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

The International Ship Repair Facility (ISRF) is 78% completed but faced delays due to termination of the turnkey contractor; completion now expected by late 2023. Remaining work is being split into various contracts executed in-house. The Dry Dock project, executed by L&T on a turnkey basis, is delayed with revised civil infrastructure completion targeted for July 2023. Crane installation and commissioning expected by Q1/Q2 2024. Infrastructure at Hooghly Cochin Shipyard (Kolkata) is complete; minor delay due to crane installation, now resolved. New infrastructure and CAPEX investments faced

Future growth expectations in sales/revenue/volumes?

FY23 revenue expected to be flat around Rs. 3,200 crores due to tapering of large indigenous aircraft carrier (IAC) project turnover and steel phase of ASW Corvette project. FY24 revenue growth expected between 16% to 20%, driven by peak execution of ASW Corvette, next-generation missile vessels, German vessel orders, and dredger contracts. FY25 revenue growth forecasted at around 12% as major projects continue execution. Ship repair turnover targeted to increase from Rs. 678 crores in FY22 to Rs. 900 crores in FY23, with further growth expected beyond. Export market activities, especi

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

FY23 revenue expected to be flat (~Rs. 3,200 crores) due to tapering of Indigenous Aircraft Carrier (IAC) turnover and early phase of new projects. Growth resumes FY24-FY25 with 16-20% in FY24 and ~12% in FY25, driven by ASW Corvette, Next Generation Missile Vessel (NGMV), German vessel orders, and dredger contracts. Ship repair turnover rising from Rs. 678 crores to Rs. 900 crores in FY23 with expected EBIT margins of 21-23%. Blended EBIT margin expected around 18-19% in FY23. Ship building EBIT margins forecasted around 16% in FY23, normalizing from higher IAC margin contribution.

Current/ Expected Orderbook/ Pending Orders?

Current order book includes significant naval contracts like ASW Corvette (Rs. 6,000 crores) and next-generation missile vessels (Rs. 10,000 crores), totaling about Rs. 15,000 crores. IAC (Indigenous Aircraft Carrier) order book stands at around Rs. 2,700 crores, comprising about Rs. 1,000 crores fixed price and Rs. 1,700 crores cost plus portion. Ship repair order book is dynamic but expected to increase, with confidence in securing a large Mumbai ship repair order soon. Advanced discussions underway in Europe for new vessel orders worth approximately $100 million expected within fiscal year.

Cochin ShipyardQ4 FY22Industrial Manufacturing

Cochin Shipyard Q4 FY22 Earnings Call Analysis

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

Price: ₹1,155.8P/E: 51.5Market Cap: ₹30.4K CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

FY23 revenue expected to be flat around Rs. 3,200 crores due to tapering of large indigenous aircraft carrier (IAC) project turnover and steel phase of ASW Corvette project.
FY24 revenue growth expected between 16% to 20%, driven by peak execution of ASW Corvette, next-generation missile vessels, German vessel orders, and dredger contracts.
FY25 revenue growth forecasted at around 12% as major projects continue execution.
Ship repair turnover targeted to increase from Rs. 678 crores in FY22 to Rs. 900 crores in FY23, with further growth expected beyond.
Export market activities, especially in Europe and Scandinavian green vessel segments, anticipated to contribute to growth but still under watch.
Long-term target (CRUISE 2030) aims for Rs. 10,000 crores turnover by 2030, with a near-term goal of Rs. 6,000 to Rs. 6,500 crores by 2026.
New divisions and subsidiaries expected to contribute to diversified revenue streams.

Margin guidance

Category 3

FY23 revenue expected to be flat (~Rs. 3,200 crores) due to tapering of Indigenous Aircraft Carrier (IAC) turnover and early phase of new projects.
Growth resumes FY24-FY25 with 16-20% in FY24 and ~12% in FY25, driven by ASW Corvette, Next Generation Missile Vessel (NGMV), German vessel orders, and dredger contracts.
Ship repair turnover rising from Rs. 678 crores to Rs. 900 crores in FY23 with expected EBIT margins of 21-23%.
Blended EBIT margin expected around 18-19% in FY23.
Ship building EBIT margins forecasted around 16% in FY23, normalizing from higher IAC margin contribution.
By 2026, targeted revenue Rs. 6,000-Rs. 6,500 crores with sustained EBIT margins; long-term goal (CRUISE 2030) aims for $2 billion (~Rs. 15,000 crores) revenues by 2030.
One-off income (~Rs. 86 crores) impacted recent profitability positively.

See what Cochin Shipyard management said on margin guidance — free account, 30 seconds.

Fundraise plans

- The transcript does not mention any ongoing or planned fundraising through debt or equity. - There is no discussion on raising fresh capital from the market or lenders in the Q4 FY22 earnings call. - The company is focused on executing large orders, new projects (like the Dry Dock and ASW Corvette), and expanding segments such as ship repair and exports. - Capital expenditure challenges, particularly delays in infrastructure projects, are noted but no mention of requiring new fundraising. - The emphasis is on operational growth and achieving revenue and margin targets rather than on external financing. In summary, based on the transcript, Cochin Shipyard Limited is not currently pursuing or announcing any new debt or equity fundraising.

Order book

Current order book includes significant naval contracts like ASW Corvette (Rs. 6,000 crores) and next-generation missile vessels (Rs. 10,000 crores), totaling about Rs. 15,000 crores.
IAC (Indigenous Aircraft Carrier) order book stands at around Rs. 2,700 crores, comprising about Rs. 1,000 crores fixed price and Rs. 1,700 crores cost plus portion.
Ship repair order book is dynamic but expected to increase, with confidence in securing a large Mumbai ship repair order soon.
Advanced discussions underway in Europe for new vessel orders worth approximately $100 million expected within fiscal year.
Upcoming orders: 3 dredger vessels (~Rs. 1,000 crores each), more tug orders via subsidiary in Udupi, and pending large naval projects like Landing Platform Dock.
No significant new Navy orders expected in current fiscal beyond those already known.
The order book is balanced between fixed price and cost plus contracts, which impacts margin profile.

See what Cochin Shipyard management said on order book — free account, 30 seconds.

Capex plans

Yes

The International Ship Repair Facility (ISRF) is 78% completed but faced delays due to termination of the turnkey contractor; completion now expected by late 2023. Remaining work is being split into various contracts executed in-house.
The Dry Dock project, executed by L&T on a turnkey basis, is delayed with revised civil infrastructure completion targeted for July 2023. Crane installation and commissioning expected by Q1/Q2 2024.
Infrastructure at Hooghly Cochin Shipyard (Kolkata) is complete; minor delay due to crane installation, now resolved.
New infrastructure and CAPEX investments faced setbacks due to contractor issues and component delays.
A new division called CSL Strategic and Advanced Solutions has been set up to explore new growth avenues beyond shipbuilding and ship repair.
Focus on expanding advanced and green technology vessels, especially targeting European markets and niche segments under the Cruise 2030 initiative.

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Cochin Shipyard Q4 FY22 Earnings Call Analysis

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