Cochin Shipyard Q1 FY27: Revenue Up 2.4%, PAT Down

Overview: modest top-line growth, weaker profitability

Cochin Shipyard reported a mixed set of numbers for Q1 FY27, with consolidated revenue from operations rising slightly year-on-year but profitability coming under pressure. The company’s shipbuilding business saw strong growth, while ship repair revenue declined sharply. That segment shift, along with lower margins, translated into a meaningful drop in net profit for the quarter.

The results were reported on August 14 for the quarter ended June 30, 2026. The company did not indicate any dividend announcement alongside the Q1 FY27 results. It also had not announced details of an earnings call for investors and analysts at the time of the disclosure.

Q1 FY27 headline financials

Consolidated revenue from operations came in at ₹1,094.21 crore, up 2.40% from ₹1,068.59 crore in Q1 FY26. Total income, which includes other income, stood at ₹1,161.25 crore, rising 3.41% from ₹1,122.92 crore a year ago. Other income for the quarter was reported at ₹67.04 crore.

EBITDA for Q1 FY27 was ₹193.18 crore, down 19.96% year-on-year from ₹241.36 crore. The EBITDA margin declined to 17.65%, compared with 22.59% in Q1 FY26. Net profit (PAT) stood at ₹151.45 crore, a 19.37% decline from ₹187.83 crore in the year-ago quarter.

Sequential performance: revenue and profit fell QoQ

On a quarter-on-quarter basis, the June quarter showed a sharp sequential drop across most key lines. Revenue from operations fell 26.28% from ₹1,484.28 crore in Q4 FY26. Total income declined 29.25% from ₹1,641.33 crore in the March quarter.

Operating profitability also softened sequentially. EBITDA declined 37.64% from ₹309.76 crore in Q4 FY26, while the EBITDA margin slipped from 20.87% to 17.65%. PAT fell 45.22% from ₹276.48 crore in the previous quarter.

Margins, tax and EPS snapshot

The margin compression was a central feature of the quarter, with the EBITDA margin down 494 basis points year-on-year (from 22.59% to 17.65%). On a QoQ basis, margin was down 322 basis points from 20.87%.

The company reported a pre-tax profit of ₹202.49 crore and a tax expense of ₹51.03 crore for Q1 FY27. Diluted EPS came in at ₹5.76, compared with ₹7.14 in Q1 FY26 and ₹10.51 in Q4 FY26.

Segment mix: shipbuilding surged, ship repair contracted

The quarterly commentary highlighted a clear divergence between the two main operating segments. Shipbuilding revenue increased 59.48% YoY to ₹700.04 crore in Q1 FY27, compared with ₹438.97 crore in Q1 FY26. In contrast, ship repair revenue declined 37.40% YoY to ₹394.17 crore, down from ₹629.62 crore a year ago.

This mix matters because the ship repair slowdown offset the gains from shipbuilding, keeping overall revenue growth modest. The same mix shift also coincided with lower consolidated margins and lower profit for the quarter.

What the numbers indicate about the quarter

While consolidated revenue rose slightly year-on-year, the operating profit and net profit declines suggest the quarter was defined by weaker profitability rather than demand-led expansion. EBITDA fell almost 20% year-on-year even as revenue edged up, indicating a softer operating outcome.

The company’s own segment data shows ship repair revenue fell sharply, while shipbuilding revenue increased strongly. With ship repair contributing a smaller share of the revenue base in Q1 FY27 than in Q1 FY26, the quarter’s performance became more dependent on shipbuilding execution. The disclosed margin trajectory shows the quarter’s operating leverage did not translate into higher consolidated profitability.

Board meeting, dividend and investor communication

Cochin Shipyard informed exchanges that its Board of Directors would meet on Friday, August 14 to consider and approve standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The company did not indicate any dividend announcement alongside the Q1 FY27 results.

Separately, the broader dataset also referenced a prior period where the Board approved audited results for the year ended March 31, 2026 and recommended a final dividend of ₹1.50 per equity share. For Q1 FY27, no such dividend indication was provided in the same set of disclosures.

The company also had not announced details of an earnings call to discuss Q1 FY27 results.

Stock price snapshot (as stated in the disclosure)

Cochin Shipyard’s share price was reported at ₹1,501.20 on NSE and ₹1,501.50 on BSE as of Aug 14, 2026, 10:27 AM.

Key financial table: Q1 FY27 vs Q4 FY26 vs Q1 FY26

Segment revenue table: shipbuilding vs ship repair

Conclusion: what to watch from here

Cochin Shipyard’s Q1 FY27 numbers show a quarter where shipbuilding growth was strong, but a sharp decline in ship repair revenue and lower margins pulled profits down. With revenue growth limited to 2.40% year-on-year and PAT down 19.37%, investors are likely to focus on whether the ship repair segment stabilises in subsequent quarters.

The next set of confirmed updates would typically come through subsequent quarterly results and any formal investor communication, including an earnings call if announced by the company.