Brokerage Raises Outlook for Cochin Shipyard after Order Gain

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The brokerage said that the “order gives CSL a strong foothold in the fast-growing market for electric and eco-friendly vessels.

By S JHA

Mumbai, December 12, 2025 — Brokerage ICICI Direct in a research note has sounded bullish on Cochin Shipyard Limited (CSL) after the company bagged order from Denmark. The brokerage in a research paper said that CSL has signed a significant contract (₹250–500 crore) with Denmark-based Svitzer to build four fully electric 26-metre TRAnsverse 2600E tugs.

“The agreement includes an option for four additional vessels. The tugs will feature 70-ton bollard pull and will be built as per Svitzer’s global fleet upgrade standards,” added the brokerage.

It also stated that “deliveries are expected to begin in late 2027. The contract is classified as a significant order under CSL’s norms and involves no related-party transactions.”

Giving its rationale, the brokerage said that the “order gives CSL a strong foothold in the fast-growing market for electric and eco-friendly vessels. Working with a global player like Svitzer boosts CSL’s visibility and shows confidence in its ability to handle advanced green-ship designs.”

“The deal also supports CSL’s broader export ambitions and strengthens its already large order book of ₹20,500 crore. With more such projects in the pipeline, improving execution on shipbuilding and steady inflows will be key drivers of growth in the coming quarters,’ it added.

The CSL shares were trading flat on Friday. The stock has corrected almost 25% in the last six months, with one month being 10%. The stock has corrected in line with deep cuts in defence scrips in recent weeks.

Cochin Shipyard Limited (CSL) is the largest shipbuilding and repair yard in India. It was incorporated in 1972 as a fully owned Government of India company. The CSL is known for building and repairing some of the largest ships in India, including indigenous aircraft carriers.

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)