SHREEJISPG - Shreeji Ship. Gl
📢 Recent Corporate Announcements
Shreeji Shipping Global Limited has declared an interim dividend of Rs. 1.00 per equity share for the financial year 2025-26. The company has fixed Saturday, February 28, 2026, as the record date to determine the eligibility of shareholders. The dividend payment is scheduled to be processed on or before March 26, 2026. This payout represents a 10% dividend on the face value of Rs. 10 per share.
- Interim dividend of Rs. 1.00 per equity share for FY 2025-26.
- Record date for determining eligibility is February 28, 2026.
- Dividend payment date scheduled on or before March 26, 2026.
- The dividend is based on a face value of Rs. 10 per share.
- Payout is subject to applicable Tax Deducted at Source (TDS).
Shreeji Shipping Global Limited has announced a Board of Directors meeting scheduled for February 24, 2026. The primary objective of this meeting is to consider and approve the declaration of an interim dividend for the financial year 2025-26. Consequently, the trading window for dealing in the company's equity shares will be closed for designated persons from February 17, 2026, until 48 hours after the meeting concludes. This move indicates a potential cash payout to shareholders in the near term.
- Board meeting scheduled for February 24, 2026, to consider interim dividend declaration.
- Trading window closed for insiders from February 17, 2026, until 48 hours post-meeting.
- The dividend consideration is for the current Financial Year 2025-26.
- Meeting will be held at the company's Jamnagar headquarters to discuss dividend and other business items.
Shreeji Shipping Global Limited (SHREEJISPG) has received a notice that its Port Handling Agreement with Karanja Terminals and Logistics Private Limited (KTLP), signed on February 11, 2026, has been rejected. The Committee of Creditors (CoC) of KTLP, which is currently under insolvency proceedings, ruled on February 13, 2026, that the agreement is non-binding and void ab initio. This is a significant development as the agreement was initially executed by the Interim Resolution Professional (IRP) of KTLP. The company's board is currently examining the legal implications and potential further actions to protect its interests.
- Port Handling Agreement signed on Feb 11, 2026, has been declared void by KTLP's Committee of Creditors.
- The rejection occurred during a CoC meeting held on February 13, 2026, despite the IRP being the signatory.
- KTLP is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016.
- Shreeji Shipping is evaluating the communication dated February 14, 2026, for future legal course of action.
Shreeji Shipping Global Limited has entered into a strategic agreement with Karanja Terminal & Logistics for exclusive cargo handling rights at a 200-meter waterfront in Maharashtra. The company expects to handle approximately 3 million metric tonnes (MMT) of cargo annually, with operations slated to begin by late March 2026. This expansion is projected to boost topline revenue by 15%-20% through incremental volumes and improved asset utilization. The deal follows an asset-light royalty model, requiring no significant capital expenditure while diversifying the company's footprint to the West Coast.
- Exclusive rights to handle dry bulk and liquid cargo at Karanja Creek, Raigad, starting March 2026.
- Expected annual cargo throughput of 3 million metric tonnes (MMT).
- Projected 15%-20% increase in topline revenue driven by enhanced operational efficiencies.
- Asset-light expansion strategy with no significant capital expenditure required.
- Strategic geographic diversification from the East Coast (Kolkata) to the West Coast (Maharashtra).
Mr. Thomaskutty Varghese (DIN: 10552412) has resigned as a Non-Executive Independent Director of Shreeji Shipping Global Limited effective January 31, 2026. The resignation was prompted by his inability to attend board meetings in physical mode at the company's Jamnagar office due to geographical constraints and other professional commitments. The director has explicitly confirmed that there are no other material reasons for his departure. The company is now required to fill this vacancy to maintain regulatory compliance regarding board composition.
- Resignation of Independent Director Mr. Thomaskutty Varghese effective from January 31, 2026.
- Reason for exit cited as inability to attend physical meetings in Jamnagar due to geographical constraints.
- Director confirmed no other material reasons exist for the resignation beyond those stated.
- Mr. Varghese continues to serve as an Independent Director and Audit Committee Chairman at Ashapura Logistics Limited.
- The formal intimation was filed with exchanges on February 10, 2026, following the effective date.
Shreeji Shipping Global Limited has submitted its statement of fund utilization for the quarter ended December 31, 2025, reporting no deviations from the objects stated in its IPO prospectus. The company raised Rs. 4,107.1 million through a fresh issue in August 2025. While funds for loan repayment (Rs. 230 million) and general corporate purposes (Rs. 953.64 million) have been fully utilized, the primary allocation of Rs. 2,511.79 million for vessel acquisition remains unspent. The report has been reviewed by the Audit Committee and monitored by Crisil Ratings Limited.
- Total IPO proceeds raised amounted to Rs. 4,107.1 million at an issue price of Rs. 252 per share.
- Rs. 2,511.79 million allocated for the acquisition of Supramax Dry Bulk Carriers remains entirely unutilized as of Dec 31, 2025.
- The company has fully utilized Rs. 230 million for the repayment or prepayment of loans.
- General corporate purposes accounted for an expenditure of Rs. 953.64 million, in line with the original allocation.
- Crisil Ratings Limited, the monitoring agency, confirmed there are no deviations or variations in fund usage.
Shreeji Shipping Global reported strong year-on-year growth for Q3 FY26, with revenue from operations rising 30% to ₹1,979.26 million. While Profit Before Tax (PBT) grew 14% sequentially to ₹544.33 million, Net Profit declined quarter-on-quarter to ₹324.66 million due to a significant deferred tax charge of ₹106.30 million. For the nine-month period ending December 2025, the company achieved a total income of ₹5,356.56 million and a net profit of ₹1,123.72 million. Investors should note an ongoing legal recovery process for an outstanding trade receivable of ₹119.66 million.
- Revenue from operations increased 30% YoY to ₹1,979.26 million in Q3 FY26.
- Profit Before Tax (PBT) surged 180% YoY to ₹544.33 million from ₹194.16 million in the previous year's quarter.
- Net Profit for the quarter stood at ₹324.66 million, a 135% increase over Q3 FY25.
- Nine-month FY26 revenue reached ₹5,213.08 million with an EPS of ₹7.28.
- Company is pursuing legal recovery for an outstanding trade receivable of USD 1.33 million (approx. ₹119.66 million).
Shreeji Shipping Global Limited has provided an update on its ongoing admiralty proceedings in the High Court of Gujarat involving five of its vessels. The company has successfully secured the release of one vessel by furnishing a bank guarantee following interim court directions. Additionally, it has filed applications to reduce the security amount and vacate the arrest orders for all five vessels involved. While the release of one vessel is a positive step, the operational impact of the remaining arrested vessels remains a key concern for the company's revenue generation.
- Successfully secured a court order for the release of 1 vessel by furnishing a bank guarantee.
- Filed an application seeking reduction of the security amount for the release of 5 vessels.
- Filed a separate application seeking vacation of the arrest order for all 5 vessels.
- Legal proceedings are currently pending before the Hon’ble High Court of Gujarat without admission of liability.
Shreeji Shipping Global Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended December 31, 2025. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during this quarter. The filing also confirms that the company's entire shareholding is already maintained in dematerialized form. This is a standard administrative disclosure required for all listed entities in India.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Registrar confirms zero requests for dematerialization or rematerialization during the period.
- 100% of the company's shares are currently held in dematerialized form.
- The filing is in accordance with SEBI (Depositories and Participants) Regulations, 2018.
Shreeji Shipping Global Limited has received an interim order from the Gujarat High Court regarding ongoing admiralty proceedings. The court has permitted the release of 2 of the company's vessels, contingent upon the furnishing of security to the Registrar. The company is currently in the process of initiating legal actions to vacate the arrest entirely and seek a reduction in the required security amount. This development is critical as it pertains to the operational availability of the company's core shipping assets.
- Gujarat High Court issued an interim order on January 06, 2026, for the release of 2 vessels.
- Release is conditional upon the company furnishing security to the Registrar of the High Court.
- Company is actively contesting the matter to vacate the arrest and reduce the security burden.
- The litigation update follows a previous disclosure made by the company on December 27, 2025.
Shreeji Shipping Global Limited has announced the closure of its trading window for all designated persons and insiders starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the results are officially declared. This is a standard regulatory procedure for listed companies in India.
- Trading window closure begins on Thursday, January 1, 2026.
- Closure is linked to the declaration of financial results for the quarter ended December 31, 2025.
- The window will reopen 48 hours after the financial results are made public.
- Applies to all designated persons and insiders as per the Company's Code of Conduct.
Segal Ships Private Limited has filed an Admiralty Suit against Shreeji Shipping Global Limited in the Gujarat High Court. The court issued an order on December 24, 2025, resulting in the arrest of five of the company's vessels. Shreeji Shipping received communication of this order on December 26 and intends to contest the matter on its merits. A critical follow-up hearing is scheduled for January 06, 2026, to determine the next steps in the litigation.
- Admiralty Suit filed by Segal Ships Private Limited in the High Court of Gujarat at Ahmedabad.
- Court order has led to the arrest of five (5) vessels belonging to Shreeji Shipping Global Limited.
- The company received official communication regarding the vessel arrests on December 26, 2025.
- The next legal hearing for the matter is scheduled for January 06, 2026.
- Company is in the process of initiating legal proceedings to contest the arrest order.
Shreeji Shipping Global Limited's subsidiary, Shreeji Global IFSC Private Limited, has entered a Time Charter Party Agreement with AMNS Shipping and Logistics for its vessel “MV SJ LILY”. This deployment marks a strategic shift towards coastal cargo movement along the Indian coastline, starting December 1, 2025. The company aims to evolve into a fully integrated maritime logistics player, broadening its service portfolio beyond lighterage & stevedoring. This move is expected to unlock new revenue streams and strengthen business resilience through asset-backed operations, positioning Shreeji ahead of competition in the coastal shipping segment.
- Entered into a Time Charter Party Agreement with AMNS Shipping and Logistics Private Limited.
- Deployment of vessel “MV SJ LILY” for coastal cargo movement commenced on December 1, 2025.
- Coastal shipping is more cost-efficient than road and rail, reducing fuel usage and carbon emissions.
- Vessel age should not be older than 30 years as per agreement terms.
Financial Performance
Revenue Growth by Segment
Total revenue was INR 733.61 Cr in FY24, representing a 7.14% decline from INR 790.04 Cr in FY23. Revenue for FY25 is estimated to have declined further by 18.2% to approximately INR 600 Cr due to an economic downturn and changes in customer profiles. However, H1 FY26 shows a recovery trend with estimated revenue of INR 323 Cr.
Geographic Revenue Split
The company operates at over 20 ports and jetties, primarily in Gujarat (Kandla, Navlakhi, Magdalla, Bhavnagar, Bedi) and Maharashtra (Dharmatar), with international operations in Sri Lanka (Puttalam). Specific percentage split per region is not disclosed.
Profitability Margins
Operating margins have remained healthy between 26-30% from FY23 to FY25 and are estimated to exceed 30% in H1 FY26. PAT margins improved from 10.47% in FY23 to 12.38% in FY24.
EBITDA Margin
Operating margin (EBITDA proxy) is sustained at 26-30% due to technical expertise and the ability to pass on increased operating costs to customers through periodic freight rate hikes.
Capital Expenditure
The company maintains a comfortable capital structure with a networth of over INR 300 Cr as of March 31, 2025, which significantly improved to INR 713.63 Cr by September 30, 2025, following its IPO in August 2025. No large debt-funded capex is currently planned.
Credit Rating & Borrowing
The company holds a 'Crisil A/Stable' long-term rating and 'Crisil A1' short-term rating for bank loan facilities totaling INR 300 Cr. Interest coverage was robust at 17.68x in FY24 and is estimated at 10.79x for FY25.
Operational Drivers
Raw Materials
As a service provider, primary costs are operational rather than raw materials, including fuel for its fleet of tippers, tankers, and trailers, and maintenance for heavy machinery like cranes and excavators.
Capacity Expansion
The company operates at 20+ ports. While specific MTPA capacity is not disclosed, the post-IPO networth of INR 713.63 Cr provides substantial financial flexibility for future fleet or terminal expansion.
Raw Material Costs
Operating costs are managed through a pass-through mechanism where freight rate increases are passed to customers, maintaining margins despite cost fluctuations.
Manufacturing Efficiency
Not applicable; however, operating efficiency is driven by technical expertise in cargo handling and stevedoring.
Logistics & Distribution
Integrated services include lightering, stevedoring, and dry bulk cargo transportation using a fleet of specialized vehicles and port equipment.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth is targeted through increasing the customer base and overall import/export volumes. The August 2025 IPO provided a capital cushion (Networth of INR 713.63 Cr) to support larger scale operations and diversification of service offerings.
Products & Services
Integrated shipping and logistics services including cargo handling, lightering, stevedoring, dry bulk transportation, fleet chartering, and equipment rentals.
Brand Portfolio
Shreeji Shipping
Market Expansion
Expansion into 20+ ports across India and Sri Lanka, including an exclusive terminal at Rozi Pier for Reliance Industries.
Market Share & Ranking
Prominent player in the integrated shipping and logistics solution sector for dry bulk cargo in India and Sri Lanka.
Strategic Alliances
Maintains an exclusive terminal arrangement at Rozi Pier, Bedi Group of Ports, specifically for Reliance Industries Ltd.
External Factors
Industry Trends
The Indian logistics industry is fragmented and cyclical. Current trends show a recovery in volumes in H1 FY26 following a downturn in FY25, with a shift toward integrated service providers.
Competitive Landscape
Faces intense competition from major state-owned and private ports located near its operational hubs in Gujarat and Maharashtra.
Competitive Moat
The moat is based on an established market position since 1995, technical expertise in port services, and long-standing relationships with 'AAA' rated clients like Reliance Industries.
Macro Economic Sensitivity
Highly sensitive to international trade volumes and economic cycles; revenue declined from INR 790.04 Cr in FY23 to an estimated INR 600 Cr in FY25 due to macro headwinds.
Consumer Behavior
Not applicable as the company serves industrial B2B clients in oil, gas, energy, and FMCG sectors.
Geopolitical Risks
Geopolitical tensions affecting trade routes are identified as a key risk that could hamper volume growth at ports.
Regulatory & Governance
Industry Regulations
Operations are subject to port-specific regulations, international shipping standards, and trade-related policies.
Legal Contingencies
An admiralty suit was filed in the High Court resulting in an arrest order for five company-owned vessels as of December 27, 2025. The company is currently contesting this matter legally.
Risk Analysis
Key Uncertainties
The primary uncertainty is the outcome of the pending admiralty suit and the potential impact of the vessel arrests on near-term operational capacity.
Geographic Concentration Risk
High concentration in Gujarat, with services provided at Kandla, Navlakhi, Magdalla, Bhavnagar, and Bedi ports.
Third Party Dependencies
Significant dependency on the trade volumes and economic health of major clients like Reliance Industries and Adani Enterprises.
Technology Obsolescence Risk
Low risk; the business relies on standard heavy-duty logistics equipment and vessels, though operational efficiency is tied to equipment uptime.
Credit & Counterparty Risk
Receivables risk is reflected in GCA days of 135, though mitigated by a customer base consisting of large, established industrial entities.