Cochin Shipyard Ltd(COCHINSHIP)

NSE: COCHINSHIPBSE: 540678

₹ 1,143-1.80%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 30,070 crWebsite: www.cochinshipyard.inUpdated: 24 Oct 2026

About

Cochin Shipyard Limited (CSL) is India's largest shipbuilding and ship repair company, operating yards at Kochi, Udupi, and Hooghly, with FY26 consolidated revenue of Rs. 5,021.87 crore. It builds vessels for the Indian Navy, Coast Guard, and commercial customers while running one of India's largest ship repair complexes. The company is majority government-owned and is expanding capacity across three new facilities.^[1]

Business segments

Shipbuilding contributed 67% of group revenue (Rs. 3,365.57 cr) in FY26, building naval and commercial vessels across Kochi, Udupi-CSL, and Hooghly-CSL yards.^[2]
Ship repair contributed 33% of group revenue (Rs. 1,656.30 cr) in FY26, with its share up 16.3 percentage points over FY2020-FY2026.^[2]
Ship repair EBIT margin was 25.9% in FY26 vs. shipbuilding EBIT margin of 20.0% in FY26.^[2]

Order book and pipeline

Unexecuted order book stood at ~Rs. 22,000 cr in Q1 FY27; CSL was declared L1 for five Next Generation Survey Vessels (~Rs. 5,000 cr) which, once contracted, would take the total to ~Rs. 27,000 cr.^[3]
Ship repair order book was ~Rs. 1,200 cr in Q1 FY27.^[3]
In Q1 FY27, 31 vessels in the shipbuilding order book were at design and engineering stage and 17 were at an advanced construction stage.^[3]
Udupi-CSL had built an order book of approximately ₹2,200 Crores, per the FY25 annual report.^[4]
Defence RFPs issued for LPD (~Rs. 32,000 cr), MCMV (~Rs. 36,000 cr), and P-17 Bravo (~Rs. 49,000 cr) form a prospective pipeline as of Q1 FY27.^[3]

Operations and capacity

The New Dry Dock and the International Ship Repair Facility (ISRF) commenced operations, per the FY25 annual report.^[4]
The ISRF at Kochi has a capacity of 82 ships per year as of Q1 FY27; CSL handled 163 repair projects in FY26 generating ~Rs. 1,656 cr in ship repair turnover.^[3]
Existing block fabrication facility has 12,000-ton annual steel throughput capacity; a new 60,000-TPA Block Fabrication Facility will bring total throughput to ~72,000 TPA.^[3]
Ship repair turnover was ~Rs. 1,656 cr in FY26 vs Rs. 1,875 cr in FY25, which was elevated by two aircraft carrier repairs.^[3]

Customers

Defence customers (Indian Navy, Coast Guard) accounted for Rs. 13,700 cr, or ~65% of the shipbuilding order book of Rs. 19,600 cr, as of Q1 FY26.^[5]
Hooghly-CSL secured an order worth Rs. 100 - 250 cr from Heritage River Journeys Private Limited for two luxury river cruise vessels, for delivery by June 2029 and June 2030 (filed 09 Oct 2026).^[6]

Expansion and capex

Board approved a 50:50 JV with Drydocks World Dubai for the ISRF; ISRF transferred via slump sale at Rs. 1,800 cr (Rs. 900 cr cash + Rs. 900 cr JV equity); Phase-II capex of Rs. 1,500 cr adds 10 workstations to the existing 6.^[3]
CSL won a 30-year lease at V.O. Chidambaranar Port, Tuticorin, for ~110 acres land and 17.29 acres waterfront at a one-time Rs. 305.76 cr, for a hybrid midsize shipbuilding and repair facility.^[3]
Vadinar ship repair facility (with Deendayal Port Authority) got CCEA approval in May 2026; two floating drydocks for ~250-m vessels targeting ~40 large ships a year, due within 36 months of environmental clearance.^[3]
Total capex of ~Rs. 6,000 - 6,500 cr planned over five years across Block Fabrication, Vadinar, Tuticorin, and ISRF Phase-II, funded 80:20 debt-equity with a 25% capex subsidy under the GOI Shipbuilding Development Scheme.^[3]

Research and innovation

₹3,500 lakh allocated to an R&D and innovation fund for an autonomous surface vessel, and up to ₹5,000 lakh for USHUS startups, per the FY25 annual report.^[4]

Recent developments

JV with HD KSOE (Korea) for a 1-lakh-ton Block Fabrication Facility was abandoned; CSL will build it independently at 60,000-TPA scale.^[3]
Green Maritime Propulsion JV (HBL Power 60%, CSL 40%) incorporated in June 2026 with Rs. 50 cr capitalisation to indigenise marine battery and energy storage systems; targets Rs. 640 cr revenue by FY31.^[3]
CSL is acquiring a 23% stake in Conoship International Holding B.V., Netherlands, for ship design capability; approvals completed and acquisition in progress as of Q1 FY27.^[3]
The FY25 annual report disclosed the Board lacked Independent Directors, including a Woman Director, leading to governance non-compliance and exchange fines.^[4]

Market Cap

₹30,070 Cr

High / Low

₹1,864 / 1,126

Stock P/E

44.2

Price / Book

5.1

Book Value

₹223

EPS

₹27.2

No. of Shares

26.31 Cr

ROCE

16.0%

ROE

12.5%

OPM

20.1%

Debt / Equity

0.19

Sales

₹5,022 Cr

Net Profit

₹717 Cr

Promoter holding

67.9%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Cochin Shipyard Ltd(COCHINSHIP)

About

Business segments

Order book and pipeline

Operations and capacity

Customers

Expansion and capex

Research and innovation

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions