Sadhav Shipping H1 revenue and net profit each rise 73%

Sadhav Shipping Limited reported standalone net profit of Rs 7.23 crore for April 2026 to September 2026, up 73% year on year, as revenue from operations increased 73% to Rs 60.43 crore. Sadhav Shipping’s audited results, approved on November 4, 2026, showed profit before tax rose to Rs 8.93 crore from Rs 5.51 crore.

How did Sadhav Shipping perform in the September half?

Sadhav Shipping’s revenue from operations rose 72.7% to Rs 60.43 crore in April 2026 to September 2026, from Rs 34.99 crore in April 2025 to September 2025. Other income increased to Rs 66.18 lakh from Rs 31.58 lakh, taking total income to Rs 61.10 crore from Rs 35.31 crore.

Net profit rose 73.3% to Rs 7.23 crore from Rs 4.17 crore, while profit before tax increased 61.9% to Rs 8.93 crore from Rs 5.51 crore. Deferred-tax expense was Rs 1.70 crore in the latest half, compared with Rs 1.34 crore a year earlier. Basic and diluted earnings per share were each Rs 4.48, versus Rs 2.91 in the previous September half.

Which costs changed as Sadhav Shipping’s revenue increased?

Sadhav Shipping’s total expenses increased 75.1% to Rs 52.17 crore from Rs 29.79 crore, a slightly faster rate than revenue. Cost of materials consumed more than doubled to Rs 32.73 crore from Rs 13.20 crore, making it the largest reported expense in the latest half.

Employee-benefit expense increased 19.3% to Rs 7.41 crore, finance costs rose 7.1% to Rs 3.08 crore, and depreciation and amortisation increased 6.3% to Rs 4.44 crore. Other expenses rose 35.2% to Rs 4.51 crore from Rs 3.34 crore. Despite the faster increase in total expenses, profit before tax expanded by Rs 3.41 crore year on year.

What did Sadhav Shipping’s September-quarter figures show?

Sadhav Shipping reported revenue from operations of Rs 29.21 crore in July 2026 to September 2026, lower than Rs 31.23 crore in April 2026 to June 2026. Net profit nevertheless rose to Rs 3.83 crore from Rs 3.40 crore, while profit before tax increased to Rs 4.68 crore from Rs 4.24 crore.

Cost of materials consumed fell to Rs 14.82 crore in the September quarter from Rs 17.92 crore in the preceding quarter. Employee expense rose to Rs 3.84 crore from Rs 3.57 crore and other expenses increased to Rs 2.43 crore from Rs 2.09 crore. Finance costs were broadly unchanged at Rs 1.54 crore, compared with Rs 1.54 crore in April to June.

What do Sadhav Shipping’s cash flows and working capital show?

Sadhav Shipping reported net cash from operating activities of Rs 20.34 crore for April 2026 to September 2026, compared with Rs 52.02 crore in the prior-year half. Operating profit before working-capital changes rose to Rs 16.44 crore from Rs 12.56 crore, but the earlier period included a Rs 36.26 crore increase in non-current liabilities, versus a Rs 1.17 lakh decrease in the latest half.

The latest half included a Rs 5.70 crore increase in inventories and a Rs 9.06 crore increase in other current assets. These movements were partly offset by a Rs 5.13 crore reduction in trade receivables, a Rs 1.76 crore increase in trade payables and a Rs 11.91 crore increase in other current liabilities. Cash and cash equivalents ended September 2026 at Rs 27.11 crore, up from Rs 20.04 crore at March 2026.

How did Sadhav Shipping’s funding and preferential-issue use change?

Sadhav Shipping reported total equity of Rs 108.56 crore at September 30, 2026, compared with Rs 101.33 crore at March 31, 2026. Non-current borrowings declined to Rs 69.11 crore from Rs 72.68 crore, while short-term borrowings rose to Rs 11.56 crore from Rs 8.48 crore. Combined reported borrowings were Rs 80.66 crore, compared with Rs 81.16 crore six months earlier.

Sadhav Shipping had used Rs 19.25 crore of preferential-issue proceeds against a modified allocation of Rs 24 crore by September 30, 2026. The disclosed utilisation included Rs 8.82 crore for vessel purchases or upgrades, Rs 5.43 crore for loan repayment, Rs 4 crore for working-capital requirements and Rs 1 crore for general corporate purposes. The original allocation was Rs 26 crore, while the filing showed Rs 4.75 crore of the modified allocation had not been used.

Conclusion

Sadhav Shipping’s standalone first-half result combined a 72.7% increase in revenue with a 73.3% rise in net profit, while profit before tax grew more slowly than revenue because total expenses rose 75.1%. The balance sheet showed total equity increased by Rs 7.23 crore from March 2026, while combined reported borrowings declined by Rs 49.77 lakh.

The next disclosed matter to watch is deployment of the Rs 4.75 crore remaining under the modified preferential-issue allocation, including the planned purchase of vessels or upgrades to existing vessels. Sadhav Shipping also said consolidated financial statements were being filed with the National Stock Exchange because it has an associate, United Sadhav Integrated Maritime Private Limited.