Cochin Shipyard Ltd logo

Cochin Shipyard Ltd

COCHINSHIP NSE

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]

AI Verdict: HOLD Confidence: 5%

Cochin Shipyard trades at a steep PE of 53.9x with TTM profit declining 13%, making the valuation hard to justify near-term. However, the 3-year sales CAGR of 29% and strong government-backed order pipeline provide long-term structural support. The split analyst consensus (33% each buy/hold/sell) reflects this uncertainty.

Key Fundamentals

MidcapShip BuildingCapital Goods
Market Cap
₹39,041 Cr
Volatility
Moderate
P/E Ratio
53.54
EBITDA
₹811 Cr
Debt to Equity
0.1
Book Value
₹223.23
52W High
₹2,278
52W Low
₹1,187

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 23.1%

Weaknesses

2
  • Earnings include an other income of Rs.410 Cr.
  • Promoter holding has decreased over last 3 years: -4.95%

Growth Rate

Revenue Growth
-3.59% ↘
Net Income Growth
12.42% ↘
Cash Flow Change
-72.88% ↘
ROE
-5.30% ↘
ROCE
-4.85% ↘
EBITDA Margin (Avg.)
-38.57% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

Cochin Shipyard trades at a steep PE of 53.9x with TTM profit declining 13%, making the valuation hard to justify near-term. However, the 3-year sales CAGR of 29% and strong government-backed order pipeline provide long-term structural support. The split analyst consensus (33% each buy/hold/sell) reflects this uncertainty.

Bull Case 8
  • Strong 3-year compounded sales CAGR of 29% indicates robust revenue momentum from defence and commercial shipbuilding orders
  • 3-year stock CAGR of 71% demonstrates significant wealth creation and market re-rating of the defence shipbuilding theme
  • 5-year stock CAGR of 48% reflects sustained long-term investor confidence in the company's growth trajectory
  • 3-year compounded profit growth of 40% shows strong earnings expansion over the medium term
  • 3-year ROE of 15% is healthy for a capital-intensive shipbuilding business, indicating efficient use of shareholder equity
  • Consistent dividend payout of 23.1% provides income support with current yield at 0.51%
  • Market cap of Rs.38,541 Cr positions it as a large-cap defence play with institutional investor interest and liquidity
  • Price-to-book of 6.58x, while elevated, reflects market premium for India's largest public sector shipyard with monopolistic positioning in certain naval contracts
Bear Case 8
  • PE ratio of 53.9x is significantly above industrial sector median, leaving limited margin of safety if growth disappoints
  • TTM compounded profit growth has turned negative at -13%, signalling near-term earnings deterioration
  • TTM sales growth has decelerated sharply to just 4% versus the 3-year CAGR of 29%, indicating potential order execution slowdown
  • Stock has corrected 33% over 1 year, reflecting market repricing of overstretched valuations
  • Promoter holding has decreased by 4.95% over last 3 years, signalling potential dilution or reduced government commitment
  • Other income of Rs.410 Cr inflates reported earnings, masking weaker core operating performance
  • 5-year compounded profit CAGR of only 4% suggests the recent profit surge may not be structurally sustainable
  • Dividend yield of just 0.51% offers negligible income cushion against a 53.9x PE premium

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 1
  • Exchange fine for board non-compliance May 28

    Cochin Shipyard fined ₹9.55 lakh each by BSE and NSE for lacking independent directors. Company cited delays in government appointment processes.

Positives 1
  • Green maritime JV with HBL Jun 11

    Incorporated Green Maritime Propulsion Pvt Ltd with HBL Engineering (CSL 40%, HBL 60%) with ₹9 crore share capital to develop electric mobility technology for maritime sector.

Neutral 2
  • Govt confirms no stake sale Jun 22

    Government confirmed no stake sale planned, superseding earlier CNBC TV18 reports of a 6-8% discount OFS. No divestment details were confirmed.

  • CMD additional charge extended Jun 1

    Jose V J's additional charge as CMD extended for 3 months from May 01, 2026, approved by Ministry of Ports.

TL;DR: Cochin Shipyard is positioning for long-term growth through its green maritime JV with HBL Engineering, signaling commitment to sustainable technologies. The stake sale overhang has been cleared with government confirmation of no divestment. Minor governance concerns persist with the exchange fine for board composition non-compliance and interim CMD arrangements. Overall trend is stable with a slight positive tilt from the JV initiative and removal of OFS uncertainty.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
600
476
1,012
1,056
1,286
771
1,143
1,148
1,758
1,069
1,119
1,350
1,484
Expenses
667
397
821
746
998
594
946
910
1,492
827
1,045
1,164
1,175
Operating Profit
-67
79
191
310
288
177
197
237
266
241
74
187
310
OPM %
-11%
17%
19%
29%
22%
23%
17%
21%
15%
23%
7%
14%
21%
Other Income
133
84
89
58
80
84
101
47
157
54
127
71
157
Interest
-1
9
10
8
7
7
9
11
12
12
20
28
32
Depreciation
11
17
19
20
19
19
26
32
27
34
31
33
32
PBT
57
137
251
340
342
236
263
242
384
250
150
197
403
Tax %
30%
28%
28%
28%
24%
26%
28%
27%
25%
25%
28%
26%
31%
Net Profit
39
99
182
244
259
174
189
177
287
188
108
145
276
EPS in Rs
1.5
3.75
6.9
9.29
9.84
6.62
7.18
6.73
10.92
7.14
4.09
5.5
10.51
Figures in ₹ Crores

Profit & Loss

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
2,355
2,966
3,422
2,819
3,191
2,365
3,830
4,820
5,022
Expenses
1,891
2,394
2,711
2,096
2,564
2,103
2,949
3,925
4,210
Operating Profit
465
571
711
723
627
262
882
895
811
OPM %
20%
19%
21%
26%
20%
11%
23%
19%
16%
Other Income
189
226
245
203
260
269
310
389
410
Interest
12
15
50
58
53
43
46
55
92
Depreciation
38
34
49
60
68
69
75
103
130
PBT
604
748
858
808
766
418
1,071
1,125
999
Tax %
34%
36%
26%
25%
26%
27%
27%
26%
28%
Net Profit
396
478
632
609
564
305
783
827
717
EPS in Rs
14.58
18.17
24.02
23.13
21.44
11.58
29.77
31.45
27.24
Div. Payout %
41%
36%
35%
34%
39%
73%
33%
31%
6%
Figures in ₹ Crores

Balance Sheet

  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
586
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

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
631
-451
253
710
1,398
1,889
-172
-297
-1,234
Investing
-1,312
1,074
-97
-443
-1,007
-35
481
538
327
Financing
812
-409
-309
-405
-239
-276
-371
-277
696
Net Cash Flow
131
214
-154
-138
152
1,578
-62
-36
-211
Free Cash Flow
556
-738
-242
280
1,135
1,553
-805
-792
-1,385
CFO/OP
169
-44
61
113
247
765
2
-17
-136
Figures in ₹ Crores

Ratios

  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
323
379
Days Payable
83
84
85
130
38
71
98
86
159
Cash Conversion Cycle
104
34
10
54
79
103
147
255
250
Working Capital Days
-114
-27
9
-8
-95
-423
-168
-55
17
ROCE %
—
22%
25%
20%
17%
8%
21%
20%
16%

Shareholding Pattern

As of Mar 2026
Promoters 67.92%
Public 20.39%
DIIs 6.05%
FIIs 3.10%
Others 2.56%
Total 100.02%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
72.86%
67.92%
67.92%
67.92%
67.92%
67.92%
67.92%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.81%
4.10%
5.23%
4.94%
3.84%
2.91%
2.87%
3.87%
3.22%
2.73%
3.10%
DIIs
7.33%
5.91%
4.51%
4.08%
4.26%
4.35%
4.94%
3.87%
3.79%
3.22%
2.25%
2.21%
2.45%
2.50%
3.01%
6.63%
6.82%
6.32%
6.48%
6.47%
6.05%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
13.62%
13.77%
15.07%
15.49%
15.96%
16.10%
14.51%
13.16%
13.74%
14.74%
15.84%
16.87%
16.16%
17.14%
18.02%
20.03%
19.76%
19.55%
19.94%
20.39%
20.39%
Others
6.19%
7.46%
7.55%
7.57%
6.92%
6.69%
7.69%
10.10%
9.60%
9.18%
3.24%
3.95%
3.29%
2.56%
2.28%
2.52%
2.63%
2.34%
2.45%
2.49%
2.56%
No. of Shareholders
0
1,68,284
1,64,299
1,67,775
1,67,810
1,71,090
1,70,100
1,64,504
1,69,264
1,80,979
2,66,437
2,92,212
3,96,327
6,34,075
8,41,968
9,81,567
10,11,970
10,11,540
10,03,930
9,90,291
9,86,156

Documents

1
Concall - Sep 2017 Sep 2017
2
Concall - May 2018 May 2018
3
Concall - May 2018 May 2018
4
Concall - Aug 2018 Aug 2018
5
Concall - Aug 2018 Aug 2018

Frequently Asked Questions about Cochin Shipyard Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: COCHINSHIP and BSE: 540678. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Cochin Shipyard Ltd belong to?
Cochin Shipyard Ltd operates in the Industrials sector within the Industrial Manufacturing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Cochin Shipyard Ltd?
Cochin Shipyard Ltd has a market capitalisation of approximately ₹39041.19 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Cochin Shipyard Ltd?
The Price-to-Earnings (PE) ratio of Cochin Shipyard Ltd is 53.54. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Cochin Shipyard Ltd?
Over the past 52 weeks, Cochin Shipyard Ltd has traded between a low of ₹1,187 and a high of ₹2,278. This range helps investors understand the stock's price volatility and recent trading levels.
Does Cochin Shipyard Ltd pay dividends?
Yes, Cochin Shipyard Ltd has a dividend yield of 0.50%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
How can I research Cochin Shipyard Ltd on Tapetide?
On Tapetide, you can view Cochin Shipyard Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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

Explore More

More in Industrials → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List