Key Financial Performance - Standalone (Q1 FY27 vs Q1 FY26)
Revenue: Increased 41% to ₹283.3 crore from ₹210.9 crore, attributed to higher vessel deployment of 110 additional days.
Operating Expenses: Increased 63% to ₹113.4 crore from ₹69.4 crore.
Employee Cost: Increased 39% to ₹39.1 crore from ₹28.2 crore.
Other Expenses: Increased 36% to ₹18.9 crore from ₹14.0 crore.
Total Expenditure: Increased 55% to ₹166.5 crore from ₹107.3 crore.
EBITDA: Increased 24% to ₹116.8 crore from ₹94.2 crore, with margin decreasing to 41.2% from 46.8%.
Other Income: ₹19.1 crore (compared to ₹21.5 crore in Q1 FY26).
Depreciation: Increased 43% to ₹42.9 crore from ₹29.9 crore due to new vessel addition (Seamec Agastya).
Finance Cost: Increased 32% to ₹3.7 crore from ₹2.8 crore.
Profit Before Tax: Increased 8% to ₹89.3 crore from ₹82.9 crore.
Tax: Increased to ₹8.1 crore from ₹3.3 crore.
Profit After Tax: Increased 2% to ₹81.2 crore from ₹79.6 crore, with margin decreasing to 29% from 40%.
Basic EPS: ₹31.9 compared to ₹31.3 in Q1 FY26.
Key Financial Performance - Consolidated (Q1 FY27 vs Q1 FY26)
Revenue: Increased 41% to ₹296.9 crore from ₹210.9 crore.
Operating Expenses: Increased 63% to ₹113.4 crore from ₹69.4 crore.
Employee Cost: Increased 38% to ₹39.1 crore from ₹28.4 crore.
Other Expenses: Increased 26% to ₹20.5 crore from ₹16.3 crore.
Total Expenditure: Increased 52% to ₹173.0 crore from ₹114.0 crore.
EBITDA: Increased 28% to ₹123.9 crore from ₹96.9 crore, with margin decreasing to 41.7% from 45.9%.
Other Income: ₹20.0 crore (compared to ₹19.8 crore in Q1 FY26).
Depreciation: Increased 46% to ₹49.9 crore from ₹34.1 crore.
Interest / Finance Cost: Increased 28% to ₹4.5 crore from ₹3.5 crore.
Profit Before Tax: Increased 13% to ₹89.5 crore from ₹79.1 crore.
Tax: Increased to ₹8.2 crore from ₹3.3 crore.
Profit After Tax: Increased 7% to ₹81.3 crore from ₹75.8 crore, with margin decreasing to 27% from 36%.
Basic EPS: ₹31.9 compared to ₹29.8 in Q1 FY26.
Operational Highlights
Achieved highest ever Q1 revenue due to higher deployment of Swordfish, new vessel contracts for Samudra Sevak and Samudra Prabha, and newly acquired vessel Seamec Agastya.
EBITDA increase attributed to new operating business from Swordfish, Samudra Sevak, Samudra Prabha, and Seamec Agastya, despite impact of Paladin not operating in Q1 FY27 due to State of Hormuz.
Fleet and Business Overview
Core Business: Offshore specialized engineering services for oil & gas, offshore subsea construction, and bulk carrier division.
Revenue Mix (FY26): Domestic ~78%, Overseas ~22%.
Certifications: ISM certification, ISO 31000:2018, ISO 45001:2018, ISO 9001:2015, ISO 14001:2015.
Asset Portfolio:
6 Diving Support Vessels (DSVs): SEAMEC II, SEAMEC III, SEAMEC PRINCESS, SEAMEC PALADIN, SEAMEC SWORDFISH, SEAMEC AGASTYA
1 Bulk Carrier: ASEAN PEARL (JV, built 2003, procured 2020, Handymax, 27,989 GT)
Board approval received for sale of Seamec Gallant, awaiting shareholder's approval.
Corporate Structure
Promoter holding: ~72.72%
Acquired by HAL Offshore in 2014 from Technip India group.
Subsidiaries:
Seamec International FZE (wholly owned, established 2010, bulk transportation)
Seamec UK Investments Ltd (wholly owned, incorporated March 2023)
Seamate Shipping FZC (stepdown JV with Arete Shipping DMCC in Ajman Freezone, UAE)
Seamec Nirman Infra (projects closed, no further business)
Management Team
Chairman: Mr. Sanjeev Agrawal (M.Com, MBA)
Independent Directors: Mrs. Ruby Srivastava IRS (Retired), Dr. Amarjit Chopra, Mr. Raghav Chandra IAS (Retired), Mr. Rajesh Kumar Yaduvanshi
Non-Executive Director: Mr. Rajeev Goel
Whole Time Director: Mr. Naveen Mohta (CA, CWA)
Chief Financial Officer: Mr. Ashok Verma (CA, Executive MBA IIM Kolkata)
President – Corporate Affairs, Legal and Company Secretary: Mr. S.N. Mohanty (M.Com, CS, CWA, LLB)
Industry Outlook and Growth Drivers
Government Initiative: National Offshore Exploration Scheme ("Samudra Manthan") approved with total outlay of ₹84,084 crore through FY2030-31, providing up to 50% financial assistance for eligible exploration costs.
Market Growth: Global OSV market expected to grow from $19.85 Bn to ~$38.22 Bn (7.63% CAGR), DSV market from $1.27 Bn to ~$2.23 Bn (~5.8% CAGR).
India Offshore Market: Estimated at ~$1.5 billion, with ONGC as dominant demand driver. ONGC has 25 offshore installations and 1,000+ km of subsea pipelines planned over next three years.
