NSE: TRANSWORLD · BSE: 520151
TRANSWORLD SHIP LINES LTD
Operates a fleet of 11 vessels (9 container feeders and 2 dry bulk carriers) and earns revenue primarily from two segments. The Shipping segment, which contributed 64.4% of FY26 segment revenue at Rs 356.7 crore, runs the company's owned vessels on time charter, with all container vessels currently chartered to a single counterparty, Avana Logistek Limited. The Freight Forwarding segment, 32.8% of segment revenue at Rs 181.76 crore, arranges cargo movement for shippers using both own and third-party capacity. An 'Others' segment contributed 2.8% (Rs 15.36 crore) from incidental activities. The biggest cost line is other operating expenses at 67.6% of revenue (covering charter hire, bunker fuel and port costs), followed by employee costs at 24.5% and depreciation at 18.3%; there is no material cost. The company is mid-way through a fleet restructuring — it has sold SSL Krishna, delivered SSL Thamirabarani, signed an MOA to sell SSL Visakhapatnam, and has agreements to sell four more container ships to Avana Logistek, while it is exploring new container vessel orders and a Handysize bulk joint venture with Bainbridge Navigation. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Shipping (64%), Freight Forwarding (33%), Others (3%). Asset-heavy, cyclical container feeder and dry bulk shipping with freight forwarding, currently restructuring its fleet
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 536 | 484 | 282 | 446 | 548 |
| EBITDA (ex other income) | 238 | 246 | 24 | 143 | 46 |
| margin % | 44.4 | 50.9 | 8.3 | 32.0 | 8.4 |
| Owners' profit | 211 | 197 | (51) | 0 | 0 |
| EPS, as reported (₹) | 96.12 | 89.67 | (23.23) | 15.44 | (34.18) |
| ROE % · ROCE % | 33.5 · 27.7 | 24.0 · 17.9 | (6.7) · (1.0) | 4.2 · 6.3 | (11.1) · (4.9) |
| Debt / equity (x) | 0.37 | 0.61 | 0.53 | 0.41 | 0.43 |
| Cash from operations | 118 | 231 | 19 | 169 | 92 |
| Capex | (284) | (493) | (43) | 0 | (39) |
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 | 125 | 117 | 111 | 95 | 98 | 132 | 132 | 102 |
| Profit before tax | 22 | 16 | (5) | (7) | (9) | (24) | (28) | 30 |
| Net profit | 21 | 15 | (5) | (8) | (9) | (25) | (30) | 30 |
| EPS (₹) | 9.69 | 6.96 | (2.13) | (3.56) | (4.17) | (11.52) | (13.44) | 13.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Shipping | 164 | 60.9 |
| Freight Forwarding | 100 | 37.0 |
| Others | 6 | 2.1 |
| Total, before eliminations | 270 | 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 | 21,822 | 5.8 | 1.29 | 4.6 | 17.3 | 16.7 | 10.1 | 80.7 |
| SHREEJI SHIPPING GLOBAL L | 13,050 | 80.3 | 16.97 | 54.8 | 19.9 | 22.4 | — | 33.6 |
| SHIPPING CORP OF INDIA LT | 12,949 | 8.0 | 1.42 | 5.8 | 14.9 | 12.5 | 9.3 | 53.8 |
| SEAMEC LIMITED | 3,960 | 15.4 | 3.04 | 9.4 | 19.4 | 17.3 | 30.0 | 48.5 |
| ESSAR SHIPPING LTD | 334 | 3.9 | — | — | 5.4 | 20.7 | (67.3) | 638250.0 |
| TRANSWORLD SHIP LINES LTD ◆ | 334 | — | 0.50 | 11.0 | (11.1) | (7.7) | (0.4) | 54.5 |
| GARWARE OFFSHORE SERVICES LIMI | 126 | — | 1.01 | 13.2 | (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/B | 0.5 | 2.2 | 1 of 8 | 100% |
| ROCE | (7.7) | 12.5 | 8 of 9 | 13% |
| ROE | (11.1) | 16.1 | 7 of 8 | 14% |
| Debt / Equity | 0.4 | 0.4 | 5 of 8 | 43% |
| EBITDA margin | 54.5 | 51.1 | 4 of 10 | 67% |
| Revenue growth | 8.0 | 39.1 | 7 of 9 | 25% |
| Profit growth | 477.9 | 73.0 | 2 of 10 | 89% |
| Market cap | 334 | 334 | 6 of 10 | 44% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine dematerialisation compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Sale of Vessel SSL Sabarimalai completed | strategic transactions | medium | — | — |
| 25 Sept 2026 · Transworld Shipping Lines closes trading window ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Newspaper ad published for postal ballot notice dispatch | compliance | minimal | — | — |
| 22 Sept 2026 · Postal ballot for acquiring 2 container vessels from related party | strategic transactions | medium | — | — |
| 18 Sept 2026 · Transworld Shipping Lines forms JV with Bainbridge Navigation DMCC | strategic transactions | medium | — | — |
| 17 Sept 2026 · TSLL inks JV with Bainbridge Navigation for Handysize shipping pool in UAE | strategic transactions | high | — | — |
| 11 Sept 2026 · Sale of vessel TBC Kailash for USD 9.25 million | strategic transactions | medium | — | — |
| 10 Sept 2026 · Transworld Shipping Lines completes sale of vessel M.V. SSL Brahmaputra | strategic transactions | medium | — | — |
| 7 Sept 2026 · Board approves two container vessel acquisitions worth USD 42.78M | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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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.