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).
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.
67%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Status and revenue potential of HD KSOE, Drydocks World, and Maersk MOUs
Asked by Deepak Krishnan, Kotak Institutional Equities
Management described progress and timelines but refused to provide any revenue estimates.
no financial figures givendeferred to long-term horizon
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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
I'm not in a position to paint any financial figures out of both these associations at this stage, but these are very critical, very important, and with a long-term view for our organization... Overall, we are talking about anything between three to five years for these things to actually mature and come.
Declined
High priority
Update on IAC-2 and defense/commercial order pipeline
Asked by Deepak Krishnan, Kotak Institutional Equities
Management explicitly stated no new developments and declined to provide any timeline.
no updaterefused to give 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 guidance for ship repair and PAT margin guidance for the overall company.
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Question
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 range for revenue growth.
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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 facility.
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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 the CapEx cycle but did not quantify the amount 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 are talking about that capex, which 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 count but avoided a specific utilization percentage for the dry dock.
no percentage utilization given for dry dock
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Question
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. ... the total strength of ISRF is 82 ships per year. ... on the new dry dock, we are not in a position to talk about a utilization factor kind of a thing. ... It is actually being utilized to the full right now.
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 into two projects.
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Question
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, which is about... The remaining fourth out of INR 13,700 crore 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 their stages in the pipeline.
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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 Mine Countermeasure Vessel, 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 margin decline due to absence of large aircraft carrier projects and gave EBITDA guidance.
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Question
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 when we had clocked higher margins?
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.
Answered
Medium priority
Ship repair revenue guidance for FY26
Asked by Rupam Jaiswal, Investwell Agents
Management gave a specific revenue number for ship repair.
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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?
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.
Evasive
Medium priority
Status of US Navy Master Ship Repair Agreement
Asked by Rupam Jaiswal, Investwell Agents
Management acknowledged the agreement but gave no specifics on expected business.
no concrete updaterefused to comment on expectations
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Question
Cochin Shipyard a Master Ship Repair Agreement with the U.S. Navy. Are we expecting any ships from them in terms of repairs?
Shri Madhu S. Nair, Chairman and Managing Director
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. We haven't concluded any ship repair engagement with them as of today.
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 potential 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”.