COCHINSHIP
Mid CapCochin Shipyard Limited
Industrials
Cochin Shipyard Limited (CSL) is a shipbuilding and ship repair company. It delivers vessels like water metro boats and dry cargo vessels, and undertakes ship repair. CSL is augmenting infrastructure with a new dry dock and an International Ship Repair Facility, and exploring collaborations for new building opportunities and ship repair clusters.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -16% YoY · PAT -4% YoY · margin expansion · +10% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,484 Cr | -15.6% | +9.9% |
| EBITDA | ₹310 Cr | +16.5% | +65.8% |
| Operating margin | 21.0% | +600 bps | +700 bps |
| PAT | ₹276 Cr | -3.8% | +90.3% |
| PAT margin | 18.6% | +227 bps | +786 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q1 FY26 consolidated turnover grew 50.5% YoY to Rs 1,068.59 Crs, driven by a 157% surge in Ship Repair revenue, despite a 25% decline in Shipbuilding. PAT increased 3.9% YoY to Rs 187.83 Crs, but EBITDA and PAT margins compressed significantly.
While Q1 FY26 saw robust revenue growth, primarily from ship repair, the substantial YoY contraction in EBITDA and PAT margins raises concerns about profitability and cost management. The shift in revenue mix towards ship repair, coupled with increased net debt, warrants close monitoring despite a healthy order book and pipeline.
Q1 FY26 Consolidated Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Ship Repair Segment Growth
Ship Repair revenue grew 157% YoY in Q1 FY26 to Rs 629.62 Crs, becoming the largest revenue contributor.
New Dry Dock & ISRF
New Dry Dock capable of building/repairing large vessels and ISRF capable of repairing 82 ships per year are completed, enhancing capacity.
Strategic Collaborations
MoUs signed with Drydocks World, UAE for ship repair clusters and HD KSOE, South Korea for new building opportunities and technical expertise.
Robust Order Pipeline
Shipbuilding order pipeline of approx. Rs 2,85,000 Crs, with significant opportunities in Defence and International Commercial segments.
New Dry Dock Commissioned
Capable of building and repairing large vessels including SuexMax/Capesize and Aircraft Carriers, and docking Jack-up Rigs.
International Ship Repair Facility (ISRF) Commissioned
Capable of repairing ships up to 130m length, including Naval, Offshore, and Coastal Vessels, with a capacity of 82 ships per year.
Government Focus on Defence
Defence projects constitute 65% of the current order book and 77% of the shipbuilding order pipeline, indicating strong government support.
Expanding Ship Repair Market
Ship Repair revenue surged 157% YoY in Q1 FY26, and CSL is exploring joint development of world-class ship repair clusters.
Margin Compression
Consolidated EBITDA margin declined to 28% in Q1 FY26 from 37% in Q1 FY25. PAT margin fell to 18% from 25% YoY.
Increased Net Debt
Net Debt increased to Rs 152.85 Crs in Q1 FY26 from Rs 69.01 Crs in FY25.
Execution Risk in Large Pipeline
A significant portion of the Rs 2,85,000 Crs order pipeline is in RFI or Expected RFI stages, indicating potential delays or non-conversion.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for understanding the underlying growth trends in a potentially seasonal business like shipbuilding and repair. QoQ comparison is also relevant to assess sequential momentum and the impact of project execution or completion cycles on revenue and profitability.
Consolidated Turnover
Q1 FY26 Turnover: Rs 1,068.59 Crs (Consolidated).
Consolidated PAT
Q1 FY26 PAT: Rs 187.83 Crs (Consolidated).
Consolidated EBITDA Margin
Q1 FY26 EBITDA Margin: 28% (Consolidated), down from 37% in Q1 FY25.
Consolidated PAT Margin
Q1 FY26 PAT Margin: 18% (Consolidated), down from 25% in Q1 FY25.
Healthy Revenue Visibility
Management states the approx. Rs 21,100 Crs order book provides "Clear Visibility on Revenue".
Focus on Infrastructure Augmentation
Completion of New Dry Dock and ISRF indicates strategic investment in expanding capabilities for large vessel construction and repair.
Exploring Global Partnerships
MoUs with Drydocks World and HD KSOE aim to explore new building opportunities, enhance productivity, and scale global standards.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 28% in Q1 FY26 | Trend in margins, especially given the shift in revenue mix and new capacity utilization. |
| Order Book Conversion & Execution | Rs 21,100 Crs order book, Rs 2,85,000 Crs pipeline. | Timely execution of existing orders and conversion of pipeline into firm orders, particularly from the large RFI stages. |
| Net Debt Levels | Rs 152.85 Crs in Q1 FY26 | Further increases in net debt, which could impact financial flexibility. |
| Revenue Mix Evolution | Q1 FY26: Ship Repair 58.92%, Shipbuilding 41.08%. | Stability or further shifts in the revenue mix and their impact on overall profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51Neutrallabel neutral
Technical chart
COCHINSHIPdaily · 6M-11.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 40.
- SMA20 falling (~10.1% over last month) — short-term momentum negative.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 22% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 10/15 to the score.
- Growth contributes 10/25 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -337.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 4/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 34th percentile within Industrials. Main check: results consistency is weak at 24/100.
Healthy Trust Lite: Promoter holding is 67.9%. Key concern: Operating cash flow is negative at ₹-1234 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 34th pctile, median 68 · Mid: 22nd pctile, median 76
85 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67.9%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-1234 Cr.
- ▸ROCE trend is -3%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 51.60
- P/B
- 6.31
- EV/EBITDA
- 41.12
- Market Cap
- 37018.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 16.00%
- ROA
- 4.93%
- Dividend Y
- 0.69%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- 29.00%
- EPS 3Y
- 40.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 8.82×
- Altman Z
- 3.79
- Book Value
- 223.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -1234.00 Cr
- EPS TTM
- 27.24
Shareholding
- Promoter Hold
- 67.91%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.