Approval of Audited Financial Results for the fourth quarter and financial year ended on 31st March 2025, along with Independent Auditors Report issued by the Statutory Auditor of the Company
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On the reaction day the stock moved 4.5 pts less than Nifty Microcap 250 and 3.4 pts less than its Shipping peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Shahi Shipping's board approved audited FY25 results showing a net loss of Rs 356.64 lakhs versus a profit of Rs 258.59 lakhs in FY24, with basic EPS at Rs (2.46) vs Rs 1.78. Total revenue fell to Rs 1,068.59 lakhs from Rs 1,374.20 lakhs (roughly 22% decline), and Q4 revenue dropped to Rs 307.01 lakhs from Rs 415.44 lakhs. The company booked exceptional items totalling Rs 576.68 lakhs, which include a Rs 6.45 crore write-off of an interest subsidy receivable (recovery uncertain) and a Rs 2.10 crore write-off of capital work-in-progress on the Mankhule Drydock Project where the lease expired. The statutory auditor, B.P. Shah & Co., issued a modified opinion noting an inability to obtain sufficient evidence on the adequacy of internal financial controls over financial reporting. Despite the bottom-line loss, operating cash flow stayed positive at Rs 272.92 lakhs.
Shareholders are staring at a steep swing into losses driven by one-time write-offs and weaker shipping revenues, while the auditor's modified opinion and internal control disclaimer are red flags on governance — likely negative for near-term sentiment and stock price.