SEAMEC Q4 FY26: Profit jumps 141% on record margins

Key takeaway from the quarter

SEAMEC Limited closed Q4 FY26 with a sharp improvement in both scale and profitability, reflecting strong execution in its offshore services business. Net sales for the quarter rose to ₹327.07 crore, up 63.85% year-on-year and 3.16% sequentially. The bigger highlight was profitability, as operating margins excluding other income expanded to 48.66%, described as the company’s strongest level in years. Net profit after tax (PAT) for Q4 FY26 stood at ₹103.48 crore, up 140.76% year-on-year. The PAT margin rose to 31.71%, an increase of 1,116 basis points compared with Q4 FY25.

Q4 FY26 revenue hits a recent record

The quarter delivered what the company described as its highest quarterly revenue in recent history, supported by stronger revenue conversion and operating leverage. Q4 FY26 net sales were ₹327.07 crore versus ₹199.62 crore in Q4 FY25. Sequentially, revenue increased from ₹317.05 crore in Q3 FY26 to ₹327.07 crore in Q4 FY26, despite offshore project revenues typically being uneven across quarters.

Company commentary during the earnings call pointed to “strong vessel deployment,” improved fleet utilisation, and efficient project execution as contributors to the operational outcome. Management also referenced FY26 as the company’s highest-ever annual revenue and profitability year.

Margin expansion drives the earnings surprise

SEAMEC reported operating profit before depreciation, interest, tax, and other income (PBDIT excluding other income) of ₹159.14 crore in Q4 FY26. This translated into an operating margin of 48.66%. The margin improvement was quantified as 806 basis points year-on-year from 40.65% in Q4 FY25 and 582 basis points sequentially from 42.84% in Q3 FY26.

The company linked the record margin to “optimal vessel utilisation” and favourable contract terms, which are key drivers in capital-intensive offshore services. The reported EBITDA data for Q4 FY26 on a consolidated basis also aligns with this expansion: consolidated EBITDA was ₹160.00 crore versus ₹81.20 crore in Q4 FY25, with the EBITDA margin stated at 48.66% versus 40.65%.

Net profit rises 141% year-on-year

PAT for Q4 FY26 came in at ₹103.48 crore, compared with ₹42.98 crore in Q4 FY25, a year-on-year increase of 140.76%. The PAT margin improved to 31.71% from 20.55% in Q4 FY25.

A notable factor in the reported profitability was a lower tax incidence in the quarter. The company reported a tax charge of ₹3.73 crore and an effective tax rate of 3.47%, compared with 23.67% in the year-ago quarter. Earnings per share (EPS) for Q4 FY26 was ₹40.69, with 2.54 crore outstanding shares referenced.

Standalone vs consolidated: what the numbers show

The earnings call and the results summary included both standalone and consolidated figures for Q4 FY26. On a consolidated basis, revenue from operations for Q4 FY26 was ₹327.07 crore (₹32,707 lakh) versus ₹199.62 crore (₹19,962 lakh) in Q4 FY25. Consolidated PAT rose to ₹103.70 crore (₹10,370 lakh) from ₹41.02 crore (₹4,102 lakh) in Q4 FY25.

On a standalone basis, Q4 FY26 revenue from operations was ₹314.96 crore (₹31,496 lakh) versus ₹194.26 crore (₹19,426 lakh) in Q4 FY25. Standalone PAT for Q4 FY26 was ₹87.22 crore (₹8,722 lakh) versus ₹58.82 crore (₹5,882 lakh) in Q4 FY25.

FY26 annual performance and dividend recommendation

For the full year ended March 2026, the dataset provided multiple revenue and profit disclosures across standalone and consolidated reporting. One summary stated that FY26 standalone revenue was ₹901.94 crore, up 46% year-on-year, while standalone PAT more than doubled to ₹242.35 crore. The same summary stated consolidated revenue rose 46% to ₹952.46 crore (₹95,246 lakh) and consolidated PAT rose to ₹253.52 crore (₹25,352 lakh).

Separately, another set of full-year figures reported sales of ₹952.46 crore in FY26 versus ₹651.82 crore in FY25 (up 46.12%) and net profit of ₹251.39 crore in FY26 versus ₹89.62 crore in FY25 (up 180.51%).

The Board also recommended a dividend of ₹2 per equity share (20% on face value of ₹10), subject to shareholder approval at the ensuing AGM. It also approved enhanced related party transaction (RPT) limits with HAL Offshore.

Market communication: earnings call and disclosures

Following the results announcement, SEAMEC hosted an earnings call with analysts and institutional investors on May 19, 2026, and the audio recording was made available on the company’s website. In the call, management reiterated that FY26 was the highest-ever annual revenue and profitability year for the company.

Volatility remains part of project-led offshore revenues

Alongside the record Q4 outcome, the material also highlighted the uneven nature of offshore revenue recognition and profitability across quarters. One summary noted that the company swung from a loss of ₹27.48 crore in Q3 FY26 to a profit of ₹103.48 crore in Q4 FY26, underscoring quarter-to-quarter variability that can arise in project-based businesses.

Key financial snapshot (all figures in ₹ crore)

Why the quarter matters for investors tracking offshore services

For offshore service providers, profitability often hinges on vessel deployment, utilisation rates, and contract terms. SEAMEC’s Q4 FY26 numbers show an unusual combination of strong year-on-year revenue growth and record operating margin, suggesting a period of efficient asset use and favourable execution. The company also paired the results with shareholder returns through a proposed ₹2 dividend, subject to approval.

Closing note

SEAMEC’s Q4 FY26 results reflect a quarter where higher revenue and sharply better margins translated into a steep rise in net profit. Near-term investor attention is likely to stay on deployment levels, margin sustainability, and subsequent updates from management following the May 19, 2026 earnings call and the upcoming AGM vote on the proposed dividend.