SHREEJI SHIPPING GLOBAL L

Operates a dry bulk shipping business running Supramax-category vessels for cargo movement, with operations spanning Indian and international waters. Revenue from operations grew 21.5% in FY26 to Rs 7,093.78 million from Rs 5,840.82 million in FY25, while profit after tax rose more modestly to Rs 1,526.96 million from Rs 1,439.62 million, signalling some margin compression. The company completed its main-board IPO in August 2025, raising Rs 4,107.1 million, with Rs 2,511.79 million earmarked for further acquisition of dry bulk Supramax carriers — that amount remained fully unutilised as of March 31, 2026. The dominant cost line is 'materials' at 62.1% of revenue, while employee costs are unusually low at 1.4% and depreciation 3.7%, indicating an asset-heavy but workforce-lean operating model. The Income Tax Department has approved the Tonnage Tax Scheme, under which the company will be taxed on tonnage rather than profits. A new 51%-owned subsidiary, Shreeji Tisha Maritime Private Limited, was incorporated during FY26. A contingent liability of up to Rs 6,289.27 million is disclosed from an admiralty suit relating to disputed vessel charter agreements, currently sub-judice.