Cochin Shipyard Limited (COCHINSHIP)
Mid CapIndustrials stocks · Mid cap · NSE
Cochin Shipyard Limited (CSL) is a leading Indian shipbuilding and ship repair company, serving both defence and commercial sectors. The company is expanding its capabilities with new dry docks and an International Ship Repair Facility, aiming to enhance capacity for large vessels and increase ship repair throughput.
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 30 Jun 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +2% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY26 consolidated turnover grew 50.5% YoY, driven by strong ship repair segment, but PAT growth was muted at 3.9% YoY due to significant margin compression. QoQ, revenue and profits declined sharply.
Q1 FY26 results show robust YoY revenue growth, primarily from ship repair, but profitability lagged due to margin contraction. The substantial QoQ decline in both revenue and profit, coupled with a significant shift in revenue mix towards ship repair, suggests potential execution challenges or project phasing issues in shipbuilding. The large order pipeline is promising but mostly in early stages.
Revenue by Segment (Standalone Q1 FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Ship Repair Segment Growth
Q1 FY26 Standalone Ship Repair revenue grew 157% YoY to Rs. 629.62 Crs, becoming the largest revenue contributor.
New Shipbuilding Opportunities
MoU with HD KSOE, South Korea, for joint exploration of new building opportunities in India and abroad, and sharing technical expertise.
Ship Repair Cluster Development
MoU with Drydocks World, UAE, to explore joint development of world-class ship repair clusters at Kochi and Vadinar.
Large Order Pipeline
Shipbuilding order pipeline of approximately Rs. 2,85,000 Crs, with Rs. 2,20,000 Crs in Defence and Rs. 65,000 Crs in Commercial segments.
New Dry Dock Commissioned
Capex completed for a new dry dock capable of building and repairing large vessels, including SuexMax/Capesize and Aircraft Carriers, and docking Jack-up Rigs.
International Ship Repair Facility (ISRF) Commissioned
Capex completed for ISRF, capable of repairing ships up to 130m length (Naval, Offshore, Coastal Vessels), with a capacity of 82 ships per year.
Government Support for Domestic Manufacturing
The company's presentation highlights 'Atmanirbhar Bharat Abhiyan' (Self-reliant India campaign), indicating potential government impetus for domestic shipbuilding and repair.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 essential to assess underlying growth trends, especially for a project-based business that can have quarterly lumpiness. QoQ is critical to understand sequential momentum, project execution, and the impact of revenue mix shifts on margins.
Order Inflow
Received new orders for construction of two 70 T Bollard Pull Tugs from Polestar Maritime Limited and one Luxury River Cruise vessel from Heritage River Journeys Private Limited in June 2025.
Order Book
Total order book position is approximately Rs. 21,100 Crs, comprising Rs. 19,600 Crs in shipbuilding and Rs. 1,500 Crs in ship repair.
Revenue Cover
The order book of approximately Rs. 21,100 Crs provides healthy and clear visibility on revenue.
Execution
Delivered the 19th Electric Hybrid 100 Pax Water Metro boat to Kochi Metro and the first dry cargo vessel to a European client by Udupi-CSL in April 2025.
Revenue Visibility from Order Book
Management states the approximately Rs. 21,100 Crs order book provides 'Healthy – Clear Visibility on Revenue'.
Focus on Productivity and Capacity Utilization
MoU with HD KSOE aims to identify initiatives to enhance productivity and capacity utilization.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow Conversion | Rs. 2,85,000 Crs pipeline, mostly in RFI/Expected RFI stage. | Conversion of large pipeline orders into firm contracts, especially in the Defence segment. |
| Margin Trend | Consolidated EBITDA margin 28% (Q1 FY26), PAT margin 18% (Q1 FY26), both down YoY. | Stabilization and improvement of margins, particularly in the shipbuilding segment, as new facilities ramp up. |
| Execution Pace | Q1 FY26 standalone shipbuilding revenue down 25% YoY and 57% QoQ. | Improved execution and revenue recognition from the shipbuilding segment, leveraging new dry dock capacity. |
| Net Debt | Rs. 152.85 Crs (Consolidated Q1 FY26). | Trends in net debt, especially with ongoing capex and working capital requirements. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 +6.0% / mo · MACD −
Technical chart
COCHINSHIPdaily · 1Y · AUTO+3.6%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 53.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~5.6% over last month) — short-term momentum positive.
- RSI(14) at 53 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 24% off 52W high · 26% 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.
Relative Strength & Trend Stage
- Price is within 1.4% of the 30-week proxy.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 30 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -430.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; 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: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 35th 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: 35th pctile, median 68 · Mid: 21st pctile, median 76
83 documents have extracted text, 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%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 58.00
- P/B
- 6.72
- EV/EBITDA
- 46.14
- Market Cap
- 39438.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 16.00%
- ROA
- 4.68%
- Dividend Y
- 0.50%
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
- 3.95
- 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
- 39%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
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.