Cochin Shipyard Limited held its 54th Annual General Meeting (AGM) on September 29, 2026, through video conferencing. The meeting focused on adopting the audited financial statements for the fiscal year ended March 31, 2026, and confirming dividend payments.

The Chairman and Managing Director, Jose V J, chaired the session, which saw participation from 9,73,577 shareholders as of the cut-off date of September 22, 2026. A total of 66 shareholders attended the virtual meeting directly to cast votes during the session.

Key resolutions passed

The members transacted several ordinary and special resolutions. The standalone and consolidated reports of the independent auditors and the Comptroller and Auditor General of India (C&AG) for FY26 did not carry any qualifications.

The following table outlines the primary business items transacted at the meeting:

Dividend structure

The shareholders confirmed the payment of two interim dividends and declared a final dividend for FY26. The total payout comprises:

• First interim dividend: ₹4.00 per equity share (80%)
• Second interim dividend: ₹3.50 per equity share (70%)
• Final dividend: ₹1.50 per equity share (30%)

All dividends are calculated on a face value of ₹5 per equity share.

Governance and appointments

The meeting approved the appointment of three new directors to the board. Shri Mukesh Mangal (ITS) and Smt. Anupama T. V. (IAS) were appointed as part-time official nominee directors. Dr. Vani Ahluwalia was appointed as a non-official independent director via a special resolution.

Dr. Harikrishnan S, who retired by rotation, was re-appointed as a director. The board also received ratification for the remuneration of cost auditors for FY27 and authorization to fix the remuneration for statutory auditors appointed by the C&AG.

Voting and compliance

The company provided remote e-voting facilities from September 26 to September 28, 2026. CS Sreekumar P. S., partner at M/s. SVJS & Associates, served as the scrutiniser. The consolidated voting results were scheduled to be communicated to stock exchanges within 48 hours of the meeting's conclusion.

Cochin Shipyard Limited has executed a Share Purchase Agreement to acquire a 23% equity stake in Conoship International Holding B.V., a Netherlands-based ship design and engineering firm. The transaction, valued at €2.30 million, was finalized on September 24, 2026, following board approval earlier this year.

This strategic move aims to help the Indian shipbuilder penetrate the European coastal and short-sea shipping segments with advanced design solutions. Cochin Shipyard and Conoship will jointly explore opportunities in alternate fuels for short-sea vessels, coastal shipping, inland waterways, and other marine services.

Deal Structure and Timeline

The acquisition involves cash consideration and is structured as a non-related party transaction. Clearance from the Department of Investment and Public Asset Management (DIPAM) has been obtained. The company expects the acquisition to be completed within two months of the agreement signing.

Target Company Financials

Conoship International Holding B.V., incorporated in February 2014, specializes in designing general cargo vessels, tankers, dredgers, ferries, and offshore vessels. The target’s financial performance shows consistent growth in group turnover over the last three years.

What the Numbers Show

The valuation implies a price-to-sales multiple of approximately 0.57x based on Conoship’s FY24 group turnover excluding intercompany adjustments (€2.30 million consideration / €4 million revenue). This suggests a strategic entry point relative to the target’s current revenue base, prioritizing access to European design capabilities and technology partnerships over immediate earnings accretion, given the modest net profit of €0.22 million.