Sadhav Shipping Limited (SADHAV)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Sadhav Shipping's revenue was ₹34.3 Cr, and net profit ₹3.2 Cr; the operating margin was 20.0%.
| Q4 FY26 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹34.3 | — | +21.6% |
| Operating profit | ₹6.9 | — | +20.7% |
| Net profit | ₹3.2 | — | -57.4% |
| EPS (₹) | 1.07 | — | -79.3% |
| Operating margin | 20.0% | — | — |
SADHAV delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the SADHAV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 80.91%. That is higher than usual for this stock. Turnover was only ₹17 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 96.5% · 62.5% · 87.5% · 100.0% · 100.0%
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
CARE Ratings Limited has reaffirmed Sadhav Shipping's credit ratings for its bank facilities totalling ₹102.00 crore. Long-term bank facilities of ₹77.00 crore (reduced from ₹85.42 crore) have been reaffirmed at 'CARE BBB-; Stable'. Short-term bank facilities were enhanced from ₹16.58 crore to ₹25.00 crore and reaffirmed at 'CARE A3'. This reflects an ongoing stable credit profile against the company's total debt of ₹81 crore.
- Total rated bank facilities stand at ₹102.00 crore across long-term and short-term debt
- Long-term facilities reduced to ₹77.00 crore from ₹85.42 crore, reaffirmed at CARE BBB-; Stable
- Short-term non-fund facilities enhanced to ₹25.00 crore from ₹16.58 crore, reaffirmed at CARE A3
- Long-term term loans amount to ₹65.39 crore, including ₹35.00 crore with EXIM Bank repayable by Sept 2029
Sadhav Shipping Limited has informed the stock exchange regarding the non-applicability of Corporate Governance Report requirements for the quarter ended September 30, 2026. Under Regulation 15 and Regulation 27(2) of SEBI LODR, companies listed on the SME Platform of NSE are exempt from specified corporate governance provisions (Regulations 17 to 27). The company noted that pursuant to amendments effective April 1, 2025, Regulation 23 disclosures for related party transactions apply and will be submitted alongside its financial statements. This is a routine administrative filing with no financial or operational impact.
- Corporate Governance Report submission under Regulation 27(2) not applicable for quarter ended September 30, 2026
- Exemption applies as the company's specified securities are listed on the SME Platform of NSE
- Related party transaction disclosures under amended Regulation 23 will be submitted with financial statements
Sadhav Shipping Limited has submitted its quarterly statement of investor complaints under Regulation 13(3) of the SEBI LODR Regulations for the quarter ended September 30, 2026. According to the filing and the certificate issued by RTA Maashitla Securities, the company had zero complaints pending at the start of the quarter. It received zero complaints during the period, resolved zero, and ended the quarter with zero unresolved investor grievances.
- Zero investor complaints pending at the start of the quarter ended September 30, 2026
- Zero complaints received during the quarter ended September 30, 2026
- Zero complaints remained unresolved as of September 30, 2026
Sadhav Shipping Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Maashitla Securities Private Limited confirms that security certificates received for dematerialisation during the period were duly processed and cancelled within 15 days. This is a purely standard quarterly procedural filing with no operational or financial impact.
- Quarter ended: September 30, 2026
- Compliance under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Processing and cancellation of dematerialisation requests completed within 15 days of receipt
- Certificate issued by RTA Maashitla Securities Private Limited on October 1, 2026
Sadhav Shipping announced that the Jawaharlal Nehru Port Authority (JNPA) has formally withdrawn its order debarring the company for 5 years. The company had contested the blacklisting before the Bombay High Court via Writ Petition No. 4609 of 2026. Following an agreement during the October 1, 2026 hearing where JNPA consented to withdraw the orders, the High Court disposed of the petition, and JNPA removed the debarment on the GeM/eProcurement portal. This eliminates a significant operational headwind for public sector and port-related bidding.
- JNPA withdrew its 5-year debarment and blacklisting order against Sadhav Shipping
- Debarment removal follows Bombay High Court proceedings under Writ Petition No. 4609 of 2026 heard on October 1, 2026
- JNPA confirmed withdrawal on GeM/eProcurement portals, restoring bidding eligibility
- Sadhav Shipping generated Rs 34.34 cr in revenue in the recent Mar 2026 quarter, reliant on major port and offshore operations
Sadhav Shipping Limited submitted the voting results and scrutinizer's report for its 29th Annual General Meeting held on September 7, 2026. All 4 ordinary resolutions were approved by shareholders with 100% of the polled votes cast in favor. The resolutions included the adoption of FY26 financial statements, reappointment of Mrs. Sadhana Choudhury, and the appointment of Mr. Rajiv Pradhan and Mr. Satish Athaley as Independent Directors for 5-year terms. Overall voter turnout stood at 65.09% of total outstanding shares.
- All 4 resolutions passed with 100% votes cast in favor (1,05,01,572 votes)
- Overall voter participation was 65.0936% across 1,61,33,043 total outstanding shares
- Independent Directors Rajiv Pradhan and Satish Athaley appointed for 5 consecutive years
- Only 15 shareholders (5 promoter, 10 public) attended the meeting held via video conferencing
Sadhav Shipping Limited announced shareholder approvals from its 29th Annual General Meeting held on September 7, 2026. Shareholders approved the re-appointment of Mrs. Sadhana Choudhury as Whole Time Director (retiring by rotation). Additionally, Mr. Rajiv Pradhan and Mr. Satish Athaley were regularized and appointed as Independent Directors for 5-year tenures effective from February 9, 2026, to February 8, 2031.
- Shareholders approved AGM resolutions at the 29th Annual General Meeting on September 7, 2026
- Re-appointed Mrs. Sadhana Choudhury as Whole Time Director (liable to retire by rotation)
- Appointed Mr. Rajiv Pradhan as Independent Director for 5 years from February 9, 2026 to February 8, 2031
- Appointed Mr. Satish Athaley as Independent Director for 5 years from February 9, 2026 to February 8, 2031
Sadhav Shipping Limited conducted its 29th Annual General Meeting on September 7, 2026, via video conferencing with 15 members in attendance. The meeting transacted four resolutions, including the adoption of audited financial statements for FY ended March 31, 2026. Shareholders also considered the re-appointment of whole-time director Sadhana Choudhury and the appointment of independent directors Rajiv Pradhan and Satish Athaley for 5-year terms. Final voting results will be disclosed following the scrutinizer's report.
- 29th AGM held on September 7, 2026, from 11:30 AM to 11:47 AM
- 15 members attended the meeting virtually
- Remote e-voting was active from September 4 to September 6, 2026
- Transacted 4 resolutions including appointment of 2 Independent Directors for a 5-year term
Sadhav Shipping Limited has signed a charter party agreement with UAE-based Lamprell Energy Ltd. to deploy its vessel 'Adwita'. The vessel will support an offshore pipeline replacement project in Mumbai for an initial period of 120 days with an optional 56-day extension. The contract is priced at USD 7,900 per day (plus GST), generating an estimated base revenue of ~USD 0.95 million (approx. Rs 8.0 Cr) and up to ~USD 1.39 million (approx. Rs 11.7 Cr) if fully extended.
- Charter day rate fixed at USD 7,900 plus GST per day
- Initial charter duration of 120 days with an option to extend by an additional 56 days
- Estimated base contract value of ~USD 948,000 (~Rs 8.0 Cr), increasing to ~USD 1.39M (~Rs 11.7 Cr) on extension
- Vessel Adwita deployed for supply duties and in-field movement for Mumbai offshore pipeline replacement
Sadhav Shipping Limited has signed a Charter Party Agreement with Lamprell Energy Ltd. for the deployment of its vessel 'Adwita'. The charter rate is USD 7,900 per day (plus GST) for an initial period of 120 days, with an option to extend by a further 56 days. The vessel will provide support services for the Offshore Pipeline Replacement Project - IX at Mumbai Anchorage. Total gross revenue from the contract is estimated at ~$0.95 million (~₹7.9 crore) for 120 days, rising to ~$1.39 million (~₹11.6 crore) if extended.
- Charter rate fixed at USD 7,900 per day plus applicable GST
- Initial charter duration of 120 days with an extension provision of 56 days (total up to 176 days)
- Contract value ranges from ~USD 0.95 million (120 days) up to ~USD 1.39 million (176 days)
- Vessel deployed for support services under Offshore Pipeline Replacement Project - IX at Mumbai P&V Anchorage
Sadhav Shipping Limited has entered into a bareboat charter agreement with a purchase obligation with Sweden-based Candela Technology AB on August 28, 2026. The agreement entails deploying a specialised marine boat to deliver marine services in Mumbai. This aligns with the company's stated strategy to broaden its specialized marine service portfolio and introduce new-generation vessel technologies. Key commercial terms, including charter rates and purchase price, were not disclosed in the filing.
- Bareboat charter agreement signed with Candela Technology AB, Sweden on 28 August 2026
- Agreement includes an explicit purchase obligation for the specialised marine boat
- Asset will be deployed for specialized marine operations in Mumbai
- Financial consideration and purchase obligation value not disclosed in the filing
Sadhav Shipping Limited has approved the acquisition of a 26% equity stake (2,600 shares) in AOSL Energy Services Limited, a subsidiary of Asian Energy Services Limited, for a cash consideration of Rs 26,000. AOSL is currently a non-operating vehicle with Nil turnover in FY26 and a net worth of -Rs 0.09 Cr. The joint venture aims to collaborate on pursuing larger business opportunities in the marine and offshore oil and gas sectors. The transaction is slated for completion on or before September 30, 2026.
- Acquisition of 26% equity stake (2,600 shares of Rs 10 each) in AOSL Energy Services
- Cash consideration is Rs 26,000
- Target entity AOSL recorded Nil turnover and Rs -0.01 Cr PAT for FY26 (Net worth: Rs -0.09 Cr)
- Expected completion timeline is on or before September 30, 2026
Sadhav Shipping has approved a strategic collaboration with Asian Energy Services Limited (AESL) to form a joint venture by acquiring a 26% stake in AOSL Energy Services Limited (AOSL). The acquisition involves 2,600 equity shares for a nominal cash consideration of Rs 26,000, making AOSL an associate company. AOSL is currently non-operational, reporting Nil turnover and a net loss of Rs 0.01 Cr in FY26. The JV vehicle is aimed at jointly pursuing larger opportunities in marine and offshore oil & gas services, with completion targeted on or before September 30, 2026.
- Approved acquisition of 26% stake (2,600 equity shares of Rs 10 each) in AOSL Energy Services Limited.
- Total cash consideration is nominal at Rs 26,000.
- Target entity AOSL reported Nil turnover and a net loss of Rs 0.01 Cr for FY26.
- Transaction scheduled to be completed on or before September 30, 2026.
Sadhav Shipping has received an order dated August 17, 2026, from Jawaharlal Nehru Port Authority (JNPA) terminating its contract for the supply of two mooring boats on time-charter, which was awarded on October 1, 2024. Crucially, the order also debars the company from participating in future JNPA tenders for a period of five years with immediate effect. Sadhav Shipping has submitted an appeal before JNPA seeking a recall of both the termination and the debarment order, stating the action is not sustainable in law.
- JNPA issued a contract termination order on August 17, 2026, for the supply of two mooring boats.
- The contract was originally awarded to Sadhav Shipping on October 1, 2024.
- JNPA has debarred the company from participating in future tenders for a period of 5 years with immediate effect.
- Sadhav Shipping has filed an appeal with JNPA seeking recall of the termination and debarment.
Sadhav Shipping reported Q1 FY27 revenue of ₹31.2 crore with an EBITDA of ₹8 crore (25.3% margin) and PAT of ₹3.4 crore. The company secured a 7-year pilot launch services contract from Mumbai Port Authority valued at approximately ₹18 crore and expanded its JNPT operations with two FRP boats. Management has placed orders for 4 high-speed FRP pilot and security boats (with an option for 2 more) to drive fleet capacity. For FY27, management guided for 20% top-line growth, with recent port contracts expected to add ~₹4 crore annually once fully operational in FY28.
- Delivered Q1 FY27 revenue of ₹31.2 crore, EBITDA of ₹8 crore (25.3% margin), and PAT of ₹3.4 crore.
- Bagged a 7-year Mumbai Port pilot launch services contract worth approximately ₹18 crore.
- Placed firm orders for 4 high-speed FRP pilot and security boats, plus an option for 2 additional vessels.
- Guided for 20% revenue growth in FY27, backed by long-term port annuity contracts.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew 14.98% YoY to INR 96.86 Cr in FY25. The Offshore Service Vessels segment revenue grew 67.6% YoY to INR 61.04 Cr, while Port Services and Oil Spill Response (OSR) segments moderated due to contract cycles.
Geographic Revenue Split
100% of revenue is derived from operations in India, primarily serving major port trusts and offshore energy corridors like Mumbai Port, JNPA, and ONGC assets.
Profitability Margins
Net Profit Ratio improved from 10.86% in FY24 to 12.13% in FY25. For H1 FY26, Profit Before Tax (PBT) was INR 5.51 Cr, down from INR 6.68 Cr in H1 FY25 due to higher interest and depreciation costs.
EBITDA Margin
The company targets a PBILDT margin above 30% as a positive rating factor. Core profitability is supported by increased charter rates under renewed medium-to-long term contracts.
Capital Expenditure
Property, Plant & Equipment increased to INR 216.91 Cr as of September 2025 from INR 202.48 Cr in March 2025, reflecting ongoing fleet expansion and vessel additions.
Credit Rating & Borrowing
CARE reaffirmed 'CARE BBB-; Stable' for long-term bank facilities of INR 85.42 Cr and 'CARE A3' for short-term facilities of INR 16.58 Cr in October 2025. Interest paid in H1 FY26 was INR 2.87 Cr, up 58% YoY.
Operational Drivers
Raw Materials
Marine fuel (Marine Gas Oil) is the primary operational cost. Specialized OSR equipment is sourced from technology partners.
Import Sources
Oil Spill Response (OSR) technology and equipment are imported from Denmark.
Key Suppliers
DESMI RoClean A/S (Denmark) for OSR equipment; Unity Small Finance Bank, IDFC First Bank, and Ambit Finance for working capital financing.
Capacity Expansion
The company is investing in new tonnages via capital purchase to replace older vessels like the divested Aditri (which was 20% of revenue) and to meet ONGC's fuel efficiency criteria.
Raw Material Costs
Fuel costs are increasingly managed through pass-through clauses in contracts with premier customers like ONGC, giving an edge to fuel-efficient vessels.
Manufacturing Efficiency
Vessel utilization is the primary efficiency metric, optimized through medium-to-long term contracts providing stable revenue visibility.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth will be achieved by increasing scale above INR 120 Cr through contract renewals at higher charter rates, operationalizing a new JV for offshore logistics infrastructure, and investing in new fuel-efficient tonnages.
Products & Services
Offshore Service Vessels (OSV), Oil Spill Response (OSR) services, and Port Craft operations (Tugs, Pilot boats).
Brand Portfolio
Sadhav.
New Products/Services
Development of electric boats for port operations in partnership with a top Indian e-mobility company.
Market Expansion
Expansion of regional Oil Spill Response Centres to cover both Major and Minor ports across India.
Market Share & Ranking
First mover in port-based Oil Spill Response (OSR) in India with presence at all Major Ports.
Strategic Alliances
Strategic partnership with DESMI RoClean (Denmark) for OSR; JV for offshore logistics infrastructure with balanced governance.
External Factors
Industry Trends
The industry is seeing a trend of ports outsourcing non-core activities and a shift toward fuel-efficient and electric-powered marine assets.
Competitive Landscape
Operates in a competitive, cyclical, and highly regulated offshore shipping sector.
Competitive Moat
Durable moat through first-mover advantage in OSR services and established long-term relationships with PSU clients and Major Port Trusts.
Macro Economic Sensitivity
Highly sensitive to oil and gas exploration budgets and global demand for offshore logistics.
Geopolitical Risks
Vulnerability to global oil price fluctuations and geopolitical events affecting offshore drilling activities.
Regulatory & Governance
Industry Regulations
Operations are governed by the Coast Guard (nodal authority for OSR) and Port Trust standards; no material non-compliance reported.
Environmental Compliance
OSR services are critical for client compliance with NOS-DCP safety regulations mandated by the Coast Guard.
Taxation Policy Impact
Standard corporate tax rates apply; PBT for H1 FY26 was INR 5.51 Cr.
Legal Contingencies
No investor complaints were recorded or received during H1 FY26; statutory auditors issued an unmodified opinion on financial results.
Risk Analysis
Key Uncertainties
Vessel idleness between contracts and potential non-renewal of high-value contracts with ONGC.
Geographic Concentration Risk
100% revenue concentration in the Indian market, specifically at major ports and offshore oil fields.
Third Party Dependencies
Critical dependency on ONGC for 49% of revenue and DESMI RoClean for OSR technology.
Technology Obsolescence Risk
Risk of older vessels becoming uncompetitive due to new fuel efficiency clauses introduced by major clients.
Credit & Counterparty Risk
Low counterparty risk as primary clients are PSUs (ONGC) and Major Port Trusts.
