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Ship Repair Margin Normalization
View Risks →Cochin Shipyard Limited — Q1 FY26
Cochin Shipyard reported a strong Q1 FY26 with revenue of ₹1,068.59 crore (+38.5% YoY) and PAT of ₹187.82 crore (+7.8% YoY).
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Cochin Shipyard reported a strong Q1 FY26 with revenue of ₹1,068.59 crore (+38.5% YoY) and PAT of ₹187.82 crore (+7.8% YoY). EBITDA margin was 28%, though management guided full-year PAT margin to ~15% due to normalizing ship repair margins after last year's aircraft carrier repairs. The order book stands at ~₹21,000 crore (75 vessels), providing multi-year visibility. Key growth drivers include operationalization of the new dry dock and international ship repair facility (ISRF), strategic MOUs with HD KSOE (Korea) and Drydocks World (UAE) for shipbuilding and repair, and a strong defense pipeline (₹2.2 lakh crore at various stages). Management guided 14-15% revenue growth for FY26 and 10-12% CAGR over 5-10 years. Risk: Ship repair revenue may decline to ~₹1,500 crore in FY26 from ₹1,875 crore last year, pressuring margins.
कोचीन शिपयार्ड ने वित्त वर्ष 2026 की पहली तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई ₹1,068.59 करोड़ रही, जो पिछले साल से 38.5% ज्यादा है। मुनाफा ₹187.82 करोड़ रहा, जो 7.8% बढ़ा है। कंपनी का ऑर्डर बुक ₹21,000 करोड़ (75 जहाज) है, जिससे आने वाले सालों में काम मिलता रहेगा। नई ड्राई डॉक और अंतरराष्ट्रीय मरम्मत सुविधा से वृद्धि होगी। कोरिया और UAE के साथ समझौते से जहाज निर्माण और मरम्मत को बढ़ावा मिलेगा। रक्षा क्षेत्र में भी मजबूत संभावनाएं हैं। कंपनी को इस साल 14-15% और अगले 5-10 सालों में 10-12% सालाना वृद्धि की उम्मीद है। जोखिम: जहाज मरम्मत से कमाई घटकर ₹1,500 करोड़ रह सकती है, जिससे मुनाफा कम हो सकता है।
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Order Book
₹21,000 crore
N/A
Includes shipbuilding (~₹19,600 cr) and ship repair (~₹1,500 cr) across 75 vessels.
Ship Repair Revenue Guidance FY26
₹1,500 crore
-20% YoY
Down from ₹1,875 cr last year due to absence of aircraft carrier repairs.
Defense Order Pipeline
₹2.2 lakh crore
N/A
Includes ₹1.29 lakh crore at RFI stage; bids submitted for two ~₹10,000 cr projects.
ISRF Capacity Utilization
14 vessels under repair
N/A
ISRF has capacity of 82 ships/year; currently 14 vessels under repair.
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Guidance and risk preview
Management guided topline growth of 14-15% for FY26 over FY25.
Ship repair margins are expected to decline from last year's elevated levels due to absence of aircraft carrier repairs, impacting overall profitab...
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