Situated in Kerala, one of India’s leading shipyards with a robust order book of Rs. 21,100 crores, positioning itself as a company worth keeping an eye on. Can you guess which one?
We’re talking about Cochin Shipyard Limited, a “Miniratna” CPSE founded in 1972. The company is primarily engaged in the business of shipbuilding and ship repair, serving both the domestic and international markets. As of June 2025, the Government of India holds 67.91 percent of the company’s equity share capital.
In this article, we’ll take a closer look at the company’s financial performance, order book and pipeline, completed capex, revenue mix, and other key business highlights.
With a market cap of Rs. 45,000 crores, shares of Cochin Shipyard Limited is trading at Rs. 1,706 on Friday, down by around 0.13 percent on BSE, as against its previous closing price of Rs. 1,707.40. The stock has delivered negative returns of nearly 17.6 percent over a one-year period, but gained by over 30.9 percent in the last six months.
Order Book Status
As of Q1 FY26, Cochin Shipyard maintained a strong order book of Rs. 21,100 crores, with the defence projects contributing Rs. 13,700 crores (65 percent), commercial export orders at Rs. 4,200 crores (20 percent), commercial domestic category at Rs. 1,700 crores (8 percent), and ship repair orders at Rs. 1,500 crores (7 percent).
Beyond its current order book, the company also has a healthy shipbuilding pipeline worth around Rs. 2.85 lakh crores, comprising around Rs. 2.2 lakh crores (77 percent) in commercial orders and Rs. 65,000 crores (23 percent) in defence orders.
Completed CAPEX
Cochin Shipyard has completed significant capital expenditure projects aimed at enhancing its capacity and capabilities. A capex of Rs. 1,800 crores was directed towards the development of a new large dry dock, measuring 310 meters and equipped with a 600T crane. This facility is designed to build and repair large vessels, including Suezmax/Capesize carriers, aircraft carriers, and can also dock jack-up rigs.
Additionally, the company has completed a Rs. 970 crore capex in establishing an international ship repair facility, featuring a 6,000T shiplift. This facility is capable of repairing ships up to 130 meters in length, covering naval, offshore, and coastal vessels, with the capacity to repair up to 82 ships annually.
Financial Performance & Revenue Mix
In Q1 FY26, Cochin Shipyard reported a consolidated revenue from operations of Rs. 1,069 crores, a decline of around 39 percent QoQ but a growth of about 39 percent YoY. Meanwhile, its net profit for the quarter stood at Rs. 188 crores, representing a fall of nearly 34 percent QoQ but a growth of around 8 percent YoY.
During the same period, the company reported a debt-to-equity ratio of 0.03 and a consolidated net debt of Rs. 153 crores. The current ratio stood at 1.32, while the company’s net profit margin was at 18 percent and the operating margin of 24 percent. Between FY22 and FY25, revenue grew at a 3-year CAGR of around 15 percent, while the net profit surged at a CAGR of more than 13 percent over the same period.
In terms of revenue mix, the Ship Repair segment was the largest contributor with Rs. 629.6 crores (59 percent), followed by the Shipbuilding segment at Rs. 439 crores (41 percent).
Written by Shivani Singh
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