Cochin Shipyard LimitedQ1 FY27 Results & Financial Update
Cochin Shipyard Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,161.25 Cr, PAT ₹151.45 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Cochin Shipyard Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
For the quarter ended June 30, 2026, Cochin Shipyard Limited reported a consolidated total income of INR 1,161.25 crore and a consolidated profit after tax (PAT) of INR 151.45 crore, alongside basic and diluted earnings per share of INR 5.76.
Shipbuilding segment revenue stood at INR 700.04 crore with a segment result (PBIT) of INR 63.89 crore, reflecting steady execution across ongoing defense and commercial maritime projects.
The ship repair segment delivered robust profitability with a segment result of INR 135.02 crore on a revenue of INR 394.17 crore, underscoring high-margin dry-docking and maintenance contracts during the period.
Total expenses for the quarter were contained at INR 958.76 crore, comprising material consumption of INR 453.26 crore, subcontractor expenses of INR 227.78 crore, employee benefit expenses of INR 127.07 crore, and finance costs of INR 25.36 crore.
The company recognized provisions for anticipated losses and expenditure amounting to INR 11.82 crore, while other income contributed INR 67.04 crore to the quarter's financial performance.
Statutory auditors highlighted in their review report that the holding company has been unable to constitute an Audit Committee under Section 177 of the Companies Act, 2013, due to the absence of the requisite number of independent directors at the time of approving the results.
Auditors also drew attention to ongoing uncertainties regarding the suspension of construction on two 1200-passenger vessels (Yard Nos. SH.0023 and SH.0024) for the Andaman & Nicobar Administration, where discussions are underway with alternate administrations for vessel reallocation and modification.
01 · Business model
What does Cochin Shipyard do?
Cochin Shipyard Limited operates as a premier shipbuilding and ship repair facility in India, catering to commercial clients and defense establishments alike.
The company's primary revenue engines are divided into shipbuilding operations, which involve constructing customized vessels and specialized craft, and ship repair services spanning routine dry-docking and complex overhauls.
The enterprise conducts its business through its main yard in Kochi alongside wholly owned subsidiaries Udupi Cochin Shipyard Limited (UCSL) and Hooghly Cochin Shipyard Limited (Hooghly-CSL).
Its economic model is driven by multi-year shipbuilding contracts, milestone-based revenue recognition, and long-term asset servicing agreements with domestic and international maritime operators.
02 · Historical context
What shaped the business before this quarter
Previously in 2016, the holding company entered into a contract with the Administration of a Union Territory for the construction of two 1200-passenger vessels at a total contract value of INR 819.00 crore, which were subsequently launched in January 2020 and August 2022.
Earlier contractual delivery dates for vessels SH.0023 and SH.0024 expired on April 29, 2023, and October 30, 2023, respectively, leading to abated delivery activity upon the buyer's request for reallocation.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,161.25 Cr |
| Total income | ₹1,161.25 Cr |
| Profit before tax | ₹202.49 Cr |
| Profit after tax | ₹151.45 Cr |
| EPS | ₹5.76 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Contributed INR 700.04 crore to segment revenue, driven by construction milestones achieved on various commercial and naval vessels across the primary yard and subsidiaries.
Generated INR 394.17 crore in segment revenue, supported by a healthy flow of scheduled maintenance and specialized overhaul contracts.
Included INR 67.04 crore of other income, bolstering total consolidated income for the quarter.
What drove margins
Cost of materials consumed stood at INR 453.26 crore, while subcontractor and direct expenses accounted for INR 227.78 crore.
The consolidated operating margin for the quarter was reported at 21%, while the net profit margin stood at 14%.
Ship repair delivered a high segment PBIT of INR 135.02 crore compared to its revenue of INR 394.17 crore, whereas shipbuilding recorded a PBIT of INR 63.89 crore on INR 700.04 crore of revenue.
05 · Demand, customers & order book
Where demand is coming from
For vessels SH.0023 and SH.0024 under execution for the Andaman & Nicobar Administration, cumulative percentage of completion reached 54.84% and 55.19% respectively as of June 30, 2026, with cumulative liquidated damages recognized up to their original delivery expiration dates.
Active discussions are ongoing with the Andaman & Nicobar Administration and the Union Territory of Lakshadweep Administration, under the guidance of the Ministry of Ports, Shipping and Waterways, to modify and reallocate the two passenger vessels to suit current administrative requirements.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Recorded segment assets of INR 10,743.87 crore and segment liabilities of INR 6,494.39 crore as of June 30, 2026.
Maintained segment assets of INR 3,525.13 crore and segment liabilities of INR 340.11 crore at the end of the quarter.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Cochin Shipyard Limited and HBL Engineering Ltd incorporated a joint venture company named 'Green Maritime Propulsion Private Limited' on June 11, 2026, with Cochin Shipyard holding a 40% stake, though no transactions occurred during the reporting period.
08 · Reported developments
What changed operationally
The ship repair division delivered strong profitability with a PBIT of INR 135.02 crore, outperforming its historical quarterly contribution relative to revenue.
09 · Pressure points & risks
What is not going smoothly
Construction activities for the two passenger vessels remain suspended pending finalization of commercial terms and modifications for prospective administrative takers.
10 · Items worth noticing
The line items that can distort a quick read
Recognized provisions for anticipated losses and expenditure amounting to INR 11.82 crore during the quarter.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The consolidated debt-equity ratio stood at 0.21 as of June 30, 2026, compared to 0.19 at the end of the previous quarter.
The company maintained a AAA credit rating during the quarter.
The asset coverage ratio for listed non-convertible debentures was reported at 5.72 as of June 30, 2026, secured by property comprising 197.12 ares of land in Girinagar, Ernakulam.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Financial Contribution
The two consolidated subsidiaries (Hooghly Cochin Shipyard Limited and Udupi Cochin Shipyard Limited) collectively generated total revenues of INR 198.50 crore and net profit after tax of INR 15.40 crore for the quarter ended June 30, 2026.
13 · Key Q&A
The quarter, answered directly
What does Cochin Shipyard do?
Cochin Shipyard Limited operates as a premier shipbuilding and ship repair facility in India, catering to commercial clients and defense establishments alike.
What is the clearest takeaway from Q1 FY27?
For the quarter ended June 30, 2026, Cochin Shipyard Limited reported a consolidated total income of INR 1,161.25 crore and a consolidated profit after tax (PAT) of INR 151.45 crore, alongside basic and diluted earnings per share of INR 5.76.
What drove revenue or demand?
Contributed INR 700.04 crore to segment revenue, driven by construction milestones achieved on various commercial and naval vessels across the primary yard and subsidiaries.
What mattered most for margins or profitability?
Cost of materials consumed stood at INR 453.26 crore, while subcontractor and direct expenses accounted for INR 227.78 crore.
What changed operationally beyond the headline numbers?
Cochin Shipyard Limited and HBL Engineering Ltd incorporated a joint venture company named 'Green Maritime Propulsion Private Limited' on June 11, 2026, with Cochin Shipyard holding a 40% stake, though no transactions occurred during the reporting period.
What are the main pressure points disclosed for the quarter?
Construction activities for the two passenger vessels remain suspended pending finalization of commercial terms and modifications for prospective administrative takers.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Audit Committee Constitution: Monitor the appointment of independent directors and the formal constitution of the Audit Committee.
- 02
Andaman & Nicobar / Lakshadweep Vessel Resolution: Track finalization of commercial agreements and modification terms for passenger vessels SH.0023 and SH.0024 with the respective Union Territory administrations.
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