Financial Results for Fourth Quarter and Year ended 31st March, 2026
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Shahi Shipping Ltd reported a 39% decline in revenue from operations to Rs 645.54 Lakhs for FY2026 from Rs 1,057.93 Lakhs in FY2025. The company incurred a net loss of Rs 181.96 Lakhs (improved from Rs 356.64 Lakhs loss in prior year). EBITDA turned negative at Rs 23.13 Lakhs versus Rs 319.62 Lakhs profit in FY2025. Total equity eroded sharply to Rs 47.62 Lakhs (from Rs 230.38 Lakhs) as Other Equity turned negative at Rs 1,401.87 Lakhs. Borrowings increased significantly to Rs 878.27 Lakhs (from Rs 620.21 Lakhs). The auditor issued an unmodified opinion on the financial statements but included an 'Other Matters' paragraph stating the company failed to establish internal financial controls over financial reporting, limiting audit evidence on control adequacy. Contingent liabilities include a Rs 7.17 crore service tax demand (under dispute) and Rs 16.58 lakh income tax demand.
The company's equity has been nearly wiped out with negative retained earnings, and increased debt levels against shrinking revenues signal severe financial stress. The auditor's inability to comment on internal controls adds another layer of risk for investors.