Seacoast Shipping Services Ltd

SEACOAST

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Market Cap

₹ 45 Cr

P/E

2.05

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Seacoast Shipping Services Limited provides comprehensive logistics services, specializing in single window solutions for exporters and importers, with a focus on dry bulk and container freight forwarding.

Initially a freight forwarder and shipping agent, the company has transitioned into an international ship operator, handling 5.0 million metric tons of cargo annually across global oceans.

Recently, Seacoast Shipping has faced increasing competition in project transportation services, specifically for Over Dimensional/Over Weight Consignments.

The company operates in an organized sector competing with conventional operators and aims to distinguish itself through innovative logistics solutions.

Ownership changes occurred in 2020 with Mr. Manishkumar Raichand Shah and Mr. Sameer Amit Shah becoming major promoters of the company, potentially influencing strategic directions.

Sector

Shipping

Industry

Shipping - medium / small

Market Cap

45 Cr

Volatility

Low Risk

P/E Ratio

2.1

Industry P/E

26.3

PEG Ratio

0.2

P/B Ratio

0.4

52W High

4.15

52W Low

0.84

Sales CAGR

236.13%

835.72%

219.33%

10Y

200.41%

Profit CAGR

460.00%

712.91%

255.83%

10Y

—

ROE

TTM

15.95%

18.04%

17.31%

10Y

16.27%

ROCE

TTM

22.29%

26.89%

25.85%

10Y

24.30%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ARVINDPORT	42.25	72 Cr	7.10	0.91	0.00	7.47	10.21	6.23
SEACOAST	0.84	45 Cr	2.05	0.36	0.00	15.95	22.29	6.87
TIMESCAN	53.70	38 Cr	6.39	1.43	0.00	22.47	24.29	11.05
TRANSVOY	126.00	34 Cr	18.03	3.82	0.00	28.86	15.03	8.99
MARINETRAN	21.75	28 Cr	83.65	1.09	0.00	0.57	4.34	0.34
SHAHISHIP	18.02	26 Cr	—	16.09	0.00	-21.57	1.80	-24.09
PSPL	64.70	19 Cr	9.14	1.02	0.00	14.04	18.15	12.55

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2020	Dec 2021
Sales	63	182
Expenses	58	175
Operating Profit	5.64	7.09
OPM %	8.93	3.90
Other Income	0.01	0.00
Interest	0.31	0.69
Depreciation	0.04	0.00
Profit Before Tax	5.60	7.09
Tax %	6.25	25.95
Net Profit	5.25	5.24
EPS in Rs	0.14	0.10

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	0.06	0.34	1.75	1.29	0.27	0.52	243	128	430	426
Expenses	0.07	0.37	1.84	1.37	0.39	0.58	227	121	399	389
Operating Profit	-0.01	-0.03	-0.09	-0.07	-0.13	-0.05	16	6.57	31	37
OPM %	-11.33	-8.72	-5.43	-5.66	-47.47	-10.47	6.48	5.14	7.17	8.72
Other Income	0.01	0.04	0.14	0.12	0.15	0.12	0.00	0.00	-8.00	0.00
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.92	2.00	2.05	1.75
Depreciation	0.00	0.00	0.02	0.02	0.02	0.02	0.00	0.00	0.01	0.00
Profit Before Tax	0.01	0.02	0.03	0.03	0.01	0.05	15	4.57	21	35
Tax %	33.67	30.90	30.90	0.00	0.00	47.61	25.17	44.08	31.18	37.01
Net Profit	0.00	0.01	0.02	0.03	0.01	0.03	11	2.55	14	22
EPS in Rs	—	—	—	—	0.07	-0.04	0.33	0.15	0.92	0.43
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	15.15	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Equity Capital	0.25	0.25	2.25	2.25	2.25	2.25	2.25	34	34	34
Reserves	0.06	0.06	1.07	1.09	1.11	1.13	1.15	11	14	28
Borrowings	0.00	0.00	0.00	0.31	0.47	0.25	0.00	21	23	28
Other Liabilities	0.01	0.00	1.35	0.12	0.02	0.27	0.16	83	177	62
Total Liabilities	0.32	0.31	4.67	3.76	3.84	3.89	3.56	149	248	153
Fixed Assets	0.00	0.00	0.00	0.17	0.16	0.14	0.00	0.06	0.00	0.04
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.23	0.09	0.10	0.09	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	0.09	0.22	4.57	3.50	3.69	3.75	3.56	149	248	153
Total Assets	0.32	0.31	4.67	3.76	3.84	3.89	3.56	149	248	153

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	-0.00	-0.16	-0.73	-0.26	-0.21	0.11	0.02	-50	-0.09	-3.80
Cash from Investing Activity	-0.01	0.18	-2.28	-0.16	0.09	0.00	0.25	-0.12	0.11	-0.05
Cash from Financing Activity	0.00	0.00	3.00	0.42	0.11	-0.10	-0.24	50	-0.04	3.82
Net Cash Flow	-0.01	0.02	-0.01	0.00	-0.01	0.01	0.02	0.03	-0.02	-0.04

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	52.88%	52.88%	52.88%	52.88%	44.55%	44.55%	27.85%	0.04%	0.04%	0.04%	0.04%	0.04%
FIIs	1.78%	1.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	45.34%	45.46%	47.12%	47.12%	55.45%	55.45%	72.15%	99.96%	99.96%	99.96%	99.96%	99.96%
Total Shareholders	28,448	35,527	45,659	47,154	53,180	58,817	81,633	1,56,885	2,49,757	2,49,757	2,49,739	2,49,739

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 07, 2023	Sameer shah	Insider - Promoter & Director	Disposal	1.00	0.00 Cr	275	5.1
Dec 01, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	7.90 Cr	7,90,00,000	14.6
Nov 27, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	2.39 Cr	2,38,57,823	4.42
Nov 27, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	1.00 Cr	1,00,00,000	1.85
Nov 25, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	0.27 Cr	26,90,000	0.49
Nov 25, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	1.00 Cr	1,00,20,062	1.85
Nov 25, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	0.27 Cr	26,90,000	0.49
Nov 17, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	1.21 Cr	1,20,93,376	2.24
Nov 17, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	0.05 Cr	4,58,982	0.08
Nov 17, 2023	Manishkumar shah	Insider - Promoter & Director	Disposal	1.00	0.90 Cr	90,00,000	1.67

Projection

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Oscillators

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Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

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Bullish

Overall

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Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ARVINDPORT	42.25	72 Cr	7.10	0.91	0.00	7.47	10.21	6.23
SEACOAST	0.84	45 Cr	2.05	0.36	0.00	15.95	22.29	6.87
TIMESCAN	53.70	38 Cr	6.39	1.43	0.00	22.47	24.29	11.05
TRANSVOY	126.00	34 Cr	18.03	3.82	0.00	28.86	15.03	8.99
MARINETRAN	21.75	28 Cr	83.65	1.09	0.00	0.57	4.34	0.34
SHAHISHIP	18.02	26 Cr	—	16.09	0.00	-21.57	1.80	-24.09
PSPL	64.70	19 Cr	9.14	1.02	0.00	14.04	18.15	12.55

Overview

Detailed Summary

Initially a freight forwarder and shipping agent, the company has transitioned into an international ship operator, handling 5.0 million metric tons of cargo annually across global oceans.

Recently, Seacoast Shipping has faced increasing competition in project transportation services, specifically for Over Dimensional/Over Weight Consignments.

The company operates in an organized sector competing with conventional operators and aims to distinguish itself through innovative logistics solutions.

Ownership changes occurred in 2020 with Mr. Manishkumar Raichand Shah and Mr. Sameer Amit Shah becoming major promoters of the company, potentially influencing strategic directions.

Sector

Shipping

Industry

Shipping - medium / small

Market Cap

45 Cr

Volatility

Low Risk

P/E Ratio

2.1

Industry P/E

26.3

PEG Ratio

0.2

P/B Ratio

0.4

52W High

4.15

52W Low

0.84

Sales CAGR

236.13%

835.72%

219.33%

10Y

200.41%

Profit CAGR

460.00%

712.91%

255.83%

10Y

—

ROE

TTM

15.95%

18.04%

17.31%

10Y

16.27%

ROCE

TTM

22.29%

26.89%

25.85%

10Y

24.30%