Cochin Shipyard Limited approved the formation of a joint venture with HBL Engineering Limited focused on electric mobility and energy storage solutions for the marine sector, alongside plans to acquire a minority stake in Netherlands-based ship design firm Conoship International Holding B.V., as part of a broader push to expand technology capabilities and overseas presence.
The board of Cochin Shipyard cleared the proposal to set up a joint venture company with HBL Engineering to develop electric propulsion and energy storage technologies for marine applications. Under the proposed shareholding structure, HBL Engineering will hold 60 percent of the joint venture, while Cochin Shipyard will hold 40 percent. The venture is intended to cater to both domestic and international markets, with the consideration for share capital and detailed commercial terms to be finalised at the time of signing the definitive agreement.
The company said the joint venture will focus on developing indigenous solutions for electric and hybrid propulsion systems in the marine space. The arrangement does not fall under related party transactions, and the authorised share capital of the joint venture company will be determined at a later stage.
In a separate move, Cochin Shipyard approved the acquisition of 23 percent equity shares in Conoship International Holding B.V., a ship design and engineering company based in the Netherlands. The investment is aimed at establishing a footprint in the European market through access to advanced ship design capabilities, particularly for coastal and short-sea shipping segments.
Conoship provides ship design and engineering services for a range of vessels, including general cargo ships, tankers, dredgers, ferries and offshore vessels. For the year ended 31 December 2024, Conoship reported group turnover of EUR 4.0 million excluding intercompany adjustments and EUR 4.95 million including intercompany adjustments, with a group net profit of EUR 0.22 million. The proposed acquisition will be executed through a cash consideration, with the price to be finalised upon signing the definitive agreement. Completion is expected within six months, subject to approvals from the Ministry of Ports, Shipping and Waterways and the Department of Investment and Public Asset Management.
The board also declared a second interim dividend of INR 3.50 per equity share of face value INR 5 for the financial year 2025–26. The record date has been fixed as 3 February 2026, and the dividend is scheduled to be paid on or before 26 February 2026.
Following these decisions, the company reported its unaudited consolidated financial results for the quarter and nine months ended 31 December 2025. Consolidated revenue from operations for the quarter stood at INR 13.50 billion, compared with INR 11.48 billion in the corresponding quarter a year earlier, while profit after tax declined to INR 1.45 billion from INR 1.77 billion.
For the nine months ended 31 December 2025, consolidated revenue from operations increased to INR 35.38 billion from INR 30.62 billion in the same period of the previous year, while profit after tax fell to INR 4.40 billion from INR 5.40 billion.
Cochin Shipyard Limited is a Government of India-owned shipbuilding and ship repair company with operations spanning vessel construction, repair and marine engineering services.
