Cochin shipyard Limited delivered a robust performance in the third quarter of FY2026, demonstrating strong operational execution across its shipbuilding and ship repair segments. The company's Board of Directors approved the quarterly results at their meeting held on January 28, 2026, alongside several strategic corporate decisions.

Financial Performance Highlights

The company's consolidated financial results for Q3FY26 showed solid growth momentum across key metrics:

For the nine months ended December 31, 2025, the company achieved consolidated revenue of ₹353,759.17 lakhs compared to ₹306,230.76 lakhs in the corresponding period last year, representing growth of 15.5%. Net profit for the nine-month period stood at ₹44,002.82 lakhs.

Segment-wise Performance

The company's business segments showed varied performance during the quarter:

The shipbuilding segment demonstrated exceptional growth, while the ship repair segment experienced a decline compared to the previous year's strong performance.

Dividend Declaration

The Board declared a second interim dividend of ₹3.50 per equity share of face value ₹5.00 each (70%) for the financial year 2025-26. Key dividend details include:

Strategic Corporate Initiatives

The company announced two significant strategic moves to strengthen its market position and technological capabilities.

Joint Venture with HBL Engineering Limited

Cochin Shipyard approved the formation of a joint venture company with HBL Engineering Limited to develop electric mobility technology and energy storage solutions in the marine space. The proposed shareholding structure allocates 60% to HBL and 40% to Cochin Shipyard. This collaboration aims to leverage complementary strengths for developing indigenous capabilities in sustainable marine technologies, aligning with the Government of India's Aatmanirbhar Bharat vision.

Acquisition of Conoship International Holding B.V.

The Board approved acquiring 23% equity shares in Netherlands-based Conoship International Holding B.V., a leading ship design and engineering company. Conoship reported group turnover of 4 million Euros for 2024 and serves shipyards worldwide with diverse vessel designs including cargo vessels, tankers, dredgers, ferries, and offshore vessels. This acquisition will help Cochin Shipyard penetrate European coastal and short-sea shipping markets while exploring opportunities in alternate fuel technologies.

Operational Challenges

The company continues to manage the suspended construction of two passenger vessels originally ordered in 2015 by a Union Territory administration at a contract value of ₹819 crore. With approximately 65% construction completed and ₹665.60 crore received in payments, the Ministry of Ports, Shipping and Waterways directed book transfer of the vessels on January 17, 2025, pending Cabinet Committee of Security and Acceptance of Necessity Committee approvals.

Financial Position

The company maintains a strong financial position with consolidated networth of ₹575,481.72 lakhs as of December 31, 2025, compared to ₹541,556.57 lakhs in the previous year. The debt-equity ratio stood at 0.17, while the current ratio remained stable at 1.30. The company continues to hold its AAA credit rating, reflecting strong financial health.

Funding Decision

The Board decided not to proceed with the previously approved US$ 50 million non-convertible senior unsecured fixed rate notes issuance, citing significant changes in economic conditions that made domestic borrowing more cost-effective and changes in sustainability project implementation methodology.

Source: Exclusive content from company filings

Cochin Shipyard Limited has announced the extension of Chairman & Managing Director Shri Madhu Sankunny Nair's tenure till January 31, 2026. The decision was approved by the Appointments Committee of the Cabinet, Department of Personnel and Training, Government of India, as communicated through the Ministry of Ports, Shipping and Waterways.

Leadership Continuity

The extension details are outlined in the following table:

The company has confirmed that Shri Madhu Sankunny Nair is not related to any existing Directors and meets all regulatory compliance requirements. He is not debarred from holding directorship by SEBI or any other authority and is not disqualified under Section 164 of the Companies Act, 2013.

Professional Background and Qualifications

Shri Madhu Sankunny Nair brings extensive expertise to his leadership role. He holds a Bachelor of Technology degree in Naval Architecture and Ship Building from Cochin University of Science & Technology, achieved in first class. His academic credentials are further strengthened by a Masters in Engineering in Naval Architecture and Ocean Engineering from Osaka University, Japan.

His international training includes specialized programs at IHI Shipyard in Kure, Japan, and JICA Specialized training at Overseas Vocational Training Centre (OVTA), Tokyo and Osaka International Centre, Osaka, Japan. He also conducted research at the Joining & Welding Research Institute during his Masters program.

Organizational Transformation

Under Nair's leadership since January 2016, Cochin Shipyard Limited has undergone significant transformation. The company evolved from a single unit operation to a comprehensive multi-unit organization comprising seven units spread across South, West & East coasts of India. This expansion includes the main yard for shipbuilding and ship repair, four dedicated ship repair units, and two subsidiaries.

Key achievements during his tenure include:

• Successful Initial Public Offer leading to company listing
• Upgrade to 'Schedule A' CPSE status, the highest categorization for a Central Public Sector Enterprise
• Strategic international collaborations with technology partners
• Securing significant international orders

Recognition and Additional Responsibilities

Nair's contributions to the maritime industry have earned him several prestigious recognitions. Recent accolades include the 2024 Management Leadership Award, Rotary Icon 2023 Award, CUSAT Distinguished Alumni Award 2022, and Samudra Manthan Prof K R Bhandarkar Award 2022, among others.

He holds fellowship memberships with The Royal Institution of Naval Architects, UK (RINA) and Institution of Naval Architects, India. Additionally, he serves as Chairman of both Hooghly Cochin Shipyard Limited and Udupi Cochin Shipyard Limited, the wholly owned subsidiaries of Cochin Shipyard Limited.

With over 37 years of professional experience since joining as Executive Trainee in June 1988, Nair has demonstrated comprehensive expertise across all aspects of shipyard management. His "people first policy" philosophy aims to transform the organization into a knowledge-based enterprise, emphasizing human capital development as a key strategic driver.