NSE: KMEW · BSE: 543273
KNOWLEDGE MARINE & EN W L
Provides dredging services to deepen and maintain waterways, ports and harbours in India and overseas. For FY26 ending 31 March 2026, Dredging and Ancillary Services contributed 70.8% of segment revenue at ₹193.50 crore, followed by Ship Building and Repairing at 19.5% (₹53.26 crore), operations in Bahrain at 7.2% (₹19.65 crore) and Geographical Dredging Services in Myanmar at 2.6% (₹7.09 crore). Total FY26 revenue was ₹256.28 crore with an EBITDA margin of 43.83%. It runs a fleet of 45 crafts including 16 dredgers and reported 100% fleet utilisation at its June 2026 investor meet. As of Q3 FY26, the order book stood at ₹1,500 crore (dredging ₹409 cr, charter hire ₹863 cr, shipbuilding ₹230 cr) with a bid pipeline of over ₹3,000 crore. The business has expanded into commercial shipbuilding with ₹230+ crore of orders from the Inland Waterways Authority of India, ₹700 crore of green tug contracts, and a ₹66.11 crore IWAI contract to design, build and commission 10 hybrid electric passenger ferries, with a ₹100 crore planned shipyard investment targeting ₹500–700 crore of revenue within three years. Materials are the biggest input cost at 49.6% of revenue, and capex ran at 46.5% of revenue, reflecting heavy investment in vessels and shipyard. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dredging and Ancillary Services (71%), Ship Building and Repairing (20%), Bahrain (7%), Geographical Dredging Services (Myanmar) (3%). Asset-heavy marine engineering and dredging business with high EBITDA margins (43.83% in FY26) and capex of 46.5% of revenue directed at vessels and a planned shipyard
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 61 | 202 | 164 | 201 | 256 |
| EBITDA (ex other income) | — | — | — | 78 | 97 |
| margin % | — | — | — | 39.0 | 37.8 |
| Owners' profit | — | — | — | 15 | 79 |
| EPS, as reported (₹) | 19.89 | 45.26 | 30.63 | 46.12 | 34.57 |
| ROE % · ROCE % | — · 43.5 | — · 45.2 | — · 21.6 | 22.6 · 24.3 | 13.8 · 13.7 |
| Debt / equity (x) | — | — | — | 0.61 | 0.39 |
| Cash from operations | 35 | 21 | 38 | 58 | (200) |
| Capex | — | — | — | (63) | (119) |
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 | 96 | 58 | 47 | 48 | 99 | 90 | 68 | 115 |
| Profit before tax | 29 | 19 | 14 | 13 | 27 | 35 | 17 | 65 |
| Net profit | 23 | 16 | 11 | 11 | 22 | 33 | 24 | 63 |
| EPS (₹) | 21.17 | 14.77 | 10.09 | 10.43 | 20.80 | 13.35 | 9.63 | 25.67 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Dredging and Ancillary Services | 132 | 48.2 |
| Ship Building and Repairing | 38 | 13.8 |
| Bahrain | 20 | 7.2 |
| Dredging and Anciliary Services | 35 | 12.7 |
| Ship building and repairing | 15 | 5.6 |
| India | 27 | 9.9 |
| Myanmar | 7 | 2.6 |
| Total, before eliminations | 273 | 100.0 |
Exhibit 4: 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 ◆ | 7,793 | 45.6 | 13.60 | 70.7 | 13.8 | 11.5 | 50.4 | 66.4 |
| DREDGING CORP OF INDIA | 2,330 | 47.2 | 1.89 | — | 0.4 | 0.3 | — | 17.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.6 | 14.5 | 264 of 320 | 18% |
| P/B | 13.6 | 1.3 | 335 of 346 | 3% |
| ROCE | 11.5 | 3.6 | 96 of 413 | 77% |
| ROE | 13.8 | 3.4 | 69 of 372 | 82% |
| Debt / Equity | 0.4 | 0.1 | 238 of 346 | 31% |
| EBITDA margin | 66.4 | 9.8 | 43 of 341 | 88% |
| Revenue growth | 138.1 | 9.2 | 41 of 333 | 88% |
| Profit growth | 466.1 | 7.9 | 33 of 369 | 91% |
| Market cap | 7793 | 44 | 19 of 423 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Promoter group reclassification application submitted to BSE and NSE | ownership changes | medium | — | — |
| 26 Oct 2026 · Promoter group members seek reclassification to public category | ownership changes | medium | — | — |
| 21 Oct 2026 · Board approves reclassification of 16 promoter group members to Public category | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Promoter Group members seek reclassification to Public category | ownership changes | medium | — | — |
| 12 Oct 2026 · Record date fixed Nov 6, 2026 for stock split: 1 share of Rs 5 into 5 of Rs 1 | corporate actions | high | — | — |
| 12 Oct 2026 · KMEW files Reg 74(5) RTA certificate for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · KMEW AGM: All 6 resolutions passed including stock split and Rs 500 Cr NCD approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Summary of 11th AGM Proceedings held on September 30, 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Sep quarter results | compliance | minimal | — | — |
| 21 Sept 2026 · CARE revises outlook to Positive on KMEW bank facilities | credit debt | high | — | — |
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.