SJVN, Cochin Shipyard fall as FY26 Q4 targets cut after results

Profit booking drags two PSU names

Indian PSU stocks SJVN and Cochin Shipyard saw sharp declines in Monday’s trade as investors booked profits after recent moves and digested March-quarter updates. SJVN fell nearly 9% to an over one-month low of ₹70.50 on the NSE after rising for three straight sessions. Cochin Shipyard dropped as much as 7.5% to an intraday low of ₹1,475 after reporting mixed Q4FY26 numbers and a revenue miss versus some analyst expectations.

The sell-off came even as both companies pointed to operating developments that supported their quarterly performance. In SJVN’s case, commissioning-related progress helped revenue recognition in the quarter. For Cochin Shipyard, operating margins improved meaningfully despite a year-on-year decline in revenue.

SJVN stock slips to ₹70.50 after three-session rise

SJVN’s decline followed a short rally, with the stock dropping close to 9% to ₹70.50, an over one-month low on the NSE. The move came even though March-quarter revenue was supported by commissioning of the Buxar unit-1. Analysts flagged that profit growth remained muted due to higher finance costs.

Brokerage Elara Securities (India) retained its ‘buy’ rating on SJVN but cut its target price by nearly 12% to ₹106 from ₹120, citing delay in project commissioning, as reported by Informist. The brokerage also reduced its earnings estimates by 23% for FY27 and raised FY28 estimates by 5%, factoring in delayed commissioning and expected stabilisation of the Buxar plant.

SJVN Q4: loss narrows, total income jumps

SJVN reported a narrowing of consolidated loss to ₹117.84 crore in the March quarter versus ₹127.72 crore a year earlier. Total income rose to ₹1,548.46 crore from ₹548.84 crore in the same period last year, according to the company’s exchange filing.

On a standalone basis, the company reported net profit of ₹125.40 crore, while income doubled to ₹1,047.70 crore. The update underscored a sharp year-on-year improvement in income, even as commentary around finance costs suggested profitability remained under pressure.

Revenue recognition from hydro stations supports growth

Separately, the quarter’s revenue was stated to have risen over twofold to ₹934 crore from ₹548.84 crore a year earlier. Sequentially, net profit fell over 50%, while revenue rose 10.4%.

The revenue growth was driven mainly by recognition of sales from Nathpa Jhakri and Rampur hydro power stations. The quarter also saw a capacity addition of 1.73 GW, taking SJVN’s total installed capacity to 4.20 GW.

Cochin Shipyard drops up to 7.5% after Q4 revenue miss

Cochin Shipyard shares fell nearly 7.5% to an intraday low of ₹1,475 on the NSE after the company reported lower-than-expected revenue for the March 2026 quarter (Q4FY26). Around 11:15 AM, the stock was trading at ₹1,489, down 6.6% from the previous session’s close of ₹1,594.50.

The stock has fallen for three straight sessions, losing nearly 11% during the period, according to the data cited. On a year-to-date basis, the stock was down about 1.61%, compared with a 9.5% fall in the Nifty50, as per the same report.

Cochin Shipyard Q4FY26: profit down YoY, margin up

For the March 2026 quarter, Cochin Shipyard reported net profit of ₹276.50 crore versus ₹287 crore in the corresponding quarter of the previous fiscal, a decline of 3.7%. Revenue from operations declined 15.6% year-on-year to ₹1,484.3 crore from ₹1,757.7 crore.

Despite weaker revenue, EBITDA rose 16.5% to ₹310 crore from ₹266 crore, while EBITDA margin expanded to 20.9% from 15.1%. The improvement was attributed to tighter cost controls and improved operational efficiency. Another update in the supplied material also stated profit before tax rose 4.81% year-on-year to ₹402.57 crore, while total expenses fell 19.07% year-on-year to ₹1,238.75 crore.

Segment takeaway: ship repair weakness flagged by brokerage

Analysts at Antique Stock Broking said consolidated revenue was below its estimate of ₹1,720 crore, with the miss primarily driven by weakness in the ship repair segment. The note cited ship repair revenues falling by around 61% year-on-year to ₹330 crore, alongside margin pressure in that segment.

In contrast, shipbuilding revenues were described as strong, rising 25% year-on-year to ₹1,150 crore (₹11.5 billion), supported by steady execution across key projects. Antique maintained a ‘Hold’ rating and revised its target price to ₹1,693 from ₹1,390.

Dividend and business profile

Cochin Shipyard’s board recommended a final dividend of ₹1.5 per share for FY26, subject to shareholder approval, with a face value of ₹5 per equity share. The company operates in shipbuilding and also provides repair, refit, and life-extension services to maritime customers globally.

The stock’s longer-term performance was also referenced: shares were stated to be down around 14% over the last six months, nearly 8% so far this year, and about 25% on a one-year basis.

Key numbers at a glance

Market impact and what investors watched

For SJVN, the market reaction reflected a mix of stronger reported income and concerns around project timelines and finance costs. Elara’s target cut and revisions to FY27 and FY28 estimates highlighted how commissioning delays can shift earnings expectations even when quarterly income rises sharply.

For Cochin Shipyard, the key tension was between a revenue shortfall and a better-than-expected operating margin. Broker commentary pointed to ship repair as a weak spot in the quarter, while shipbuilding execution was presented as a relative strength. The declared final dividend provided an additional data point for investors assessing shareholder returns.

Conclusion

Monday’s moves in SJVN and Cochin Shipyard showed how quarterly prints can trigger profit booking, especially when revenue gains come alongside delays, segment weakness, or muted profit growth. Investors will continue to track commissioning and stabilisation updates at SJVN’s Buxar plant and the pace of recovery in Cochin Shipyard’s ship repair segment, along with any further brokerage revisions and shareholder approval of the final dividend.