Cochin Shipyard Ltd. share price target

For FY19, shipbuilding and shiprepair revenues came in at | 2130 crore (up 23% YoY) and | 832 crore (up 33.5% YoY) respectively. CSL continues to have a strong b/s with cash balance of ~| 2581crore. Of the planned capex of | 3000 crore (| 2768 crore for the new larger size dry dock and repair facility, | 100 crore for Hooghly Cochin Shipyard and | 150 crore for developing docks at Mumbai, Andaman & Nicobar and Kolkata), CSL has already spent ~| 300 crore and ~| 275 crore for new SB and SR facility respectively. Total capex for FY19 was at ~| 500 crore. The panned ISRF...

ICICI Securities Ltd | Retail Equity Research Cochin Shipyard (CSL) reported strong Q3FY19 numbers despite higher contribution from the shipbuilding segment. This is due to strong margins posted in both segments of the business. Shipbuilding and ship repair segment reported EBIT margins of 19.4% (normal margins 8-15%) and 39.8% (normal margins 25-35%) respectively. Shipbuilding and ship repair segment contributed 77.1% and 22.9% to the topline, respectively...

ICICI Securities Ltd | Retail Equity Research Cochin Shipyard (CSL) reported stellar Q2FY19 numbers. Shipbuilding and ship repair segment contributed 57.8% and 42.2% to the topline, respectively. Shipbuilding segment reported strong EBIT margins of 17.2% (normal margins 8-15%) whereas ship repair segment reported margins of 40% (normal margins 25-35%). Higher margins in the ship repair segment were partly expected due aircraft carrier INS Vikramaditya getting repaired at the yard...

Cochin Shipyard (CSL) reported mixed Q1FY19 numbers. Shipbuilding (SB) and ship repair (SR) segment contributed 69% and 31% to the topline, respectively. Shipbuilding segment reported EBIT margins of 17.1% (normal margins 8-15%) whereas the ship repair segment reported margins of 21.4% (normal margins 25-35%) Revenue increased a strong 18.4% YoY to | 658.7 crore. Shipbuilding and ship repair revenues grew 14.1% and 29.3% YoY, respectively. We expected revenue of | 643.6 crore for quarter (15% YoY growth)...

Shipbuilding segment reported strong high EBIT margins of 27% (normal margins 8-15%) whereas the shiprepair segment reported weak EBIT margins of 18% (normal margins 25-35%). We believe higher margin in shipbuilding segment was due to execution of fixed part' portion of the aircraft carrier and other vessels Revenue increased strong 15% YoY to | 600.6 crore. We expected revenue of | 560.5 crore for the quarter. The company reported EBITDA margins of 19.2% vs. 5.7% in Q4FY17. Higher margins were...

Market leader in ship repair and poised to grow further led by JVs and MoUs. Cash rich in spite of huge capex Capacity to double in both the segment of ship building & repairs by FY22 with a total debt-free capex of Rs2760cr....

ICICI Securities Ltd | Retail Equity Research Cochin Shipyard Ltd reported strong Q3FY18 numbers. Shipbuilding and shiprepair segment contributed 66.3% and 33.7% respectively to the topline of the company. For the quarter, shipbuilding segment reported abnormally high EBIT margins of 32.4% (normal margins 815%) whereas the shiprepair segment reported muted EBIT margins of 13.9% (normal margins 25-35%). Higher margin in shipbuilding segment was due to execution of fixed part' portion in the IAC. Revenue increased 5.7% YoY to | 615 crore. We expected revenues of...

ICICI Securities Ltd | Retail Equity Research Cochin Shipyard reported decent Q2FY18 numbers. Optically, the numbers look weak, due to the performance of the company in Q2FY17. In Q2FY18, the shipbuilding and shiprepair segment contributed 72.4% and 27.6%, respectively, to the topline. Both segments clocked stable EBIT margins. Shipbuilding segment reported...

Cochin Shipyard Limited (CSL) is an India-based company. The Company is focused on providing cater to clients engaged in the defence sector in India and clients engaged in the commercial sector. In addition to shipbuilding and ship repair, the Company offers marine engineering training. The Company's docks include ship repair dock and shipbuilding dock. Ship repair dock is enables to accommodate vessels with a maximum capacity of 125,000 DWT. In addition, ship repair dock offers a flexible range of products such as, tankers, product carriers, bulk carriers, passenger vessels, high bollard pull tugs, and air defence ship. Shipbuilding dock can accommodate...

Cochin Shipyard Ltd (CSL) was incorporated in the year 1972 as a fully owned Government of India company. In the last four decades CSL has emerged as a forerunner in the Indian shipbuilding & ship repair industry and also an emergent player in the global map. CSL has exported close to 50 ships and vessels to many countries including USA, Germany, Netherlands, Cyprus and Saudi Arabia Currently, CSL has 2 docks for shipbuilding (capacity of 110K DWT) and ship repair (capacity of 125K DWT). CSL is adding new dry dock at a total cost of Rs18 bn and international ship repair facilities at the cost of Rs9 bn which will enable the company to...