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Cochin Shipyard Limited (COCHINSHIP) Fair Value & Analysis

Industrials · IN · Market cap ₹390B (≈ $4.1B) · ISIN INE704P01017

What is Cochin Shipyard Limited really worth?

CS Cochin Shipyard Limited COCHINSHIP · BSE
Price₹1,500
Fair Value₹402.67
Upside−73.2%
Quality39/100

Below-average quality, and trading another 273% above our fair value of ₹402.67.

As of Aug 20, 2026, the fair value of Cochin Shipyard Limited is ₹402.67 per share against a price of ₹1,500, so the fair value sits 73% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Solidly profitable · 14.3% net margin

Risks

!Expensive Growth (revenue 5y +12.6 %/yr)
!Low debt · negative free cash flow
!Moderate moat 52/100
Evidence: High Range ₹292.56 – ₹512.78

Fair value as of: Aug 20, 2026

From 15 valuation models · updated 17 days ago

Share price +6.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹512.78). The favourable scenario is already priced in.
  • Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (5 years)

₹2,827 ₹127.96 Fair Value ₹402.67 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range ₹127.96 – ₹2,827 · fair‑value band ₹292.56 – ₹512.78 · the ₹1,500 price screens above the ₹402.67 fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Cochin Shipyard Limited (COCHINSHIP) currently trades at ₹1,500, while our model-based Fair Value estimate is ₹402.67, implying the stock looks roughly 272.6% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of ₹713.16 per share, and 0 of the 15 models we run sit above the ₹1,500 price. Bear case: the Asset-Based group reads lowest at ₹149.56, and 15 of the 15 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Cochin Shipyard Limited generated revenue of ₹50.2B at a net margin of 14.3%. Revenue declined 15.6% year over year. It earns a return on equity of 12.5%. Net debt stands at ₹9.9B. Fundamentals as of Aug 20, 2026

Our scenario range runs from ₹292.56 (bear case) to ₹512.78 (bull case); at ₹1,500, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 26% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −73%, COCHINSHIP screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹11.23 per share, which is 1.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EPV best evidence ₹185.43 ₹217.61 ₹246.20 74
Owner Earnings ₹373.18 ₹713.16 ₹1,349 72
ROIC Compounder ₹185.43 ₹217.61 ₹280.66 72
All 15 models by family
DCF Models
Owner Earnings ₹373.18 ₹713.16 ₹1,349 72
Earnings-Based
Graham-Dodd ₹185.26 ₹917.97 ₹1,266 64
Lynch FV ₹247.54 ₹353.63 ₹459.72 61
PEG = 1.0 ₹247.54 ₹353.63 ₹459.72 57
EPV best evidence ₹185.43 ₹217.61 ₹246.20 74
Multiples
P/E Multiple ₹429.09 ₹572.13 ₹715.16 63
P/S Multiple ₹286.33 ₹381.77 ₹477.22 58
P/B Multiple ₹347.36 ₹463.15 ₹578.94 55
EV/EBIT ₹333.46 ₹443.56 ₹553.67 66
EV/EBITDA ₹303.83 ₹404.07 ₹504.30 67
EV/Revenue ₹238.89 ₹339.93 ₹440.97 53
Asset-Based
NCAV (Graham) ₹111.62 ₹149.56 ₹223.23 54
Economic Profit
Residual Income ₹211.18 ₹257.26 ₹580.45 70
ROIC Compounder ₹185.43 ₹217.61 ₹280.66 72
Growth Earnings
Growth-Adj P/E ₹380.01 ₹542.87 ₹705.73 67

Widest divergence: DCF Models (₹713.16) versus Asset-Based (₹149.56). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 58.2
P/S ratio 8.30 P/E × margin
EPS (TTM) ₹25.79 price ÷ EPS = P/E 58.2
Dividend yield 0.7% payout 38.3%
Net margin 14.3% FY2026
Return on equity 12.5% TTM
More key figures
Profitability
Return on assets (EBIT) 5.4% avg 5y
Operating margin 18.7% TTM
Growth
Revenue (TTM) ₹50.2B TTM
Revenue growth (YoY) −15.6% 3y avg +28.5%
EPS growth (YoY) −3.8%
Balance sheet & cash flow
Free cash flow −₹13.9B FY2026
Net debt ₹9.9B FY2026

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 37 · Market factors (momentum, volatility) 47

Profitability 37
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Cochin Shipyard Limited engages in the shipbuilding and repair of ships/offshore structures in India. It offers a range of shipbuilding services, which include aircraft carriers, missile vessels, anti-submarine warfare shallow water crafts, technology demonstration vessels, floating border outpost vessels, patrol vessels, hydrographic survey vessels, …

Full company description

Cochin Shipyard Limited engages in the shipbuilding and repair of ships/offshore structures in India. It offers a range of shipbuilding services, which include aircraft carriers, missile vessels, anti-submarine warfare shallow water crafts, technology demonstration vessels, floating border outpost vessels, patrol vessels, hydrographic survey vessels, offshore patrol vessels, and pollution control vessels for defense; oil tankers, bulk carriers, dredgers, pax vessels, tugs, special purpose vessels, deck cargo/jacket launch barges, electric autonomous vessels and passenger ferries, ro-ro and ro-pax vessels, fishing vessels, marine ambulances, and operation vessels commissioning service for commercial; and platform supply vessels, anchor handling/tug supply vessels, and multi-purpose vessels for offshore. The company also offers ship repair services comprising maintenance and repair of aircraft carrier and other defense vessels; tankers, bulk carriers, and range of commercial and specialized vessels; and oil rig upgradation, repair projects, and conversion services. In addition, it provides marine engineering training services. The company was founded in 1969 and is based in Ernakulam, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Cochin Shipyard Limited reported revenue of ₹50.2B in FY2026 versus ₹31.3B in FY2022, a compound +12.6%/yr. Reported net income was ₹7.2B in FY2026, compounding +6.2%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹50.2B
Latest YoY
+4.2%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+28.5%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.6%
Avg. revenue growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.8%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−9.4% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−10.1%
Dividend yield0.7%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26.0% (2021) → 13.6% (2026) · falling
Worst earnings drop50% (2023) · in INR
⚠ Revenue per share shrinking 4.0%/yr over ~5Y (margins eroding too) Structural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue +12.6%/yr
FY22 ₹31.3B
FY23 ₹23.6B
FY24 ₹37.5B
FY25 ₹48.2B
FY26 ₹50.2B
Net income +6.2%/yr
FY22 ₹5.6B
FY23 ₹3.0B
FY24 ₹7.8B
FY25 ₹8.3B
FY26 ₹7.2B

COCHINSHIP screens 273% overvalued. Compare with General Electric Company →

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Cite: Fair Value Calculator (2026). "Cochin Shipyard Limited Fair Value". https://www.fairvalue-calculator.com/stock/COCHINSHIP.BSE

Peer Group

Aerospace & Defense · 228 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 39 · Bottom 25%
Fair Value upside −61% · Below median
Return on equity (TTM) 13% · Above median
Return on assets 3% · Below median
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth −16% · Bottom 25%
Dividend yield (TTM) 0.7% · Below median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Aerospace & Defense median · lower = cheaper

P/E (TTM) 58.2× · Pricier than median
P/B 6.64× · Pricier than 75% of peers
P/S (TTM) 7.76× · Pricier than 75% of peers
EV/EBITDA 48.0× · Pricier than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Weapons Defense

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
General Electric Company GE $335.71 $116.71 −65%
RTX Corporation RTX $212.08 $88.37 −58%
Airbus SE AIR €213.00 €117.01 −45%
Lockheed Martin Corporation LMT $565.89 $419.01 −26%
Howmet Aerospace Inc HWM $264.85 $50.43 −81%
General Dynamics Corporation GD $379.32 $274.32 −28%
Northrop Grumman Corporation NOC $545.57 $356.59 −35%
TransDigm Group TDG $1,235 $571.03 −54%
L3Harris Technologies, Inc LHX $262.82 $146.55 −44%
Thales S.A HO €243.70 €171.13 −30%

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Frequently asked questions

Is Cochin Shipyard Limited (COCHINSHIP) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of ₹402.67 versus a price of ₹1,500, about −73% upside (overvalued).
What is the fair value of COCHINSHIP?
Our model-based fair value for Cochin Shipyard Limited is ₹402.67 (as of Aug 20, 2026), built from audited fundamentals. The current price: ₹1,500.
What is the quality score of COCHINSHIP?
Cochin Shipyard Limited has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cochin Shipyard Limited (COCHINSHIP)?
Our model-based price target is the fair value of ₹402.67 (as of Aug 20, 2026) from 15 valuation models. Cautious scenario ₹292.56, optimistic scenario ₹512.78. It is a calculation from audited fundamentals, not an analyst target.
What is the Cochin Shipyard Limited stock forecast for 2026?
Our models put fair value at ₹402.67, about −73% upside versus a price of ₹1,500 (overvalued). Cautious scenario ₹292.56, optimistic scenario ₹512.78. The calculation is refreshed regularly with new filings.
What is the revenue of Cochin Shipyard Limited (COCHINSHIP)?
Cochin Shipyard Limited reported trailing-twelve-month revenue of about ₹50.2B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of COCHINSHIP?
The net profit margin of Cochin Shipyard Limited is about 14.3%, meaning it keeps roughly 14.3% of revenue as net income. Based on the latest reported figures.
Does Cochin Shipyard Limited pay a dividend?
Cochin Shipyard Limited currently shows a dividend yield of about 0.66% relative to its recent price (as of Aug 20, 2026).
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