Financial Results for the half year and year ended 31st March 2026.
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Shipwaves Online Ltd reported significant declines in its FY26 financial performance. On a standalone basis, revenue from operations fell to Rs 6,501.45 lakhs from Rs 7,720.60 lakhs in FY25, while profit after tax dropped sharply to Rs 168.47 lakhs from Rs 419.27 lakhs. On a consolidated basis, revenue declined to Rs 9,116.72 lakhs from Rs 10,828.41 lakhs, with PAT attributable to shareholders falling to Rs 356.74 lakhs from Rs 1,083.77 lakhs. The company completed its IPO in December 2025, raising Rs 56.35 crores through a fresh issue of 4.69 crore shares at Rs 12 each, listed on BSE SME platform. The auditors issued an unmodified opinion. Significant working capital pressures are evident with negative operating cash flows of Rs 2,591.66 lakhs (standalone) and Rs 1,793.06 lakhs (consolidated). Basic EPS declined to Rs 0.16 (standalone) and Rs 0.33 (consolidated) from Rs 0.44 and Rs 1.15 respectively in the prior year.
The company experienced a sharp decline in profitability with PAT falling over 60% year-over-year, indicating operational challenges. The significant negative operating cash flows despite IPO proceeds raise concerns about the business model sustainability. Shareholders should monitor the company's ability to improve operational efficiency and cash generation.