Shreeji Shipping Global Q2 profit falls despite revenue gain

Shreeji Shipping Global Limited reported consolidated profit after tax of Rs 36.83 crore for the quarter ended September 30, 2026, down from Rs 44.29 crore in the preceding quarter, even as revenue from operations rose to Rs 226.18 crore. Higher operating-service costs, other expenses, finance costs and depreciation exceeded the increase in income.

Why did Shreeji Shipping Global’s Q2 profit decline sequentially?

Shreeji Shipping Global’s profit after tax fell by Rs 7.46 crore from the June 2026 quarter, while profit before tax declined to Rs 49.08 crore from Rs 56.56 crore. Total income increased by Rs 16.60 crore to Rs 233.94 crore, but total expenses increased by a larger Rs 24.07 crore to Rs 184.86 crore. No exceptional items were reported in either quarter.

Cost of operating services increased to Rs 150.91 crore in the September 2026 quarter from Rs 136.30 crore in the June 2026 quarter. Other expenses rose to Rs 15.73 crore from Rs 8.27 crore, finance costs increased to Rs 5.68 crore from Rs 4.39 crore, and depreciation and amortisation rose to Rs 9.88 crore from Rs 9.25 crore. Current tax declined slightly to Rs 9.14 crore from Rs 8.83 crore, while deferred tax was Rs 3.11 crore against Rs 3.44 crore.

How did Shreeji Shipping Global’s Q2 revenue change by geography?

Shreeji Shipping Global’s revenue from operations rose Rs 17.33 crore sequentially and Rs 63.99 crore from the quarter ended September 30, 2025. Total income of Rs 233.94 crore included other income of Rs 7.77 crore, lower than Rs 8.49 crore in the June 2026 quarter but higher than Rs 3.86 crore a year earlier.

Revenue from customers within India was Rs 214.39 crore in the September 2026 quarter, compared with Rs 189.06 crore in June 2026 and Rs 161.11 crore a year earlier. Revenue outside India declined to Rs 5.04 crore from Rs 10.20 crore sequentially, while the International Financial Services Centre, or IFSC, unit in India contributed Rs 6.75 crore, compared with Rs 9.59 crore in June.

For the half year ended September 30, 2026, revenue from operations was Rs 435.03 crore, up from Rs 323.38 crore in the corresponding prior-year half. Profit after tax increased by Rs 1.21 crore to Rs 81.11 crore over that comparison, while total expenses rose by Rs 113.97 crore to Rs 345.64 crore. The group identifies Shipping & Logistics Services as its single business segment and reports geographic revenue according to customer location.

How did Shreeji Shipping Global’s asset base and borrowing mix change?

Shreeji Shipping Global’s property, plant and equipment balance increased to Rs 538.01 crore at September 30, 2026 from Rs 429.07 crore at March 31, 2026. Assets located within India accounted for Rs 520.45 crore, up from Rs 410.56 crore, while assets outside India declined to Rs 17.55 crore from Rs 18.51 crore. Capital work-in-progress increased to Rs 19.16 crore from Rs 14.52 crore.

Total assets were Rs 1,252.27 crore at September 30, 2026, compared with Rs 1,220.88 crore six months earlier. Non-current assets rose to Rs 634.39 crore, while current assets declined to Rs 617.88 crore from Rs 689.51 crore. Trade receivables fell to Rs 152.70 crore from Rs 177.36 crore, and bank balances other than cash and cash equivalents declined to Rs 319.76 crore from Rs 412.21 crore.

Non-current borrowings increased to Rs 135.71 crore from Rs 67.33 crore, whereas current borrowings fell to Rs 130.75 crore from Rs 195.94 crore. Total equity rose to Rs 875.97 crore from Rs 768.88 crore, including other equity of Rs 713.05 crore. The larger property and equipment balance coincided with Q2 depreciation and amortisation of Rs 9.88 crore, although the filing does not allocate individual additions to a particular quarter.

What do Shreeji Shipping Global’s half-year cash flows show?

Shreeji Shipping Global generated net operating cash flow of Rs 59.36 crore in the half year ended September 30, 2026, compared with Rs 93.01 crore in the corresponding 2025 period. Cash generated from operations was Rs 77.32 crore before net taxes paid of Rs 17.96 crore. The group reported half-year profit before tax of Rs 105.64 crore.

Working-capital movements included a Rs 40.06 crore increase in other financial assets, a Rs 20.03 crore reduction in trade payables and a Rs 26.36 crore reduction in other financial liabilities. These movements were partly offset by a Rs 26.88 crore decrease in trade receivables and a Rs 12.51 crore increase in provisions. Depreciation and amortisation added back in the cash-flow statement was Rs 19.12 crore, compared with Rs 11.43 crore a year earlier.

Investing activities used Rs 56.60 crore in the half year, compared with Rs 411.24 crore used in the corresponding prior-year period. Expenditure on property, plant and equipment, intangible assets, capital work-in-progress and capital advances was Rs 157.10 crore, while the cash-flow statement recorded Rs 92.44 crore from bank-deposit movements and Rs 12.68 crore of interest income.

Financing activities used Rs 7.64 crore, compared with an inflow of Rs 312.72 crore in the prior-year half, which included Rs 379.30 crore of equity-share proceeds. The 2026 half-year financing flows included Rs 117.96 crore of non-current borrowings, Rs 24.36 crore of repayments, a Rs 90.42 crore net reduction in current borrowings and Rs 10.42 crore of interest paid. Cash and cash equivalents closed at Rs 3.47 crore on September 30, 2026, versus Rs 8.34 crore at March 31, 2026.

What unresolved matters did Shreeji Shipping Global disclose?

Shreeji Shipping Global had Rs 251.18 crore of unutilised initial public offering, or IPO, proceeds at September 30, 2026, allocated to acquiring Supramax-category dry bulk carriers in the secondary market. Net IPO proceeds were Rs 369.88 crore, of which Rs 23.00 crore had been used for loan repayment or prepayment and Rs 95.70 crore for general corporate purposes.

Shreeji Shipping Global also reported a trade receivable of Rs 9.60 crore, excluding interest, arising from a settlement agreement relating to charter-hire services. The receivable is subject to ongoing legal recovery proceedings, and the filing says interest, if recovered, will be accounted for when recovered.

A potential counterparty filed an admiralty suit relating to proposed long-term charter-cum-sale agreements for five vessels, with an original claim of Rs 118.21 crore. Its application to revise the claim to Rs 628.93 crore had not been accepted by the Gujarat High Court at September 30, 2026. Management stated, based on legal advice and its assessment, that no provision was required at this stage; bank guarantees of Rs 47.16 crore were furnished for release of two vessels after an arrest order dated December 24, 2025.

Conclusion

Shreeji Shipping Global reported higher revenue in the September 2026 quarter and half year, but its quarterly profit declined from June as expenses rose faster than income. The half-year accounts also show an expanded domestic property and equipment base, a shift from current to non-current borrowings, and lower operating cash flow than in the prior-year period.

The next disclosed item to watch is deployment of Rs 251.18 crore earmarked for Supramax dry bulk carriers in the secondary market. Developments in the Rs 9.60 crore receivable recovery and the five-vessel charter-cum-sale litigation also remain relevant, as both matters were unresolved at September 30, 2026.