Earnings Review
Cochin Shipyard Q3 net profit falls on year as costs rise
This story was originally published at 22:37 IST on 28 January 2026
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--Cochin Shipyard consol Oct-Dec net profit INR 1.45 bln
--Cochin Shipyard Q3 consol net profit INR 1.45 bln vs INR 1.77 bln yr ago
--Cochin Shipyard Q3 consol revenue INR 13.50 bln vs INR 11.48 bln year ago
--Cochin Shipyard Oct-Dec net profit INR 1.38 bln vs INR 1.84 bln yr ago
--Cochin Shipyard Oct-Dec revenue INR 11.65 bln vs INR 10.70 bln year ago
--Cochin Shipyard Apr-Dec PAT INR 4.27 bln vs INR 5.58 bln year ago
--Cochin Shipyard Apr-Dec revenue INR 30.94 bln vs INR 28.77 bln year ago
--Cochin Shipyard to pay INR 3.50 per share interim dividend
--Cochin Shipyard interim dividend record date is Tue
--Cochin Shipyard Oct-Dec operating margin 18% vs 24% year ago
--Cochin Shipyard Q3 shipbuilding revenue INR 8.28 bln vs INR 5.70 bln
--Cochin Shipyard Q3 ship repair revenue INR 3.37 bln vs INR 5.00 bln
By Gunjan Rajput
MUMBAI - Cochin Shipyard Ltd. reported a year-on-year fall in net profit for the December quarter due to higher expenses. The company's revenue saw only a modest growth on year.
The company's revenue for the December quarter was INR 11.65 billion, up 9% on year but missed Kotak Securities' estimate of INR 12.02 billion.
The shipbuilding and maintenance company's net profit for the December quarter was INR 1.38 billion, down over 25% on year. This was sharply below Kotak Securities' expectation of INR 1.94 billion.
The sharp rise in provisions and other expenses was the main reason for the fall in net profit even as the rise in raw material cost was limited. The company made INR 1.32 billion of provisions during the quarter for anticipated losses and expenditure. In the year ago quarter, this figure was only INR 150 million. Other expenses doubled to INR 1.16 billion. This led to overall expenses of the company rising about 22% on year to INR 10.53 billion--much faster than the revenue growth of 9%.
Among other major expenses, the company's cost of materials consumed increased over 6% on year to INR 4.94 billion during the December quarter. Cochin Shipyard's sub-contract and other direct expenses rose over 25% on year to INR 2.60 billion and its employee benefit expenses rose over 17% on year to INR 1.15 billion. The company said the impact of the new labour codes on employee expenses is not material for the reporting quarter.
The company's revenue from the ship building segment was INR 8.28 billion, up over 45% on year from INR 5.70 billion. The ship repair segment contributed INR 3.37 billion, down nearly 33% from INR 5 billion a year ago. Its operating margin for the quarter fell to 18% from 24% in the year-ago quarter.
For the nine months ended December, the company's net profit declined nearly 24% on year to INR 4.27 billion. The company's top line for the period rose nearly 8% on year to INR 30.94 billion.
The company announced a second interim dividend of INR 3.50 per share, the record date for which is Tuesday. The earnings were announced after market hours. Wednesday, shares of the company closed nearly 7% higher at 1,622.90 on the National Stock Exchange. End
Edited by Ashish Shirke
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