Cochin Shipyard Emerges L1 For ₹5,000 Crore Indian Navy Survey Vessel Project

Cochin Shipyard Limited has been declared the lowest bidder (L1) for a ₹5,000 crore contract floated by India’s Ministry of Defence for the construction of five Next Generation Survey Vessels (NGSVs) for the Indian Navy.

In an exchange filing on Monday, the Miniratna public sector undertaking stated that it had been declared L1 at a meeting held at the Ministry of Defence in New Delhi.

The estimated total value of the order is around ₹5,000 crore.

The company added that the final award of the contract remains subject to the satisfactory completion of necessary formalities and that further updates will be provided in due course.

The shipbuilder also clarified that the proposed order does not involve any related party transactions and that its promoter group has no interest in the awarding entity.

Separately, Cochin Shipyard reported its financial results for the third quarter of FY26.

Net profit declined 18.3 per cent year-on-year to ₹145 crore, compared with ₹177 crore in the corresponding period last year.

Revenue from operations increased 17.7 per cent year-on-year to ₹1,350 crore from ₹1,148 crore.

However, EBITDA fell 21.4 per cent to ₹187 crore from ₹237 crore a year earlier. Operating margin narrowed to 13.8 per cent from 20.7 per cent in the same quarter last year.

The company also announced an interim dividend of ₹3.5 per share.

Shares of Cochin Shipyard closed at ₹1,469.40 on the NSE, down 0.23 per cent for the day, compared with a 0.83 per cent gain in the Nifty index.

The stock has risen 18.86 per cent over the past 12 months but has declined 9.3 per cent since the start of the year.

References: cnbctv18, ndtvprofit

Source: Maritime Shipping News