COCHINSHIP
Cochin Shipyard share price & financials
- Price
- ₹1,402.2
- Market cap
- ₹36.2k Cr
- Sector
- Capital Goods
- Calls analysed
- 1
Cochin Shipyard Q1 FY26
What went well
- Revenue increased to ₹1,068.59 crores in Q1 FY26 from ₹771.47 crores in Q1 FY25, a YoY growth of 38.51%.
- Profit Before Tax (PBT) rose to ₹249.54 crores from ₹235.82 crores YoY, a growth of 5.81%.
- Profit After Tax (PAT) increased to ₹187.82 crores from ₹174.23 crores YoY, a growth of 7.80%.
What to watch
- Ship repair margins are expected to be lower in FY26 compared to FY25 due to the absence of large aircraft carrier repair projects, with revenue guided around ₹1,500 crores.
- Shipbuilding margin is typically lower (10-12%) compared to the higher margins seen in ship repair in the previous year.
What Cochin Shipyard Limited does
Cochin Shipyard Limited, incorporated in 1972, is a Schedule 'A' Central Public Sector Enterprise under the Ministry of Ports, Shipping and Waterways that designs, builds and repairs ships for defence and commercial customers. Its shipbuilding arm has delivered aircraft carriers, missile vessels, offshore patrol vessels and anti-submarine warfare craft for the Indian Navy and Coast Guard alongside commercial oil tankers, bulk carriers, dredgers, tugs, Ro-Pax and hybrid/electric passenger ferries for domestic and export clients. Its ship-repair business services, converts and upgrades vessels, including offshore oil-exploration ships, at facilities in Kochi and other Indian ports. Revenue is earned from shipbuilding contracts and ship-repair orders executed at its own yards and two subsidiary shipyards.
Segments
- Shipbuilding
- Ship Repair
- Operating units and subsidiary shipyards
- 7 (Kochi main shipyard, International Ship Repair Facility Kochi, Mumbai, Kolkata and Andaman & Nicobar ship-repair units, plus subsidiaries Hooghly-CSL in West Bengal and Udupi-CSL in Karnataka)
- Dry docks at Kochi main shipyard
- 3, including a new large dry dock (inaugurated Jan 2024) capable of building/repairing Suezmax/Capesize vessels, aircraft carriers and docking jack-up rigs
- Ship repair capacity
- Up to 82 ships per year, vessels up to 130m in length
- Ownership status
- Schedule 'A' Central Public Sector Enterprise (CPSE) under the Ministry of Ports, Shipping and Waterways, Government of India
- Cumulative vessels built and delivered (as of Mar 31, 2025)
- 194 (22 large vessels, 35 offshore support vessels, 106 small & medium vessels, 31 defence vessels)
- Export footprint
- Vessels exported to 9 countries including USA, Germany, Norway, UAE, Saudi Arabia, Netherlands, Cyprus, Bahamas and Liberia
Guidance record · Q1 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Top Line Growth open said Q1 FY26 Promised: 14% to 15% top line growth for the current year Q1 FY26: Guided 14-15% top line growth for FY26.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 6.9%, net profit down 27.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,097 | 1,070 | 1,651 | 977 | 951 −13% | 1,165 +9% | 1,214 −26% | 910 −7% |
| EBITDA | 196 | 242 | 253 | 234 | 56 −71% | 166 −31% | 220 −13% | 158 −32% |
| Net profit | 193 | 184 | 285 | 188 | 101 −48% | 138 −25% | 216 −24% | 136 −28% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −16.0% 1Y
1Y: ₹1,643.2 on 10 Sept 2025 → ₹1,381. High ₹1,926.9 (25 Sept 2025), low ₹1,193.1 (30 Mar 2026).
Financials, as filed
Revenue grew 22.7% a year over 3 years, FY23 to FY26. Operating margin widened to 15.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.3k Cr | ₹3.6k Cr | ₹4.5k Cr | ₹4.3k Cr |
| Operating profit | ₹261 Cr | ₹874 Cr | ₹873 Cr | ₹676 Cr |
| Operating margin | 11.2% | 24.0% | 19.3% | 15.7% |
| Interest | ₹34 Cr | ₹31 Cr | ₹37 Cr | ₹84 Cr |
| Depreciation | ₹52 Cr | ₹57 Cr | ₹84 Cr | ₹111 Cr |
| Net profit | ₹334 Cr | ₹813 Cr | ₹843 Cr | ₹643 Cr |
| Net margin | 14.3% | 22.3% | 18.6% | 14.9% |
| Cash from operations | ₹2.1k Cr | ₹-173 Cr | ₹-260 Cr | ₹-1.3k Cr |
| Free cash flow | ₹1.7k Cr | ₹-789 Cr | ₹-502 Cr | ₹-1.4k Cr |
| ROCE | 9.0% | 22.0% | 20.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹132 Cr | ₹132 Cr | ₹132 Cr | ₹132 Cr | ₹132 Cr | ₹132 Cr |
| Reserves | ₹3.8k Cr | ₹4.2k Cr | ₹4.3k Cr | ₹4.9k Cr | ₹5.6k Cr | ₹5.8k Cr |
| Borrowings | ₹532 Cr | ₹546 Cr | ₹567 Cr | ₹489 Cr | ₹1.0k Cr | ₹1.6k Cr |
| Other liabilities | ₹2.9k Cr | ₹3.4k Cr | ₹4.9k Cr | ₹6.4k Cr | ₹6.9k Cr | ₹6.6k Cr |
| Total liabilities | ₹7.4k Cr | ₹8.3k Cr | ₹9.9k Cr | ₹11.9k Cr | ₹13.7k Cr | ₹14.1k Cr |
| Fixed assets | ₹756 Cr | ₹740 Cr | ₹716 Cr | ₹722 Cr | ₹2.9k Cr | ₹2.9k Cr |
| Capital work in progress | ₹1.1k Cr | ₹1.2k Cr | ₹1.6k Cr | ₹2.2k Cr | ₹575 Cr | ₹584 Cr |
| Investments | ₹214 Cr | ₹262 Cr | ₹336 Cr | ₹355 Cr | ₹360 Cr | ₹475 Cr |
| Other assets | ₹5.4k Cr | ₹6.1k Cr | ₹7.3k Cr | ₹8.6k Cr | ₹9.9k Cr | ₹10.1k Cr |
| Total assets | ₹7.4k Cr | ₹8.3k Cr | ₹9.9k Cr | ₹11.9k Cr | ₹13.7k Cr | ₹14.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −1.04 pp while DIIs added +0.63 pp. The shareholder count shrank 4% to 9,66,293.
- Promoters
- 67.9%
- FIIs
- 2.8%
- DIIs
- 7.0%
- Public
- 22.3%
Since Jun 2025
- FIIs −1.04 pp
- DIIs +0.63 pp
- Public +0.40 pp
How it drifted, 12 quarters
Over this window promoters fell from 72.9% to 67.9% — −5.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 72.9%, FIIs 5.8%, DIIs 2.2%, Public 19.1%.Dec '23: Promoters 72.9%, FIIs 4.1%, DIIs 2.2%, Public 20.8%.Mar '24: Promoters 72.9%, FIIs 5.2%, DIIs 2.5%, Public 19.5%.Jun '24: Promoters 72.9%, FIIs 4.9%, DIIs 2.5%, Public 19.7%.Sep '24: Promoters 72.9%, FIIs 3.8%, DIIs 3.0%, Public 20.3%.Dec '24: Promoters 67.9%, FIIs 2.9%, DIIs 6.6%, Public 22.5%.Mar '25: Promoters 67.9%, FIIs 2.9%, DIIs 6.8%, Public 22.4%.Jun '25: Promoters 67.9%, FIIs 3.9%, DIIs 6.3%, Public 21.9%.Sep '25: Promoters 67.9%, FIIs 3.2%, DIIs 6.5%, Public 22.4%.Dec '25: Promoters 67.9%, FIIs 2.7%, DIIs 6.5%, Public 22.9%.Mar '26: Promoters 67.9%, FIIs 3.1%, DIIs 6.0%, Public 22.9%.Jun '26: Promoters 67.9%, FIIs 2.8%, DIIs 7.0%, Public 22.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Cochin Shipyard Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| President Of India | 67.91% | unchanged |
| Life Insurance Corporation Of India Insurer | 3.34% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in COCHINSHIP
Filings to Aug 2026
3 new, 8 added, 1 trimmed, 0 sold out — net +6.44 L shares (+24.9%).
- Held by funds
- ₹484 Cr
- 13 schemes
- Biggest holder
- CPSE ETF
- ₹363 Cr · 1.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| CPSE ETF Nippon India Mutual Fund | ₹363 Cr | +0.03 L | Jan '20 |
| HDFC Defence Fund HDFC Mutual Fund | ₹43 Cr | new | Jul '26 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹39 Cr | +2.51 L | Jul '26 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹12 Cr | +0.05 L | Sep '24 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹12 Cr | new | Aug '26 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹9 Cr | +0.01 L | Sep '24 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹4 Cr | +0.01 L | Sep '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
8 added, 1 trimmed — net +6.44 L shares (+24.9%)
- Funds are sitting on
- +41%
- vs est. average cost
- Held by funds
- ₹484 Cr
- 13 schemes · ≈ 1.2% of the company
- Biggest holder
- CPSE ETF
- ₹363 Cr · 1.9% of that fund
Shares held by these funds +22%
Aug '23 28.84 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹1381, this stock must grow earnings at 44% every year for 7 years. Our analysis caps realistic growth at ~24%. At that growth it is worth ₹546 — downside of 60%.
- Growth the price implies
- 43.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 24.4% a year
- net profit, FY23–FY26 · EPS 24.4%
- The gap
- 0.2 pp
- -60% downside if it only repeats history
Learn to analyse Cochin Shipyard Limited
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