BSE: 526113
UNIROYAL MARINE EXPORTS LTD.
Processes and exports seafood products from its base in Kerala, generating ₹28.70 crore in FY26 revenue. Materials are the dominant cost at 60.5% of revenue, followed by other operating expenses at 17.5% and employee costs at 9.5%. Revenue contracted sharply during the year, with Q3 FY26 down about 64% year-on-year to ₹426.45 lakhs, which the company attributes to raw material shortages that have also forced workforce restructuring. The company's ability to continue as a going concern depends on the outcome of an open-bid sale of 180 cents of land at Vengalam, Calicut. Other equity is deeply negative at ₹565.28 lakhs due to accumulated losses, and the board has flagged the need to realign operations around its raw material supply. Profitability remained thin, with an EBITDA margin of 5.88% and net profit margin of 0.93% in FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Seafood processing and exports. Small seafood processor/exporter facing raw material supply constraints and a going concern flag
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 27 | 29 | 19 | 28 | 29 |
| EBITDA (ex other income) | 2 | 1 | (1) | 2 | 2 |
| margin % | 6.0 | 3.4 | (5.0) | 6.3 | 5.5 |
| Owners' profit | 0 | (1) | (3) | 0 | 0 |
| EPS, as reported (₹) | 0.21 | (0.74) | (4.04) | 0.01 | 0.45 |
| ROE % · ROCE % | 3.9 · 24.9 | (16.8) · 11.8 | (724.8) · (26.0) | 15.4 · 70.9 | 32.1 · 68.2 |
| Debt / equity (x) | 3.39 | 4.09 | 41.37 | 33.62 | 19.92 |
| Cash from operations | 3 | 1 | (0) | 2 | (0) |
| Capex | (0) | (0) | (0) | (0) | (0) |
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 | 5 | 12 | 6 | 5 | 5 | 4 | 14 | 3 |
| Profit before tax | (0) | 0 | 1 | 0 | 0 | 0 | 0 | (1) |
| Net profit | (0) | 0 | 1 | 0 | 0 | 0 | 0 | (1) |
| EPS (₹) | (0.05) | 0.00 | 0.17 | 0.01 | 0.11 | 0.07 | 0.06 | (1.88) |
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. % |
|---|---|---|---|---|---|---|---|---|
| APEX FROZEN FOODS LIMITED | 955 | 18.6 | 1.81 | — | 7.4 | 9.8 | — | 12.9 |
| SHARAT INDUSTRIES LTD. | 647 | 40.4 | 4.19 | 19.4 | 10.3 | 11.8 | — | 3.6 |
| COASTAL CORPORATION LTD | 236 | 6.0 | 0.83 | 8.1 | 9.4 | 8.3 | 15.4 | 11.5 |
| WATERBASE LTD. | 167 | — | 1.18 | — | (10.4) | (13.5) | 10.6 | (1.3) |
| KINGS INFRA VENTURES LIMITED | 147 | 10.1 | 1.70 | 7.0 | 18.5 | 18.3 | — | 16.8 |
| Zeal Aqua Limited | 133 | 9.4 | 1.28 | — | 13.7 | 16.2 | — | 6.6 |
| ESSEX MARINE LIMITED | 63 | 8.9 | — | — | — | 15.7 | — | — |
| NCC BLUE WATER PRODUCTS LTD. | 17 | 5.8 | 1.14 | — | 19.5 | 23.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 14.3 | 1.5 | 8 of 8 | 0% |
| ROCE | 12.3 | 12.3 | 5 of 9 | 50% |
| ROE | 32.1 | 12.0 | 1 of 8 | 100% |
| Debt / Equity | 19.9 | 0.9 | 8 of 8 | 0% |
| EBITDA margin | (29.7) | 6.6 | 7 of 7 | 0% |
| Revenue growth | (29.8) | 3.9 | 7 of 7 | 0% |
| Profit growth | (5003.2) | (0.2) | 8 of 8 | 0% |
| Market cap | 12 | 147 | 9 of 9 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 15 Sept 2026 · Workforce reduction amid seafood industry challenges | business updates | high | — | — |
| 19 Aug 2026 · Company receives inter-corporate loan of Rs 183 lakh from related party | credit debt | low | — | — |
| 13 Aug 2026 · Swings to Rs 1.22 cr net loss in Q1 FY27 on revenue decline | results | high | — | — |
| 13 Aug 2026 · Q1 net loss of 121.60 lakhs; revenue down 30%; going concern note | results | high | — | — |
| 8 Aug 2026 · Board meeting on 13 Aug 2026 to approve Q1 FY27 results | results | low | — | — |
| 4 Aug 2026 · 34th AGM: Both resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 3 Aug 2026 · 34th AGM held via video conferencing, two resolutions passed | board shareholder meetings | low | — | — |
| 11 Jul 2026 · 34th AGM notice published in newspapers; meeting on Aug 3, 2026 | 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.