Knowledge Marine first-half profit rises to Rs 84.28 crore

Knowledge Marine & Engineering Works Limited reported consolidated net profit of Rs 84.28 crore for the half-year ended September 30, 2026, up from Rs 22.98 crore a year earlier, as revenue from operations increased to Rs 186.22 crore from Rs 98.65 crore. The September 2026 quarter was lower than the June 2026 quarter.

How did Knowledge Marine perform in the first half?

Knowledge Marine nearly doubled revenue from operations to Rs 186.22 crore in the half-year ended September 30, 2026, from Rs 98.65 crore in the corresponding 2025 period. Total income rose to Rs 199.87 crore from Rs 100.42 crore, including other income of Rs 13.65 crore compared with Rs 1.77 crore a year earlier. Profit before tax increased to Rs 94.69 crore from Rs 27.12 crore.

Net profit rose to Rs 84.28 crore from Rs 22.98 crore after income-tax expense of Rs 10.41 crore, compared with Rs 4.14 crore in the prior-year half. Profit attributable to owners was Rs 80.95 crore, versus Rs 22.47 crore, while non-controlling interests accounted for Rs 3.32 crore, up from Rs 51.34 lakh. Total comprehensive income was Rs 84.28 crore, compared with Rs 22.98 crore.

Knowledge Marine’s total expenses increased to Rs 105.18 crore from Rs 73.30 crore, a slower increase than revenue. Operating expenses were Rs 66.74 crore against Rs 48.16 crore, employee-benefit expense was Rs 7.96 crore against Rs 4.17 crore, and depreciation and amortisation was Rs 12.45 crore against Rs 7.12 crore. Finance cost increased to Rs 8.23 crore from Rs 7.45 crore.

Why was Knowledge Marine’s September quarter lower than June?

Knowledge Marine reported September-quarter revenue from operations of Rs 70.81 crore and net profit of Rs 21.53 crore, below Rs 115.41 crore and Rs 62.75 crore respectively in the June 2026 quarter. September revenue nevertheless exceeded the Rs 50.17 crore reported in the quarter ended September 30, 2025, while net profit was above Rs 11.90 crore a year earlier.

Profit before tax declined to Rs 29.35 crore in the September quarter from Rs 65.33 crore in June, reflecting the reduction in revenue from operations. Total expenses fell modestly to Rs 51.90 crore from Rs 53.28 crore, while other income increased to Rs 10.45 crore from Rs 3.21 crore. The movement in operating revenue was therefore larger than the change in expenses or other income.

September-quarter income-tax expense was Rs 7.82 crore, compared with Rs 2.59 crore in June. Current tax was Rs 6.92 crore in September and Rs 1.50 crore in June, while deferred tax was Rs 90.31 lakh and Rs 1.09 crore, respectively. Basic and diluted earnings per share were Rs 1.55 for September, against Rs 5.05 for June, with all presented earnings-per-share figures adjusted for the share subdivision.

Which segments generated Knowledge Marine’s first-half revenue?

Knowledge Marine generated Rs 134.71 crore of first-half segment revenue from dredging and ancillary services and Rs 51.51 crore from ship building and repairing. Dredging remained the larger contributor to the Rs 186.22 crore of consolidated revenue from operations, compared with Rs 61.75 crore in the prior-year half. Ship building and repairing revenue increased from Rs 15.42 crore in the half-year ended September 30, 2025.

The revenue mix changed sharply between the two 2026 quarters. Dredging and ancillary services recorded Rs 104.41 crore in June and Rs 30.30 crore in September, while ship building and repairing recorded Rs 11.00 crore in June and Rs 40.51 crore in September. This shift coincided with the lower consolidated September-quarter revenue of Rs 70.81 crore.

Dredging and ancillary services reported earnings before interest and tax of Rs 83.82 crore for the first half, compared with Rs 18.65 crore a year earlier. Ship building and repairing reported Rs 21.13 crore, up from Rs 4.00 crore. The Bahrain segment reported a loss before interest and tax of Rs 98.37 lakh for the 2026 half-year, compared with a profit of Rs 3.56 crore in the corresponding 2025 period.

What changed in Knowledge Marine’s balance sheet and review status?

Knowledge Marine’s total assets were Rs 1,137.36 crore at September 30, 2026, compared with Rs 820.08 crore at March 31, 2026. Capital work-in-progress increased to Rs 344.42 crore from Rs 99.16 crore, and property, plant and equipment rose to Rs 269.80 crore from Rs 210.66 crore. Cash and cash equivalents increased to Rs 118.62 crore from Rs 73.62 crore.

Total equity rose to Rs 829.02 crore from Rs 572.84 crore during the same period. Non-current borrowings increased to Rs 194.39 crore from Rs 108.29 crore, while current borrowings decreased to Rs 77.41 crore from Rs 113.77 crore. Total liabilities were Rs 308.34 crore at September 30, compared with Rs 247.24 crore at March 31.

The half-year cash-flow statement showed net cash generated from operating activities of Rs 44.12 crore, compared with an outflow of Rs 37.76 crore in the corresponding 2025 period. Investing activities used Rs 212.53 crore, including Rs 320.43 crore spent on property, plant and equipment, while financing activities generated Rs 213.41 crore. Cash and cash equivalents consequently increased by Rs 45.00 crore during the period.

MSK A & Associates LLP reviewed, rather than audited, the consolidated results for the quarter and half-year ended September 30, 2026. Five subsidiaries included in the consolidation had management-prepared unaudited interim results, with assets of Rs 28.89 crore and half-year revenue of Rs 74.13 lakh. Their combined half-year net loss was Rs 39.96 lakh, and the auditor said its conclusion was not modified regarding reliance on those results.

Knowledge Marine also subdivided each Rs 5 equity share into five Rs 1 equity shares after shareholder approval at the annual general meeting on September 30, 2026. The record date was November 6, 2026, increasing the share count from 2,53,64,317 to 12,68,21,585. Earnings per share for all periods presented were retrospectively adjusted under Indian Accounting Standard 33.

Conclusion

Knowledge Marine’s first-half result combined a Rs 87.57 crore year-on-year increase in revenue from operations with a Rs 61.30 crore increase in net profit. Dredging and ancillary services supplied Rs 134.71 crore of half-year revenue, but the September quarter showed a different mix, with ship building and repairing revenue of Rs 40.51 crore exceeding dredging revenue of Rs 30.30 crore.

The filing does not disclose a completion timetable for the Rs 344.42 crore of capital work-in-progress at September 30, 2026. The next disclosures can clarify the deployment of this investment, the movement in non-current borrowings of Rs 194.39 crore, and whether revenue returns toward the June-quarter level of Rs 115.41 crore.