New Delhi: Kochi-based Cochin Shipyard Limited (CSL) on Tuesday informed stock exchanges that it has been declared L1 in the tender floated by the Ministry of Defence for the construction of five Next Generation Survey Vessels (NGSVs) for the Indian Navy, with an estimated total order value of around ₹5,000 crore.
The development was disclosed in an exchange filing to both the BSE and the NSE, where the company is listed under the symbol COCHINSHIP.
The declaration as L1 — or lowest bidder — places CSL in pole position to secure the prestigious defence contract, subject to completion of procedural and contractual formalities. The company clarified that the final award will be announced after the necessary processes are concluded.
If confirmed, the contract would mark a significant addition to CSL’s defence portfolio at a time when India is accelerating indigenous naval capability under the broader Atmanirbhar Bharat push in defence manufacturing.
The Next Generation Survey Vessels are expected to play a critical role in hydrographic surveys, maritime mapping, and strategic naval operations. Such platforms are key to enhancing coastal security, seabed mapping, and navigation safety.
Industry observers note that large-value naval orders provide long-term revenue visibility and strengthen shipyard capacity utilisation, given the multi-year execution timelines typical of such projects.
In its filing, CSL stated that none of its promoters, promoter group, or group companies have any interest in the awarding entity. The company further clarified that the order does not fall under the purview of related party transactions, reinforcing compliance transparency.
The potential ₹5,000-crore contract comes amid heightened capital expenditure in India’s defence sector, particularly in naval modernisation. Over the past decade, CSL has expanded its footprint in complex defence platforms, including aircraft carriers, frigates, and auxiliary vessels.
The NGSV order, once formalised, could bolster CSL’s revenue pipeline and support margin stability, especially as defence contracts typically carry relatively better execution certainty compared to commercial shipbuilding cycles.
The final contract award and timeline details are awaited.