Cochin Shipyard Ltd., the state-owned shipbuilder, saw its shares drop up to 8% on Thursday, November 13, following the release of its September quarter results after market hours on Wednesday.
The company reported revenue of ₹951 crore, down 13% from last year, missing expectations from brokerages like Kotak, which had anticipated a 10% increase. EBITDA fell sharply to ₹56 crore, a 71% decline from ₹196 crore a year ago, with margins sliding to 5.9% from 17.87%. Kotak had projected a 12% EBITDA growth.
The decline was driven by higher subcontracting costs and provisions. Provisions surged fourfold to ₹21 crore compared with last year, though they were 37% lower than the previous quarter. Subcontracting expenses rose 50% to ₹207 crore year-on-year but eased 13% from the June quarter.
Cochin Shipyard announced an interim dividend of ₹4 per ₹5 share, translating to an 80% payout for FY26. The record date for eligibility is November 18, 2025, with payments scheduled on or before December 11, 2025.
