Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Cochin Shipyard Limited
NSE: COCHINSHIPIndustrialsAerospace & Defense
- Last close
- ₹1,139.90
- Day change
- −₹24.00 (−2.06%)vs
- Market cap
- ₹32,964 crIndian rupees
- Research updated
- 1 report
Follow Cochin Shipyard
Create an account, then follow this company for weekday briefs. You will return to Cochin Shipyard after signing in.
About Cochin Shipyard
Cochin Shipyard Limited is a prominent public sector shipbuilding company in India. Specializing in the design and construction of a wide range of vessels, its primary function is to cater to the shipbuilding and ship repair needs of the defense sector, merchant navy, and maritime transport. The company is integral to the maritime industry, contributing significantly to the construction of commercial ships, passenger ferries, and naval vessels, including aircraft carriers and patrol boats. With its headquarters in Kochi, Kerala, Cochin Shipyard Limited plays a key role in India's strategic maritime interests and infrastructure development. Its facilities are equipped with state-of-the-art technology to ensure high standards in shipbuilding and repairs, making it a critical asset in enhancing the country’s defense capabilities and boosting trade through maritime routes. Established in 1972, the company's ability to deliver large-scale shipyard projects has established its reputation across the globe, attracting contracts from international clients and reinforcing its market significance in the global shipping industry.
- Sector
- Industrials
- Industry
- Aerospace & Defense
- Listing
- NSE: COCHINSHIP
- Employees
- 2,131
- Headquarters
- Ernakulam, India
- ISIN
- INE704P01025
- Website
- cochinshipyard.in
Public research · Report of
Business model & financial foundation
Cochin Shipyard (NSE: COCHINSHIP), Shipbuilding and ship repair: revenue of ₹5,022 crore in FY26 (+4.2% on FY25), an EBITDA margin of 16.2%, net profit of ₹716.7 crore and net cash of ₹1,307 crore.
- Revenue, FY26 (₹ crore)
- 5,022
- consolidated
- Revenue growth, FY26
- +4.2%
- on FY25
- EBITDA margin, FY26
- 16.2%
- EBITDA (excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 716.7
- to owners
- Return on equity, FY26
- 12.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,307
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 34,700
- at the close of 15 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Cochin Shipyard Limited |
| Exchange and ticker | NSE: COCHINSHIP; BSE: 540678 |
| ISIN | INE704P01025 |
| CIN | L63032KL1972GOI002414 |
| Sector | Industrials |
| Industry | Shipbuilding and ship repair |
| Headquarters | Ernakulam, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Babu A. Kallivayalil & Co. (since FY26) |
| Market capitalisation | ₹34,700 crore (15 Oct 2026) |
| Shares outstanding | 26.31 crore shares (FY26) |
| Price | ₹1,253 (close, 15 Oct 2026) |
| 52-week range | ₹1,187 - ₹1,864 (to 15 Oct 2026) |
| Website | https://cochinshipyard.in |
Corporate structure and shareholding
Parent: Government of India (Ministry of Ports, Shipping and Waterways).
| Entity | Holding | Business |
|---|---|---|
| Hooghly Cochin Shipyard Limited | 100% | Inland/coastal vessel construction at Howrah |
| Udupi Cochin Shipyard Limited | 100% | Commercial vessels and export cargo ships |
Green Maritime Propulsion JV 40% (June 2026 incorporation); proposed 50:50 DDW ISRF JV not yet transferred as of cutoff.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 67.91% | 67.91% | 67.91% | 67.91% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.22% | 2.74% | 3.10% | 2.83% |
| Domestic institutions | 6.48% | 6.47% | 6.05% | 6.96% |
| of which mutual funds | 2.42% | 2.47% | 2.07% | 2.45% |
| Retail | 19.20% | 19.66% | 19.66% | 19.46% |
| Other | 3.19% | 3.22% | 3.28% | 2.84% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Cochin Shipyard (NSE: COCHINSHIP) is a Government of India (MoPSW) shipbuilder and ship repairer at Kochi, with wholly owned yards at Hooghly and Udupi. FY26 revenue from operations was Rs5,021.87cr: shipbuilding Rs3,365.6cr (67%) and ship repair Rs1,656.3cr (33%). Shipbuilding revenue is recognised on physical completion of fixed-price naval and export contracts. Repair is short-cycle, higher margin and lumpy; the INS Vikrant-era repair work lifted FY25. The order book was about Rs21,900cr in Sep 2026: defence 11,900, commercial export 7,200, commercial domestic 1,600 and repair 1,200. The company controls yard capacity and execution. It does not control naval award timing, which the Navy and MoD decide, or the pace of customer advances.
| Segment | revenue, FY26 (₹ crore) | Share | pbit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Ship Building | 3,366 | 67.0% | 673.0 | 61.0% |
| Ship Repair | 1,656 | 33.0% | 429.4 | 39.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Mazagon Dock Shipbuilders (MAZDOCK) | Closest listed naval shipbuilder; differs in submarine and nominated contracts |
| Garden Reach Shipbuilders & Engineers (GRSE) | Closest listed surface-warship builder |
| Bharat Electronics (BEL) | Naval electronics and defence procurement cycle; wider product breadth |
| Hindustan Aeronautics (HAL) | Defence PSU execution and milestone accounting; aircraft not vessels |
| Bharat Dynamics (BDL) | Defence order conversion comparator; missiles not ships |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,127 | 2,319 | 3,830 | 4,820 | 5,022 |
| Cost of revenue (vendor classification) * | 2,410 | 1,969 | 2,774 | 3,556 | 3,886 |
| Other operating costs (vendor classification) * | 103.8 | 105.1 | 181.7 | 199.0 | 109.4 |
| EBITDA (vendor classification) * | 828.0 | 478.1 | 1,211 | 1,364 | 1,262 |
| EBIT excluding other income | 813.1 | 469.4 | 794.0 | 774.7 | 681.6 |
| Finance costs | 47.1 | 51.0 | 33.2 | 38.6 | 92.4 |
| Profit before tax | 765.9 | 418.4 | 1,071 | 1,125 | 999.0 |
| Tax expense | 202.0 | 113.7 | 287.7 | 297.8 | 282.3 |
| Profit for the period | 564.0 | 304.7 | 783.3 | 827.3 | 716.7 |
| Diluted EPS (INR) | 21.44 | 11.58 | 29.77 | 31.45 | 27.24 |
| Other income | 310.2 | 389.1 | 409.8 | ||
| Materials consumed + change in WIP inventory | 1,735 | 2,129 | 2,203 | ||
| Sub-contract and other direct expenses | 558.8 | 879.3 | 1,063 | ||
| Employee benefits expense | 386.3 | 424.4 | 472.4 | ||
| Other expenses incl. provision for anticipated losses | 281.7 | 509.7 | 471.9 | ||
| EBITDA (excl. other income) | 868.6 | 877.9 | 811.4 | ||
| Depreciation and amortisation | 74.6 | 103.2 | 129.8 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 783.3 | 827.3 | 716.7 | ||
| Share of profit/(loss) of associates and joint ventures | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 4,393 | 4,428 | 5,003 | 5,579 | 5,873 |
| Borrowings (non-current + current, excl. lease liabilities) | 553.8 | 587.3 | 23.0 | 69.0 | 1,099 |
| Cash and cash equivalents + other bank balances | 503.5 | 375.0 | 3,864 | 3,113 | 2,406 |
| Trade receivables | 437.0 | 338.4 | 355.5 | 229.0 | 423.2 |
| Inventories | 298.4 | 373.0 | 1,026 | 1,885 | 2,288 |
| Trade payables * | 376.1 | 392.2 | 577.0 | 583.2 | 1,003 |
| Net property, plant and equipment * | 120.8 | 183.3 | 214.0 | 2,053 | 2,163 |
| Capital work in progress * | 1,414 | 1,762 | 2,244 | 520.2 | 590.4 |
| Total assets * | 8,414 | 10,013 | 12,042 | 13,399 | 14,531 |
| Net debt (negative = net cash) | -3,841 | -3,044 | -1,307 | ||
| Cash/bank explicitly held for customers or earmarked projects | 2,324 | ||||
| Cash/bank under lien or earmarked unpaid dividends | 21.2 | ||||
| Cash/bank not identified as restricted or project-earmarked | 61.1 | ||||
| Borrowings less cash/bank not identified as earmarked | 1,038 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,003 | 381.1 | -171.6 | -296.6 | -1,234 |
| Free cash flow (vendor definition) * | 1,135 | 1,538 | -805.4 | -792.8 | -1,385 |
| Dividends paid (the provider's sign: an outflow is negative) * | -203.9 | -233.5 | -236.8 | -256.5 | -256.5 |
| Cash capex: PPE/intangibles plus CWIP/IAUD, excl advances | -263.0 | -338.0 | -633.8 | -496.2 | -151.2 |
| Cash flow from capital advances (outflow negative) | 110.8 | 43.7 | -94.8 | ||
| Cash capex including net capital advances | -523.0 | -452.4 | -245.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 26.31 | 26.31 | 26.31 | 26.31 | 26.31 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,143 | 1,148 | 1,758 | 1,069 | 1,119 | 1,350 | 1,484 | 1,094 |
| Cost of revenue (vendor classification) * | 891.1 | 877.2 | 1,239 | 725.8 | 941.9 | 1,047 | 1,153 | 840.5 |
| Other operating costs (vendor classification) * | 80.4 | 64.5 | -48.2 | 135.4 | 133.9 | 149.4 | 53.2 | 92.9 |
| EBITDA (vendor classification) * | 272.8 | 252.7 | 491.6 | 261.7 | 170.1 | 224.8 | 434.8 | 227.8 |
| EBIT excluding other income | 171.7 | 205.9 | 238.7 | 207.4 | 42.8 | 153.7 | 277.8 | 160.8 |
| Finance costs | 9.36 | 10.9 | 11.8 | 12.2 | 20.2 | 28.0 | 32.3 | 25.4 |
| Profit before tax | 263.4 | 241.9 | 384.1 | 249.5 | 149.9 | 196.8 | 402.6 | 202.5 |
| Tax expense | 74.5 | 64.9 | 96.9 | 61.7 | 42.4 | 52.1 | 126.1 | 51.0 |
| Profit for the period | 188.9 | 177.0 | 287.2 | 187.8 | 107.5 | 144.7 | 276.5 | 151.5 |
| Diluted EPS (INR) | 7.18 | 6.73 | 10.92 | 7.14 | 4.09 | 5.50 | 10.51 | 5.76 |
| Other income | 101.1 | 46.8 | 157.1 | 54.3 | 127.3 | 71.1 | 157.1 | 67.0 |
| Materials consumed + change in WIP inventory | 602.9 | 512.8 | 696.6 | 324.0 | 554.8 | 599.4 | 724.9 | 453.3 |
| Sub-contract and other direct expenses | 158.4 | 229.7 | 377.8 | 261.1 | 242.0 | 291.7 | 268.5 | 227.8 |
| Employee benefits expense | 104.2 | 103.2 | 117.1 | 106.7 | 114.3 | 123.3 | 128.0 | 127.1 |
| Other expenses incl. provision for anticipated losses | 80.4 | 64.5 | 300.4 | 135.4 | 133.9 | 149.4 | 53.2 | 92.9 |
| EBITDA (excl. other income) | 197.3 | 237.5 | 265.8 | 241.4 | 73.7 | 186.6 | 309.8 | 193.2 |
| Depreciation and amortisation | 25.6 | 31.5 | 27.1 | 34.0 | 30.9 | 32.9 | 32.0 | 32.4 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 188.9 | 177.0 | 287.2 | 187.8 | 107.5 | 144.7 | 276.5 | 151.5 |
| Share of profit/(loss) of associates and joint ventures | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.7% | -25.9% | 65.2% | 25.8% | 4.2% |
| EBITDA margin | 22.7% | 18.2% | 16.2% | ||
| Net margin | 20.4% | 17.2% | 14.3% | ||
| Return on equity | 16.6% | 15.6% | 12.5% | ||
| Return on capital employed | 17.1% | 9.4% | 15.8% | 14.5% | 10.8% |
| Return on assets | 7.1% | 6.5% | 5.1% | ||
| Net debt (₹ crore) | -3,841 | -3,044 | -1,307 | ||
| Net debt / EBITDA | -4.42x | -3.47x | -1.61x | ||
| Interest cover | 17.3x | 9.21x | 23.9x | 20.1x | 7.38x |
| Asset turnover | 0.39x | 0.25x | 0.35x | 0.38x | 0.36x |
| Receivable days | 51 | 53 | 34 | 17 | 31 |
| Inventory days (on revenue) | 35 | 59 | 98 | 143 | 166 |
| Payable days (on revenue) | 44 | 62 | 55 | 44 | 73 |
| Cash conversion | -0.22x | -0.36x | -1.72x | ||
| Capex intensity | 8.4% | 14.6% | 16.5% | 10.3% | 3.0% |
| Free cash flow (₹ crore) | 739.7 | 43.1 | -805.4 | -792.8 | -1,385 |
| Dividend payout | 30.2% | 31.0% | 35.8% | ||
| EPS, diluted (₹) | 21.44 | 11.58 | 29.77 | 31.45 | 27.24 |
| Book value per share (₹) | 167.0 | 168.3 | 190.2 | 212.1 | 223.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Cochin Shipyard includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Cochin Shipyard
- Research reportLatest
Same sector
More research in Industrials
Adani Ports and Special Economic Zone Limited
NSE: ADANIPORTS
Industrials · Marine Shipping
₹1,702.70 last close on 23 Oct 2026 −2.70%Research updated
Hindustan Aeronautics Ltd.
NSE: HAL
Industrials · Aerospace & Defense
₹4,725.00 last close on 23 Oct 2026 −3.08%Research updated
Bharat Electronics Limited
NSE: BEL
Industrials · Aerospace & Defense
₹362.00 last close on 23 Oct 2026 −0.69%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,549.00 last close on 23 Oct 2026 −1.11%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹387.50 last close on 23 Oct 2026 −2.86%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.