Any current/future new fundraising through debt or equity?

No explicit mention of current or future fundraising through debt or equity in the provided transcript. Discussion focuses on CAPEX plans, order book, project execution, and margins. CAPEX for FY23 expected around ₹400 crore, with ongoing investments in dry dock and ISRF projects. No direct references to new fund raising activities. Focus appears on operational execution and completing existing order book rather than equity or debt raising. Management mentions risks and opportunities but does not indicate plans for external capital raising.

Any current/future capex/capital investment/strategic investment?

Current CAPEX for FY23 is targeted around ₹400 crore. Total CAPEX spent till now on dry dock and International Ship Repair Facility (ISRF) is about ₹1240 crore. Expected CAPEX spend this year (current year) on dry dock and ISRF is ₹330 crore. New dry dock at Hooghly and ISRF projects are underway but faced delays due to labor issues and contractor difficulties. Kolkata (Hugly Cochin Shipyard Ltd) and Malpe (Tebma Shipyards) facilities are being refurbished and expected to start work soon. Expansion includes seven functional units across Kochi, Mumbai, Kolkata, Port Blair, and Malpe with increa

Future growth expectations in sales/revenue/volumes?

Cochin Shipyard expects turnover to exceed ₹3500 crore in FY22 and around ₹4000 crore in FY23. Aircraft Carrier (IAC) revenues are significant but will gradually phase out; IAC turnover expected around ₹1850 crore in FY22. Non-IAC naval shipbuilding projects (ASW Corvette, NGMV) and ship repair contribute remainder; ASW Corvette orders to begin revenue recognition from FY22, NGMV orders expected from FY24. The shipbuilding turnover target is approximately ₹2500 crore, including ₹1600-1700 crore from NGMV and ₹800-1000 crore from ASW Corvette. Ship repair turnover is expected around ₹750-800 cr

Future growth expectations in earnings/operating earnings/profits/EPS?

Continued strong order pipeline, with current order book ~₹12,000 crores and next generation missile vessels (NGMV) ~₹10,000 crores. Targeting FY23 revenue around ₹4,000 crores, up from ₹3,500 crores in FY22. Shipbuilding margins expected to normalize post-IAC project; IAC had higher-than-normal margins due to its unique scale and phase. New orders like ASW Corvette and NGMV expected to contribute from FY22/FY24 onwards, with ASW margins single-digit and NGMV low double-digit margins. Ship repair business aims to regain FY20 turnover levels, with consistent margins expected. Infrastr

Current/ Expected Orderbook/ Pending Orders?

Current order book excluding the Indigenous Aircraft Carrier (IAC) is approximately ₹17,000 - ₹18,000 crores, including ₹10,000 crore for the Next Generation Missile Vessel (NGMV). The IAC order book is about ₹4,500 crores, expected to be executed over 2-3 years. IAC margins are higher but considered a one-off project, with other shipbuilding orders delivering lower but stable margins. NGMV orders involve 6 vessels with an execution period spanning 9 years (48 months for first vessel, then one per year). ASW Corvette order execution spans about 6 years. There is a significant pipeline includin

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Cochin Shipyard LtdQ2 FY22Industrial Manufacturing

Cochin Shipyard Ltd Q2 FY22 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,405P/E: 58.5Market Cap: ₹41.9K CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Cochin Shipyard expects turnover to exceed ₹3500 crore in FY22 and around ₹4000 crore in FY23.
→Aircraft Carrier (IAC) revenues are significant but will gradually phase out; IAC turnover expected around ₹1850 crore in FY22.
→Non-IAC naval shipbuilding projects (ASW Corvette, NGMV) and ship repair contribute remainder; ASW Corvette orders to begin revenue recognition from FY22, NGMV orders expected from FY24.
→The shipbuilding turnover target is approximately ₹2500 crore, including ₹1600-1700 crore from NGMV and ₹800-1000 crore from ASW Corvette.
→Ship repair turnover is expected around ₹750-800 crore, with Cochin and other yards ramping up post-COVID disruptions.
→New order pipelines across Navy and Coast Guard total about ₹4500 crore, with high confidence in winning at least one major order.
→Dredger orders worth about ₹1000 crore represent an emerging business area.
→Infrastructure and workforce expansion at multiple locations (Mumbai, Kolkata, Port Blair) supports growth ambitions.
→Long-term strategic focus includes new technology and electric propulsion solutions under the Shipyard Strategic & Advanced Solutions division.

Margin guidance

Category 3

→Continued strong order pipeline, with current order book ~₹12,000 crores and next generation missile vessels (NGMV) ~₹10,000 crores.
→Targeting FY23 revenue around ₹4,000 crores, up from ₹3,500 crores in FY22.
→Shipbuilding margins expected to normalize post-IAC project; IAC had higher-than-normal margins due to its unique scale and phase.
→New orders like ASW Corvette and NGMV expected to contribute from FY22/FY24 onwards, with ASW margins single-digit and NGMV low double-digit margins.
→Ship repair business aims to regain FY20 turnover levels, with consistent margins expected.
→Infrastructure improvements (dry dock, ISRF) and scale-up post-IAC completion intended to support higher annual order execution (₹1,500-2,000 crores).
→Overall profitability may moderate from unusually high FY21 levels due to project phases but expected to maintain stable growth aligned with order book execution.

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Fundraise plans

→No explicit mention of current or future fundraising through debt or equity in the provided transcript.
→Discussion focuses on CAPEX plans, order book, project execution, and margins.
→CAPEX for FY23 expected around ₹400 crore, with ongoing investments in dry dock and ISRF projects.
→No direct references to new fund raising activities.
→Focus appears on operational execution and completing existing order book rather than equity or debt raising.
→Management mentions risks and opportunities but does not indicate plans for external capital raising.

Order book

Yes

→Current order book excluding the Indigenous Aircraft Carrier (IAC) is approximately ₹17,000 - ₹18,000 crores, including ₹10,000 crore for the Next Generation Missile Vessel (NGMV).
→The IAC order book is about ₹4,500 crores, expected to be executed over 2-3 years.
→IAC margins are higher but considered a one-off project, with other shipbuilding orders delivering lower but stable margins.
→NGMV orders involve 6 vessels with an execution period spanning 9 years (48 months for first vessel, then one per year).
→ASW Corvette order execution spans about 6 years.
→There is a significant pipeline including 3 Navy/Coast Guard tenders totaling around ₹4,500 crores in advanced stages.
→Additional expected orders include a potential dredger order worth around ₹1,000 crores.
→Management aims to continuously replenish the order book over time to maintain yard utilization and revenue stability.

Capex plans

Yes

→Current CAPEX for FY23 is targeted around ₹400 crore.
→Total CAPEX spent till now on dry dock and International Ship Repair Facility (ISRF) is about ₹1240 crore.
→Expected CAPEX spend this year (current year) on dry dock and ISRF is ₹330 crore.
→New dry dock at Hooghly and ISRF projects are underway but faced delays due to labor issues and contractor difficulties.
→Kolkata (Hugly Cochin Shipyard Ltd) and Malpe (Tebma Shipyards) facilities are being refurbished and expected to start work soon.
→Expansion includes seven functional units across Kochi, Mumbai, Kolkata, Port Blair, and Malpe with increased staffing.
→Formation of a new division "Shipyard Strategic and Advanced Solutions" focusing on electric mobility, fuel cells, hydrogen, solar powered vessels, and defense tech as a strategic long-term investment.
→Plans for ramping up operations in ship repair and shipbuilding, including a strong pipeline of naval and dredger orders (₹1000 crore dredger opportunity).

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