Cochin Shipyard Limited reported a 50% year-on-year (YoY) decline in consolidated net profit to ₹53.77 crore for the second quarter of FY27, compared with ₹107.53 crore in the corresponding quarter of the previous financial year. The decline came despite an increase in revenue, as higher expenses and lower other income affected profitability.
The company’s consolidated revenue from operations increased 11.7% YoY to ₹1,249.19 crore in Q2 FY27, against ₹1,118.59 crore in Q2 FY26. Consolidated total income grew 6.9% to ₹1,331.81 crore from ₹1,245.88 crore in the year-ago quarter.
Profit before tax declined 49.9% to ₹75.08 crore, compared with ₹149.91 crore in Q2 FY26.
Cochin Shipyard Q2 Results : Expenses Increase 14.6%
Cochin Shipyard’s consolidated total expenses increased 14.6% YoY to ₹1,256.72 crore during the September quarter, compared with ₹1,095.97 crore in the corresponding period last year.
The cost of materials consumed increased to ₹682.78 crore from ₹554.76 crore. Subcontracting and other direct expenses also rose to ₹275.80 crore from ₹242.02 crore, while employee benefit expenses increased to ₹127.90 crore from ₹114.27 crore.
At the same time, other income declined to ₹82.62 crore from ₹127.30 crore in Q2 FY26. The combination of higher expenses and lower other income contributed to the decline in quarterly profitability.
Shipbuilding and Ship Repair: Segment-wise Performance
Cochin Shipyard reported contrasting performances across its two major business segments during Q2 FY27.
The shipbuilding segment recorded revenue of ₹783.14 crore, increasing 3.2% YoY from ₹758.98 crore in the corresponding quarter last year. However, the segment reported a loss before interest and tax (PBIT) of ₹6.08 crore, compared with a profit of ₹149.71 crore in Q2 FY26.
In contrast, the ship-repair segment delivered stronger growth. Revenue increased 29.6% YoY to ₹466.05 crore from ₹359.60 crore. Segment PBIT more than doubled to ₹143.34 crore, compared with ₹67.20 crore in the year-ago quarter.
The performance indicates that ship repair remained a stronger contributor to segment profitability, partly offsetting the weakness in shipbuilding operations.
Cochin Shipyard Declares ₹3 Interim Dividend
Alongside its Q2 FY27 results, the company’s Board of Directors declared an interim dividend of ₹3 per equity share of face value ₹5, representing a 60% payout for FY27.
The company fixed November 16, 2026, as the record date to determine eligible shareholders for the interim dividend. The payment will be made on or before December 9, 2026.
Cochin Shipyard H1 FY27 Performance
For the first half of FY27, Cochin Shipyard reported consolidated revenue from operations of ₹2,343.41 crore.
Consolidated total income stood at ₹2,493.06 crore, while net profit reached ₹205.22 crore for the six-month period ended September 30, 2026.
Cochin Shipyard Q2 Results : Key Financial Highlights
- Consolidated revenue from operations: ₹1,249.19 crore, up 11.7% YoY.
- Consolidated total income: ₹1,331.81 crore, up 6.9% YoY.
- Consolidated net profit: ₹53.77 crore, down 50% YoY.
- Profit before tax: ₹75.08 crore, down 49.9% YoY.
- Total expenses: ₹1,256.72 crore, up 14.6% YoY.
- Other income: ₹82.62 crore, compared with ₹127.30 crore.
- Shipbuilding revenue: ₹783.14 crore, up 3.2% YoY.
- Ship-repair revenue: ₹466.05 crore, up 29.6% YoY.
- Interim dividend: ₹3 per equity share.
- Dividend record date: November 16, 2026.
Outlook: Ship Repair Performance Remains Important
Cochin Shipyard’s September-quarter performance highlights the difference in profitability trends between its shipbuilding and ship-repair businesses. While ship-repair revenue and segment profit recorded strong growth, the shipbuilding segment reported a loss at the PBIT level.
Going forward, investors will monitor the execution of shipbuilding projects, the performance of the ship-repair business, order-book conversion and the company’s ability to manage project-related expenses.
Overall, Cochin Shipyard recorded double-digit revenue growth in Q2 FY27, but higher expenses and lower other income weighed on its bottom line, resulting in a 50% decline in consolidated net profit.
Source: Cochin Shipyard Limited, unaudited consolidated financial results for the quarter and half year ended September 30, 2026, approved by the Board on November 10, 2026, and filed with NSE and BSE.
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