Mumbai: State-owned Cochin Shipyard Limited reported a sharp 50% year-on-year decline in consolidated net profit to ₹53.77 crore for the quarter ended September 2026, compared with ₹107.53 crore in the corresponding period last year.
The decline came despite an 11.7% increase in revenue from operations to ₹1,249.19 crore from ₹1,118.59 crore, according to the company's regulatory filing on Tuesday.
Expenses Rise
Total expenses increased 14.7% to ₹1,256.72 crore from ₹1,095.97 crore a year earlier.
The cost of materials consumed rose to ₹682.78 crore from ₹554.76 crore, while subcontracting and other direct expenses increased to ₹275.80 crore from ₹242.02 crore.
Profit before tax declined to ₹75.08 crore from ₹149.91 crore. Other income also fell to ₹82.62 crore from ₹127.30 crore.
The shipbuilding segment reported a loss of ₹6.08 crore against a profit of ₹149.71 crore a year earlier. However, the ship repair segment recorded a profit of ₹143.34 crore, compared with ₹67.20 crore.
Sequential Decline
On a quarter-on-quarter basis, consolidated net profit declined 64.5% from ₹151.45 crore in the June quarter.
Revenue, however, increased 14.2% from ₹1,094.21 crore in Q1 FY27.
Total expenses rose 31.1% sequentially, while profit before tax declined 62.9%.
Basic earnings per share fell to ₹2.04 from ₹4.09 in the corresponding quarter last year.
Half-Year Performance
For the first six months of FY27, consolidated revenue increased 7.1% to ₹2,343.41 crore from ₹2,187.18 crore a year earlier.
However, net profit declined 30.5% to ₹205.22 crore from ₹295.36 crore.
Dividend Announcement
The company's board declared an interim dividend of ₹3 per equity share with a face value of ₹5.
November 16, 2026, has been fixed as the record date, while payment will be made on or before December 9, 2026.
Meanwhile, auditors highlighted uncertainties surrounding two passenger vessels under construction for the Andaman and Nicobar Administration. The company is discussing modifications and delivery arrangements with the concerned administrations.
The auditors' review conclusion remained unmodified.
Disclaimer: This report is based on unaudited financial results filed by the company and does not constitute investment advice.
