Cochin Shipyard Ltd logo

Cochin Shipyard Ltd

COCHINSHIP NSE

Key Fundamentals

SmallcapShip BuildingCapital Goods
Market Cap
₹39,420 Cr
Volatility
Moderate
P/E Ratio
55.79
EBITDA
₹811 Cr
Return on Equity
14.83%
Debt to Equity
0.28
Book Value
₹223.23
52W High
₹1,979.9
52W Low
₹1,187

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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56 extracted metrics + investor summaries across FY07–FY26.

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Tapetide Score

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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 2d ago
AI opinion · based on fundamentals
Risk high

Cochin Shipyard Ltd is India's largest public-sector shipbuilder with a market cap of ₹37,526 Cr trading at a PE of 52x. FY25 revenue grew 24% to ₹4,908 Cr while net profit rose only 3.7% to ₹843 Cr, and the order book stood at ₹20,342 Cr as of Q3 FY26 with 63% from government and Indian Navy contracts.

Bull Case 8
  • Order book of ₹20,342 Cr as of Q3 FY26 provides multi-year revenue visibility, with 63% backed by government and Indian Navy contracts
  • FY25 revenue grew 24.2% YoY to ₹4,908 Cr, demonstrating strong top-line momentum from both shipbuilding and ship repair segments
  • 3-year compounded sales CAGR of 29% indicates sustained demand acceleration beyond a single-year spike
  • Declared L1 for Indian Navy's Next Generation Survey Vessels project worth an estimated ₹5,000-6,000 Cr, signalling further order book expansion
  • 3-year stock CAGR of 62% and 5-year CAGR of 50% reflects market recognition of the structural shipbuilding opportunity in India
  • 3-year ROE of 15% is respectable for a capital-intensive PSU shipbuilder with long project execution cycles
  • Consistent dividend payout of 23.1% demonstrates shareholder-return discipline despite capital-intensive operations
  • Government's Make in India and naval modernisation push creates a structural tailwind for indigenous defence shipbuilders
Bear Case 8
  • PE of 52x is expensive for a company whose TTM profit declined 13% YoY, implying the stock prices in substantial future growth
  • Other income of ₹410 Cr forms a significant portion of PBT (₹1,134 Cr in FY25), meaning core operating profit is lower than headline numbers suggest
  • Net profit grew only 3.7% in FY25 to ₹843 Cr despite 24% revenue growth, indicating margin compression on execution
  • Promoter (Government) holding decreased by 4.95% over 3 years from 72.9% to 67.9%, with further OFS sales planned, creating periodic overhang
  • TTM sales growth has decelerated sharply to just 4% from the 3-year CAGR of 29%, raising questions about near-term revenue trajectory
  • 5-year compounded profit CAGR of only 4% versus 12% sales CAGR shows structural difficulty in translating revenue growth into bottom-line gains
  • Stock has declined 18% over the past 1 year, indicating the market has begun repricing expectations downward
  • Price-to-book of 6.34x is elevated for a PSU capital goods company, leaving limited margin of safety if execution slips

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 2
  • 12-15% growth target, ₹21K cr orders Jul 9

    Cochin Shipyard targets 12-15% growth in FY27, surpassing FY26 performance. Current order book stands at ₹21,000 crore with a ship repair revenue target of ₹2,500 crore over three years at higher margins.

  • ₹39.24 cr institutional block trade Jul 9

    A block trade of ~2,76,878 shares at ₹1,417.30 per share worth ₹39.24 crore was executed on NSE, indicating institutional-level interest in the stock.

Neutral 3
  • Promoter sells 4.58% via OFS Jul 10

    President of India sold 1,20,49,170 shares (4.58% stake) for ₹1,713.28 crore on Jul 7-8, reducing promoter holding from 67.91% to 63.33%. Government disinvestment rather than a fundamental signal.

  • CMD charge extended 7 months Jul 29

    Jose V J's additional charge as CMD extended for 7 months from Aug 1, 2026, pending permanent appointment. Leadership continuity maintained but no permanent head yet.

  • Two new nominee directors appointed Jul 17

    Shri Mukesh Mangal and Smt. Anupama T.V. appointed as Part-time Official Directors on Jul 17, replacing two outgoing directors. Routine board reconstitution.

TL;DR: Cochin Shipyard is in a strong operational position with a ₹21,000 crore order book and clear growth targets of 12-15% for FY27, backed by higher-margin ship repair ambitions. The government's 4.58% OFS is routine disinvestment rather than a red flag, though it marginally increases free float. No material headwinds are visible; the trend is constructive with improving revenue visibility and institutional participation.

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 Jun 2026
Promoters 67.92%
Public 19.97%
DIIs 6.96%
FIIs 2.83%
Others 2.32%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
2.83%
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%
6.96%
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%
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%
19.97%
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%
2.32%
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
9,66,293

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 Capital Goods sector within the Ship Building 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 ₹39420.02 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 55.79. 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 ₹1,979.9. 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.
What is the Return on Equity (ROE) of Cochin Shipyard Ltd?
Cochin Shipyard Ltd has a Return on Equity (ROE) of 14.83%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
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

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