NSE: DREDGECORP · BSE: 523618
DREDGING CORP OF INDIA
Dredges and maintains shipping channels and harbours for India's Major Port Authorities, with four government-owned ports — Visakhapatnam, Paradeep, Jawaharlal Nehru and Deendayal — as its principal customers. All four are classified as promoter entities. FY26 revenue stood at Rs 1,208.33 crore, the highest turnover in the company's five-decade history. During H2 FY26, related-party transactions with these ports totalled Rs 9,466.42 lakhs, with Paradeep Port Authority accounting for Rs 4,763.12 lakhs and the largest closing receivable balance of Rs 6,147.31 lakhs. The cost structure is dominated by other operating expenses (fuel, vessel charter, project execution) at 70.6% of revenue, with depreciation at 13.1% and employee costs at 8.9%. Net profit in FY26 was Rs 4.75 crore, recovering from a restated loss of Rs 12.07 crore in FY25. A 150 kW solar rooftop plant was commissioned at the Visakhapatnam headquarters in May 2026. Management has set a target of Rs 1,500 crore turnover for FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dredging services to Major Port Authorities. Asset-heavy, project-based dredging services with government-linked customers
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 799 | 1,165 | 946 | 1,142 | 1,208 |
| EBITDA (ex other income) | 134 | 175 | 204 | 158 | 248 |
| margin % | 16.8 | 15.0 | 21.5 | 13.8 | 20.5 |
| Owners' profit | 3 | 13 | 36 | (27) | 5 |
| EPS, as reported (₹) | 1.84 | 5.42 | 12.27 | (12.07) | 5.28 |
| ROE % · ROCE % | 0.2 · 1.1 | 0.9 · 2.6 | 2.8 · 4.1 | (2.2) · 0.6 | 0.4 · 4.6 |
| Debt / equity (x) | 0.10 | 0.18 | 0.34 | 0.76 | 0.88 |
| Cash from operations | 294 | 140 | 191 | 112 | 142 |
| Capex | (111) | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 204 | 324 | 462 | 242 | 212 | 276 | 478 | 355 |
| Profit before tax | (33) | 17 | 21 | (23) | (33) | (25) | 87 | 11 |
| Net profit | (34) | 16 | 21 | (23) | (34) | (25) | 87 | 11 |
| EPS (₹) | (11.97) | 5.73 | 5.38 | (8.33) | (12.21) | (8.80) | 34.62 | 4.01 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KNOWLEDGE MARINE & EN W L | 8,032 | 47.0 | 14.02 | 72.8 | 13.8 | 11.5 | 50.4 | 66.4 |
| DREDGING CORP OF INDIA ◆ | 2,348 | 47.6 | 1.91 | — | 0.4 | 0.3 | — | 17.7 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.6 | 14.3 | 267 of 320 | 17% |
| P/B | 1.9 | 1.3 | 213 of 346 | 39% |
| ROCE | 0.3 | 3.6 | 300 of 413 | 27% |
| ROE | 0.4 | 3.4 | 265 of 372 | 29% |
| Debt / Equity | 0.9 | 0.1 | 294 of 346 | 15% |
| EBITDA margin | 17.7 | 9.8 | 131 of 341 | 62% |
| Revenue growth | 46.7 | 9.2 | 73 of 333 | 78% |
| Profit growth | 148.2 | 7.9 | 71 of 369 | 81% |
| Market cap | 2348 | 45 | 41 of 423 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Grandhy and Co appointed statutory auditor for FY 2026-27 | management changes | medium | — | — |
| 9 Oct 2026 · No new equity shares allotted from convertible warrants in Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Quarterly dematerialisation certificate submitted to exchanges | compliance | minimal | — | — |
| 5 Oct 2026 · Postal ballot notice for appointment of Shri Susanta Kumar Purohit as Director | management changes | medium | — | — |
| 25 Sept 2026 · DCI 50th AGM: returns to profit, plans Rs 3,560 crore fleet expansion | compliance | low | — | — |
| 25 Sept 2026 · DCI: All 3 resolutions passed at 50th AGM; voting results filed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window Closure for Q2 FY27 from October 1, 2026 | compliance | minimal | — | — |
| 24 Sept 2026 · Proceedings of 50th AGM of Dredging Corporation of India held on Sep 24, 2026 | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · Susanta Kumar Purohit appointed as Additional Director at Dredging Corporation | management changes | medium | — | — |
| 11 Sept 2026 · DCI wins 'Dredging Company of the Year' Award 2026 | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.