Cochin Shipyard Ltd. share price target

The management has asserted a 14-15% revenue growth for FY20E while giving a guidance of | 610 crore for SR during the year. CSL has completed more than 20 projects from Mumbai port and expects revenues worth | 75 crore and | 100-120 crore in FY20E & FY21E, respectively. The company's key project IAC is expected to go out for sea trial during first half this year. CSL expects | 2200 crore worth of revenue from IAC in FY20E while the management has guided for | 2500 crore next year. Total order backlog of IAC is | 2850 crore for fixed cost and | 4250 crore for cost plus. The planned...

Solid shipbuilding performance, healthy b/s, capacity addition During Q1FY20, revenue booked for indigenous air craft carrier under cost plus' was at | 356 crore while fixed price' contract was | 114 crore for an aggregate of | 470 crore. CSL continues to have a healthy b/s with cash balance of ~| 2400 crore as on Q1FY20. Of the planned capex of ~| 3000 crore (| 2769 crore for the new larger size dry dock and repair facility with | 170 crore for Hooghly Cochin Shipyard. In addition, CSL plans to spend on developing docks at Mumbai, Andaman & Nicobar and Kolkata), CSL has...

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...