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Stock Analysis

Description

SEAMEC Limited is an Indian company operating in the offshore support services and marine contracting sector, providing a range of services through its fleet of vessels. It is part of the MMG Group.

Key Growth Triggers

Strategic fleet expansion with acquisitions like SEAMEC AGASTYA and plans for future capital expenditure (MOU for Rs 1,000 Cr).
Securing new charter hire agreements and long-term contracts with major clients like ONGC and Larsen & Toubro provides revenue visibility.
Focus on offshore oil & gas sector growth drivers.

Order Book

The company regularly secures charter hire contracts and subcontracts. Notable recent contracts include Larsen & Toubro (Rs 28.85 Cr) for SEAMEC GLORIOUS, G R Infraprojects (USD 16.72 million) for SEAMEC III, and a 5-year charter for SEAMEC AGASTYA (approx. US$43.07 million) with HAL Offshore.

Key Red Flags

Recent Q2 FY26 consolidated net loss, with prior periods showing volatile profitability.
Occasional vessel breakdowns and off-hire periods impacting operations and revenue.
Credit rating remains on 'Watch Developing' by CRISIL.
Removal of CEO due to non-performance was a governance event.

Key Dates To Watch

Monitoring vessel operational status, drydocking schedules, and resumption of charter hire.
Upcoming financial results announcements and earnings calls for future performance insights.
Updates from credit rating agencies on the 'Watch Developing' status.

Corporate Announcements

10th Apr 26

Impact Rating: 6

SEAMEC LIMITED confirmed that its vessel, 'SEAMEC DIAMOND', is back in operation and has resumed its contract with ONGC from April 10, 2026, following statutory drydocking.

7th Apr 26

Impact Rating: 5

SEAMEC LIMITED has submitted a regulatory certificate confirming adherence to SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended March 31, 2026. The registrar verified dematerialisation processing.

1st Apr 26

Impact Rating: 6

SEAMEC Limited's Rs. 533 crore bank loan facilities are under CRISIL's 'Rating Watch Developing' for both long-term (CRISIL A+) and short-term (Crisil A1) ratings. The agency continues to monitor developments.

1st Apr 26

Impact Rating: 7

SEAMEC Limited's total bank facilities of ₹533.00 crore are currently under CRISIL's 'Rating Watch with Developing Implications'. The rating agency has assigned a short-term rating of Crisil A1 and reaffirmed the long-term rating as CRISIL A+.

31st Mar 26

Impact Rating: 3

SEAMEC LIMITED is closing its trading window for designated persons and immediate relatives from April 1, 2026. The window will reopen 48 hours after the dissemination of the Audited Standalone and Consolidated Financial Results for the period ending March 31, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	GE Shipping Co	1122.50	8.98	16025.61	2.65	581.41	28.01	1241.78	-8.32	13.86	4903.16	50.65	1784.46	581.41	1.05	10.90	0.08
2.	S C I	214.63	12.43	9997.47	3.07	189.16	-35.09	1338.87	-7.71	9.81	5295.70	30.54	803.99	189.16	1.17	7.02	0.33
3.	Shreeji Ship. Gl	362.55	43.65	5906.60	0.00	42.70	32.19	162.19	11.30	33.65	607.61	32.83	124.93	42.71	8.28	18.25	0.30
4.	SEAMEC Ltd	1072.20	23.74	2726.07	0.00	-25.84	-950.00	82.41	6.10	12.26	618.28	37.15	114.84	-25.84	2.62	8.59	0.33
5.	Essar Shipping	24.97	9.90	516.82	0.00	-15.65	-130.75	0.01	-99.99	–	-138.39	-33.60	52.20	-21.15	–	-0.91	–
6.	ABS Marine	199.70	9.76	490.26	0.00	31.33	291.78	136.04	69.94	14.20	235.84	37.27	50.22	30.99	1.87	8.81	1.34
7.	Transworld Shipp	166.52	110.14	365.68	0.90	-9.16	-160.34	98.09	-21.35	6.83	420.63	26.88	3.32	-12.84	0.48	3.66	0.38
–	Median: 9 Co.	199.7	13.02	516.82	0.0	4.17	-8.35	98.09	-7.16	12.86	420.63	32.83	52.2	4.17	1.33	7.02	0.35

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	75	95	117	195	67	197	223	205	78	140	194	201	82
Expenses	41	74	91	147	46	111	129	132	65	96	103	107	82
Operating Profit	34	21	26	48	21	86	94	74	13	44	92	94	0
Other Income	12	1	-2	25	10	8	11	13	24	-8	13	21	9
Profit before tax	18	3	-3	45	2	65	73	55	5	3	72	83	-25
Tax %	11%	-137%	-81%	0%	0%	2%	-4%	6%	40%	22%	18%	4%	4%
Net Profit	16	6	-1	45	2	63	76	51	3	2	59	80	-26
EPS in Rs	6.32	2.51	-0.23	17.85	0.80	24.84	29.86	20.24	1.20	0.88	23.13	31.31	-10.16

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	408	350	328	208	194	304	365	229	294	399	666	617	618
Expenses	380	288	291	320	160	200	213	176	191	283	417	396	389
Operating Profit	28	61	37	-112	33	103	153	53	103	116	249	222	230
Other Income	15	36	23	18	19	26	30	96	44	15	54	42	36
Interest	1	1	1	3	1	1	2	1	4	4	12	14	13
Depreciation	38	37	47	48	49	48	46	43	66	93	106	116	120
Profit before tax	5	60	12	-145	2	81	136	105	77	35	185	134	132
Net Profit	1	54	6	-150	0	77	130	98	76	41	187	116	115
EPS in Rs	0.31	15.94	2.27	-58.84	0.11	30.17	51.18	38.40	29.79	16.24	73.39	45.45	45.16
Dividend Payout %	0%	6%	0%	0%	0%	0%	2%	3%	0%	0%	1%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	34	34	25	25	25	25	25	25	25	25	25	25	25
Reserves	438	488	395	245	245	322	452	545	620	662	846	961	1,015
Borrowings	0	13	28	18	7	3	0	6	67	55	243	196	342
Other Liabilities	75	76	129	143	132	143	173	58	49	111	130	112	89
Total Liabilities	547	611	577	431	410	494	650	634	762	852	1,245	1,295	1,472
Fixed Assets	177	216	174	206	168	157	134	143	273	470	415	354	312
Gross Block	494.70	561.71	220.39	299.66	298.57	334.95	357.97	362.77	560.07	849.32	874.40	929.43	–
Accumulated Depreciation	318.05	345.38	46.83	93.61	130.09	178.17	224.05	220.22	286.64	379.22	459.35	575.09	–
CWIP	0	0	0	1	0	0	1	0	2	0	1	0	208
Investments	3	10	34	37	45	97	180	227	274	161	226	476	656
Other Assets	367	385	369	187	197	240	335	265	213	221	603	465	296
Total Assets	547	611	577	431	410	494	650	634	762	852	1,245	1,295	1,472

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	30	136	8	14	30	89	189	85	131	97	166	425
Cash from Investing Activity	17	-216	74	-4	-22	-84	-162	-85	-191	-45	-320	-387
Cash from Financing Activity	-0	13	-96	-11	-14	-1	-3	-2	59	-14	149	-61
Net Cash Flow	46	-68	-13	-1	-5	4	24	-2	-1	38	-5	-23

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	133	130	208	191	221	196	153	122	47	96	122	94
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	133	130	208	191	221	196	153	122	47	96	122	94
Working Capital Days	105	73	110	-42	15	45	78	173	155	24	104	28
ROCE %	1%	10%	3%	-39%	1%	26%	33%	8%	11%	5%	20%	12%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	72.05%	72.05%	72.05%	72.05%	72.05%	72.05%	72.31%	72.31%	72.31%	72.31%	72.31%	72.72%	72.72%
FIIs	2.82%	2.84%	2.65%	2.65%	3.05%	3.15%	3.81%	4.08%	3.44%	3.05%	3.25%	3.62%	3.36%
DIIs	0.01%	0.01%	0.00%	0.00%	1.78%	5.38%	5.01%	6.22%	6.47%	6.63%	6.17%	3.75%	4.08%
Public	25.10%	25.07%	25.29%	25.29%	23.11%	19.39%	18.85%	17.37%	17.77%	17.99%	18.25%	19.90%	19.84%