Madhu S. Nair, Chairman and Managing Director of Cochin Shipyard Ltd (CSL), is set to complete a decade at the helm of the Kerala-based shipbuilding giant on Saturday.
The day also coincides with his superannuation, which follows a stellar career at CSL spanning more than three decades.
His story at CSL began in June 1988, when he joined as a Management Trainee. Over the years, he played key roles in various departments of the shipbuilding firm before assuming charge as its Chairman and MD on January 1, 2016.
He now holds a Bachelor’s degree in Naval Architecture and Ship Building from Cochin University of Science & Technology (CUSAT) and a Master’s degree in Naval Architecture and Ocean Engineering from Osaka University, Japan. He is also a Fellow of the Royal Institution of Naval Architects (UK) and a Fellow of the Institution of Naval Architects, India.
A key milestone of his tenure at CSL was the successful Initial Public Offer (IPO) in August 2017, through which CSL raised Rs 1,443 crore, marking its transition into a listed entity. This paved the way for a significant organisational and operational transformation, making CSL a globally competitive shipbuilding and ship repair firm.
Other important advances CSL made during his tenure were the establishment of the Hooghly Cochin Shipyard Limited, a Rs 180 crore subsidiary shipyard in West Bengal to boost inland waterways vessel production; the acquisition of Tebma Shipyards in Karnataka (through the NCLT process), which is now the Udupi Cochin Shipyard; establishing seven ship repair units across India; and most importantly, the construction and delivery of India’s first indigenously built Aircraft Carrier, INS Vikrant, commissioned into the Indian Navy in September 2022.
Other important infrastructure investments completed during this period include the commissioning of India’s largest dry dock at Kochi at a cost of Rs 1,799 crore, as well as the development of the International Ship Repair Facility (ISRF) at a cost of Rs 970 crore, significantly boosting CSL’s capability to handle large naval and commercial vessels.
This translated into CSL hitting its highest-ever financial performance, with a consolidated turnover of Rs 4,820 crore and Profit After Tax of Rs 827 crore in FY 2024-25. This period also saw the shipbuilder's credit ratings upgraded to AAA by India Ratings & Research and CARE.
Notably, CSL was also upgraded from a ‘Schedule B’ to a ‘Schedule A’ Central Public Sector Enterprise (CPSE) by the Government of India in July 2023.
Mr Nair, who has guided the formulation of CSL's roadmap in line with India's larger maritime ambitions under the Maritime India Vision 2030 and the Maritime Amrit Kaal 2047, approved key strategic initiatives for CSL’s future at his final board meeting at the company on Wednesday.
Cochin Shipyard has further notified that after his superannuation, the additional charge of Chairman & Managing Director will be held by Jose V.J., Director (Finance), until further orders.
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