Sadhav Shipping H1 revenue rises 73%, order book Rs 350 crore

Sadhav Shipping Limited reported H1 FY27 revenue of Rs 60.43 crore, up 73% from about Rs 34 crore a year earlier, and management said its contracted order book stood at approximately Rs 350 crore. The half-year increase reflected fleet engagement during the offshore lean season, while EBITDA rose 31% to Rs 16.44 crore.

How did Sadhav Shipping perform in H1 FY27?

Sadhav Shipping recorded Rs 60.43 crore of revenue from operations in H1 FY27, the half year ended September 30, 2026, compared with about Rs 34 crore in H1 of the previous year. Management said the 73% year-on-year increase reflected its ability to keep the fleet engaged during the off-season period. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 31% to Rs 16.44 crore, while net profit grew 73% to Rs 7.2 crore.

The second quarter accounted for Rs 29.21 crore of revenue, EBITDA of Rs 8.46 crore and net profit of Rs 3.8 crore. Sadhav Shipping said its EBITDA margin improved to 29% in Q2 FY27 from 25% in the preceding quarter. Management linked the half-year performance to higher fleet deployment and said its priorities remained profitability, asset utilisation and ensuring incremental work translated into returns.

What does Sadhav Shipping's Rs 350 crore order book represent?

Sadhav Shipping said its order book was approximately Rs 350 crore of contracted business across operating segments, providing what management described as greater revenue visibility. Management did not disclose the revenue-conversion schedule, individual contract values or the segment split of this order book. The figure is therefore a contracted pipeline measure rather than H1 FY27 revenue.

Management said it intends to improve the order book's quality and predictability by pursuing multi-year contracts and recurring service engagements. According to management, these arrangements can make vessel deployment more predictable and support planning for fleet utilisation and capital allocation. Sadhav Shipping also plans to evaluate shorter-duration charter opportunities when market conditions and commercial terms are suitable.

The contracted portfolio is relevant because H1 FY27 revenue grew 73% after fleet engagement during the offshore lean period. Management presented the approximately Rs 350 crore order book as a base for more predictable business across offshore logistics, port services and specialised marine operations. Its stated approach is to retain a mix of long-duration contracts and selective spot engagements rather than relying on either source alone.

Which businesses drove Sadhav Shipping's Q2 FY27 activity?

Offshore logistics was Sadhav Shipping's largest disclosed Q2 FY27 contributor at about Rs 24 crore, compared with Rs 2.60 crore from oil-spill response and Rs 2.48 crore from port services. The segment figures account for most of the Rs 29.21 crore quarterly revenue reported by the company. Management attributed offshore logistics activity to keeping offshore vessels deployed during the lean period.

During Q2 FY27, Sadhav Shipping secured a 120-day contract from Lamprell Energy Limited for offshore pipeline work, with an option for a further 56 days. It also said it had secured and was performing duties for a defence contractor for about 30 days. Management did not disclose revenue or contract values for either assignment.

In port services, Sadhav Shipping cited seven-year pilot-launch service awards at Mumbai Port and Jawaharlal Nehru Port Trust, or JNPT. Management put the absolute value of the Mumbai Port award at about Rs 18 crore, but did not state the value of the JNPT award during the call. It also said it had ordered four pilot boats from A. H. Wadia, with delivery expected early next year.

What developments could affect Sadhav Shipping's next phase?

Sadhav Shipping's near-term priorities are to increase contracted work across port services, offshore logistics and specialised marine operations, improve fleet use, and add assets selectively against identifiable opportunities. Management said fleet investment decisions would be guided by contract visibility, commercial viability and expected returns. The four pilot boats ordered from A. H. Wadia are due to enter service by Q4 or Q1 of the next year, according to management.

Management also said Sadhav Shipping was purchasing the Saroja Blessing, which had operated under a bareboat contract for the previous 10 years. The company is also preparing to demonstrate the Candela P-12, a 16-seat fully electric passenger boat with hydrofoiling technology, for the Mumbai Water Metro project. Management described the vessel as a technology demonstrator and said it was a USD 2 million asset.

Sadhav Shipping entered a strategic collaboration with Rural Enhancers Infra and Sadhav Offshore Engineering to explore shipbuilding, ship repair and other sectors covered by the Maharashtra Maritime Policy. Separately, its collaboration with AOSL Energy Services includes a 26% stake acquisition to explore offshore oil-and-gas and allied marine-services opportunities. In oil-spill response, it established a response centre at Panvel near Mumbai to keep emergency equipment operationally ready for mobilisation.

JNPT also confirmed the withdrawal of its five-year debarment and blacklisting order during the quarter. Management said the withdrawal removed the associated restriction on participating in relevant procurement opportunities. On funding, the chief financial officer said Sadhav Shipping had about Rs 60 crore of term loans with public-sector banks and generally uses a 75:25 debt-to-internal-margin structure for new assets, with bank loans typically spanning five or six years and including a six-month moratorium.

Conclusion

Sadhav Shipping combined H1 FY27 revenue growth of 73% to Rs 60.43 crore with a 31% increase in EBITDA to Rs 16.44 crore and net profit growth of 73% to Rs 7.2 crore. Offshore logistics generated about Rs 24 crore in Q2 FY27, far above the Rs 2.60 crore reported from oil-spill response and Rs 2.48 crore from port services, underscoring the role of vessel deployment in the half-year result.

The next disclosures to watch are the conversion profile of the approximately Rs 350 crore order book, the planned delivery of four pilot boats by Q4 or Q1 of the next year, and execution of the 120-day Lamprell Energy contract, including its 56-day extension option. Management also plans to demonstrate the Candela P-12 for Mumbai Water Metro and said future offshore asset additions would depend on prices, contract visibility and commercial viability.