Incorporated in the year 1972, Cochin Shipyard Limited(CSL) is a leading player in construction of all kinds of vessels, repairs and refits of all types of vessels including periodic upgradation and life extension of ships.CSL has built & repaired some of the largest ships for its esteemed customers across the globe. It has exported some 45 ships to various clients outside India.It has developed its expertise from building bulk carriers to smaller ships and ships which are more advanced in terms of technology such as Platform Supply vessels, Anchor Handling Tug Supply Vessels.[1]
Company OverviewCochin Shipyard is into shipbuilding (Defence, Commercial & Offshore), Ship repair, Marine Engineering Training and Strategic & Advanced Solutions. It has built and delivered 21 large vessels, 35 offshore support vessels, 93 small & medium vessels and 31 defence vessels as of FY23.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Mazagon Dock | 2496.40 | 43.15 | 100699.78 | 0.69 | 749.48 | 28.10 | 2929.24 | 6.25 | 43.19 | 11872.86 | 16.03 | 2333.96 | 749.48 | 11.30 | 8.28 | 0.00 |
| 2. | Cochin Shipyard | 1605.20 | 55.72 | 42229.73 | 0.61 | 101.09 | -47.64 | 951.30 | -13.28 | 20.35 | 4649.73 | 16.88 | 757.94 | 101.09 | 7.32 | 6.76 | 0.18 |
| 3. | Swan Defence | 1687.20 | – | 8888.53 | 0.00 | -19.86 | 62.80 | 39.57 | 4021.88 | -5.76 | 46.06 | -184.37 | -124.18 | -19.86 | 36.29 | -6.35 | 10.67 |
| 4. | Laxmipati Engg | 403.00 | 24.94 | 231.73 | 0.00 | 2.88 | 3100.00 | 28.61 | 21.02 | 18.57 | 55.11 | 24.35 | 9.29 | 2.88 | 20.25 | 12.29 | 1.73 |
| 5. | Hariyana Ship | 109.15 | 17.68 | 67.35 | 0.00 | 2.25 | 359.18 | 1.30 | – | 3.20 | 1.30 | -35.38 | 3.81 | 2.25 | 0.45 | 0.97 | 0.10 |
| – | Median: 4 Co. | 1646.2 | 43.15 | 25559.13 | 0.3 | 51.98 | 45.45 | 495.44 | 13.63 | 19.46 | 2352.42 | 16.45 | 383.62 | 51.98 | 15.78 | 7.52 | 0.95 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 631 | 1,021 | 1,070 | 444 | 710 | 977 | 577 | 1,225 | 1,651 | 683 | 954 | 1,097 | 951 |
Expenses | 477 | 710 | 828 | 362 | 527 | 744 | 643 | 939 | 1,398 | 543 | 759 | 901 | 895 |
Operating Profit | 154 | 311 | 242 | 82 | 182 | 234 | -66 | 286 | 253 | 139 | 195 | 196 | 56 |
Other Income | 23 | 56 | 45 | 84 | 80 | 55 | 131 | 79 | 156 | 61 | 88 | 100 | 127 |
Profit before tax | 151 | 345 | 249 | 145 | 242 | 249 | 58 | 345 | 376 | 174 | 258 | 266 | 140 |
Tax % | 21% | 28% | 26% | 25% | 25% | 24% | 19% | 23% | 24% | 31% | 26% | 28% | 28% |
Net Profit | 118 | 248 | 184 | 109 | 181 | 188 | 47 | 265 | 285 | 120 | 191 | 193 | 101 |
EPS in Rs | 4.50 | 9.43 | 7.01 | 4.16 | 6.87 | 7.14 | 1.80 | 10.06 | 10.82 | 4.55 | 7.26 | 7.34 | 3.84 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,798 | 1,583 | 1,990 | 2,059 | 2,355 | 2,966 | 3,422 | 2,819 | 3,190 | 2,330 | 3,645 | 4,528 | 4,650 |
Expenses | 1,381 | 1,493 | 1,598 | 1,669 | 1,890 | 2,392 | 2,708 | 2,092 | 2,555 | 2,057 | 2,760 | 3,642 | 3,865 |
Operating Profit | 417 | 90 | 393 | 390 | 465 | 574 | 714 | 727 | 635 | 273 | 885 | 886 | 785 |
Other Income | 61 | 77 | 107 | 154 | 189 | 227 | 247 | 194 | 266 | 268 | 307 | 380 | 382 |
Interest | 20 | 19 | 12 | 12 | 12 | 15 | 50 | 57 | 53 | 42 | 42 | 49 | 49 |
Depreciation | 25 | 38 | 37 | 39 | 38 | 34 | 49 | 53 | 54 | 51 | 57 | 84 | 104 |
Profit before tax | 433 | 110 | 450 | 493 | 605 | 751 | 863 | 811 | 794 | 448 | 1,094 | 1,134 | 1,014 |
Net Profit | 282 | 69 | 292 | 322 | 397 | 481 | 638 | 610 | 587 | 334 | 813 | 843 | 758 |
EPS in Rs | 12.43 | 3.06 | 12.88 | 14.19 | 14.59 | 18.29 | 24.24 | 23.19 | 22.29 | 12.71 | 30.91 | 32.04 | 28.81 |
Dividend Payout % | 6% | 25% | 30% | 32% | 41% | 36% | 34% | 33% | 38% | 67% | 32% | 30% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 113 | 113 | 113 | 113 | 136 | 132 | 132 | 132 | 132 | 132 | 132 | 132 | 132 |
Reserves | 1,376 | 1,441 | 1,711 | 1,915 | 3,120 | 3,201 | 3,600 | 3,846 | 4,228 | 4,292 | 4,894 | 5,479 | 5,641 |
Borrowings | 334 | 123 | 123 | 123 | 123 | 123 | 123 | 532 | 546 | 567 | 489 | 501 | 1,048 |
Other Liabilities | 1,164 | 1,214 | 1,402 | 1,170 | 2,103 | 1,793 | 2,554 | 2,893 | 3,413 | 4,919 | 6,366 | 6,934 | 6,910 |
Total Liabilities | 2,987 | 2,891 | 3,349 | 3,321 | 5,482 | 5,248 | 6,409 | 7,403 | 8,318 | 9,909 | 11,880 | 13,045 | 13,730 |
Fixed Assets | 370 | 370 | 370 | 371 | 349 | 375 | 756 | 756 | 740 | 716 | 722 | 2,804 | 2,927 |
Gross Block | 594.78 | 628.75 | 662.18 | 440.43 | 453.74 | 510.93 | 938.77 | 989.89 | 1,028.56 | 1,058.83 | 1,126.87 | 3,292.25 | – |
Accumulated Depreciation | 224.68 | 258.65 | 291.96 | 69.82 | 104.75 | 136.29 | 182.58 | 233.99 | 288.33 | 342.64 | 404.79 | 488.44 | – |
CWIP | 8 | 13 | 24 | 54 | 115 | 341 | 768 | 1,062 | 1,247 | 1,603 | 2,189 | 511 | 575 |
Investments | 0 | 0 | 0 | 0 | 16 | 60 | 65 | 214 | 262 | 336 | 355 | 359 | 360 |
Other Assets | 2,609 | 2,508 | 2,954 | 2,897 | 5,001 | 4,472 | 4,819 | 5,371 | 6,069 | 7,254 | 8,614 | 9,372 | 9,868 |
Total Assets | 2,987 | 2,891 | 3,349 | 3,321 | 5,482 | 5,248 | 6,409 | 7,403 | 8,318 | 9,909 | 11,880 | 13,045 | 13,730 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -584 | 663 | 40 | 212 | 632 | -448 | 253 | 670 | 1,415 | 2,051 | -173 | -269 |
Cash from Investing Activity | 15 | 16 | 47 | 65 | -1,328 | 1,044 | -74 | -446 | -1,011 | -226 | 478 | 613 |
Cash from Financing Activity | 271 | -235 | -32 | -113 | 812 | -409 | -309 | -405 | -238 | -272 | -371 | -279 |
Net Cash Flow | -298 | 444 | 55 | 165 | 116 | 186 | -130 | -181 | 166 | 1,553 | -65 | 65 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 244 | 134 | 83 | 54 | 90 | 48 | 31 | 46 | 50 | 52 | 29 | 18 |
Inventory Days | 177 | 113 | 81 | 70 | 98 | 70 | 65 | 130 | 65 | 116 | 215 | 323 |
Days Payable | 77 | 64 | 74 | 59 | 83 | 84 | 85 | 130 | 37 | 69 | 95 | 71 |
Cash Conversion Cycle | 345 | 184 | 91 | 66 | 104 | 34 | 10 | 46 | 78 | 99 | 150 | 271 |
Working Capital Days | 232 | -71 | -95 | -57 | -114 | -27 | 9 | -5 | -92 | -426 | -174 | -56 |
ROCE % | 30% | 7% | 26% | 25% | 22% | 22% | 25% | 21% | 18% | 9% | 22% | 20% |
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Stock Analysis
{
"description": "Cochin Shipyard Limited (CSL) is a leading Indian public sector shipyard engaged in the construction, repair, and refit of various types of vessels, including commercial, defence, and offshore platforms, contributing to India's maritime capabilities."
}
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