Latest news with #Kalvari-class
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Business Standard
3 days ago
- Business
- Business Standard
Strong order visibility likely to help shipyard stocks sail faster
The DAC plans to order three Kalvari-class submarines with Mazagon Docks (MDL) on a nominated basis in FY26 at an order value of Rs 36,000 crore Devangshu Datta Mumbai Listen to This Article The Defence Acquisition Council (DAC) approved naval orders worth ₹8.45 trillion over FY22–25, which is over 3x the amount for the preceding three years. There are orders worth ₹2.35 trillion lined up in FY26–27, approximately 3.1x the combined order book of the three listed PSU shipyards. The combined order books of Mazagon Dock Shipbuilders (MDL), Garden Reach Shipbuilders & Engineers (GRSE), and Cochin Shipyard (CSL) have been stagnant since FY19 though their combined revenue has risen from ₹8,900 crore in FY19 to ₹12,400 crore in 9MFY25 (not annualised). The warship project pipeline is lumpy and subject to long delays. The
Time of India
20-05-2025
- Business
- Time of India
Cochin Shipyard, ideaForge, GRSE and other defence stocks fall up to 7% as post-Sindoor rally unwinds
Shares of Cochin Shipyard , ideaForge Technology , Garden Reach Shipbuilders & Engineers ( GRSE ), and other defence-linked companies extended losses on Tuesday, falling up to 7% as investors continued to book profits following a sharp rally driven by optimism around fresh orders and the success of Operation Sindoor. Cochin Shipyard dropped as much as 6.9% to Rs 1,847.60 on the BSE, while ideaForge fell 6.1% to Rs 536.25. GRSE declined 5.1% to Rs 2,356.05, and Mazagon Dock Shipbuilders lost 3.1% to Rs 3,303.20. Tuesday's fall comes after Monday's broad retreat in defence stocks , when Cochin Shipyard, Mazagon Dock, GRSE and Hindustan Aeronautics Ltd (HAL) fell up to 4%. The sharp pullback follows a surge in defence counters last week, when Cochin Shipyard and GRSE gained 41% and 40% respectively, and drone maker ideaForge soared 56%. HAL also rose 16% over the week, amid investor enthusiasm for India's rising defence manufacturing capacity and export potential. Operation Sindoor rally meets resistance The rally was sparked by the Indian military's high-profile demonstration of indigenous missile and drone capabilities under Operation Sindoor. The event, combined with expectations of large-scale defence orders, added Rs 1.8 lakh crore in market capitalisation to the sector between May 9 and May 17. However, the recent drop underscores investor caution in the short term. 'We see large orders being placed in FY26–27 led by the ordering of six submarines under P75I, three Kalvari-class submarines, next-generation Corvettes, and P-17B Frigates, besides a host of smaller vessels,' Antique Stock Broking said. Long-term outlook intact Despite the correction, analysts remain bullish on the sector's long-term trajectory. Antique Stock Broking projects that the combined order books of Cochin Shipyard, GRSE and Mazagon Dock could more than triple by FY27. The brokerage has a 'buy' rating on Mazagon Dock and GRSE, while maintaining a 'hold' on Cochin Shipyard, citing uncertainty over the timing and scale of the proposed IAC-II (Indigenous Aircraft Carrier II). Antique sees visibility on Rs 2.12 lakh crore worth of orders over FY26–27, including Rs 36,000 crore for additional Kalvari-class submarines and another Rs 70,000 crore for the P75I program. The Defence Acquisition Council has already approved Rs 8.45 lakh crore in orders between FY22 and FY25—more than triple the approvals from the previous three-year period. Looking ahead, Antique noted, 'Looking beyond FY27, we see the next wave of large-scale orders led by Project-18 destroyers and the indigenous Project-76 submarine program.' The recent correction follows a historical pattern. The Nifty Defence index had surged 350% between July 2022 and July 2024, before dropping 38% by February 2025 amid concerns over valuations. The success of Operation Sindoor has since reignited interest, but Monday and Tuesday's declines suggest that near-term volatility may persist, even as the structural story remains intact. Also read | Defence stocks enter overheated zone, says expert, suggests strategy for GRSE, Cochin Shipyard & 3 others ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Economic Times
20-05-2025
- Business
- Economic Times
Cochin Shipyard, ideaForge, GRSE and other defence stocks fall up to 7% as post-Sindoor rally unwinds
Operation Sindoor rally meets resistance Live Events Long-term outlook intact (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Cochin Shipyard ideaForge Technology , Garden Reach Shipbuilders & Engineers ( GRSE ), and other defence-linked companies extended losses on Tuesday, falling up to 7% as investors continued to book profits following a sharp rally driven by optimism around fresh orders and the success of Operation Shipyard dropped as much as 6.9% to Rs 1,847.60 on the BSE, while ideaForge fell 6.1% to Rs 536.25. GRSE declined 5.1% to Rs 2,356.05, and Mazagon Dock Shipbuilders lost 3.1% to Rs 3, fall comes after Monday's broad retreat in defence stocks , when Cochin Shipyard, Mazagon Dock, GRSE and Hindustan Aeronautics Ltd (HAL) fell up to 4%.The sharp pullback follows a surge in defence counters last week, when Cochin Shipyard and GRSE gained 41% and 40% respectively, and drone maker ideaForge soared 56%. HAL also rose 16% over the week, amid investor enthusiasm for India's rising defence manufacturing capacity and export rally was sparked by the Indian military's high-profile demonstration of indigenous missile and drone capabilities under Operation Sindoor. The event, combined with expectations of large-scale defence orders, added Rs 1.8 lakh crore in market capitalisation to the sector between May 9 and May the recent drop underscores investor caution in the short term. 'We see large orders being placed in FY26–27 led by the ordering of six submarines under P75I, three Kalvari-class submarines, next-generation Corvettes, and P-17B Frigates, besides a host of smaller vessels,' Antique Stock Broking the correction, analysts remain bullish on the sector's long-term trajectory. Antique Stock Broking projects that the combined order books of Cochin Shipyard, GRSE and Mazagon Dock could more than triple by FY27. The brokerage has a 'buy' rating on Mazagon Dock and GRSE, while maintaining a 'hold' on Cochin Shipyard, citing uncertainty over the timing and scale of the proposed IAC-II (Indigenous Aircraft Carrier II).Antique sees visibility on Rs 2.12 lakh crore worth of orders over FY26–27, including Rs 36,000 crore for additional Kalvari-class submarines and another Rs 70,000 crore for the P75I program. The Defence Acquisition Council has already approved Rs 8.45 lakh crore in orders between FY22 and FY25—more than triple the approvals from the previous three-year ahead, Antique noted, 'Looking beyond FY27, we see the next wave of large-scale orders led by Project-18 destroyers and the indigenous Project-76 submarine program.'The recent correction follows a historical pattern. The Nifty Defence index had surged 350% between July 2022 and July 2024, before dropping 38% by February 2025 amid concerns over valuations. The success of Operation Sindoor has since reignited interest, but Monday and Tuesday's declines suggest that near-term volatility may persist, even as the structural story remains intact.
Economic Times
19-05-2025
- Business
- Economic Times
Cochin Shipyard, Mazagon, HAL slip up to 4% as defence stocks retreat after last week's rally cools
This pullback comes after a strong rally last week, during which all four stocks recorded double-digit gains Shares of Mazagon Dock fell 4.2% to Rs 3,377.40 on the BSE, while Cochin Shipyard slipped 3.7% to Rs 1,960.05. HAL declined by up to 3% to Rs 4,972.10, and GRSE dropped 4.4% to Rs 2,372.20. This pullback comes after a strong rally last week, during which all four stocks recorded double-digit gains — with Cochin Shipyard and GRSE jumping over 40% between May 9 and May 17. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's defence stocks retreated on Monday, as investors locked in profits following last week's sharp gains. Shares of Cochin Shipyard Mazagon Dock Shipbuilders , Hindustan Aeronautics Ltd ( HAL ), and Garden Reach Shipbuilders & Engineers (GRSE) fell as much as 4%, pausing a spectacular run-up driven by bullish sentiment around new order flows and the success of Operation Sindoor Shares of Mazagon Dock slipped 4.2% to Rs 3377.40 on the BSE, while Cochin Shipyard declined 3.7% to Rs 1960.05. HAL dropped as much as 3% to Rs 4972.10, and GRSE fell 4.4% to Rs 2372.20. All four stocks had logged double-digit percentage gains in the previous week, with Cochin Shipyard and GRSE climbing over 40% from May 9 to May pullback reflects profit-taking after a dramatic rally sparked by the Indian military's successful demonstration of indigenous missile and drone capabilities during Operation Sindoor. The rally added Rs 1.8 lakh crore in market value to defence-related stocks since May 9. Drone-maker ideaForge Technology surged 56%, while Cochin Shipyard and GRSE notched up 41% and 40% gains, PSU HAL, which shared its FY26 guidance during its earnings call held post-market on Friday, had gained 16% last Monday's decline, analysts remain optimistic about the sector's long-term prospects. Antique Stock Broking expects a sharp acceleration in order flows over the next two years, particularly for shipbuilders like Mazagon Dock, GRSE, and Cochin Shipyard. 'We see large orders being placed in FY26–27 led by the ordering of six submarines under P75I, three Kalvari-class submarines, next-generation Corvettes, and P-17B Frigates, besides a host of smaller vessels,' the brokerage projects that the combined order books of the three shipbuilders could more than triple by FY27. It has a 'buy' rating on Mazagon Dock and GRSE, and a 'hold' on Cochin Shipyard due to uncertainty around the scale and timing of the proposed second indigenous aircraft carrier (IAC-II).The brokerage estimates strong visibility on Rs 2.12 lakh crore worth of orders expected to be awarded over FY26–27. These include Rs 36,000 crore for three additional Kalvari-class submarines expected in FY26, Rs 70,000 crore for the P75I submarine program likely to be finalised by FY27, Rs 36,000 crore for next-generation corvettes equipped with BrahMos missiles, and Rs 70,000 crore for the P-17B frigate Defence Acquisition Council has approved Rs 8.45 lakh crore in orders between FY22 and FY25—more than triple the amount cleared in the preceding three Cochin Shipyard awaits clarity on IAC-II, Antique said this overhang does not alter its broader bullish view. 'Looking beyond FY27, we see the next wave of large-scale orders led by Project-18 destroyers and the indigenous Project-76 submarine program,' the brokerage recent run is not without precedent. The Nifty Defence index surged 350% between July 2022 and July 2024, only to correct 38% by February 2025 amid investor caution. The success of Operation Sindoor has since reignited interest, but Monday's declines suggest that near-term volatility may persist, even as the structural story remains intact.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
19-05-2025
- Business
- Time of India
Cochin Shipyard, Mazagon, HAL slip up to 4% as defence stocks retreat after last week's rally cools
India's defence stocks retreated on Monday, as investors locked in profits following last week's sharp gains. Shares of Cochin Shipyard , Mazagon Dock Shipbuilders , Hindustan Aeronautics Ltd ( HAL ), and Garden Reach Shipbuilders & Engineers (GRSE) fell as much as 4%, pausing a spectacular run-up driven by bullish sentiment around new order flows and the success of Operation Sindoor . Shares of Mazagon Dock slipped 4.2% to Rs 3377.40 on the BSE, while Cochin Shipyard declined 3.7% to Rs 1960.05. HAL dropped as much as 3% to Rs 4972.10, and GRSE fell 4.4% to Rs 2372.20. All four stocks had logged double-digit percentage gains in the previous week, with Cochin Shipyard and GRSE climbing over 40% from May 9 to May 17. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 Most Beautiful Female Athletes in the World Click Here Undo The pullback reflects profit-taking after a dramatic rally sparked by the Indian military's successful demonstration of indigenous missile and drone capabilities during Operation Sindoor. The rally added Rs 1.8 lakh crore in market value to defence-related stocks since May 9. Drone-maker ideaForge Technology surged 56%, while Cochin Shipyard and GRSE notched up 41% and 40% gains, respectively. Defence PSU HAL, which shared its FY26 guidance during its earnings call held post-market on Friday, had gained 16% last week. Despite Monday's decline, analysts remain optimistic about the sector's long-term prospects. Antique Stock Broking expects a sharp acceleration in order flows over the next two years, particularly for shipbuilders like Mazagon Dock, GRSE, and Cochin Shipyard. 'We see large orders being placed in FY26–27 led by the ordering of six submarines under P75I, three Kalvari-class submarines, next-generation Corvettes, and P-17B Frigates, besides a host of smaller vessels,' the brokerage said. Live Events Antique projects that the combined order books of the three shipbuilders could more than triple by FY27. It has a 'buy' rating on Mazagon Dock and GRSE, and a 'hold' on Cochin Shipyard due to uncertainty around the scale and timing of the proposed second indigenous aircraft carrier (IAC-II). The brokerage estimates strong visibility on Rs 2.12 lakh crore worth of orders expected to be awarded over FY26–27. These include Rs 36,000 crore for three additional Kalvari-class submarines expected in FY26, Rs 70,000 crore for the P75I submarine program likely to be finalised by FY27, Rs 36,000 crore for next-generation corvettes equipped with BrahMos missiles, and Rs 70,000 crore for the P-17B frigate program. The Defence Acquisition Council has approved Rs 8.45 lakh crore in orders between FY22 and FY25—more than triple the amount cleared in the preceding three years. While Cochin Shipyard awaits clarity on IAC-II, Antique said this overhang does not alter its broader bullish view. 'Looking beyond FY27, we see the next wave of large-scale orders led by Project-18 destroyers and the indigenous Project-76 submarine program,' the brokerage noted. The recent run is not without precedent. The Nifty Defence index surged 350% between July 2022 and July 2024, only to correct 38% by February 2025 amid investor caution. The success of Operation Sindoor has since reignited interest, but Monday's declines suggest that near-term volatility may persist, even as the structural story remains intact. Also read | Defence stocks detonate in Rs 1.8 lakh crore boom. Is a ceasefire on the charts? ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
