Cochin Shipyard, a Government of India Miniratna shipbuilding and ship repair company, reports its Q2 FY 2026-2027 numbers with the yard's ~12% annual growth guidance tested against Q1's +2.40% turnover growth. The print will speak to the gap between the ~14% blended EBITDA margin guidance and the ~24% Q1 print, and to the Rs. 1,800 Cr ISRF slump sale to the Drydocks World (DP World) joint venture, whose postal ballot results fall due the same day.
| Results date | November 10, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,094.21 Cr |
| Previous quarter PAT | Rs. 151.45 Cr |
| Previous quarter EBITDA margin | ~24% |
| Market cap | Rs. 32,448.34 Cr |
| CMP | Rs. 1,232.9 |
The Board will meet on Tuesday, November 10, 2026, to approve standalone and consolidated unaudited results for the quarter and half year ended September 30, 2026 (Q2/H1 FY 2026-27) and to consider an interim dividend for FY 2026-27. The insider trading window, closed since October 01, 2026, ends 48 hours after results are made public.
The quarter's central question is whether Cochin Shipyard can close the gap between Q1's +2.40% YoY turnover growth and its recurring ~12% annual revenue guidance (12-15% potential), with the H1 print hinging on the Q2 delivery count and a recovery in Ship Repair, which fell (11.21)% in FY26. Management guided ~14% blended EBITDA margin 'on a very conservative basis' while Q1 printed ~24%, and the bridge — mix and other-income treatment — went unanswered on the September 10 call, making it the key margin question again.
Input costs are a live theme: domestic HRC steel rose from Rs. 58,000/t at the start of August to Rs. 64,000/t by September 22 per BigMint, a direct cost line for the 30 of 78 order-book vessels at hull-fabrication stage, though the rupee's weaker path near ~95/USD supports export realizations and FX-linked other income.
Execution milestones advanced at the yard during the quarter — the NGMV keel-laying on September 18, 2026 and commissioning of INS Malvan on July 22, 2026 — while the NGSV (~Rs. 5,000 Cr L1) and DCI dredger (~Rs. 1,300 Cr) conversions flagged for around November remain ahead of the quarter.
The DDW JV for the ISRF progressed on schedule (board approval September 9, JV agreement September 11), with postal ballot results due by November 10, 2026 and implementation expected before end of FY27 pending Cochin Port Authority, MoPSW and DIPAM approvals. The call is also likely to cover the FY27 targets of 10 vessel deliveries and a return to positive operating cash flow against FY26's negative operating cash flow from the tail-ended export payment structure.
Revenue growth vs. guidance
EBITDA margin bridge (14% guidance vs 24% print)
Order pipeline conversions with stated timelines
FY27 operational targets
DDW JV execution and capital returns
Ship Repair segment trajectory
Governance compliance and Conoship consolidation
Management has guided to around 12% annual revenue growth (with 12-15% potential) and a ~14% blended EBITDA margin on a conservative basis, with revenue from the Rs. 22,000 crore order book expected to be booked over the next two years. The specific two-year revenue-booking quantum was not disclosed on the Q1 call.
The ISRF undertaking at Willingdon Island transfers on a slump sale basis for not less than Rs. 1,800 Cr — 50% cash and 50% equity shares of the proposed JVCo, Cochin Dubai International Ship Repair Facility Private Limited. CSL retains its captive market for vessels up to 130 meters long and 6,000 tons, including defence and government vessels, with the JV acting as an add-on execution entity.
Vadinar revenue is guided at ~Rs. 300 crores rising to Rs. 500-600 crores, starting 36 months after environmental clearance, on an investment of Rs. 1,500-1,600 crores. Tuticorin is guided at Rs. 650-700 crores initially, scaling to Rs. 1,800-2,000 crores over the next 7 to 8 years.
The guidance set from the September 10, 2026 call — ~12% revenue growth, ~14% blended EBITDA margin, 10 vessel deliveries in FY27, positive FY27 operating cash flow, and DDW JV implementation before FY27-end — still looks directionally intact per the pre-call note. Q1 printed +2.40% YoY turnover growth against the ~12% guided path, so deliveries and Ship Repair recovery are the swing factors.
BSE and NSE fined the company Rs. 9,55,800 each for the quarter ended March 31, 2026 and Rs. 9,66,420 each for the quarter ended June 30, 2026 (combined Rs. 38,44,440) for non-compliance with Regulations 17(1), 18 and 19 relating to board and committee composition. CSL attributes the gap to director appointments vesting with the Government of India; following Dr. Vani Ahluwalia's August 17, 2026 appointment, the Audit Committee and Nomination & Remuneration Committee were reconstituted, and waiver requests are to be filed.
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