Cochin Shipyard Limited · Research view

Cochin Shipyard Limited

NSE: COCHINSHIPBSE: 540678ISIN INE704P01025Face value ₹5standalone

₹1,288

−2.02% · 2026-10-01 · 52-wk ₹1,193–₹1,862

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Debt rising as profit falls

Total debt rose 1492.2% while net profit fell 13.4% — worth checking how the balance sheet is being funded.

Importance 77 / 95 · financial health

WatchTalking point

Profit lagging revenue

Revenue grew 4.2% but profit declined 13.4%, so the company kept less of each rupee of revenue as profit.

Importance 68 / 95 · growth

WatchTalking point

Stock has run ahead of the business

Over 5 years the stock returned 48.3% a year while profit compounded at 3.3% a year.

Importance 64 / 95 · business vs stock

WatchTalking point

Premium valuation, soft growth

The P/E of 49.84× is above the ship building and allied services median (39.54×) while profit declined 13.4% last year.

Importance 62 / 95 · valuation

Section 03 · The company

Who is this company?

Classified by the exchange under Industrials › Capital Goods › Industrial Manufacturing › Ship Building & Allied Services.

Market cap: ₹33,897 cr
FY2026 revenue: ₹4,308 cr
FY2026 net profit: ₹643 cr
Net worth: ₹5,893 cr
Total debt: ₹1,015 cr
EPS (basic): ₹24.44
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 2 ship building & allied services.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Revenue grew 4.2% but profit declined 13.4%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +5.5%over 7 years
Revenue growth: −4.9%vs last year
Net profit growth: −23.7%vs last year
Change in net profit since FY19: +34%

Net profit fell 13.4% year on year (FY2025 → FY2026).

Revenue has compounded at 7.8% a year over 7 years (₹2,962 → ₹5,022) — though FY2024 saw a one-off step-change of 62% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Concern

Q1 FY27 EBITDA margin was 23.8%, down 3.89 percentage points from 27.7% a year earlier.

Rule QTR_MARGIN_CHANGED_YOY

Concern

Q1 FY27 net profit was ₹151 cr, down 19.4% from ₹188 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Watch

Q1 FY27 net profit declined 19.4% while revenue grew 2.4% vs the same quarter last year — a gap of 21.8 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	1,143	—	189	—	16.5%
Q3 FY25	1,148	+8.6%	177	−27.6%	15.4%
Q4 FY25	1,758	+36.7%	287	+10.9%	16.3%
Q1 FY26	1,069	+38.5%	188	+7.8%	17.6%
Q2 FY26	1,119	−2.2%	108	−43.1%	9.6%
Q3 FY26	1,350	+17.7%	145	−18.3%	10.7%
Q4 FY26	1,484	−15.6%	276	−3.7%	18.6%
Q1 FY27	1,094	+2.4%	151	−19.4%	13.8%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹5,047 crTTM
EBITDA: ₹1,186 crTTM
EBIT: ₹1,058 crTTM
PBT: ₹952 crTTM
Net profit: ₹680 crTTM

C. Corporate actions

18 Sept 2026DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

3 Feb 2026DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share

18 Nov 2025DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share

12 Sept 2025DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share

12 Feb 2025DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share

19 Nov 2024DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share

23 Sept 2024DividendFinal Dividend - Rs. - 2.2500 — ₹2.25/share

12 Feb 2024DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share

10 Jan 2024Stock splitStock Split From Rs.10/- to Rs.5/- — 10:5

20 Nov 2023DividendInterim Dividend - Rs. - 8.0000 — ₹8.00/share

21 Sept 2023DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share

22 Feb 2023DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share

21 Nov 2022DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share

21 Sept 2022DividendFinal Dividend - Rs. - 3.7500 — ₹3.75/share

21 Feb 2022DividendInterim Dividend - Rs. - 7.0000 — ₹7.00/share

23 Nov 2021DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share

21 Sept 2021DividendFinal Dividend - Rs. - 2.5000 — ₹2.50/share

23 Feb 2021DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share

13 Jan 2021DividendInterim Dividend - Rs. - 9.0000 — ₹9.00/share

21 Sept 2020DividendDividend - Rs. - 15.0000 — ₹15.00/share

21 Nov 2019DividendInterim Dividend - Rs. - 1.6300 — ₹1.63/share

5 Aug 2019DividendFinal Dividend - Rs. - 13.0000 — ₹13.00/share

30 Oct 2018BuybackBuy Back of Shares

6 Aug 2018DividendFinal Dividend - Rs. - 12.0000 — ₹12.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE of 12.5% is below the ship building and allied services median of 20.6%.

Rule ROE_BELOW_PEER_MEDIAN

EBITDA margin now: 25.1%
8-year range: 20.2–32.4%
ROE FY2026: 11.2%
ROCE FY2026: 15.5%

ROE declined from 15.6% to 12.5% year on year.

EBITDA margin fell from 26.3% to 24.3% of revenue.

EBITDA margin has ranged from 19.5% to 32.2% over 7 years and sits at 24.3% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Total debt rose 1492.2% while net profit fell 13.4% — worth checking how the balance sheet is being funded.

Rule DEBT_UP_EARNINGS_DOWN

Operating cash flow vs net profit₹ crore · FY21–FY26

Operating cash flowNet profit

Total debt: ₹1,015 cr
Operating cash flow ÷ net profit: -1.95×FY2026
Free cash flow: ₹−1,308 cr
Current ratio: 1.33×

Operating cash flow was only -1.72× reported profit (FY2026).

Cash conversion (CFO ÷ profit) has averaged -0.77× over the last 3 profit-making years versus 3.32× before that.

Debt-to-equity of 0.19× is the highest in 7 years (prior range 0.00× to 0.04×).

Debt-to-equity rose from 0.01× to 0.19× year on year.

Section 08 · Relative position

How does it compare with peers?

Ranked against 2 ship building & allied services (FY2026, consolidated).

Not enough peers in this set report the underlying metrics yet for a ranking.

Watch

The P/E of 49.84× is above the ship building and allied services median (39.54×) while profit declined 13.4% last year.

Rule PRICED_FOR_GROWTH

P / E: 49.8×TTM to Jun 26
P / B: 5.8×latest book
P / S: 6.7×TTM sales
Earnings yield: 2.0%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 47.3× · P/S 6.2× · ROE 12.5%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Watch

Over 5 years the stock returned 48.3% a year while profit compounded at 3.3% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate

1-year return: −30.8%
3-year return: +137.4%
5-year return: +616.1%
From 52-wk high: −30.8%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹1,442
vs 200-day avg: Below₹1,490
RSI (14): 30.9neutral
MACD histogram: -8.9
From 52-wk high: −30.8%
From 52-wk low: +8.0%
30-day volatility: 37.1%ann.
6-month return: +8.0%

RSI (14) · 0–10030.9 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Debt rising as profit falls
Total debt rose 1492.2% while net profit fell 13.4% — worth checking how the balance sheet is being funded.
DEBT_UP_EARNINGS_DOWN · conviction 77
Watch
Profit lagging revenue
Revenue grew 4.2% but profit declined 13.4%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 68
Watch
Stock has run ahead of the business
Over 5 years the stock returned 48.3% a year while profit compounded at 3.3% a year.
STOCK_RAN_AHEAD · conviction 64
Watch
Premium valuation, soft growth
The P/E of 49.84× is above the ship building and allied services median (39.54×) while profit declined 13.4% last year.
PRICED_FOR_GROWTH · conviction 62
Concern
Weak cash conversion
Operating cash flow was only -1.72× reported profit (FY2026).
WEAK_CASH_CONVERSION · conviction 61
Watch
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged -0.77× over the last 3 profit-making years versus 3.32× before that.
CASH_CONVERSION_DETERIORATING · conviction 55
Concern
Leverage at a multi-year high
Debt-to-equity of 0.19× is the highest in 7 years (prior range 0.00× to 0.04×).
LEVERAGE_AT_MULTI_YEAR_HIGH · conviction 55
Concern
Less profitable than peers
ROE of 12.5% is below the ship building and allied services median of 20.6%.
ROE_BELOW_PEER_MEDIAN · conviction 50
Watch
Receivables stretching
Receivable days rose from 17 to 31 — collections are slower.
RECEIVABLE_DAYS_JUMP · conviction 44
Concern
Profit fell
Net profit fell 13.4% year on year (FY2025 → FY2026).
PROFIT_DECLINED_YOY · conviction 43
Concern
Returns declining
ROE declined from 15.6% to 12.5% year on year.
ROE_DETERIORATED_YOY · conviction 43
Concern
Leverage rising
Debt-to-equity rose from 0.01× to 0.19× year on year.
LEVERAGE_INCREASED_YOY · conviction 42
Concern
Margins compressing
EBITDA margin fell from 26.3% to 24.3% of revenue.
MARGIN_COMPRESSED_YOY · conviction 40

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	2,962	3,422	2,819	3,190	2,330	3,645	4,528	4,308
Total income	3,190	3,670	3,013	3,456	2,537	3,953	4,908	4,712
EBITDA	800	957	914	897	472	1,182	1,254	1,080
Profit before tax	751	863	811	794	449	1,094	1,134	886
Net profit	481	638	610	587	334	813	843	643
EPS (₹)	35.7	48.5	46.4	44.6	25.4	30.9	32.0	24.4
Net worth	3,332	3,732	3,978	4,359	4,423	5,026	5,611	5,893
Total debt	123	123	123	123	126	23	23	1,015
Operating cash flow	—	—	749	1,414	2,051	−173	−269	−1,253
Free cash flow	—	—	699	1,375	2,025	−177	−654	−1,308

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	15.5	-17.6	13.2	-26.9	56.4	24.2	-4.9
Profit growth YoY	—	32.5	-4.3	-3.9	-43.0	143.1	3.7	-23.7
Profitability
EBITDA margin %	27.0	28.0	32.4	28.1	20.2	32.4	27.7	25.1
Net margin %	15.1	17.4	20.3	17.0	13.2	20.6	17.2	13.6
Return on equity %	14.4	18.1	15.8	14.1	7.6	17.2	15.8	11.2
Return on capital %	22.2	24.8	21.6	19.6	9.3	23.4	21.9	15.5
Leverage & cash
Debt to equity	0.04	0.03	0.03	0.03	0.03	0.00	0.00	0.17
Cash flow ÷ profit	—	—	1.23	2.41	6.13	-0.21	-0.32	-1.95
Current ratio	2.31	2.05	1.73	1.69	1.39	1.32	1.34	1.33