Cochin Shipyard Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Cochin Shipyard Ltd filed with BSE on 18 Sept 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Cochin Shipyard reported Q1 turnover of INR 1,094.21 crores against INR 1,068.59 crores a year earlier, with PBT of INR 202.49 crores and PAT of INR 151.45 crores, down from INR 249.54 crores and INR 187.82 crores respectively. Management announced a Board-approved joint venture with Drydocks World, Dubai for the ISRF facility at a valuation of INR 1,800 crores, and said it would proceed independently with a smaller Block Fabrication Facility after talks with HD KSOE did not reach definitive terms. The company also disclosed its unexecuted order book stood at around INR 22,000 crores, with additional orders including an L1 position for five next-generation survey vessels valued at approximately INR 5,000 crores.
Numbers mentioned
Turnover: INR 1,094.21 crores (Q1 FY27)
p. 3
“For the first quarter, our turnover stood at INR 1,094.21 crores, compared with INR 1,068.59 crores in the corresponding period last year.”
Jose V J, page 3 of the filed PDF · View the filing
PBT: INR 202.49 crores (Q1 FY27)
p. 3
“PBT was INR 202.49 crores, compared to INR 249.54 crores last year, while PAT stood at INR 151.45 crores, compared with INR 187.82 crores in the corresponding quarter.”
Jose V J, page 3 of the filed PDF · View the filing
EBITDA margin: around 24% (Q1 FY27)
p. 3
“Our EBITDA margin for the quarter was around 24%, while PAT margin stood at around 14%.”
Jose V J, page 3 of the filed PDF · View the filing
ISRF transaction valuation: INR 1,800 crores
p. 4
“The ISRF undertaking is proposed to be transferred to the JV company on a slump sale basis, as a going concern, for a consideration of INR 1,800 crores.”
Jose V J, page 4 of the filed PDF · View the filing
Unexecuted order book: around INR 22,000 crores
p. 6
“Finally, coming to our order book, our current unexecuted order book stands at around INR 22,000 crores, which continues to provide us with good revenue visibility.”
Jose V J, page 6 of the filed PDF · View the filing
NGSV L1 order value: approximately INR 5,000 crores
p. 6
“We have also declared as L1 for five number of next-generation survey vessels for the Indian Navy, valued approximately INR 5,000 crores.”
Jose V J, page 6 of the filed PDF · View the filing
Tuticorin one-time lease payment: INR 305.76 crores
p. 5
“Under this arrangement, against a one-time payment of INR 305.76 crores, CSL will get access to around 110 acres of land and 17.29 acres of waterfront area for a period of 30 years.”
Jose V J, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
ISRF transaction implementation — before the end of the current financial year
stated conditionally by Jose V J
p. 4
“Subject to receipt of the necessary approvals, the transaction is targeted to be implemented before the end of the current financial year.”
Jose V J, page 4 of the filed PDF · View the filing
Vadinar facility operationalization — 36 months from receipt of environmental clearance
stated conditionally by Jose V J
p. 5
“And once the required clearances are in place, we are targeting to operationalize the facility within 36 months from the receipt of environmental clearance.”
Jose V J, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the JV targets INR 640 crores revenue by the fifth year with a 20% EBITDA margin, but expects negligible near-term contribution.
Answered by Jose V J
Asked by Garvit Goyal: What is the ballpark scale and product basket targeted by the Green Maritime Propulsion JV, and when will meaningful contribution begin?
p. 7
“But we are not expecting much revenue or top line from that company in the immediate future.”
Jose V J, page 7 of the filed PDF · View the filing
Management said CSL's existing captive market and defense orders will continue to be routed through CSL and executed by the JV, with DDW adding global clients.
Answered by Rajesh Gopalakrishnan
Asked by Dipen Vakil: Will the Drydocks World JV cater only to DP World's vessels or also domestic demand?
p. 9
“These orders will be taken by CSL, and will be executed by the JV, it's a sort of an execution JV, if we may call it so, with the freedom for DDW to bring in their clients”
Rajesh Gopalakrishnan, page 9 of the filed PDF · View the filing
Management attributed negative cash flow to tail-ended payment structures on export orders and said cash flow should turn positive once deliveries pick up, targeting ROC of 14-15%.
Answered by Jose V J
Asked by Mohit Chaurasiya: Why was operating cash flow negative despite strong PAT, and what returns are targeted on new ship repair investments?
p. 11
“So, now, that the vessel delivery the orders which has been taken during the period of '23 and '24 and all, they have all slated to be delivered in current and next financial year.”
Jose V J, page 11 of the filed PDF · View the filing
Management said prior margins benefited from higher-margin nominated defense orders and steady interest income on cash surplus, both of which have since reduced.
Answered by Jose V J
Asked by Abhishek Poddar: Why were EBITDA margins higher in the last three years compared to the 14% guided this year?
p. 15
“But going forward, we cannot expect such margins from the commercial orders or the defense order, because now all the tenders from the defense is also on a tender basis.”
Jose V J, page 15 of the filed PDF · View the filing
Management said the program has not reached the Navy's Approval of Necessity stage and there is no visibility yet.
Answered by Jose V J
Asked by Deepak Krishnan: Is there visibility on IAC-2 (second indigenous aircraft carrier)?
p. 18
“I would say there is no visibility, because as of now, it has not reached the AoN stage, because Navy has a procedure called the Approval of Necessity.”
Jose V J, page 18 of the filed PDF · View the filing
Management said LPD and MCMV are more suitable for CSL given its aircraft carrier experience and large dock, compared to P-17 Bravo.
Answered by Jose V J
Asked by Deepak Krishnan: Which naval programs does CSL see higher probability of winning?
p. 18
“So, the LPD and MCMV will be more suitable for us compared to P-17 Bravo, though we will participate in all the tenders aggressively.”
Jose V J, page 18 of the filed PDF · View the filing
Risks flagged
CSL and HD KSOE could not agree on definitive terms for the joint Block Fabrication Facility
p. 5
“However, we have not been able to arrive at a mutually agreed definitive terms for establishing BF facility through a joint venture.”
Jose V J, page 5 of the filed PDF · View the filing
Electric-propelled tugs cost significantly more than conventional diesel tugs, slowing mass adoption
p. 7
“We feel it will take a little time for a mass movement on this one, purely because the electric-propelled tugs would cost almost twice that of a conventional diesel-propelled tug.”
Rajesh Gopalakrishnan, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.
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