Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug - Copies of Newspaper Advertisements - Unaudited standalone and consolidated financial results
Source: Bse
Cochin Shipyard Limited (COCHINSHIP)
Mid CapIndustrials stocks · Mid cap · NSE
Cochin Shipyard Limited (CSL) is a Schedule A, Miniratna company engaged in shipbuilding and ship repair for naval, commercial, domestic, and export clients. It operates 7 units across India, including two wholly-owned subsidiaries and three ship repair units, with a turnover of approximately USD 600 million.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result14 Aug, 05:57 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -12.0% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
COCHINSHIPD candles · FIT view-26.3%Latest close ₹1226.50 on 2026-10-19
Bar
-1.8%
RSI
34
MACD hist
0.69
52W pos
6%
2026-10-19O ₹1248.80H ₹1249.40L ₹1222.00C ₹1226.50Vol 2.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
COCHINSHIPNifty India ManufacturingNifty 500
- COCHINSHIP
- -12.9%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -7.3 pp
Chart stats
19 Oct 2026- From 52W high
- -34.2%
- 52W range position
- 6%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.35x
- Avg traded value
- ₹102 Cr
- 20D price channel
- ₹1,200 - ₹1,411
₹1,864
₹1,187 - ₹1,864
₹38.2
Latest completed session
20-session average
30.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +2.3% · PAT -19.7% YoY
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-334.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +2% YoY
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,094 Cr | +2.3% | -26.3% |
| EBITDA | ₹193 Cr | -19.9% | -37.7% |
| Operating margin | 18.0% | -500 bps | -300 bps |
| PAT | ₹151 Cr | -19.7% | -45.3% |
| PAT margin | 13.8% | -379 bps | -480 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 48.50
- P/B
- 5.62
- EV/EBITDA
- 38.90
- Market Cap
- 32990.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 16.20%
- ROA
- 4.68%
- Dividend Y
- 0.72%
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
- 7.20×
- Altman Z
- 3.51
- Book Value
- 223.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -1234.00 Cr
- EPS TTM
- 25.86
Shareholding
- Promoter Hold
- 67.91%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,022+4.2% vs prev
Net Profit
₹ CrLatest: 717-13.3% vs prev
Return on Equity
%Latest: 12.2-17.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 34.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~13.6% over last month) — short-term momentum negative.
- RSI(14) at 34 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 4 Downtrend
1M return
-12.3%
3M return
-12.9%
6M return
-22.5%
1Y return
-32.3%
RS 1D
-1
RS 20D
-15
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 15.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 67.44-0.77%
RS vs Nifty 50067
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth10/25
Quality5/20
Balance Sheet9/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 9/15 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 -334.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
48.5
PB
5.6
EV/EBITDA
38.9
ROE
12.5%
ROCE
16.2%
FCF Yield
—
Debt/Equity
0.3
MoS
-334.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-334.3%
Previous: -334.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹360.21
-240.5% MoS
Growth-justified P/E
10.9
Growth-justified Value
₹282.39
-334.3% MoS
PEG
7.58
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GRSE
Small
Garden Reach Shipbuilders & Engineers Limited
Shipbuilding
match 157
65
30.4
31.6%
+24%
UNDERVALUED
BDL
Mid
Bharat Dynamics Limited
Defence / Aerospace
match 92
33
76.6
10.2%
-145%
WATCHLIST
MTARTECH
Micro
Mtar Technologies Limited
Defence / Aerospace
match 85
32
175.0
12.4%
-321%
WATCHLIST
DATAPATTNS
Small
Data Patterns (India) Limited
Defence Electronics
match 84
46
83.9
15.2%
-115%
FAIR VALUE
AZAD
Small
Azad Engineering Limited
Defence / Aerospace
match 84
34
139.0
9.1%
-218%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T09:42:47.266Z
Management commentary snapshot
CSL reported FY26 shipbuilding revenue of Rs. 1,266 Crs and ship repair turnover of Rs. 1,656 Crs, with stable EBITDA and PAT margins at 24% and 14% respectively. The order book stands at Rs. 23,100 Crs, including a recent L1 declaration for Rs. 5,000 Crs in naval vessels.
The company demonstrates strong order book visibility, supported by significant capacity expansion projects recently commissioned and others in the pipeline. Strategic JVs and acquisitions are aimed at diversifying capabilities and market reach, suggesting continued growth momentum.
Current business mix
Orderbook by Segment
Latest issuer-disclosed distribution across 4 reported categories.
Defence54.0%
Commercial - Domestic7.0%
Commercial - Export33.0%
Ship Repair6.0%
Growth engines
Large Vessel Construction & Repair
New Large Drydock (310 Mtr) and International Ship Repair Facility (6000 T Shiplift) inaugurated in Jan 2024, capable of building/repairing large vessels including Aircraft Carriers.
Ship Repair Cluster Expansion
JV with DDW, Dubai, to operate and expand ISRF, targeting regional and global maritime demand, with planned Phase-II for additional 100 medium ships/year capacity.
New Shipbuilding Infrastructure
New Large Shipbuilding Infra, including a Block Fabrication facility and additional infra at CSL, with a total investment of Rs. 4,100 Crs planned for 2026-2030.
Marine Electrification & Design
JV with HBL for marine electrification technologies and acquiring 23% stake in Conoship International Holding B.V., Netherlands, to tap coastal shipping and inland waterways.
Capacity and execution
Kochi Facilities
New Large Drydock (Rs. 1,800 Crs) and International Ship Repair Facility (Rs. 970 Crs) inaugurated in Jan 2024, adding capacity for large vessels and 82 ships/year respectively.
Vadinar Ship Repair Cluster
Total CAPEX Rs. 1,570 Cr (2 large FDDs), CCEA approval received in May 2026, with commissioning expected 36 months post environmental clearance.
Kochi Ship Repair Cluster Phase-II
Estimated Capex Rs. 1,500 Cr for additional 10 workstations, adding capacity to repair ~100 more medium size ships/year.
Tuticorin Hybrid Shipyard
Payment of Rs. 280 Crs made for 110.14 Acres land, with phase-wise allotment expected by Dec 2027 for shipbuilding, ship repair, and offshore fabrication.
Tailwinds
Global Maritime Demand
JV with DDW, Dubai, aims to operate, consolidate and expand ISRF targeting both regional and global maritime demand.
Strategic Location Advantage
Vadinar Ship Repair Cluster leverages natural depth of 14m and proximity to Mundra/Kandla ports for large ship repairs.
Coastal & Inland Waterways Opportunities
Acquiring stake in Conoship International Holding B.V. to tap business opportunities in coastal shipping and inland waterways, especially in Europe.
Management accountability
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.
Analyst reading lens
Compare BOTH
Annual (FY26) results provide a comprehensive view of project execution and financial performance trends, while the latest quarterly (Q1FY26) figures offer insight into recent operational momentum and margin stability.
Sector KPIs management disclosed
Order Inflow
Declared L1 for 5 Next Generation Survey Vessels for the Indian Navy – Value ~Rs. 5,000 Crs.
Order Book
Order Book Position – Rs. 21,900 Crs. (Shipbuilding) and Ship Repair Orders – Rs. 1,200 Crs.
Revenue Cover
Order book of Rs. 23,100 Crs. (Shipbuilding + Ship Repair) against FY26 Shipbuilding Revenue of Rs. 1,266 Crs. and Ship Repair Turnover of Rs. 1,656 Crs.
Execution (Revenue)
FY26 Shipbuilding Revenue Rs. 1,266 Crs. In FY26 – Handled 163 Projects with a turnover abt. Rs. 1,656 Crs. (Ship Repair).
Management forward view
JV Implementation
JV Agreement with DDW, Dubai, proposed to be signed on Sep 11, 2026, with implementation expected before this financial year end.
Project Approvals
Environment clearance for Vadinar Ship Repair Cluster is underway.
Acquisition Progress
Acquisition of 23% stake in Conoship International Holding B.V., Netherlands, is under progress after approvals completed.
Land Possession
Possession and lease agreement for Tuticorin Hybrid Shipyard land allotment are to follow.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | Declared L1 for ~Rs. 5,000 Crs for 5 Navy survey vessels. | Further large defense or export orders to maintain strong order book cover. |
| Capacity Commissioning & Utilization | New Large Drydock and ISRF inaugurated Jan 2024. | Timely environmental clearance and commissioning of Vadinar and Tuticorin projects, and ramp-up of utilization across new facilities. |
| Strategic Partnership Execution | DDW JV board approval obtained, signing Sep 11, 2026. HBL JV company formed June 2026. | Final approvals and successful operationalization of the DDW JV and progress on the HBL JV. |
| Margins | FY26 EBITDA Margin 24%, PAT Margin 14%. | Stability or improvement in margins as new capacities are utilized and project execution scales. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 35th percentile within Industrials. Main check: results consistency is weak at 24/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
89 docs text-extracted · 29 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · Industrials: 35th pctile, median 68 · Mid: 21st pctile, median 76
Evidence depth
Financial-only
89 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
24
weak · quarterly consistency
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 -2.8%.
- ▸0/4 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.
Continue researching Cochin Shipyard Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 May - Notice to Shareholders - Transfer of Shares/ dividend to IEPF
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.