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Q1 FY27
10 Sept 2026
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Cochin Shipyard LimitedCapital Goods & EngineeringCOCHINSHIP

Q1 FY27 concall · earnings callCochin Shipyard Limited

Q1 FY27 saw modest turnover growth to INR 1,094.21 crores with lower PBT and PAT, while management focused on vessel deliveries, an order book of around INR 22,000 crores, and new repair and fabrication expansion including a Drydocks World joint venture.

Positive tone5-minute briefPublished 8 days after the call

Numbers
MetricThis quarterChangeFive-quarter trend
Turnover₹1,094.21 Crcompared with ₹1,068.59 Cr in the corresponding period last year
PBT₹202.49 Crcompared to ₹249.54 Cr last year
PAT₹151.45 Crcompared with ₹187.82 Cr in the corresponding quarter
EBITDA marginaround 24%—
PAT marginaround 14%—
Unexecuted order bookaround ₹22,000 Cr—
Financials

From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.

QuarterRevenueNet profit (PAT)Basic EPS
Q3 FY25₹1,147.64 Cr+8.6% YoY+0.4% QoQ₹176.99 Cr-27.6% YoY-6.3% QoQ₹6.73-63.8% YoY-6.3% QoQ
Q2 FY25₹1,143.20 Cr+13% YoY+48.2% QoQ₹188.92 Cr+4.1% YoY+8.4% QoQ₹7.18-48% YoY+8.5% QoQ
Q1 FY25₹771.47 Cr+62.1% YoY-40% QoQ₹174.24 Cr+76.6% YoY-32.7% QoQ₹6.62-11.7% YoY-32.7% QoQ
Q4 FY24₹1,286.05 Cr+114.3% YoY+21.7% QoQ₹258.88 Cr+558.1% YoY+5.9% QoQ₹9.84+229.1% YoY-47% QoQ
Q3 FY24₹1,056.40 Cr+64.6% YoY+4.4% QoQ₹244.38 Cr+121.4% YoY+34.6% QoQ₹18.58+121.5% YoY+34.6% QoQ
TL;DR
  • Turnover was INR 1,094.21 crores versus INR 1,068.59 crores last year, with PBT at INR 202.49 crores and PAT at INR 151.45 crores.
  • CSL delivered three vessels and Udupi Cochin Shipyard delivered three vessels during the period, with plans for around 10 deliveries in the financial year.
  • Board approved 50:50 joint venture with Drydocks World, Dubai for ISRF via slump sale for INR 1,800 crores, targeted before end of current financial year.
  • Unexecuted order book stands at around INR 22,000 crores and management is L1 for five Next Generation Survey Vessels valued approximately INR 5,000 crores.
  • Management will develop Block Fabrication Facility independently at around 60,000 ton per annum and is advancing Vadinar and Tuticorin facilities with government scheme support.
Said on the call

“The partnership is expected to help us improve operational efficiency, adopt global best practices and advanced technologies, reduce turnaround time, and importantly, attract international customers to Kochi.”

Jose V J
From the Q&A
TopicWhat management said
Drydocks World JV operationsManagement said the JV will operate existing ISRF and add 10 more workstations, with CSL retaining domestic and defence work up to 130 meters and 6,000 tons and DDW bringing global customers, with no ingress into CSL's larger-vessel repair market.
Green Maritime Propulsion JVManagement said Green Maritime Propulsion JV, 60% held by HBL and 40% by CSL with total capital of only INR 50 crores, targets energy storage for marine use with revenue of INR 640 crores by 5th year and EBITDA margin around 20%, but negligible contribution in FY27.
Defense order pipelineManagement listed defense pipeline as LPD four numbers of approximately INR 32,000 crores, 12 numbers MCMV of approximately INR 36,000 crores, and P-17 Bravo seven numbers of approximately INR 49,000 crores, and said LPD and MCMV are more suitable for CSL.
Cash flow and marginsManagement said negative FY26 operating cash flow was due to tail-ended European export payments of 30% during construction and 70% on delivery, and expects cash flow to turn positive in FY27 as around 10 vessels are delivered.
Margin guidanceManagement guided shipbuilding margin around 10% to 12% and ship repair around 20% to 22% to 22% to 24%, blended around 14% to 15%, and attributed past higher margins to nominated aircraft carrier orders and interest on cash surplus of around INR 2,000 to INR 3,000 crores.
Capex revenue potentialManagement expects Vadinar turnover of around INR 300 crores to around INR 500 crores to INR 600 crores after 36 months from environmental clearance, and Tuticorin to start at around INR 650 crores to INR 700 crores scaling to around INR 1,800 crores to INR 2,000 crores, funded at 80:20 debt-equity with 25% capex subsidy and 3% interest subvention.
Guidance
  • Guide around 12% revenue growth per year with blended EBITDA margin around 14% on a conservative basis
  • Expect Next Generation Survey Vessel contract to be inked around November this year and Dredging Corporation of India repeat dredger of around INR 1,300 crores within two months
  • Target delivery of around 10 vessels in the current financial year and positive cash flow in FY27 with ROC around 14% to 15% on new investments
  • Expect ISRF turnover around INR 600 crores over next 2 years scaling to around INR 1,000 crores to INR 1,200 crores over 5 years
Source

Summary written from the transcript filed by Cochin Shipyard Limited for the call held on 10 Sept 2026; published 18 Sept 2026, 11:19 IST.

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