Key Financial Results (Year Ended 31st March 2026)

  • Revenue from operations: ₹645.54 lakh (FY25: ₹1,057.93 lakh) - decrease of 39.0%
  • Other income: ₹15.85 lakh (FY25: ₹10.66 lakh)
  • Total revenue: ₹661.39 lakh (FY25: ₹1,068.59 lakh)
  • Total expenses: ₹850.22 lakh (FY25: ₹865.31 lakh)
  • Employee cost: ₹138.27 lakh (FY25: ₹144.64 lakh)
  • Direct operation and administration cost: ₹598.32 lakh (FY25: ₹604.50 lakh)
  • Finance cost: ₹40.94 lakh (FY25: ₹67.52 lakh)
  • Depreciation: ₹72.70 lakh (FY25: ₹48.64 lakh)
  • Profit before exceptional items and tax: Loss of ₹188.84 lakh (FY25: Profit of ₹203.28 lakh)
  • Exceptional items: ₹5.69 lakh (related to incremental retiral benefits under new Labour Codes)
  • Profit before tax: Loss of ₹194.53 lakh (FY25: Loss of ₹373.40 lakh)
  • Tax expense: Credit of ₹12.57 lakh (FY25: Credit of ₹16.76 lakh)
  • Profit for the year: Loss of ₹181.96 lakh (FY25: Loss of ₹356.64 lakh)
  • Other comprehensive income: Loss of ₹0.44 lakh (remeasurement of defined benefit plan)
  • Total comprehensive income: Loss of ₹182.40 lakh (FY25: Loss of ₹356.64 lakh)
  • Basic and diluted EPS: ₹(1.26) per share (FY25: ₹(2.46) per share)
  • Paid-up equity share capital: ₹1,449.49 lakh (unchanged from FY25)

Quarterly Performance (Q4 FY26)

  • Revenue from operations: ₹158.67 lakh (Q3 FY26: ₹166.98 lakh; Q4 FY25: ₹307.01 lakh)
  • Total revenue: ₹160.46 lakh (Q3 FY26: ₹169.85 lakh; Q4 FY25: ₹313.50 lakh)
  • Profit before tax: Loss of ₹74.66 lakh (Q3 FY26: Loss of ₹55.16 lakh; Q4 FY25: Loss of ₹251.58 lakh)
  • Profit for the quarter: Loss of ₹68.74 lakh (Q3 FY26: Loss of ₹45.82 lakh; Q4 FY25: Loss of ₹237.61 lakh)
  • Basic and diluted EPS: ₹(0.48) per share (Q3 FY26: ₹(0.32); Q4 FY25: ₹(1.64))

Balance Sheet Highlights (as at 31st March 2026)

  • Total assets: ₹1,341.69 lakh (FY25: ₹1,235.16 lakh)
  • Non-current assets: ₹980.04 lakh (FY25: ₹841.22 lakh)
  • Current assets: ₹361.65 lakh (FY25: ₹393.95 lakh)
  • Cash and cash equivalents: ₹42.64 lakh (FY25: ₹58.12 lakh)
  • Total equity: ₹47.62 lakh (FY25: ₹230.38 lakh)
  • Other equity: Negative ₹1,401.87 lakh (FY25: Negative ₹1,219.11 lakh)
  • Non-current liabilities: ₹751.45 lakh (FY25: ₹382.08 lakh)
  • Borrowings (non-current): ₹656.41 lakh (FY25: ₹283.08 lakh)
  • Current liabilities: ₹542.62 lakh (FY25: ₹622.71 lakh)
  • Borrowings (current): ₹221.86 lakh (FY25: ₹337.13 lakh)

Cash Flow Statement (FY26)

  • Net cash from operating activities: ₹58.61 lakh inflow
  • Net cash used in investing activities: ₹239.15 lakh outflow (including property, plant & equipment payments of ₹126.29 lakh and capital WIP addition of ₹122.55 lakh)
  • Net cash from financing activities: ₹165.05 lakh inflow (including net proceeds from long-term borrowings of ₹373.32 lakh, offset by short-term borrowing repayments of ₹115.27 lakh and interest paid of ₹93.01 lakh)
  • Net decrease in cash: ₹15.49 lakh

Significant Notes and Disclosures

1. Segment Information: The company operates only in one reportable segment - shipping business.

2. Service Tax Demand: A service tax demand for period 2009-2017 amounting to ₹7.17 crore (tax: ₹2.63 crore, interest and penalty: ₹4.54 crore) is under dispute. Company has filed appeal before Appellate Tribunal. Considered as contingent liability with no provision made.

3. State GST Demand: FY 2017-18 demand of ₹14.13 lakh (tax: ₹5,86,199, interest: ₹7,67,707, penalty: ₹58,621). Company paid tax component of ₹5,86,199 in March 2025. Appeal filed against interest and penalty. No provision made.

4. Income Tax Demand: Demand order dated 20 September 2025 under Sections 201(1) and 201(1A) of Income Tax Act for AY 2020-21 aggregating to ₹16,57,853 (including interest) relating to alleged TDS defaults. Company preferred appeal on 05 January 2026. No provision made.

5. Labour Codes Impact: Government notified four Labour Codes on 21 November 2025. Company estimated incremental impact on retiral benefits at ₹5.69 lakh, presented as exceptional item. Company continues to monitor developments.

6. Internal Financial Controls: Auditors disclaimed opinion on adequacy of internal financial controls as company has not established controls based on essential components stated in ICAI Guidance Note. This did not affect the audit opinion on financial statements.