Cochin Shipyard Q2 results 2026: profit falls 50%
Cochin Shipyard reported consolidated profit after tax of Rs 53.77 crore for the quarter ended 30 September 2026, against Rs 107.53 crore a year earlier.
Published 11 November 2026 · Potoos Research Services
The short answer. Consolidated profit fell about 50% even though revenue rose 11.7%. Expenses grew faster than revenue and other income fell. The board approved the unaudited results on 10 November 2026.
Quarter at a glance
Consolidated figures in Rs crore. Change compares the same quarter a year earlier.
| Measure | Jul-Sep 2026 | Jul-Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 1,249.19 | 1,118.59 | +11.68% |
| Other income | 82.62 | 127.30 | -35.10% |
| Total expenses | 1,256.72 | 1,095.97 | +14.67% |
| Profit before tax | 75.08 | 149.91 | -49.92% |
| Profit after tax | 53.77 | 107.53 | -49.99% |
Source: Cochin Shipyard results, PDF page 10, printed page 14. The filing uses lakhs. We divided each figure by 100 to show crores. Percentages use the original figures.
Consolidated includes the parent and its subsidiaries, plus its share of the joint venture's result. A subsidiary is a company controlled by the parent. A joint venture is a jointly controlled business. Q2 FY27 means July to September 2026. Revenue from operations is income from the main business. Profit after tax is what remains after recorded costs and tax.
What changed between revenue and profit?
Material costs rose to Rs 682.78 crore from Rs 554.76 crore. Finance costs, the cost of borrowing and related finance charges, rose to Rs 26.52 crore from Rs 20.15 crore. Other income, reported separately from the main business revenue, fell to Rs 82.62 crore from Rs 127.30 crore. The filing does not separately explain the quarterly rise in material and finance costs.
The segment table in note 4 gives another part of the picture. A segment is a part of the business reported separately. Shipbuilding recorded a loss before interest and tax of Rs 6.08 crore, compared with a profit of Rs 149.71 crore. Ship repair recorded a profit before interest and tax of Rs 143.34 crore, against Rs 67.20 crore.
The filing does not give a separate narrative explanation for these quarterly segment changes. Note 5 discusses paused passenger-vessel deliveries, but does not quantify their contribution to this quarter's profit movement. It would be a guess to assign the full movement to those deliveries.
Other income and tax need a closer look
The six-month cash-flow statement shows interest income of Rs 74.20 crore, against Rs 87.81 crore. It also shows Rs 29.34 crore of provisions no longer required, against Rs 80.73 crore. A provision is an amount recorded for an expected cost or loss; releasing it reverses that earlier charge.
Those figures cover April to September. The filing does not give a full quarterly breakdown explaining the 35.10% fall in other income, so they cannot be treated as a complete explanation for July to September.
Total quarterly tax fell to Rs 21.31 crore from Rs 42.38 crore. That is about 28% of profit before tax in both quarters (28.38% against 28.27%), so tax fell broadly in line with profit. That total includes a deferred-tax credit of Rs 10.45 crore, against a deferred-tax charge of Rs 22.02 crore a year earlier. Deferred tax records future tax effects in the accounts. A credit reduces the tax expense for the period. The filing does not explain the specific cause of this quarterly change. No exceptional item, a separately shown unusual gain or charge, was reported in either quarter.
What the six-month cash flow adds
Operating activities used Rs 635.37 crore of cash during April to September 2026, compared with Rs 772.90 crore a year earlier. This is a cash outflow, even though the company reported a profit.
The cash-flow statement, PDF page 18, printed page 22, shows Rs 1,426.36 crore used by increases in trade receivables, other receivables and assets. These include amounts due to the business. An increase in trade and other payables provided Rs 715.32 crore, partly offsetting that use of cash. Payables are amounts the business owes.
Profit and cash flow measure different things. The cash-flow statement records the timing of money moving through the business. Its six-month totals must not be presented as cash movement in Q2 alone.
Interim dividend in the same filing
The board outcome on PDF page 1 also declares an interim dividend of Rs 3 per equity share of Rs 5 face value, shown as 60%, for FY 2026-27. The record date is Monday, 16 November 2026, and the company says it will pay eligible shareholders on or before 9 December 2026. The record date is the date the company uses to identify eligible shareholders. When checked on 10 November, NSE's corporate-actions list did not yet show an ex-date for this dividend.
Standalone and consolidated figures
Standalone profit was Rs 47.34 crore, below the consolidated Rs 53.77 crore. Standalone means the parent company separately. The headline consistently uses the consolidated figure.
Sources
- Cochin Shipyard board outcome and financial results. 2026-11-10 Physical PDF pages 1, 10-15, 18-20, 25, 28-30 and 33-35. Consolidated table PDF p10 is printed p14; cash flow PDF p18 is printed p22.
- IFRS Foundation: deferred-tax background. About section, paragraphs3-4 and the following two bullets; background definition only, not a source for company amounts.
Sources checked on 10 November 2026. Information cutoff: 10 November 2026, 19:00 IST
Common questions
Why does the title say 50% while the table says 49.99%?
The title rounds the decline to a whole percentage. Using the original figures in lakhs, the decline is 49.9934%, which is 49.99% to two decimal places and about 50% to a whole percentage.
Do the cash-flow figures cover only Q2?
No. The cash-flow statement covers April to September 2026. The quarterly profit table covers July to September 2026.
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