Rs 22,500 Crore Order Book & 600 Per Cent Multibagger Returns in 2 Years: Defence Ship Building Stock Secures Order for 2 New Tugs from Polestar Maritime
The stock gave multibagger returns of 600 per cent in just 2 years, whereas the BSE Sensex Index is up by 31 per cent.
Polestar Maritime Limited, has placed an order for 2 nos. of 70 T Bollard Pull Tugs on Cochin Shipyard Limited (CSL), the leading shipyard in India. This is in addition to the 3 nos. of the 70 T Bollard Pull Tugs contracted earlier with Udupi Cochin Shipyard Limited (Udupi-CSL), a wholly owned subsidiary of CSL. Polestar Maritime is a major player in the niche market of harbour tugs, coastal towing & assistance and marine services at ports.
The tugs will be built to the designs of Robert Allan Limited, world’s leading design house for harbour tugs. CSL and Udupi-CSL have introduced the Robert Allan Tugs in India, complying with the Approved Standard Tug Design and Specifications (ASTDS), promulgated by Government of India, for promoting Atma Nirbhar Bharath initiatives. CSL and Udupi-CSL have benchmarked the delivery timelines and quality of the tugs being constructed in India and Udupi-CSL has been piloting the initial projects under this scheme.
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The vessels will be jointly constructed by CSL and Udupi-CSL under a work-share agreement in CSL’s yard in Cochin. The vessels will be propelled by 2-Main Engines of 1838 kW and 2.7m Propellers from Niigata IHI Power Systems Co. Ltd., Japan.
CSL Group has already delivered 4 tugs under the Make in India Initiative program and with this contract, the present order book includes 18 tugs and 2 green tugs, which are in various stages of construction.
“CSL is very happy to receive a repeat order from Polestar and is also committed to transform the industry by introducing the Battery Electric Tugs through the upcoming Green Tug Transition Programme (GTTP) announced by the Govt. of India.” said Mr. Madhu Nair, the Chairman and Managing Director of CSL.
Cochin Shipyard Ltd (CSL) is a leading player in the construction of all kinds of vessels, repairs and refits of all types of vessels, including periodic upgradation and life extension of ships. The company has a market cap of over Rs 60,000 crore and as of June 30, 2024, the company’s order book stands at approx. Rs 22,500 crore
According to Quarterly Results, net sales increased by 37 per cent to Rs 1,758 crore, operating profit decreased by 8 per cent to Rs 266 crore and net profit increased by 11 per cent to Rs 287 crore in Q4FY25 compared to Q4FY24. In its annual results, net sales increased by 26 per cent to Rs 4,820 crore and net profit rocketed by 171 per cent to Rs 827 crore in FY25 compared to FY24.
The stock gave multibagger returns of 600 per cent in just 2 years, whereas the BSE Sensex Index is up by 31 per cent.
Recently, Cochin Shipyard Limited (CSL) and Drydocks World are intensifying their collaboration to significantly enhance India's ship repair and offshore fabrication capabilities, building on a recent MoU signed in Mumbai. This strategic partnership, aligned with India's Maritime India Vision 2030 and Amrit Kaal Vision 2047, aims to integrate global best practices and expand capacity, beginning with joint operations at CSL's International Ship Repair Facility (ISRF) in Kochi. The initiative will not only create a world-class ship repair ecosystem for both domestic and international fleets but also bolster offshore fabrication and marine engineering training, positioning India as a global maritime hub.
Disclaimer: The article is for informational purposes only and not investment advice.