Cochin Shipyard Ltd

AGM Details

• AGM held on 29-09-2026 from 11:00 to 11:50 via VC/OAVM.
• Record date: 22-09-2026; on record: 973,577 shareholders.

Dividend and Financials

• First interim dividend: Rs 4.00 (80%); second interim: Rs 3.50 (70%); final: Rs 1.50 (30%).

Key Resolutions

• Ordinary: Adopt standalone financial statements for year ended 31 March 2026 — passed.
• Ordinary: Adopt consolidated financial statements for year ended 31 March 2026 — passed.
• Ordinary: Declare dividends for FY26 — passed with 98.39% in favour.
• Ordinary: Re-appoint Dr. Harikrishnan S by rotation — passed with 95.51% in favour.
• Ordinary: Fix remuneration of auditors (C&AG) for 2026-27 — passed.
• Ordinary: Appoint Mukesh Mangal as Part-time Official Director — passed with 92.28% in favour.
• Ordinary: Appoint Anupama T. V. IAS as Part-time Official Director — passed with 93.66% in favour.
• Special: Appoint Dr. Vani Ahluwalia as Independent Director — passed with 94.01% in favour.
• Ordinary: Ratify remuneration of Cost Auditors for 2026-27 — passed.

Director Changes

• Retiring director Harikrishnan S re-appointed by rotation.
• Mukesh Mangal appointed Part-time Official Director (Nominee).
• Anupama T. V. IAS appointed Part-time Official Director (Nominee).
• Dr. Vani Ahluwalia appointed Independent Director.

Auditors

• Board authorised to fix remuneration of C&AG-appointed auditors for 2026-27.
• Remuneration of Cost Auditors for 2026-27 ratified.

agm details

• AGM held Sep 29, 2026 at 11:00 hrs via VC/OAVM.
• Shareholders on cut-off: Sep 22, 2026; total 9,73,577.

resolutions

• Adopt standalone financial statements for FY ended March 31, 2026 (Ordinary).
• Adopt consolidated financial statements for FY ended March 31, 2026 (Ordinary).
• Approve interim dividends ₹4.00, ₹3.50, and final ₹1.50 per share (Ordinary).
• Reappoint Dr. Harikrishnan S by rotation (Ordinary).
• Authorise Board to fix remuneration of C&AG-appointed auditors for 2026-27 (Ordinary).
• Appoint Mukesh Mangal ITS as Part-time Official (Nominee) Director (Ordinary).
• Appoint Anupama T. V. IAS as Part-time Official (Nominee) Director (Ordinary).
• Appoint Dr. Vani Ahluwalia as Non-official Independent Director (Special).
• Ratify remuneration of Cost Auditors for 2026-27 (Ordinary).

dividend

• Dividend: first interim ₹4.00, second interim ₹3.50, final ₹1.50 per share.

voting results

• Outcome of resolutions not disclosed in the summary.

director changes

• Appointment/re-appointment: Dr. Harikrishnan S re-appointed by rotation.
• Shri Mukesh Mangal ITS appointed Part-time Official (Nominee) Director.
• Smt. Anupama T. V. IAS appointed Part-time Official (Nominee) Director.
• Dr. Vani Ahluwalia appointed Non-official Independent Director.

auditors

• Remuneration of C&AG-appointed auditors for 2026-27 to be fixed by the Board.
• Cost Auditors' remuneration for 2026-27 ratified.

Target and deal details

• Conoship International Holding B.V., Netherlands-based ship design and engineering company.
• 2024 group turnover €4.0m (excl intercompany) and €4.95m including intercompany.
• Not a related-party transaction; no promoter or group interest.
• Industry: Ship design and engineering.
• Rationale: 23% stake to penetrate European coastal and short-sea shipping with advanced design solutions.
• Regulatory approvals: DIPAM clearance obtained.
• Timeline: Completion within two months.
• Consideration: Cash.
• Price: €2.30 million.
• Shareholding: 23% equity stake.
• Background: Netherlands-based Conoship, incorporated Feb 13, 2014, designs general cargo vessels, tankers, dredgers, ferries and offshore vessels.

Cochin Shipyard Limited trading window closed from October 01, 2026 till 48 hours after the financial results for quarter ended September 30, 2026, is made public.

Financial Performance

• Q1 FY27 turnover INR 1,094.21 cr vs INR 1,068.59 cr in Q1 FY26
• PBT INR 202.49 cr vs INR 249.54 cr in Q1 FY26
• PAT INR 151.45 cr vs INR 187.82 cr in Q1 FY26
• EBITDA margin for quarter ~24%
• PAT margin ~14%

Orders and Pipeline

• Current unexecuted order book ~INR 22,000 cr
• L1 for five next‑gen survey vessels for Indian Navy ~INR 5,000 cr
• Post‑contract order book ~INR 27,000 cr

Strategic Projects and Capex

• ISRF 50:50 JV with Drydocks World Dubai; slump sale basis INR 1,800 cr; JV to be signed
• Block Fabrication Facility at Kochi: CSL to develop independently at smaller scale; potential future partnership
• Vadinar ship repair facility with Deendayal Port Authority; two floating drydocks; ~250 m vessels; environmental clearance; 36 months after clearance
• Potential DDW collaboration for Vadinar operations
• V.O. Chidambaranar Port Tuticorin: 30‑year lease; one‑time INR 305.76 cr; 110 acres land + 17.29 acres waterfront
• Greenfield/Brownfield expansions to be funded via debt and equity; Shipbuilding Development Scheme support sought; Maritime Development Fund subvention up to 3%

Cash Flow and Guidance

• FY26 negative operating cash flow due to inventory/receivables; positive cash flow expected from FY27 with vessel deliveries
• Return on capital (ROC) targeted around 14%–15% for new investments

Q&A Highlights

• Green Maritime Propulsion JV with HBL: target revenue INR 640 cr by year 5; EBITDA ~20%; capex INR 50 cr; CSL 40% stake
• JV will marinize batteries; turnover from battery systems; revenue of tug remains with JV; HBL 60% stake
• NGSV pipeline: expected contract ink around November this year; LPD, MCMV, P-17 Bravo bids discussed
• Drydocks World ISRF JV: 60:40 split; ISRF turnover ~INR 600 cr in 2 years; 1,000–1,200 cr in 5 years
• Dredger for DCI ~INR 1,300 cr; commercial tenders and export orders discussed; timelines vary
• Block Fabrication capacity: current ~12,000 tpa; planned facility ~60,000 tpa; total ~72,000 tpa with existing
• Tuticorin/Udupi/Vadinar timelines: environmental clearances and approvals required; ISRF/JV framework outlined