Cochin Shipyard (COCHINSHIP) investor relations material

Executive summary

• Q1 FY26 saw new orders for two 70-ton tugs and a luxury river cruise vessel, and deliveries including the 19th electric hybrid Water Metro boat and a dry cargo vessel for a European client.

• Signed major MOUs with Drydocks World UAE and HD KSOE of South Korea for ship repair and shipbuilding collaborations.

• Both the new drydock and International Ship Repair Facility (ISRF) became operational, expanding capacity and capabilities.

• Board approved unaudited standalone and consolidated financial results for Q1 FY26.

• Major infrastructure investments completed, enhancing capacity for large vessels and ship repairs.

Financial highlights

• Q1 FY26 consolidated turnover rose 38% year-over-year to ₹1,068.59 Cr; standalone turnover up 38% to ₹977.42 Cr.

• Profit after tax for Q1 FY26 was ₹187.82 Cr (consolidated), up from ₹174.23 Cr year-over-year; EPS at ₹7.14.

• EBITDA margin for Q1 FY26 stood at 28%, down from 37% in Q1 FY25; PAT margin at 18%.

• Ship repair revenue surged 157% year-over-year, while shipbuilding revenue declined 25%.

• Standalone and consolidated net profit margins were 19% and 18% respectively for Q1 FY26.

Outlook and guidance

• Top line growth for FY26 is guided at 14–15%, with PAT margin expected around 15%.

• Order book stands at approximately ₹21,000–21,100 Cr, providing strong revenue visibility.

• Shipbuilding margins are expected at 10–12%, while ship repair margins will be lower than last year due to absence of large aircraft carrier projects.

• Long-term guidance is for 10–12% annual growth over the next 5–10 years.

• Major projects, including ISRF and New Dry Dock, were capitalized post Q1 FY26, enhancing future operational capacity.