹900 Crores in cash and ₹900 Crores in equity shares of the new JV.
- Estimated one-time gain of approximately ₹800 Crores expected to positively impact FY 2026-27 PAT and net worth.
- Medium-term 5-year projection expects JV turnover contribution of ₹260 Crores to ₹650 Crores and PAT of ₹90 Crores to ₹180 Crores.
- Remote e-voting opens on October 09, 2026, and concludes on November 07, 2026; results on or before November 10, 2026.
Cochin Shipyard has released its Scrutinizer's report following the 54th Annual General Meeting held on September 29, 2026. All 9 resolutions were approved with requisite majorities, including the confirmation of a total dividend of ₹9.00 per share (₹4.00 first interim, ₹3.50 second interim, and ₹1.50 final dividend) for FY26. Total votes polled represented 76.17% of outstanding shares, with promoter participation at 100%. Other approved items included the appointment of nominee and independent directors, along with auditor remunerations.
- All 9 resolutions passed with requisite majorities across 20,03,93,416 total votes polled (76.17% of outstanding shares)
- Shareholders approved total FY26 dividend of ₹9.00 per share (₹4.00 first interim, ₹3.50 second interim, and ₹1.50 final dividend on ₹5 face value)
- Resolution 3 for dividend declaration passed with 98.39% votes cast in favor
- Appointment of Independent Director Dr. Vani Ahluwalia approved by special resolution with 94.01% votes in favor
Cochin Shipyard Limited concluded its 54th Annual General Meeting (AGM) on September 29, 2026. Shareholders considered the adoption of FY26 financials and approved a final dividend of ₹1.50 per equity share (30%), taking total FY26 dividend to ₹9.00 per share including two interim dividends of ₹4.00 and ₹3.50. Other ordinary and special resolutions included director appointments, auditor remuneration, and cost auditor ratifications. The company reported 9,73,577 shareholders as of the September 22, 2026 cut-off date, with 66 attending the virtual AGM.
- Declared final dividend of ₹1.50 (30%) per share of ₹5 face value, taking full-year FY26 dividend to ₹9.00 per share
- Company shareholder base stood at 9,73,577 as of the cut-off date on September 22, 2026
- A total of 66 shareholders attended the 54th AGM held via video conferencing
- 9 key resolutions transacted, including appointment of Part-time Official and Independent Directors
Cochin Shipyard Limited (CSL) has executed a Share Purchase Agreement and Shareholders' Agreement to acquire a 23% equity stake in Netherlands-based Conoship International Holding B.V. for €2.30 million (approx. ₹21-22 Cr). Conoship is a ship design and engineering firm with CY2024 group turnover of €4.95 million (including intercompany adjustments) and PAT of €0.22 million. The transaction has already obtained DIPAM clearance and is slated for completion within 2 months. Financially, the deal is immaterial relative to CSL's ₹5,047 Cr TTM revenue, but strategically aims to enhance design capabilities for European coastal and short-sea shipping.
- Acquisition of 23% equity stake in Conoship International Holding B.V. for €2.30 Million in cash
- Target entity reported CY2024 group turnover of €4.0 Million (excluding intercompany) / €4.95 Million (including adjustments) and PAT of €0.22 Million
- Approval from Department of Investment and Public Asset Management (DIPAM) already obtained
- Indicative completion timeline is within 2 months from signing
Cochin Shipyard Limited (CSL) announced Board approval to create a 50:50 joint venture with Drydocks World, Dubai (a DP World entity) to own, operate, and augment the International Ship Repair Facility (ISRF) at Kochi. The ISRF undertaking will be transferred via slump sale for a valuation of ₹1,800 crore, equivalent to ~35.7% of CSL's TTM revenue (₹5,047 crore), with 50% received in cash and 50% in JV equity. The JV plans to expand capacity by adding 10 workstations to the existing 6-workstation facility. Additionally, management guided blended operating margins at 14-15% (shipbuilding at 10-12%, ship repair at 22-24%) while noting that the IAC-2 aircraft carrier project has not yet reached the Acceptance of Necessity (AoN) stage.
- Board approved 50:50 JV with Drydocks World, Dubai, transferring ISRF undertaking for ₹1,800 crore (50% cash, 50% equity).
- ISRF valuation of ₹1,800 crore represents ~35.7% of CSL's TTM revenue of ₹5,047 crore.
- ISRF expansion planned with the addition of 10 more workstations to the existing 6-workstation, 6,000-ton ship lift setup.
- Management guided blended EBITDA margins at 14% to 15% (shipbuilding at 10% to 12% and ship repair at 22% to 24%).
- Bidding pipeline includes technical bid for MR tankers (~₹1,700 crore) and EoI for Aframax tanker (~₹2,600 crore).
Cochin Shipyard Limited has formally executed a Joint Venture Agreement with Drydocks World Dubai – FZCO (a DP World company) on September 11, 2026. The signing occurred on the sidelines of the BRICS Summit 2026 in New Delhi following an earlier intimation on September 09, 2026. While commercial deal terms, equity split, and capex outlays were not disclosed in the filing, this partnership aligns with Cochin Shipyard's strategic objective to expand its international ship repair footprint. The company reported TTM revenues of Rs 5,047 Cr and maintains an existing order book of approximately Rs 21,100 Cr.
- Executed Joint Venture Agreement with Drydocks World Dubai – FZCO on September 11, 2026
- Agreement follows the preliminary intimation dated September 09, 2026
- Signed on the sidelines of the BRICS Summit 2026 in New Delhi with Union Minister and UAE Assistant Foreign Minister present
- Financial investment, equity ratio, and project capacity remain not disclosed
Cochin Shipyard Limited informed the exchanges that the audio recording of its investor and analyst conference call held on September 10, 2026, at 02:00 PM IST has been uploaded to its website. The conference call addressed the company's performance and business updates. The company noted that the written transcript of the call will be submitted in due course.
- Conference call held on September 10, 2026, at 02:00 PM IST
- Audio recording made publicly accessible via the company's website link
- Transcript of the earnings/business update call to follow in due course
Cochin Shipyard Limited (CSL) announced Board approval for forming a 50:50 JV with DDW (a DP World company) to operate and expand the International Ship Repair Facility (ISRF). ISRF will be transferred at a valuation of ₹1,800 Cr, with CSL receiving ₹900 Cr in cash (equivalent to ~17.8% of TTM revenue) and ₹900 Cr in equity, with the JV signing slated for Sep 11, 2026. Additionally, CSL detailed a ₹6,520 Cr investment pipeline for 2025–2030, covering ₹4,100 Cr for shipbuilding infrastructure and ₹2,420 Cr for ship repair clusters in Kochi and Vadinar. As of Q1 FY26, the ship repair order book stands at ₹1,200 Cr, with the company commanding about a 45% market share in India's ship repair sector.
- Board approved a 50:50 JV with DDW (DP World) on Sep 09, 2026, transferring ISRF at a valuation of ₹1,800 Cr (₹900 Cr cash and ₹900 Cr equity).
- Current ship repair order book stands at ₹1,200 Cr; the segment generated about ₹1,656 Cr revenue handling 163 projects in FY26 (~45% domestic market share).
- Planned capex pipeline of ₹6,520 Cr over 2025–2030, including ₹4,100 Cr for new shipbuilding infrastructure and ₹2,420 Cr for ship repair clusters.
- Acquired land and waterfront for Tuticorin Hybrid Shipyard across 110.14 acres for a payment of ₹280 Cr (excl. tax).
- Estimated Phase-II Capex for Kochi Ship Repair Cluster is ₹1,500 Cr (CCEA approval received May 2026), expanding capacity by ~100 medium-sized ships per year.
BSE and NSE have each imposed a fine of ₹9,66,420 (inclusive of 18% GST) on Cochin Shipyard for non-compliance with SEBI LODR Regulations regarding the required number of Independent Directors and the composition of Audit and NRC committees for Q1 FY27 (quarter ended June 30, 2026). The Board reviewed the matter on September 09, 2026, noting that Director appointments vest with the Government of India. Following the induction of Dr. Vani Ahluwalia on August 17, 2026, the company reconstituted the committees and intends to seek a fine waiver, while awaiting government appointment of four remaining Independent Directors.
- BSE and NSE imposed fines aggregating to ₹9,66,420 each (including 18% GST)
- Fines relate to Regulation 17(1), 18, and 19 non-compliance for the quarter ended June 30, 2026
- Dr. Vani Ahluwalia was appointed as Non-official Independent Director on August 17, 2026
- Appointment of remaining 4 independent directors is currently awaited from the Government of India
- Board confirmed requests for waiver of fines will be submitted to the Stock Exchanges
Cochin Shipyard Limited (CSL) has approved forming a 50:50 joint venture with Drydocks World Dubai – FZCO (DDW, a DP World entity) to operate and expand its International Ship Repair Facility (ISRF) in Kochi. CSL will transfer the ISRF on a slump sale basis for not less than ₹1,800 Cr (30.55% of CSL's net worth), receiving 50% in cash (at least ₹900 Cr) and 50% in JV equity. The facility generated ₹207.33 Cr in FY26 (4.81% of CSL's revenue) and was built at an initial cost of ₹970 Cr. The JV plans to augment capacity by adding 10 workstations and is targeted for completion before the end of FY27.
- ISRF to be transferred to the JV for a consideration of not less than ₹1,800 Cr, of which 50% will be received in cash and 50% in JV equity
- Facility valuation of ₹1,800 Cr represents ~30.55% of CSL's net worth (₹5,892.83 Cr as of March 31, 2026)
- ISRF reported FY26 revenue of ₹207.33 Cr, accounting for 4.81% of CSL's total operations revenue
- Capacity expansion planned via 10 additional workstations to augment the current 6-workstation and 82-ship annual throughput facility
- JV agreement scheduled for signing on September 11, 2026, targeting closure within FY27
Cochin Shipyard Limited has scheduled an investor and analyst conference call on Thursday, September 10, 2026, at 02:00 PM IST to discuss company performance and business updates. Key senior leadership, including the Chairman & Managing Director, Director (Operations), and Director (Technical), will attend. Investors are invited to submit queries by September 09, 2026.
- Conference call scheduled for Thursday, September 10, 2026, at 02:00 P.M. IST
- Deadline for submitting investor queries is September 09, 2026
- Senior management including CMD, Director (Operations), and Director (Technical) to participate
Cochin Shipyard Limited has fixed September 18, 2026, as the record date for determining shareholder eligibility for a final dividend of ₹1.50 per equity share (30% on face value of ₹5) for FY 2025-26. The dividend is subject to shareholder approval at the upcoming 54th Annual General Meeting scheduled for September 29, 2026. If approved, the payout will be completed by October 28, 2026.
- Final dividend declared at ₹1.50 per equity share (30% of ₹5 face value)
- Record date fixed as Friday, September 18, 2026
- 54th Annual General Meeting scheduled for September 29, 2026
- Disbursement to be completed within 30 days of approval, by October 28, 2026
Cochin Shipyard Limited has issued the notice for its 54th Annual General Meeting (AGM) scheduled for September 29, 2026, via Video Conferencing. Key agenda items include the adoption of FY26 financial statements and confirmation of a Rs 1.50 per share final dividend (alongside previously paid first and second interim dividends of Rs 4.00 and Rs 3.50, totaling Rs 9.00 per share for FY26). Shareholders will also vote on regularizing the appointments of government nominee directors and independent director Dr. Vani Ahluwalia.
- 54th Annual General Meeting scheduled for September 29, 2026 at 11:00 hrs IST.
- Proposed final dividend of Rs 1.50 (30%) per share of face value Rs 5, bringing total FY26 dividend to Rs 9.00 (180%) per share.
- Seeking shareholder approval for appointment of two Government Nominee Directors w.e.f. July 17, 2026.
- Seeking approval for appointment of Dr. Vani Ahluwalia as Independent Director for a 3-year term up to August 16, 2029.
- Ratification of cost auditor remuneration of Rs 2,00,000 per annum for FY 2026-27.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 grew 12.8% YoY to INR 2,368.81 Cr. Ship Repair revenue surged 87.4% YoY to INR 989.23 Cr, while Shipbuilding revenue declined 13.6% YoY to INR 1,197.96 Cr.
Geographic Revenue Split
The company maintains a balance between domestic defense, domestic commercial, and export orders, though specific regional percentage splits were not disclosed in the provided documents.
Profitability Margins
Consolidated Net Profit Margin for H1 FY26 was 12.47% (INR 295.50 Cr PAT on INR 2,368.81 Cr revenue). Standalone Operating Margin for H1 FY26 was 20%, down from 27% in H1 FY25.
EBITDA Margin
EBITDA margin for Q1 FY26 stood at 28%, reflecting strong core profitability. However, the PBILDT margin for FY25 moderated to 19.03% from 23.70% in FY24 following the completion of the IAC construction order.
Capital Expenditure
The company capitalized two major projects in 2025: the International Ship Repair Facility (ISRF) at INR 852.16 Cr and the New Dry Dock at INR 1,342.10 Cr, totaling INR 2,194.26 Cr in new infrastructure.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE AAA; Stable' for long-term facilities and 'CARE A1+' for short-term facilities. Finance costs increased 81.5% YoY in H1 FY26 to INR 27.83 Cr due to increased short-term borrowings.
Operational Drivers
Raw Materials
Primary raw materials include steel, marine engines, and specialized ship components. Cost of materials consumed in H1 FY26 (Standalone) was INR 751.22 Cr, representing 39% of standalone revenue.
Capacity Expansion
The New Dry Dock and International Ship Repair Facility (ISRF) are now fully operational, significantly expanding capacity for large-vessel shipbuilding and high-margin ship repair services.
Raw Material Costs
Cost of materials consumed in H1 FY26 was INR 751.22 Cr, a 13.3% decrease from INR 866.29 Cr in H1 FY25, despite revenue growth, indicating a shift in project mix or procurement efficiency.
Manufacturing Efficiency
Consolidated inventory turnover ratio for H1 FY26 was 1.08x, compared to 1.39x in H1 FY25, reflecting a higher inventory base of INR 1,929.52 Cr as projects scale up.
Strategic Growth
Expected Growth Rate
14-15%
Growth Strategy
Growth will be driven by operationalizing the New Dry Dock and ISRF to handle larger vessels and higher repair volumes. The company aims to double its turnover in 5 years by balancing defense (domestic), commercial, and export orders while leveraging its strategic importance to the Indian Navy.
Products & Services
Shipbuilding (Defense and Commercial vessels, including Aircraft Carriers) and Ship Repair services (International and Domestic).
Brand Portfolio
Cochin Shipyard Limited, Udupi Cochin Shipyard Limited (UCSL), Hooghly Cochin Shipyard Limited (HCSL).
New Products/Services
Expansion into higher-margin international commercial projects and leveraging the new ISRF for specialized ship repair services.
Market Expansion
Targeting international export markets for commercial vessels and expanding domestic ship repair footprint through ISRF.
Market Share & Ranking
Cochin Shipyard is a leading player in the Indian shipbuilding industry and the only shipyard capable of building aircraft carriers for the Indian Navy.
Strategic Alliances
Wholly owned subsidiaries include Udupi Cochin Shipyard Limited and Hooghly Cochin Shipyard Limited.
External Factors
Industry Trends
The industry is evolving under the 'Maritime India Vision 2030' and 'Maritime Amrit Kaal Vision 2047,' focusing on increasing India's global share in shipbuilding and repair to 5% and 25% respectively.
Competitive Landscape
Key competitors include other PSU shipyards (Mazagon Dock, Garden Reach) and private players, though CSL's capacity for large vessels remains a distinct advantage.
Competitive Moat
The moat is sustained by GoI ownership (67.91%), specialized infrastructure (New Dry Dock/ISRF), and a unique track record in complex defense projects like the Indigenous Aircraft Carrier (IAC).
Macro Economic Sensitivity
Highly sensitive to India's defense budget allocations and global shipping trade volumes which drive ship repair demand.
Consumer Behavior
Shift toward recurring revenue models in ship repair as ship owners seek faster turnaround times provided by the new ISRF.
Geopolitical Risks
Beneficiary of India's 'Atmanirbhar Bharat' push for indigenous defense production, which prioritizes domestic shipyards over global competitors.
Regulatory & Governance
Industry Regulations
Subject to Ministry of Ports, Shipping and Waterways directives and SEBI LODR regulations. The company is currently non-compliant with board composition requirements regarding independent directors.
Taxation Policy Impact
Standalone current tax for H1 FY26 was INR 76.74 Cr on a PBT of INR 388.48 Cr, representing an effective tax rate of approximately 19.7%.
Legal Contingencies
The company faces potential liquidated damages for delayed delivery of 2 ships to a Government customer and has incurred fines from BSE/NSE for board composition non-compliance.
Risk Analysis
Key Uncertainties
Uncertainty regarding the waiver of liquidated damages for delayed projects and the timing of independent director appointments by the Government of India.
Geographic Concentration Risk
Operations are concentrated in India (Kochi, Udupi, Hooghly), though the company serves international export and repair clients.
Third Party Dependencies
High dependency on the Government of India for both order flow and the appointment of key board members.
Technology Obsolescence Risk
Low risk due to recent commissioning of state-of-the-art Dry Dock and ISRF facilities.
Credit & Counterparty Risk
Trade receivables increased 138% YoY to INR 547.64 Cr, indicating a need for close monitoring of counterparty payment timelines.
