Ship Building & Allied Services industry

5 companies · ₹1.5 L cr · 2 with AI deep dives · Q1FY27 report

Volume-led domestic surge is real but margin-thin; component inflation and IR tender void split outcomes

Turning upmargin troughed at 7.0% and has risen for 5 quarters to 15.2%, on positive revenue growth

Revenue YoY: +10.1%
EBITDA margin: 15.2%; +140bps YoY
Price, 1 year: -7.6%; 33% of names up
P/E vs own 5y: -

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	4,068 cr	5,571 cr	-27.0%	3,695 cr	+10.1%	5,571 cr	-27.0%
EBITDA margin	15.2%	10.8%	+440bps	13.8%	+140bps	23.7%	-850bps

Revenue

Jun 26: 4,068 cr
Mar 26: 5,571 cr
QoQ: -27.0%
Jun 25: 3,695 cr
YoY: +10.1%
Peak: 5,571 cr
vs peak: -27.0%

EBITDA margin

Jun 26: 15.2%
Mar 26: 10.8%
QoQ: +440bps
Jun 25: 13.8%
YoY: +140bps
Peak: 23.7%
vs peak: -850bps

Breadth: 100% of 3 companies grew revenue year on year (was 67% a quarter earlier) and 67% expanded margin (was 100%).

Exhibit 3Structure

₹1.5 L cr

Mazagon Dock Shipbuilders Ltd is 65.7% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

large 1mid 2micro 23 above ₹500 cr

Exhibit 5Coverage (5 of 5)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Mazagon Dock Shipbuilders Ltd	₹94,209 cr	33.8x	27.8x	28.5%	25.6%	+12.1%	Unlock
Cochin Shipyard Ltd	₹36,345 cr	59.0x	30.7x	16.7%	22.5%	+2.4%	Unlock
Swan Defence and Heavy Industries Ltd	₹14,398 cr	-	-112.7x	-7.4%	-34.5%	+7188.1%	Unlock
Laxmipati Engineering Works Ltd	₹256 cr	9.5x	7.4x	71.8%	50.6%	+64.7%	Unlock
Hariyana Ship Breakers Ltd	₹64 cr	14.9x	40.0x	0.5%	9.9%	+8.8%	Unlock

Mazagon Dock Shipbuilders Ltd

Mcap: ₹94,209 cr
P/E: 33.8x
EV/EBITDA: 27.8x
ROCE: 28.5%
Margin: 25.6%
Rev YoY: +12.1%

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Cochin Shipyard Ltd

Mcap: ₹36,345 cr
P/E: 59.0x
EV/EBITDA: 30.7x
ROCE: 16.7%
Margin: 22.5%
Rev YoY: +2.4%

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Swan Defence and Heavy Industries Ltd

Mcap: ₹14,398 cr
P/E: -
EV/EBITDA: -112.7x
ROCE: -7.4%
Margin: -34.5%
Rev YoY: +7188.1%

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Laxmipati Engineering Works Ltd

Mcap: ₹256 cr
P/E: 9.5x
EV/EBITDA: 7.4x
ROCE: 71.8%
Margin: 50.6%
Rev YoY: +64.7%

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Hariyana Ship Breakers Ltd

Mcap: ₹64 cr
P/E: 14.9x
EV/EBITDA: 40.0x
ROCE: 0.5%
Margin: 9.9%
Rev YoY: +8.8%

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Exhibit 6What managements said

from Industrial Manufacturing earnings calls · as of 2026-06-30

tailwindDomestic demand acceleration is broad-based but driven by volume, not pricing12 managements

Double-digit-to-triple-digit YoY revenue growth was reported across EMS (Syrma +67%, Kaynes +40%, Cyient DLM +34%), defence electronics (Centum +25% FY26), machine tools (Jyoti…

SYRMA (Q1FY27): “Revenue From Operations 9,531 14,650 15,886 8.4% 66.7%”

headwind9 managements headwind4 managements headwind3 managements tailwind6 managements headwind4 managements tailwind3 managements headwind2 managements

7 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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