Cochin Shipyard Ltd

- Cochin Shipyard guides for overall EBITDA margin around 20% for FY26, lower than FY24's ~24%, mainly due to absence of large aircraft carrier projects. - PAT margin guidance is around 15% for FY26. - Top-line revenue growth expected at 14%-15% for FY26, with a general long-term industry growth outlook of 10%-12% annually over 5-10 years. - Ship repair revenue projected at about Rs.1,500 crores in FY26, lower than previous year’s one-off aircraft carrier repair impact. - Long-term vision includes doubling turnover by 2030-31, leveraging existing facilities and completed Rs.3,250 crores CAPEX cycle, with further CAPEX planned post-2030 for expansion beyond Rs.10,000 crores turnover. - The company expects steady growth driven by defense orders, ship repair, and export focus, with cyclical industry considerations. - Digital and modular shipyard advancements, as well as strategic partnerships, are part of growth plans enhancing competitiveness and margins.

- Current order book stands at approximately Rs. 21,100 crores. - This includes about Rs. 1,500 crores from ship repair orders. - Shipbuilding order book is around Rs. 19,600 crores comprising 75 vessels across Kochi facility, Udupi CSL, and Hooghly CSL. - Of these 75 vessels: - 25 are in design and early construction stage, - 37 are under fabrication and assembly (mid-stage), - 13 vessels have been launched and are in advanced completion stages. - Defense order book is Rs. 13,700 crores covering 14 vessels in two main projects: - ASW Corvette project (Rs. 3,700 crores), - Next Generation Missile Vessels project (6 ships). - Defense order pipeline totals nearly Rs. 2.2 lakh crores with various projects at bid, RFP, and RFI stages. - Two major bids worth Rs. 10,000 crores submitted: - Next Generation Fast Patrol Vessels (18 ships for Coast Guard), - Next Generation Survey Vessels for Indian Navy.

- There is no explicit mention of new fundraising activities through debt or equity in the current call transcript. - Shri Madhu S Nair discussed the Maritime Development Fund (MDF), a government-backed financial pool designed to support the maritime industry, including shipbuilding and shipping. - MDF funding could include equity or loan components at affordable rates but is not a grant or free money. - The company is considering leveraging MDF for long-term investments, but exact figures or commitments have not been disclosed. - For the recently completed CAPEX cycle (~Rs. 3,250 crores), no immediate need for further CAPEX is mentioned until around 2030-31 when additional investments might be needed to more than double turnover. - Joint ventures with HD KSOE and Drydocks World might require future CAPEX, but details and commitments are currently not specified.

- Completed a Rs.3,250 crore CAPEX cycle over the last seven years across Cochin Shipyard facilities and subsidiaries. - Expect no significant additional CAPEX in the near term to double revenue by 2030-31, leveraging existing facilities. - Future CAPEX planned beyond 2030-31 to cross Rs.10,000-12,000 crore turnover threshold. - Potential CAPEX for new workstation facilities in collaboration with HD KSOE; details not finalized. - Drydocks World JV currently requires no further CAPEX; additional investment possible with business expansion. - Maritime Development Fund (up to Rs.70,000 crore) may provide affordable equity/debt funding for long-term investments. - Continuous investment in digital tools, modern systems, and skilling for workforce capacity and capability development. - Strategic partnerships (HD KSOE, Drydocks World, Maersk) indicate long-term growth and potential capital deployment.

- Cochin Shipyard projects top-line growth of 14% to 15% for FY26. - The company generally guides 10% to 12% annual growth, considering industry cyclicality. - Aiming to double turnover around 2030-31, leveraging existing and new facilities. - Current CAPEX cycle (~Rs.3,250 crores) supports doubling turnover by 2030-31 without substantial new CAPEX. - Beyond 2030-31, additional CAPEX will be invested for growth crossing Rs.10,000-12,000 crores revenue. - Long-term plans align with Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, targeting sustained growth. - Export business, especially specialist vessels and merchant ships, is a key pillar of long-term growth strategy. - New facilities such as the International Ship Repair Facility (ISRF) expected to generate increased revenues (~Rs.600 crores full potential).