Cochin Shipyard Limited — Q1 FY26
Cochin Shipyard reported a strong Q1 FY26 with revenue of INR 1,068.59 crore (+38.5% YoY) and PAT of INR 187.82 crore (+7.8% YoY), driven by robust execution in shipbuilding and...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Status and revenue potential of HD KSOE, Drydocks World, and Maersk MOUs.
Asked by Deepak Krishnan, Kotak Institutional Equities
Management described the nature of partnerships but declined to provide revenue estimates.
no financial figures givenvague timelines
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Question
I just wanted to understand the HD KSOE announcements, the dry docks announcements, as well as other announcements with Maersk. Each of these three, how at what stage are we in terms of getting anything on the ground? ... What could potentially be the revenue potential that could come through from all of these ventures?
Shri Madhu S. Nair, Chairman and Managing Director
With HD KSOE, we are talking largely shipbuilding... The initial approach would be to make sure that that dry dock is leveraged to its optimal... I'm not in a position to paint any financial figures out of both these associations at this stage.
Evasive
High priority
Update on IAC-2 and defense/commercial order pipeline.
Asked by Deepak Krishnan, Kotak Institutional Equities
Management gave no new information on IAC-2 despite being asked directly.
no updateno timeline
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Question
Where are we in terms of IAC-2, any development since the last earnings call that we've held. The pipeline for both defense, commercial, and IAC, if you could give any updates on all of those.
Shri Madhu S. Nair, Chairman and Managing Director
IAC-2. Again, we are not in a position to convey anything. I can say that there are no fresh developments to report. That is all I can say. I think we are hopeful, but we are not in a position to hazard a guess on the timelines.
Answered
High priority
Margin outlook for ship repair and shipbuilding in FY26.
Asked by Deepak Krishnan, Kotak Institutional Equities
Management provided specific revenue and margin guidance for both segments.
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Question
Now that those orders are out, how are we looking at, say, overall margins for the year? Specifically, any comments on the two segments between shipbuilding and ship repair? How are we looking at margin profile for FY 2026?
Shri Jose V. J., Director of Finance
Ship repair last year... we may not have that much margin coming from ship repair this year. Still, ship repair will do a decent performance this year, maybe around INR 1,500 crore levels. The margin may not be at the level of what you have seen last year. ... Shipbuilding also... around 10% - 2% normally. ... Around 15% on a PAT margin levels.
Answered
High priority
Top line growth guidance for FY26.
Asked by Naman Jain, Kotak Institutional Equities
Management gave a clear percentage growth guidance.
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Question
You gave the PAT guidance of 15%. If it's possible, can you also give top line growth guidance for the year?
Shri Madhu S. Nair, Chairman and Managing Director
Top line, for the current year, from where we were last year, it should be considered 14%-15% top line growth.
Answered
Medium priority
Revenue potential from new ISRF facility.
Asked by Naman Jain, Kotak Institutional Equities
Management provided specific revenue targets for the ISRF.
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Question
What sort of asset turn or maximum... what is the top line that you can potentially generate from here before we move on to additional CapEx as we scale up our ship repairing business?
Shri Madhu S. Nair, Chairman and Managing Director
We hope we should be able to get into about, in about the initial 18 to 24 months, we should go to about INR 250 crore of extra revenue. In full-blown condition, we go to about INR 600+ crore.
Partial answer
Medium priority
CapEx needed to double shipbuilding revenue in 5 years.
Asked by Naman Jain, Kotak Institutional Equities
Management described past CapEx but did not quantify future CapEx needed.
no specific CapEx number given
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Question
How much more CapEx we'll need, let's say, if we want to double our revenue size for shipbuilding eventually in four or five years...
Shri Madhu S. Nair, Chairman and Managing Director
We have already completed almost INR 3,250 crore of CapEx cycles... Going beyond that double... crossing that threshold and moving forward is where we'll invest the CapEx now. ... we'll invest over the next, let's say, five years or so.
Partial answer
Medium priority
Current utilization rate of new dry dock and ISRF.
Asked by Dhanraj Tolani, Individual Investor
Management gave vessel counts but not a utilization rate.
no percentage utilization given
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Question
I just wanted to know what is the current utilization rate of your, I would say, new dry dock or ISRF facilities?
Shri Madhu S. Nair, Chairman and Managing Director
14 vessels are under various stages of repair in the ISRF. ... total strength of ISRF is 82 ships per year. ... on the new dry dock... It is actually being utilized to the full right now. We are not probably in a position to give you a percentage kind of a thing at this.
Answered
High priority
Breakdown of defense order book of INR 13,700 crore.
Asked by Sachin Maniar, 3P Investment Managers
Management provided a clear breakdown of the defense order book.
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Question
My first question is on the order book of the defense for INR 13,700 crore. Can you give the rough breakup for the larger platforms?
Shri Madhu S. Nair, Chairman and Managing Director
INR 13,700 crore, 14 vessels spread across two projects. One project is in ASW Corvette... About INR 3,700 crore unexecuted orders. The remaining... is a project called the Next Generation Missile Vessels.
Answered
High priority
Details of defense order pipeline of INR 220,000 crore.
Asked by Sachin Maniar, 3P Investment Managers
Management named specific projects and stages.
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Question
On the defense order pipeline, which we have shown in the PPT of almost INR 220,000 crore, can you give me a few of the rough, I mean, larger platforms you have included here in the bid stage, RFP stage, and RFI stage?
Shri Madhu S. Nair, Chairman and Managing Director
There are two projects, both about INR 10,000 crore, for which bids have been submitted. ... the large projects are what is the MCMV, the P-17 Bravo Vessel, the LPD.
Answered
High priority
Reason for lower EBITDA margins and product mix change.
Asked by Harsh, Toro Wealth Managers LLP
Management explained the mix change and gave EBITDA guidance.
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Question
I wanted to understand that in FY 2024, we had higher EBITDA margins of almost 24%. Right now, we are close to 19% even in last year, and we are expecting it to be lower because of changing product mix. Is there a change in mix versus FY 2024 as well?
Shri Jose V. J., Director of Finance
The year before, we had the aircraft carrier building. Last year, we had the aircraft carrier repair also. The margin was slightly higher side. This year, we don't have such large projects. The EBITDA will be around 20%. That's what we guide overall.
Partial answer
Medium priority
Ship repair revenue guidance for FY26 and US Navy MSRA.
Asked by Rupam Jaiswal, Investwell Agents
Management gave revenue guidance but declined to discuss US Navy specifics.
no comment on US Navy engagement
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Question
I wanted to know about your repair number. Like you said, in this financial year, how much are we going to be in terms of ship repairing? ... Are we expecting any ships from them in terms of repairs?
Shri Madhu S. Nair, Chairman and Managing Director
We are expecting to do about INR 1,500 crore of ship repair revenue in FY 2026. ... We have the Master Ship Repair Agreement with the U.S. Navy. There are discussions ongoing, but we are probably not in a position to comment.
Partial answer
Medium priority
Expected CapEx for new JVs with HD KSOE and Drydocks World.
Asked by Dhiraj Dave, Samvad Financial Services LLP
Management indicated CapEx direction but did not quantify.
no CapEx amount given
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Question
Does it still always boot this JV? Do we expect further CapEx to be incurred, or the new JVs would be corrected?
Shri Madhu S. Nair, Chairman and Managing Director
On the HD KSOE side, as we are moving forward, there will be CapEx in, as I said, new workstation facilities. ... On the Drydocks World side, we are already having the ship repair facility... For that, there won't be further CapEx.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Ship repair revenue guidance of INR 1,500 crore for FY26 | ₹1,500 cr | ₹1,068.59 cr | Overstated vs filing |
| Top line growth guidance of 14-15% for FY26 | 14.5% | 38.5% | Understated vs filing |
| ISRF initial extra revenue of INR 250 crore in 18-24 months | ₹250 cr | ₹1,068.59 cr | Understated vs filing |
| ISRF full-blown revenue of INR 600+ crore | ₹600 cr | ₹1,068.59 cr | Understated vs filing |
| EBITDA margin guidance of around 20% for FY26 | 20% | 28% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.