Cochin Shipyard (COCHINSHIP) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw strong order inflow, including two 70-ton tugs, a luxury river cruise vessel, and the delivery of the 19th Electric Hybrid Water Metro Boat and Udupi CSL's first dry cargo vessel for a European client.

• Strategic MOUs were signed with Drydocks World UAE and HD KSOE of South Korea to enhance ship repair and shipbuilding capabilities, aiming for global competitiveness.

• Major capital projects, including the new Drydock and International Ship Repair Facility (ISRF), are now operational, expanding capacity and supporting long-term growth.

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

Financial highlights

• Q1 FY26 consolidated turnover reached ₹1,068.59 crore, up 38% year-over-year; standalone turnover was ₹977.42 crore.

• Profit after tax for Q1 FY26 was ₹187.82 crore (consolidated), up 4% year-over-year; EPS at ₹7.14.

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

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

• Order book remains robust at about ₹21,100 crore, with ₹19,500 crore in shipbuilding and ₹1,500 crore in ship repair.

Outlook and guidance

• FY26 revenue growth guided at 14%-15%, with PAT margin expected around 15%.

• Ship repair revenue for FY26 projected at ₹1,500 crore, with margins lower than the previous year due to absence of large aircraft carrier projects.

• Shipbuilding margins expected at 10%-12%.

• Long-term plan targets doubling turnover by 2030-31, leveraging recent capex and ongoing investments.

• Shipbuilding order pipeline estimated at ₹2,85,000 crore, with significant opportunities in defence and commercial sectors.