Results for the half and financial year ended March 31, 2026.
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Essex Marine Ltd reported strong growth with revenue from operations rising 63% to Rs 6,069.26 lakhs (FY26) from Rs 3,722.47 lakhs (FY25). Profit after tax jumped 59% to Rs 637.34 lakhs from Rs 400.26 lakhs, with basic EPS at Rs 4.63 vs Rs 3.64. EBITDA margin compressed from 23.2% to 17.4% due to higher raw material costs. The company completed its IPO on BSE SME platform in August 2025, raising Rs 2,301.48 lakhs, with all proceeds fully deployed. Negative operating cash flow of Rs 85.69 lakhs persisted due to inventory buildup and higher short-term loans. Long-term debt reduced significantly from Rs 1,637.57 lakhs to Rs 1,095.54 lakhs. Statutory auditors issued an unmodified opinion with no qualifications.
Strong top-line and bottom-line growth validates the IPO valuation, though margin compression and negative operating cash flow are concerns. Debt reduction improves balance sheet quality. The stock listed on BSE SME platform should be noted for liquidity considerations.