NSE: SEAMECLTD · BSE: 526807
SEAMEC LIMITED
Provides offshore support vessels and subsea services to oil and gas operators, primarily ONGC in India. The fleet includes vessels named SAMUDRA SEVAK, SAMUDRA PRABHA, SEAMEC PALADIN, SEAMEC AGASTYA, SEAMEC ANANT, SEAMEC GALLANT and SEAMEC GLORIOUS, used for diving, inspection and charter work at offshore fields such as Mumbai High and the West Coast including the Daman oilfield. Revenue is split into Domestic (82.6% of period segment revenue, ₹745.43 crore, EBIT ₹226.03 crore) and Overseas (17.4%, ₹156.51 crore, EBIT ₹7.98 crore) for FY26. Major contracts include two ONGC O&M contracts on Samudra Sevak and Samudra Prabha running to March 2028 with combined value of ₹618 crore (Seamec consortium share 90%), diving agreements with promoter HAL Offshore worth about USD 9.42 million and USD 9.96 million, and a 180-day charter with Lamprell Energy for SEAMEC GLORIOUS worth USD 5.21 million. Costs are dominated by other operating expenses (44.6% of revenue), depreciation (16.5%) and employee costs (13.4%), with capex at 39.8% of revenue reflecting fleet investment. FY26 capex was approximately ₹300 crore, with a further ~$70 million (around ₹600 crore) planned for the ANANT vessel acquisition in FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic (83%), Overseas (17%). Asset-heavy offshore support vessel operator with high depreciation and capex intensity.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 350 | 437 | 729 | 652 | 952 |
| EBITDA (ex other income) | 129 | 126 | 242 | 223 | 400 |
| margin % | 36.9 | 28.9 | 33.2 | 34.1 | 42.0 |
| Owners' profit | 86 | 33 | 120 | 90 | 251 |
| EPS, as reported (₹) | 32.92 | 13.00 | 47.08 | 35.25 | 98.87 |
| ROE % · ROCE % | 11.1 · 10.5 | 4.2 · 4.0 | 13.2 · 12.1 | 8.7 · 10.5 | 19.4 · 18.7 |
| Debt / equity (x) | 0.16 | 0.17 | 0.34 | 0.21 | 0.25 |
| Cash from operations | 161 | 53 | 150 | 299 | 321 |
| Capex | (205) | (292) | (322) | (54) | (379) |
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 | 88 | 149 | 200 | 211 | 97 | 317 | 327 | 297 |
| Profit before tax | 2 | (3) | 54 | 79 | (25) | 108 | 107 | 89 |
| Net profit | 0 | (3) | 41 | 76 | (26) | 100 | 104 | 81 |
| EPS (₹) | 0.04 | (1.31) | 16.91 | 29.80 | (10.81) | 39.18 | 40.70 | 31.95 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Domestic | 746 | 78.3 |
| Overseas | 206 | 21.7 |
| Total, before eliminations | 952 | 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. % |
|---|---|---|---|---|---|---|---|---|
| THE GE SHPG.LTD | 22,029 | 5.9 | 1.30 | 4.6 | 17.3 | 16.7 | 10.1 | 80.7 |
| SHREEJI SHIPPING GLOBAL L | 13,669 | 84.2 | 17.78 | 57.3 | 19.9 | 22.4 | — | 33.6 |
| SHIPPING CORP OF INDIA LT | 11,396 | 7.0 | 1.25 | 5.2 | 14.9 | 12.5 | 9.3 | 53.8 |
| SEAMEC LIMITED ◆ | 4,043 | 15.7 | 3.10 | 9.6 | 19.4 | 17.3 | 30.0 | 48.5 |
| TRANSWORLD SHIP LINES LTD | 346 | — | 0.51 | 11.2 | (11.1) | (7.7) | (0.4) | 54.5 |
| ESSAR SHIPPING LTD | 307 | 3.6 | — | — | 5.4 | 20.7 | (67.3) | 638250.0 |
| GARWARE OFFSHORE SERVICES LIMI | 108 | — | 0.86 | 11.9 | (7.4) | (4.8) | (14.4) | 24.9 |
| CHOWGULE STEAMSHIPS LTD. | 73 | 20.8 | 4.09 | — | 28.8 | 20.8 | — | 70.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.7 | 11.4 | 4 of 6 | 40% |
| P/B | 3.1 | 2.2 | 5 of 8 | 43% |
| ROCE | 17.4 | 12.5 | 3 of 9 | 75% |
| ROE | 19.4 | 16.1 | 3 of 8 | 71% |
| Debt / Equity | 0.3 | 0.4 | 2 of 8 | 86% |
| EBITDA margin | 48.5 | 51.1 | 6 of 10 | 44% |
| Revenue growth | 40.8 | 39.1 | 3 of 9 | 75% |
| Profit growth | 7.3 | 73.0 | 8 of 10 | 22% |
| Market cap | 4043 | 327 | 4 of 10 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · SEAMEC SWORDFISH resumes on-hire after defect rectification | business updates | medium | — | — |
| 24 Oct 2026 · SEAMEC SWORDFISH removed from hire after technical breakdown | capex operations | medium | — | — |
| 22 Oct 2026 · SEAMEC ANANT hired from October 21, 2026 | business updates | low | — | — |
| 21 Oct 2026 · SEAMEC bags USD 55 million charter contract for vessel SEAMEC ANANT with HAL Offshore for ONGC | business updates | high | — | — |
| 14 Oct 2026 · SEAMEC takes over vessel SEAMEC ANANT from HAL Offshore | strategic transactions | high | — | — |
| 14 Oct 2026 · SEAMEC: CRISIL Reaffirms Ratings, Bank Facility Enhanced to Rs 883 Crore | credit debt | medium | — | — |
| 9 Oct 2026 · SEAMEC vessel SEAMEC PRINCESS completes statutory drydocking | business updates | medium | — | — |
| 6 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY26 filed with BSE and NSE | compliance | minimal | — | — |
| 5 Oct 2026 · SEAMEC vessel SAMUDRA PRABHA sent for statutory drydocking | capex operations | medium | — | — |
| 30 Sept 2026 · Trading Window closure for Q2 FY27 results period | compliance | minimal | — | — |
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.