Lower shiprepair revenue hits Cochin Shipyard second-quarter earnings
Shipbuilding is up – but shiprepair work has trailed at Cochin, leading to a drop in revenue (Source: Cochin Shipyard)
India's Cochin Shipyard reported a 19.4% year-on-year fall in consolidated net profit for the quarter ended June 30th, 2026, as weaker performance in its shiprepair division offset growth in shipbuilding activity. Net profit declined to INR 1.5145 billion (EUR 14.9 million) from INR 1.88 billion (EUR 18.5 million) in the corresponding period of 2025. Revenue from operations increased by 2.4% to INR 10.9421 billion (EUR 107.9 million), although profitability came under pressure from a weaker business mix and higher costs.
The shipyard's earnings before interest, tax, depreciation and amortisation (EBITDA) fell to INR 1.9318 billion (EUR 19.0 million) from INR 2.4034 billion (EUR 23.7 million), while EBITDA margin narrowed to 17.7% from 22.5%.
Shipbuilding remained the company's strongest segment during the quarter. Revenue from shipbuilding increased almost 60% year on year to INR 7.0004 billion (EUR 69.0 million), while segment profit rose 75.5% to INR 638.9 million (EUR 6.3 million).
However, the shiprepair division recorded a significant decline. Revenue fell 37.4% to INR 3.9417 billion (EUR 38.9 million) from INR 6.2962 billion (EUR 62.1 million), while segment profit dropped 51.5% to INR 1.3502 billion (EUR 13.3 million).
Total expenses increased 9.1% year on year to INR 9.5876 billion (EUR 94.5 million), driven by higher material consumption and finance costs. Material costs rose to INR 4.5326 billion (EUR 44.7 million), while finance costs more than doubled to INR 253.6 milllion (EUR 2.5 million).
The results highlight the continuing importance of shiprepair activity to Cochin Shipyard's earnings profile. Despite growth in shipbuilding revenues, reduced repair volumes and lower margins weighed on overall profitability during the quarter.
