Cochin Shipyard Limited (COCHINSHIP.NS) : juste valeur

Thèse ACCE

Cochin Shipyard builds and repairs commercial and naval vessels at its Kochi yard on India's southwest coast, with a growing share of work in defence shipbuilding and ship repair for the Indian Navy and Coast Guard. The competitive case rests on scarcity: it is one of the few yards in India with the scale and certification to take on large commercial and naval hulls, and state-led naval procurement gives it a visible order pipeline. The near-term catalyst is order book conversion, since a forward P/E of 26 against a trailing 45 implies the market expects earnings to rise sharply as current contracts reach revenue recognition. Revenue growth of only 2.4% and a 14.7% operating margin against a 33.4% gross margin show the business is not yet converting its order book into top-line growth, so the thesis depends on execution timing. At 306.2B INR market cap with no index membership, the name sits in a segment where a deeper look at order backlog, yard capacity and margin trajectory is warranted before any position is considered.