NSE: SHREEJISPG · BSE: 544490
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. India shipping operations, International shipping operations. Cyclical, asset-heavy dry bulk shipping
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 709 |
| EBITDA (ex other income) | 213 |
| margin % | 30.1 |
| Owners' profit | 153 |
| EPS, as reported (₹) | 9.75 |
| ROE % · ROCE % | 19.9 · 24.6 |
| Debt / equity (x) | 0.34 |
| Cash from operations | 191 |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 161 | 162 | 198 | 188 | 209 |
| Profit before tax | 50 | 48 | 54 | 46 | 57 |
| Net profit | 37 | 43 | 32 | 40 | 44 |
| EPS (₹) | 2.54 | 2.78 | 1.99 | 2.48 | 2.72 |
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. % |
|---|---|---|---|---|---|---|---|---|
| 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 84.2 | 11.4 | 6 of 6 | 0% |
| P/B | 17.8 | 2.2 | 7 of 8 | 14% |
| ROCE | 22.4 | 12.5 | 1 of 9 | 100% |
| ROE | 19.9 | 16.1 | 2 of 8 | 86% |
| Debt / Equity | 0.3 | 0.4 | 4 of 8 | 57% |
| EBITDA margin | 33.6 | 51.1 | 7 of 10 | 33% |
| Revenue growth | 29.6 | 39.1 | 6 of 9 | 38% |
| Profit growth | 19.0 | 73.0 | 7 of 10 | 33% |
| Market cap | 13669 | 327 | 2 of 10 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Routine SEBI compliance certificate from RTA for Sep 2026 quarter | compliance | minimal | — | — |
| 2 Oct 2026 · Promoters sell shares to comply with minimum public shareholding norms | ownership changes | high | — | — |
| 1 Oct 2026 · AGM results: 20 resolutions passed, borrowing limit raised to 1500 cr | management changes | medium | — | — |
| 1 Oct 2026 · Shreeji Shipping 2nd AGM results: All resolutions passed, borrowing limit Rs 1500 cr approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · AGM proceedings with 20 resolutions including borrowing authority up to Rs 1500 crores | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Insider trading window closed for Q2 results period | compliance | minimal | — | — |
| 14 Sept 2026 · Shreeji Shipping signs port operations deal at Sanegaon Jetty | business updates | medium | — | — |
| 7 Sept 2026 · New Time Charter with AMNS for Coastal Steel Cargo | business updates | high | — | — |
| 7 Sept 2026 · AGM notice and Annual Report weblink sent to shareholders without registered email | compliance | minimal | — | — |
| 7 Sept 2026 · Shreeji Shipping submits 2nd Annual Report for FY 2025-26 | results | 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.