ABS Marine Services Limited (ABSMARINE)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, ABS Marine's revenue was ₹183 Cr (+83.0% year on year, +34.6% on the previous half-year), and net profit ₹49.0 Cr (+157.9% year on year); the operating margin was 51.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹183 | +83.0% | +34.6% |
| Operating profit | ₹94.0 | +184.8% | +70.9% |
| Net profit | ₹49.0 | +157.9% | +58.1% |
| EPS (₹) | 19.96 | +154.9% | +58.2% |
| Operating margin | 51.4% | — | — |
ABSMARINE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.31% of the ABSMARINE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 69.65%. That is close to its usual level.
Delivery in the last 5 sessions: 70.2% · 69.8% · 70.6% · 72.6% · 75.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ABS Marine Services Limited has submitted its Reconciliation of Share Capital Audit Report under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The total issued and listed share capital stands at 2,45,50,000 equity shares of face value Rs 10 each. All issued shares (100%) are held in dematerialised form, with 74.42% in NSDL and 25.58% in CDSL. There are no physical shares outstanding and no discrepancy between issued and listed capital.
- Total issued and listed capital confirmed at 2,45,50,000 shares of face value Rs 10 each
- 100% of the share capital is held in dematerialised form with zero physical shares
- CDSL holds 62,79,221 shares (25.58%) and NSDL holds 1,82,70,779 shares (74.42%)
- No discrepancy reported between issued capital, listed capital, and demat holdings
Shareholders of ABS Marine Services Limited have approved the re-appointment of Mr. Palliyil Narayanan Balachandran as Chairman and Managing Director via a special resolution at the 33rd Annual General Meeting. The tenure is approved for a period of five years, effective from September 16, 2026, through September 15, 2031. The leadership continuity comes as the company tracks rapid operational growth, reporting TTM revenue of Rs 499 Cr and net profit of Rs 107 Cr.
- Mr. Palliyil Narayanan Balachandran re-appointed as Chairman and Managing Director (DIN-00205686)
- Tenure approved for a period of 5 years from September 16, 2026 up to September 15, 2031
- Approval secured via Special Resolution at the 33rd Annual General Meeting held on September 16, 2026
ABS Marine Services Limited submitted voting results and the scrutinizer's report for its 33rd Annual General Meeting held on September 16, 2026. All 8 resolutions were approved by shareholders, including the adoption of FY26 financial statements, reappointment of CMD Pallyil Narayanan Balachandran, and related party transactions. Special resolutions authorizing increased borrowing limits under Section 180(1)(c), asset encumbrance limits under Section 180(1)(a), and investment/loan limits under Section 186 were passed with 99.93% votes in favor.
- All 8 resolutions passed at the 33rd AGM held on September 16, 2026
- Special resolutions under Section 180(1)(c), 180(1)(a), and 186 passed with 99.93% votes in favor (15,623,000 votes)
- Related party transactions with Oceandeep Energies and Epsom Shipping India approved with 83.6% votes in favor among voting public shares (promoter shares invalid/abstained)
- Overall voter turnout represented 63.68% of outstanding shares (15,634,000 votes polled out of 24,550,000 shares)
ABS Marine Services held its 33rd Annual General Meeting on September 16, 2026, transacting eight agenda items. Key special resolutions presented for shareholder approval include increasing borrowing limits under Section 180(1)(c) and investment/loan limits under Section 186, which align with the company's planned vessel capex. Shareholders also considered related-party transactions with Oceandeep Energies and Epsom Shipping India, alongside the reappointment of Capt. Palliyil Narayanan Balachandran as Managing Director. Scrutinizer voting results will be disclosed within two working days.
- 33rd Annual General Meeting concluded on September 16, 2026, after transacting 8 resolutions
- Resolutions tabled include hikes in Section 180(1)(c) borrowing limits and Section 186 investment limits
- Approval sought for related-party transactions with Oceandeep Energies Private Limited and Epsom Shipping India Private Limited
- A total of 25 members attended the meeting held via video conferencing
ABS Marine Services Limited responded to an NSE surveillance query regarding recent significant share price movements. The stock has gained 96.9% over the past 6 months and 39.9% over the past 3 months. The company clarified that there are no undisclosed material events, developments, or impending announcements that would explain the price action. Operations continue normally in compliance with Regulation 30 of SEBI LODR Regulations, 2015.
- NSE surveillance letter NSE/CM/Surveillance/17500 received on 07/09/2026
- Company confirmed no undisclosed price-sensitive information or pending announcements as of 08/09/2026
- Company reiterated adherence to Regulation 30 of SEBI LODR Regulations, 2015
- Stock has run up 96.9% over the past 6 months against TTM revenue of Rs 499 Cr
ABS Marine Services Limited has issued notice for its 33rd Annual General Meeting (AGM) scheduled for September 16, 2026. Key special business items include raising the company's borrowing limit under Section 180(1)(c) from ₹600 crore to ₹1,000 crore, creating headroom to support planned vessel acquisitions. The company is also seeking shareholder approval for related-party transactions totaling up to ₹67.11 crore with Oceandeep Energies and ₹38.63 crore with Epsom Shipping India. Additionally, the re-appointment of Capt. Palliyil Narayanan Balachandran as CMD for a five-year tenure is placed for approval.
- 33rd AGM scheduled on September 16, 2026; cut-off date for e-voting fixed as September 10, 2026
- Special resolution to expand borrowing limits under Section 180(1)(c) from ₹600 crore to ₹1,000 crore (vs ₹350 Cr existing debt)
- Approval sought for related party transactions up to ₹67.11 crore with Oceandeep Energies Private Limited
- Approval sought for related party transactions up to ₹38.63 crore with Epsom Shipping India Private Limited
- Proposed Section 186 investment, loan, and guarantee ceiling set at ₹600 crore
ABS Marine Services Limited announced the appointment of Mr. Nagarajan Shree Ram Prassad as Secretarial Auditor for FY 2026-27. The Board also approved the appointment of M/s. Santhanagopalan & Co, Chartered Accountants, as Internal Auditors for FY 2026-27. Both appointments were made on August 19, 2026, based on the recommendation of the Audit Committee. These represent routine corporate governance and statutory compliance updates.
- Appointment of Mr. Nagarajan Shree Ram Prassad as Secretarial Auditor for FY 2026-2027
- Appointment of M/s. Santhanagopalan & Co as Internal Auditors for FY 2026-2027
- Board approved the appointments at its meeting held on August 19, 2026
ABS Marine Services Limited held its Board of Directors meeting on August 19, 2026, approving statutory governance and compliance items. The Board approved the appointment of Mr. Nagarajan Shree Ram Prassad as Secretarial Auditor and M/s. Santhanagopalan & Co as Internal Auditors for FY 2026-2027. Additionally, the Board cleared the notice convening the company's 33rd Annual General Meeting (AGM) and adopted amendments to its Related Party Transaction (RPT) Policy.
- Board meeting commenced at 04:00 PM and concluded at 05:00 PM on August 19, 2026
- Appointed Mr. Nagarajan Shree Ram Prassad as Secretarial Auditor and AGM scrutinizer for FY 2026-2027
- Appointed M/s. Santhanagopalan & Co (FRN: 003604S) as Internal Auditors for FY 2026-2027
- Approved notice convening the 33rd Annual General Meeting of the company
- Approved amendments in Related Party Transaction (RPT) Policy pursuant to SEBI LODR and Companies Act, 2013
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 90.1% YoY from INR 71.55 Cr in H1 FY25 to INR 136.03 Cr in H1 FY26. Consolidated revenue for FY25 was INR 179.85 Cr, up 32.9% from INR 135.26 Cr in FY24, driven by higher freight charter rates and expanded ship manning and technical services.
Geographic Revenue Split
Primarily India-focused with operations headquartered in Chennai and significant contracts with Indian government entities (Navy, Coast Guard, ONGC). International presence is maintained through ABS Marine Singapore Pte Ltd, contributing to consolidated operations.
Profitability Margins
Consolidated PAT margin stood at 15.15% in FY25 (INR 27.25 Cr) compared to 18.79% in FY24. The moderation was due to one-time IPO-related expenses and rationalization of charter rates. Standalone PAT for H1 FY26 showed significant scaling alongside revenue growth.
EBITDA Margin
H1 FY26 EBITDA margin reached ~42%, with a full-year FY26 target of 40-45%. This represents a strong core profitability profile driven by high-margin DP2 vessel deployments and revised charter rates.
Capital Expenditure
Planned capital expenditure of INR 245 Cr in FY26 for the acquisition of two vessels. A third vessel acquisition is currently underway, with the company maintaining a 70:30 debt-equity model for vessel financing.
Credit Rating & Borrowing
Short-term bank facilities are rated 'CRISIL A2'. Interest coverage ratio was strong at 9.82 times in FY25, though expected to moderate slightly as gross debt increases from INR 178 Cr to ~INR 300 Cr to fund fleet expansion.
Operational Drivers
Raw Materials
As a service-oriented maritime company, primary 'input' costs are Employee Benefits (crew/engineers) at INR 3.85 Cr for H1 FY26 and Finance Costs for vessel debt. Fuel/Bunkering costs are typically pass-through or managed under specific charter terms.
Import Sources
Not applicable as a service provider; however, specialized DP2 vessels are sourced from international maritime markets, such as the vessel delivered in April 2025.
Key Suppliers
Key equipment and vessel suppliers include global shipbuilders and specialized maritime technology providers for DP2 (Dynamic Positioning) systems.
Capacity Expansion
Current fleet includes multi-type vessels; capacity is expanding via the acquisition of two vessels in FY26 (INR 245 Cr investment) and a third vessel currently in the pipeline to meet offshore project demand.
Raw Material Costs
Operating expenses are driven by vessel maintenance and crew management. Employee costs represent a significant portion of standalone expenses, totaling INR 3.85 Cr in H1 FY26.
Manufacturing Efficiency
Efficiency is measured by vessel uptime and fleet productivity. The deployment of the M.V. Ocean Diamond (DP2 vessel) for Larsen & Toubro ensures optimal asset utilization.
Logistics & Distribution
Distribution is managed through integrated marine solutions, providing end-to-end logistics and port services to government and private oil majors.
Strategic Growth
Expected Growth Rate
40-45%
Growth Strategy
Growth will be achieved through the acquisition of high-margin DP2 specialized offshore vessels, transitioning short-term contracts to long-term charters by H2 FY26, and bidding for new tenders from oil majors and port development projects under the INR 40,000 Cr PPP model.
Products & Services
Ship Owning, Ship Manning, Technical Management, Ship Chartering, and Port Services (Logistics and Repairs).
Brand Portfolio
ABS Marine Services, Epsom Shipping India.
New Products/Services
Deployment of specialized DP2 vessels for offshore energy projects, expected to contribute to the 40-45% EBITDA margin target.
Market Expansion
Targeting the expanding Indian offshore energy ecosystem and port sector, supported by 'Make in India' policies and the Maritime Development Fund.
Market Share & Ranking
Established player for over 30 years in the Indian maritime sector; specific market share percentage not disclosed.
Strategic Alliances
Long-term partnerships with ONGC, Schlumberger, and recent engagement with Larsen & Toubro for the M.V. Ocean Diamond charter.
External Factors
Industry Trends
The industry is seeing a supply constraint due to an aged global fleet and limited new builds, which is expected to drive charter rate growth. The Indian port sector is evolving through a INR 40,000 Cr PPP development model.
Competitive Landscape
Highly fragmented and competitive shipping services industry with several small to mid-sized players competing for tenders.
Competitive Moat
Moat is built on 3+ decades of experience, strong relationships with government entities (Navy/ONGC), and an integrated service model (owning + managing). This is sustainable due to high entry barriers in specialized offshore services.
Macro Economic Sensitivity
Highly sensitive to global oil and gas exploration activity (E&P) and government defense/port spending budgets.
Consumer Behavior
Shift towards sustainability and fuel efficiency is forcing fleet modernization and digitization of operations.
Geopolitical Risks
Trade barriers or maritime security issues in the Indian Ocean/Middle East could impact charter operations and insurance costs.
Regulatory & Governance
Industry Regulations
Operations are governed by the Merchant Shipping Act, pollution norms, and safety standards set by the Indian Navy and Coast Guard for government contracts.
Environmental Compliance
Focus on technically compliant, fuel-efficient vessels to meet international maritime pollution norms and energy conservation standards.
Taxation Policy Impact
Subject to Indian corporate tax and maritime-specific tonnage tax regimes where applicable.
Legal Contingencies
No specific pending court cases or case values in INR were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Tender-based contract renewals pose a risk; failure to renew major contracts could lead to a decline in scale. Debt-funded capex increases gearing to 1.3x, creating financial pressure if vessel deployment is delayed.
Geographic Concentration Risk
Significant revenue concentration in Indian waters, particularly offshore oil fields and major ports.
Third Party Dependencies
High dependency on oil majors (ONGC) and government defense sectors for revenue stability.
Technology Obsolescence Risk
Risk of fleet becoming obsolete if not upgraded to modern DP2/DP3 standards or fuel-efficient propulsion systems.
Credit & Counterparty Risk
Counterparty risk is low for government contracts (Navy/ONGC) but higher for private third-party technical management services.
