Chowgule Steamships

What Chowgule Steamships does

Chowgule Steamships Limited is an Indian publicly listed marine shipping and shipbuilding company founded in 1963 and headquartered in Mumbai. The company operates through two principal business lines: traditional shipping operations via its subsidiary CSOL, and shipbuilding through the revived Chowgule Shipyards facility in Mangaluru and Chowgule & Company's manufacturing base in Goa. The Mangaluru shipyard was recommissioned within 18 months following the acquisition of a formerly bankrupt facility and delivered its first export-grade vessel, the 8,500 DWT general cargo vessel Frisian Future, to Dutch shipping operator Boomsma Shipping in May 2026.

The company's core technology centers on advanced propulsion systems, including combined diesel-electric and wind-assisted propulsion that delivers approximately 30% lower emissions than conventional vessels. Produced vessels meet international regulatory standards including IMO Tier III, SOLAS, and MARPOL requirements. Chowgule is also manufacturing six indigenous hovercrafts for the Indian Coast Guard with first delivery scheduled for May 2026, supporting India's 'Make in India' defense procurement objectives. The shipyard revival is reported to support over 6,000 direct and indirect jobs.

Chowgule's revenue model combines recurring shipping operations (vessel charter and maritime services) with one-time vessel construction contracts for international and government customers. Recent quarterly standalone financial performance shows declining revenue (down 18.18% YoY to Rs 0.81 crore in Q2 FY2025-26), negative EPS of -0.04, and an operating profit margin of -61.73%. The company is currently subject to multi-agency corporate governance complaints filed by a promoter-shareholder with SEBI, NCLT, the Registrar of Companies, and the Income Tax Department regarding related-party transactions and inter-company loan write-backs exceeding $99 million. Management structure features Vijay Chowgule holding both Managing Director and CFO roles concurrently.

Name

Chowgule Steamships

Legal name

Chowgule Steamships Limited

Website

https://chowgulesteamships.co.in

Company type

Public

Founded year

1963

Operating status

Operating

Headcount range

1–10 employees

Short description

Chowgule Steamships Limited is an Indian publicly listed marine shipping and shipbuilding company operating revived shipyards in Mangaluru and Goa, producing export-grade vessels for international shipping operators and indigenous hovercrafts for the Indian Coast Guard.

Ownership category

akta.pro rank

Product category

Shipbuilding & Marine Transportation

NAICS

Ship and Boat Building (3366), Ship Building and Repairing (336611), Support Activities for Water Transportation (4883)

SIC

Ship & Boat Building & Repairing (3730), Water Transportation (4400)

akta.pro primary industry

Barge & Coastal Freighter Shipbuilding (IMAJAAAK)

Keywords

• Marine shipping services
• Shipbuilding manufacturing
• General cargo vessels
• Defense vessel production
• Maritime transportation

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Infrastructure, Personnel, Operations

Revenue model

1. Shipping Operations: Core shipping business operations generating revenue through vessel charter, leasing, and maritime services. The company reported standalone financial performance with negative EPS of -0.04 and nil return on net worth for FY 2025-26.
2. Vessel Manufacturing and Sales: Shipbuilding operations producing export-grade cargo vessels for international shipping companies. Revenue generated through vessel construction and delivery contracts.
3. Loans and Leases with Group Entities: Related party transactions including loans and leases with group entities such as Dolphin Investments Limited and Angre Port Private Limited.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Chowgule Steamships operates a revived export-grade shipyard in Mangaluru that builds general cargo vessels with diesel-electric and wind-assisted propulsion for international shipping companies, and manufactures indigenous hovercrafts at its Goa facility for the Indian Coast Guard. The company also retains its original maritime transportation business through subsidiary CSOL, handling vessel ownership and charter services.

Product overview

Chowgule Steamships operates as a shipping company with operations spanning vessel ownership through its subsidiary CSOL, and shipbuilding through its revived Chowgule Shipyards facility in Mangaluru. The shipyard produces export-grade vessels including the Frisian Future general cargo vessel and manufactures indigenous hovercrafts for the Indian Coast Guard. The company is also involved in maritime transport services, though recent corporate governance concerns have been raised by promoter-shareholders regarding subsidiary operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Frisian Future General Cargo Vessel An 8,500 DWT general cargo vessel featuring combined diesel-electric and wind-assisted propulsion that delivers approximately 30% lower emissions than conventional equivalents and meets IMO Tier III, SOLAS, and MARPOL standards. Built at Chowgule Shipyards Mangaluru and sold to Boomsma Shipping of the Netherlands.
• Indigenous Hovercrafts for Indian Coast Guard Six indigenous hovercrafts manufactured by Chowgule & Company for the Indian Coast Guard, offering faster spare parts availability and reduced maintenance costs compared to imported alternatives for coastal surveillance and maritime security operations.
• Chowgule Shipyards Shipbuilding Services Shipbuilding facility services at the revived Mangaluru shipyard, producing export-grade vessels meeting global standards (IMO Tier III, SOLAS, MARPOL) for international shipping operators. The shipyard was recommissioned within 18 months after acquiring a formerly bankrupt facility.
• Chowgule Steamships Shipping Operations Maritime transportation and vessel ownership services operated through subsidiary CSOL, including vessel charter, leasing, and related maritime services.

Quantifiable outcome

• 30% lower emissions compared to conventional vessels
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Boomsma ShippingcoreChannel Partner/ Reseller/ Distributor · 12 May 2026Dutch shipping company that purchased the Frisian Future, an 8,500 DWT general cargo vessel with diesel-electric and wind-assisted propulsion from Chowgule Shipyards. The vessel delivers approximately 30% lower emissions than conventional equivalents.
• MJP (Massey Ferguson/Jabsco - Waterjet Systems)coreTechnology or Integration · 13 February 2026Sweden-based waterjet propulsion system manufacturer. MJP inaugurated its third global manufacturing facility in Goa, India (first in Asia), to supply waterjet systems for Indian Coast Guard vessels. 100+ systems currently in active service with 42 more being installed at Mazagon Docks in Mumbai. MJP reviewed Chowgule & Company's manufacturing of indigenous hovercrafts for the ICG.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Hyundai Heavy Industries: South Korean global shipbuilding leader building commercial cargo vessels, offshore platforms, and naval ships. Comparable as the dominant Asian shipbuilder whose commercial cargo and emissions-compliant propulsion investments (LNG, ammonia-ready) define the competitive landscape for Chowgule's European export ambitions.
• Sembcorp Marine Limited: Singapore-listed global shipbuilder and offshore engineering firm building rigs, FPSOs, and specialized vessels. Comparable as a regional shipyard serving global commercial and offshore customers with emissions-compliant vessels, representing the scale and technology benchmark for Indian yards pursuing export share.
• Larsen & Toubro Shipbuilding: L&T's shipbuilding division builds commercial vessels, defense ships, and submarines from Indian yards. Comparable as a much larger Indian incumbent offering both commercial and defense shipbuilding, illustrating the scale and execution bar Chowgule must clear to win material export and defense share.

Direct peers

• Cochin Shipyard Limited: India's largest public-sector shipyard (NSE: COCHINSHIP) building commercial vessels, defense ships, and offshore platforms. Directly comparable as an Indian shipbuilder pursuing both export-grade commercial and indigenous defense contracts under 'Make in India'.
• ABG Shipyard Limited: Indian private shipbuilder that went into insolvency in 2017 after building large commercial vessels including for European clients. Highly comparable as a cautionary parallel - an Indian private yard that built export-grade vessels for European buyers but ultimately failed financially, mirroring the strategic and execution risks Chowgule now faces.
• Damen Shipyards Group: Dutch shipbuilder producing commercial vessels, tugs, and patrol craft for global markets including defense customers. Comparable as the European commercial shipbuilder whose yard network and customer base (including Dutch shipping operators like Boomsma) overlap directly with Chowgule's target export customer set.
• Reliance Naval and Engineering Limited: Indian shipyard formerly known as Reliance Defence, now under NCLT insolvency resolution. Directly comparable as an Indian private shipyard that experienced financial distress and revival challenges - similar narrative arc to Chowgule's revival of defunct shipyard assets, though Reliance Naval sits on the failure side of that arc.
• Garden Reach Shipbuilders & Engineers Limited: Indian defense shipbuilder (NSE: GRSE) building frigates, corvettes, and patrol vessels for Indian Navy and Coast Guard. Comparable as a publicly-listed Indian shipyard serving similar government defense customers with focus on indigenous vessel manufacturing.
• Mazagon Dock Shipbuilders Limited: Indian public-sector defense shipbuilder (NSE: MAZDOCK) building warships, submarines, and destroyers for the Indian Navy. Comparable as a Mumbai-headquartered, publicly-listed Indian shipyard delivering government defense contracts under indigenous manufacturing programs - same customer base (ICG, Navy) as Chowgule's hovercraft program.
• Griffon Hoverwork: UK-based manufacturer of commercial and military hovercraft serving coast guards, navies, and offshore operators globally. Comparable as a specialist hovercraft manufacturer competing for the same Indian Coast Guard and similar maritime security customers that Chowgule's Goa facility now serves.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chowgule Steamships