ABSMARINE
ABS Marine financials
- Market cap
- ₹776 Cr
- Sector
- Services
- Calls analysed
- 2
ABS Marine Q4 FY26
What went well
- FY26 consolidated total income grew robustly by 75.05% to INR322.64 crores, demonstrating strong business momentum.
- EBITDA for FY26 surged by 179.17% to INR152.55 crores, with the EBITDA margin expanding significantly by 1,763 basis points to 47.28%.
- H2 FY26 saw even stronger performance with EBITDA margin reaching 51.46%, an increase of 1,667 basis points.
What to watch
- Emerald vessel became idle in May 2026 due to dry docking, incurring an idle cost of approximately $1,700 per day.
- The newly acquired MPSV requires dry docking and Indian flag conversion, delaying its operational chartering for a few months.
What ABS Marine does
ABS Marine Services provides end-to-end technical and crew management for third-party vessels (offshore support vessels, tankers, passenger crafts, bulk carriers and research ships) and owns and charters its own fleet of offshore support vessels and harbour crafts. It also offers marine services such as vessel chartering, dry-dock coordination, ship conversion/new-build supervision and Single Point Mooring operations, plus port services like pilot boat operations, mooring, patrolling, firefighting and oil-spill response for Indian ports. Revenue comes from long-term charter and management contracts, largely with government bodies, PSUs (e.g. ONGC) and oil & gas majors.
Segments
- Ship Management
- Ship Owning / Vessel Ownership
- Marine Services
- Port Services
- Total fleet (owned/managed/chartered)
- 38 vessels under management, of which 12 owned
- Vessels under management
- 38
- Owned ships
- 12
- Business verticals
- 4 (Ship Management, Ship Owning, Marine Services, Port Services)
- Certified seafarers
- 2,000+
- Long-term chartered-in ships
- 1
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 2 delivered 3 missed 5 open- EBITDA Margin delivered said Q4 FY25 Promised: 40% to 45% is what we hope to achieve Q4 FY26: Achieved. FY26 full-year EBITDA margin was 47.28%, exceeding the guided range of 40-45%.
- Ship-owning Business Revenue Share went quiet said Q4 FY25 Promised: earnings from the ship-owning business will go up to 55% to 60% Q4 FY26: The company did not report the final revenue share for FY25. In Q4 FY26, they stated the current share from chartering is 75%, but did not reconcile the FY25 target.
- Fleet Expansion (Third DP2 Vessel) delayed said Q4 FY25 Promised: close it this month. And the third DP2 vessel is scheduled for delivery in Q1 of FY 26 Q4 FY26: The third DP2 vessel was not delivered in Q1 FY26. The company acquired two vessels (Artemis and MPSV) in H2 FY26 and has another scheduled for Q1 FY27, indicating the fleet expansion happened but on a delayed timeline.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 80 | 100 | 136 | 183 |
| EBITDA | 17 | 33 | 55 | 94 |
| Net profit | 8 | 19 | 31 | 49 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +69.8% 1Y
1Y: ₹186.15 on 10 Sept 2025 → ₹316. High ₹337.9 (4 Sept 2026), low ₹149.55 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −5.0%
- 8 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹18 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹76 Cr | ₹84 Cr | ₹94 Cr | ₹99 Cr | ₹237 Cr | ₹287 Cr |
| Borrowings | ₹86 Cr | ₹61 Cr | ₹49 Cr | ₹46 Cr | ₹351 Cr | ₹377 Cr |
| Other liabilities | ₹21 Cr | ₹22 Cr | ₹33 Cr | ₹22 Cr | ₹54 Cr | ₹53 Cr |
| Total liabilities | ₹182 Cr | ₹167 Cr | ₹176 Cr | ₹185 Cr | ₹666 Cr | ₹742 Cr |
| Fixed assets | ₹119 Cr | ₹91 Cr | ₹86 Cr | ₹82 Cr | ₹504 Cr | ₹502 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹13 Cr | ₹31 Cr | ₹5 Cr | ₹11 Cr | ₹10 Cr | ₹13 Cr |
| Other assets | ₹50 Cr | ₹44 Cr | ₹84 Cr | ₹92 Cr | ₹151 Cr | ₹225 Cr |
| Total assets | ₹182 Cr | ₹167 Cr | ₹176 Cr | ₹185 Cr | ₹666 Cr | ₹742 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, DIIs trimmed −9.44 pp while the public added +8.90 pp. The shareholder count grew 8% to 4,239.
- Promoters
- 64.0%
- FIIs
- 0.1%
- DIIs
- 0.4%
- Public
- 35.5%
Since Mar 2025
- DIIs −9.44 pp
- Public +8.90 pp
- Promoters +0.54 pp
How it drifted, 4 quarters
Over this window DIIs fell from 10.0% to 0.4% — −9.6 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 63.4%, FIIs 0.5%, DIIs 10.0%, Public 26.1%.Mar '25: Promoters 63.4%, FIIs 0.2%, DIIs 9.9%, Public 26.6%.Sep '25: Promoters 63.6%, FIIs 0.1%, DIIs 6.9%, Public 29.4%.Mar '26: Promoters 64.0%, FIIs 0.1%, DIIs 0.4%, Public 35.5%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Vishal Gangadhar Warke newly disclosed 1.08% held
- Oceandeep Energies Private Limited +0.31 pp 0.46% held
- Sanjeevan Jeevan Krishnan +0.08 pp 2.28% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of ABS Marine above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| P B Narayanan | 36.66% | unchanged |
| Shreelatha Narayanan | 22.00% | unchanged |
| Rajasthan Global Securities Private Limited NBFC / DFI | 4.53% | −2.22 pp |
| Sanjeevan Jeevan Krishnan | 2.28% | +0.08 pp |
| Arathi Narayanan | 2.20% | unchanged |
| Vishal Gangadhar Warke | 1.08% | newly disclosed |
| Oceandeep Energies Private Limited | 0.46% | +0.31 pp |
| Adhvik Krishnan | 0.18% | unchanged |
| Adrika Krishnan | 0.18% | unchanged |
| NBFCs registered with RBI NBFC / DFI | 0.04% | −6.71 pp |
| Epsom Shipping India Private Limited | 0.00% | unchanged |
| Sea Chart Shipping Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -5.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse ABS Marine
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