Cochin Shipyard Q2 Results: Profit Halves to ₹53.77 Crore; ₹3 Dividend

Cochin Shipyard Q2 results showed consolidated net profit falling 50% year-on-year to ₹53.77 crore for July–September 2026, after the state-owned shipbuilder’s board approved its unaudited results on Tuesday, November 10.

The company had earned about ₹107.5 crore in the same quarter a year earlier. Its board also declared an interim dividend of ₹3 per share for FY27.

Cochin Shipyard Q2 Results: Revenue Up, Margins Down

Consolidated revenue from operations rose about 11.7% to ₹1,249.19 crore from ₹1,118.59 crore. Total income, which includes other income, increased to ₹1,331.81 crore from ₹1,245.88 crore.

Costs grew faster than sales. Total expenses climbed to ₹1,256.72 crore from ₹1,095.97 crore, led by materials consumed at ₹682.78 crore and subcontracting and other direct expenses of ₹275.80 crore. Employee benefit expenses rose to ₹127.90 crore.

A sharp fall in other income added to the pressure. It dropped to ₹82.62 crore from ₹127.30 crore, and consolidated profit before tax nearly halved to about ₹75.1 crore from ₹149.91 crore.

For the first half of FY27, consolidated net profit fell about 30.5% to ₹205.22 crore from ₹295.36 crore. Profit was also well below the ₹151.45 crore the company earned in the June quarter.

Shipbuilding Slips Into Loss as Ship Repair Doubles Profit

The two businesses moved in opposite directions. Shipbuilding revenue rose marginally to ₹783.14 crore from ₹758.98 crore, but the segment posted a loss before interest and tax of ₹6.08 crore, against a profit of ₹149.71 crore a year ago.

Ship repair carried the quarter. Its revenue increased to ₹466.05 crore from ₹359.60 crore, while segment profit before interest and tax more than doubled to ₹143.34 crore from ₹67.20 crore.

Shipbuilding is the larger of the two businesses by revenue, so its swing to a loss weighed heavily on the consolidated result.

Dividend, Order Book and Guidance

The ₹3 interim dividend on each share of ₹5 face value works out to a 60% payout on face value. The record date is November 16, 2026, and payment will be made on or before December 9, 2026.

According to India Infoline, the company has an order book of around ₹22,000 crore and is the lowest bidder (L1) for orders worth about ₹5,000 crore for next-generation survey vessels. The same report said management expects FY27 revenue to grow 12–15%.

The company is guiding for an overall EBITDA margin of around 14% in FY27, down from 16% in FY26, with 10–12% for shipbuilding and 22–24% for ship repair. Management first gave this guidance on an investor call in September.

Market Reaction and Background

Cochin Shipyard shares fell more than 6% in early trade on the National Stock Exchange on Wednesday, November 11, changing hands at around ₹1,207 against a previous close of ₹1,290.

Based in Kochi, Cochin Shipyard is a public sector company under the Ministry of Ports, Shipping and Waterways. It builds and repairs vessels for defence and commercial customers.

The quarter adds to a mixed run of numbers from state-owned companies this results season, alongside stronger showings such as NALCO’s September-quarter results. More company results are tracked in our business news section.

Also Read: Adani Ports Q2 Results: Profit Rises 18% to ₹3,682 Crore, Guidance Raised | Top 10 PSU Companies in India 2026

Why It Matters and What Comes Next

For investors in defence and maritime stocks, the Cochin Shipyard Q2 results are a reminder that a large order book does not guarantee profit. Execution and input costs decide how much of that backlog reaches the bottom line.

For business leaders in the maritime supply chain, the strength in ship repair points to steady demand for refit and maintenance work. In the September quarter, repair was the company’s only profitable segment.

Attention now turns to whether the company converts its L1 position on the survey vessel orders into firm contracts, and whether shipbuilding margins recover towards the guided range in the second half. Shareholders on record by November 16 will receive the interim dividend. Investors can follow the company’s disclosures through BSE corporate announcements.