Cochin Shipyard Q4 EBITDA Rises, Dividend Declared
Cochin Shipyard reported a mixed financial performance for Q4FY26, with EBITDA rising to 3.1B rupees and margins expanding to 20.87%, while net profit declined to 2.76B rupees. The Board approved audited financial results for the year ended March 31, 2026, and recommended a final dividend of Rs. 1.50 per equity share. The company also provided updates on passenger vessel contracts and R&D initiatives, with auditors issuing an unmodified opinion on the results.
*this image is generated using AI for illustrative purposes only.
Cochin Shipyard delivered a mixed financial performance in Q4FY26, with profitability at the operating level improving meaningfully even as top-line revenue and net profit registered year-on-year declines. The results highlight a notable improvement in operational efficiency, reflected in a significant expansion of the EBITDA margin despite lower revenue. The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at its meeting held on May 15, 2026. Additionally, the Board recommended a final dividend of Rs. 1.50 per equity share of face value of Rs. 5 each for FY 2025-26, subject to shareholder approval at the ensuing Annual General Meeting (AGM). The dividend would be paid within 30 days from the date of its declaration at the AGM.
Key Financial Highlights
The company's EBITDA rose to 3.1B rupees from 2.53B rupees in the same quarter of the previous year, marking a healthy year-on-year increase. Alongside this, the EBITDA margin expanded sharply to 20.87% from 15.35% year-on-year, indicating improved cost management and operational leverage during the quarter. However, net profit came in at 2.76B rupees, a decline from 2.85B rupees reported in the corresponding quarter last year. Revenue for the quarter stood at 14.8B rupees, compared to 17.5B rupees in the year-ago period, reflecting a contraction on the top line.
| Metric: | Current Quarter | Year-Ago Quarter | Change (YoY) |
|---|---|---|---|
| EBITDA: | 3.1B rupees | 2.53B rupees | Higher |
| EBITDA Margin: | 20.87% | 15.35% | Expanded |
| Net Profit: | 2.76B rupees | 2.85B rupees | Lower |
| Revenue: | 14.8B rupees | 17.5B rupees | Lower |
Consolidated Financial Results (Rs in Lakhs)
The consolidated audited financial results for the quarter and year ended March 31, 2026, reflect the following key figures:
| Particulars: | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations: | 148427.81 | 135040.99 | 175765.09 | 502186.95 | 481995.88 |
| Total Income: | 164133.42 | 142155.16 | 191479.22 | 543169.37 | 520902.38 |
| Total Expenses: | 123875.64 | 122477.40 | 153072.39 | 443265.95 | 408385.33 |
| Profit Before Tax: | 40257.78 | 19677.76 | 38406.83 | 99903.42 | 112517.05 |
| Profit for the Period (PAT): | 27648.44 | 14467.22 | 28718.78 | 71673.95 | 82733.05 |
| Basic EPS (Rs): | 10.51 | 5.50 | 10.92 | 27.24 | 31.45 |
| Diluted EPS (Rs): | 10.51 | 5.50 | 10.92 | 27.24 | 31.45 |
Standalone Financial Results (Rs in Lakhs)
On a standalone basis, the audited financial results for the quarter and year ended March 31, 2026, are as follows:
| Particulars: | Q4 FY26 (Audited) | Q3 FY26 (Unaudited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|---|
| Revenue from Operations: | 121359.83 | 116537.22 | 165113.49 | 430769.07 | 452784.15 |
| Total Income: | 136303.97 | 123876.50 | 180665.52 | 471226.27 | 490828.76 |
| Total Expenses: | 105113.77 | 105274.62 | 143031.15 | 382586.46 | 377444.22 |
| Profit Before Tax: | 31190.20 | 18601.88 | 37634.37 | 88639.81 | 113384.54 |
| Profit for the Period (PAT): | 21640.16 | 13768.73 | 28469.83 | 64304.34 | 84290.64 |
| Basic EPS (Rs): | 8.23 | 5.23 | 10.82 | 24.44 | 32.04 |
| Diluted EPS (Rs): | 8.23 | 5.23 | 10.82 | 24.44 | 32.04 |
Segment Performance
On a consolidated basis, the Shipbuilding segment reported revenue of Rs. 115449.27 lakhs in Q4 FY26, compared to Rs. 92123.75 lakhs in Q4 FY25, reflecting strong year-on-year growth. The Ship Repair segment, however, recorded revenue of Rs. 32978.51 lakhs against Rs. 83641.34 lakhs in the year-ago quarter, marking a significant decline. For the full year FY26, Shipbuilding revenue stood at Rs. 336556.50 lakhs versus Rs. 295538.68 lakhs in FY25, while Ship Repair revenue was Rs. 165630.45 lakhs compared to Rs. 186457.20 lakhs in FY25.
| Segment: | Q4 FY26 Revenue (Rs Lakhs) | Q4 FY25 Revenue (Rs Lakhs) | FY26 Revenue (Rs Lakhs) | FY25 Revenue (Rs Lakhs) |
|---|---|---|---|---|
| Ship Building: | 115449.27 | 92123.75 | 336556.50 | 295538.68 |
| Ship Repair: | 32978.51 | 83641.34 | 165630.45 | 186457.20 |
On a standalone basis, the Shipbuilding segment reported revenue of Rs. 88381.30 lakhs in Q4 FY26 versus Rs. 81472.15 lakhs in Q4 FY25, while Ship Repair revenue stood at Rs. 32978.53 lakhs compared to Rs. 83641.34 lakhs in the year-ago quarter. For the full year FY26, standalone Shipbuilding revenue was Rs. 265138.62 lakhs against Rs. 266326.95 lakhs in FY25, and Ship Repair revenue was Rs. 165630.45 lakhs versus Rs. 186457.20 lakhs in FY25.
Key Financial Ratios (Consolidated)
The table below summarises key financial ratios on a consolidated basis:
| Parameter: | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Debt Equity Ratio: | 0.19 | 0.01 | 0.19 | 0.01 |
| Current Ratio: | 1.33 | 1.33 | 1.33 | 1.33 |
| Operating Margin (%): | 29% | 23% | 22% | 24% |
| Net Profit Margin (%): | 19% | 16% | 14% | 17% |
| Networth (Rs Lakhs): | 587275.72 | 557926.03 | 587275.72 | 557926.03 |
| Credit Rating: | AAA | AAA | AAA | AAA |
Margin Expansion Amid Revenue Pressure
Despite the year-on-year decline in revenue from 17.5B rupees to 14.8B rupees, Cochin Shipyard managed to grow its absolute EBITDA and significantly widen its operating margin. The EBITDA margin improvement of over 5 percentage points — from 15.35% to 20.87% — underscores stronger cost efficiency relative to revenue in the reported quarter. Net profit, however, did not follow the same trajectory, slipping to 2.76B rupees against the prior year figure of 2.85B rupees.
Passenger Vessel Contracts and R&D Initiatives
Cochin Shipyard is executing shipbuilding contracts with the Andaman & Nicobar (A&N) Administration for the construction of two 1200-passenger vessels (yard nos. SH.0023 and SH.0024). The contractual delivery dates, as extended, have expired — on 29 April 2023 for SH.0023 and 30 October 2023 for SH.0024. The cumulative percentage of completion as on March 31, 2026, is 54.84% for SH.0023 and 55.19% for SH.0024. Total liquidated damages recognised amount to Rs. 11814.08 lakhs for SH.0023 and Rs. 9756.34 lakhs for SH.0024 up to FY 2025-26. Revenue recognised stands at Rs. 16944.49 lakhs for SH.0023 and Rs. 17158.03 lakhs for SH.0024 up to March 31, 2026, after considering the liquidated damages. The company is actively engaged in discussions with the A&N Administration and the Union Territory of Lakshadweep Administration (UTLA) under the guidance of the Ministry of Ports, Shipping and Waterways to modify the vessels to suit the requirements of either administration.
On the R&D front, the company has two pilot projects under the Ministry of Ports, Shipping and Waterways (MoPSW) initiative: the Hydrogen Fuel Cell Technology for Marine Application, approved for partial funding of approximately Rs. 1312.50 lakhs (project fully executed and vessel completed), and the Fully Indigenous Autonomous Surface Vessel (ASV), approved for partial funding of approximately Rs. 2000 lakhs (project under execution). The Hydrogen Fuel Cell Vessel has been classified as "Asset Held for Sale," while the ASV has been reclassified as "Capital Work in Progress" until completion.
Regulatory Disclosure and Results Availability
In compliance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Cochin Shipyard's Board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The statutory auditors, M/s. Babu A. Kallivayalil & Co., Chartered Accountants, Kochi (Firm Regn. No. 05374S), issued audit reports with unmodified opinion on both standalone and consolidated financial results.
| Parameter: | Details |
|---|---|
| Results Period: | Quarter and Year ended March 31, 2026 |
| Board Approval Date: | May 15, 2026 |
| Regulatory Framework: | Regulation 33, SEBI (LODR) Regulations, 2015 |
| Filing Date: | May 16, 2026 |
| Signed By: | Syamkamal N, Company Secretary |
| Final Dividend Recommended: | Rs. 1.50 per equity share (face value Rs. 5) |
| Statutory Auditor: | Babu A. Kallivayalil & Co., Chartered Accountants |
| Audit Opinion: | Unmodified |
The audited financial results along with the audit reports are available on the company's website at https://cochinshipyard.in/investor_titles/54 , as well as on the websites of the National Stock Exchange of India Limited and BSE Limited.
Source: None/Company/INE704P01025/7fc26708d808431c.pdf
Historical Stock Returns for Cochin Shipyard
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.23% | -8.04% | -4.80% | -12.55% | -25.03% | +681.13% |
How will the significant decline in Ship Repair segment revenue impact Cochin Shipyard's overall revenue mix and profitability in FY27, and what steps is the company taking to revive this segment?
Given the substantial liquidated damages already recognized on the delayed Andaman & Nicobar passenger vessels, what is the realistic timeline for completion, and could further delays materially erode future earnings?
With the debt-equity ratio rising sharply from 0.01 to 0.19, what major capital expenditure or financing activities drove this increase, and how might it affect the company's financial flexibility going forward?
20
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
