Cochin Shipyard Limited Earnings Summary — Q1 FY2027
Cochin Shipyard Reports Steady Revenue Growth Amid Strategic Shipbuilding Reallocations
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 26.3% sequentially in Q1 FY2027.
- Revenue of ₹1,094 Cr is 2.4% higher year-on-year.
- Revenue has compounded at -6.9% annualised over the last 10 quarters.
- Net profit of ₹151 Cr is 19.4% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -21.2% annualised across the period.
- Operating margin stands at 17.6% in Q1 FY2027.
- Operating margin compressed by 494 bps year-on-year.
- Over the last two years operating margin has contracted by 534 bps.
- PBT margin is 18.5%.
- Expenses grew 8.9% against revenue growth of 2.4%.
- Operating profit of ₹193 Cr is 20.0% lower year-on-year.
- Operating leverage has been under pressure recently.
- 4 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 33/100 (Weak) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 1,094 | 1,484 | 1,350 | 1,119 | 1,069 | 1,758 | 1,148 | 1,143 | 771 | 1,286 |
| Expenses | Improving | 901 | 1,175 | 1,164 | 1,045 | 827 | 1,492 | 910 | 946 | 594 | 998 |
| Operating Profit | Volatile | 193 | 310 | 187 | 74 | 241 | 266 | 237 | 197 | 177 | 288 |
| Operating Margin | Volatile | 17.6% | 20.9% | 13.8% | 6.6% | 22.6% | 15.1% | 20.7% | 17.3% | 23.0% | 22.4% |
| Other Income | Volatile | 67 | 157 | 71 | 127 | 54 | 157 | 47 | 101 | 84 | 80 |
| Interest | Strong Uptrend | 25 | 32 | 28 | 20 | 12 | 12 | 11 | 9 | 7 | 7 |
| Depreciation | Improving | 32 | 32 | 33 | 31 | 34 | 27 | 32 | 26 | 19 | 19 |
| Profit Before Tax | Volatile | 202 | 403 | 197 | 150 | 250 | 384 | 242 | 263 | 236 | 342 |
| Tax | Volatile | 51 | 126 | 52 | 42 | 62 | 97 | 65 | 75 | 62 | 83 |
| Net Profit | Volatile | 151 | 276 | 145 | 108 | 188 | 287 | 177 | 189 | 174 | 259 |
| Net Margin | Accelerating | 13.8% | 18.6% | 10.7% | 9.6% | 17.6% | 16.3% | 15.4% | 16.5% | 22.6% | 20.1% |
Key Takeaways
- Revenue from operations grew marginally by 2.4% YoY to ₹1,094.21 crore, though net profit declined by 19.4% due to higher material costs.
- Shipbuilding segment revenue rose significantly to ₹700.04 crore from ₹438.97 crore YoY, offset by a decline in Ship Repair revenue.
- Strategic discussions are ongoing with A&N and UTLA administrations to reallocate two 1200-passenger vessels (SH.0023 and SH.0024) after extended delivery dates expired.
- Operating margins compressed to 21% from 24% YoY, primarily driven by a sharp rise in material consumption costs to ₹453.26 crore.
- A new Joint Venture, Green Maritime Propulsion Private Limited, was incorporated in June 2026 with a 40% stake to explore sustainable technologies.
- Order book remains healthy with significant progress in fabrication across 75 vessels at Kochi, Udupi, and Hooghly facilities.
Management Guidance
Management targets a top-line growth of 14%-15% for the fiscal year and expects an overall PAT margin around 15%. The new International Ship Repair Facility (ISRF) is projected to generate ₹250 crore in incremental revenue in the first 18-24 months, scaling to ₹600 crore at full capacity.
Sentiment Shift
Stable
While margins faced pressure this quarter, the operationalization of the new Drydock and ISRF facilities alongside strong order books provides long-term stability.
Outlook
The company is pivoting toward higher-technology merchant shipbuilding through partnerships with HD KSOE and leveraging the new 310-meter drydock. The focus remains on executing the ₹21,100 crore order book while navigating technical modifications for stalled passenger vessel projects.
From the Annual Report (Key Quotes)
“Both our major capital projects, namely the new Drydock and the International Ship Repair Facility (ISRF), have been completed and are now operational.”
“The initial approach would be to make sure that the dry dock is leveraged to its optimal or its best capacities.”
“We feel the pipeline is good for that... we will run our defense establishment strongly and our commercial establishment strongly.”
Official Quarterly Documents
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This summary is AI-generated from Cochin Shipyard Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.