Cochin Shipyard Limited — Q1FY27 earnings call summary

• Capex of INR ~6,000 Cr planned over 5 years across ISRF, Vadinar, Tuticorin, and block fabrication; expected revenue scaling to INR 1,000-2,000 Cr per facility over 3-8 years
• Q1 FY27 turnover INR 1,094.21 Cr (+2.4% y-y); PAT INR 151.45 Cr (-19.4% y-y); EBITDA margin ~24%, PAT margin ~14%
• FY27 revenue growth guidance ~12-15% y-y; blended EBITDA margin ~14%; shipbuilding margin 10-12%, ship repair 20-24%
• JV to operate ISRF and add 10 workstations; transaction targeted before FY27 end subject to approvals
• Vadinar ship repair facility expected operational within 36 months post environmental clearance; Tuticorin hybrid shipyard land leased for 30 years
• Cash flow expected positive in FY27 due to vessel deliveries; new investments target ROC of 14-15%
• New block fabrication facility planned at Kochi with 60,000 ton capacity; existing 12,000 ton facility continues
• Order book INR 22,000 Cr; L1 for 5 next-gen survey vessels (~INR 5,000 Cr); defense order pipeline includes LPD (INR 32,000 Cr), MCMV (INR 36,000 Cr), P-17 Bravo (INR 49,000 Cr)

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