Sadhav Shipping Ltd(SADHAV)

NSE: SADHAV

₹ 109.5+0.46%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 177 crUpdated: 24 Oct 2026

About

Sadhav Shipping owns and operates vessels across three verticals: offshore supply vessels supporting oil and gas exploration and production, port services such as pilot boats and work boats, and oil spill response. It reported 20+ vessels in FY26 and revenue of INR97.55 crores in FY26. ONGC is a primary customer, and the company is a registered vendor with ONGC and DRDO.^[1][2]

Business segments

Offshore logistics: INR25.4 crore of INR31.21 crore total revenue in Q1 FY27 (~81%). It moves crew, equipment and materials to offshore exploration and production sites.^[3]
Oil spill response: INR3.13 crore revenue in Q1 FY27 (~10%), compared with Rs. 11.77 cr in FY2024-25.^[3]
Port services (pilot boats, work boats): INR2.68 crore revenue in Q1 FY27 (~9%), compared with Rs. 16.18 cr in FY2024-25. Management says it has the highest EBITDA of the three segments.^[3]
OSV revenue grew to Rs. 61.04 cr in FY2024-25 from Rs. 44.93 cr in FY2023-24. Port services and oil spill response revenue fell as contracts closed.^[4]

Fleet

Fleet of 20+ vessels in FY26, up from 20 owned and operated vessels in FY2024-25.^[5]
Average fleet age in FY26: ~17 years for offshore vessels and ~6.5-7 years for port services and oil spill response vessels.^[5]
Pilot boat capacity rose to four in Q1 FY27 after two FRP boats were deployed at JNPT under a long-term contract.^[3]
The Canara Pride, a DP2 vessel, has been deployed with ONGC since September 2025.^[5]
Staff of 500+ employees across pan-India operations, as of FY2024-25.^[4]

Key operating numbers

Fleet utilisation in Q1 FY27: ~95% in port services and 80-85% in offshore logistics.^[3]
Order book of ~INR350 crores in Q1 FY27, compared with INR400 crores as of March 31, 2026. Contracts run three to ten years, with execution extending to FY30 or later.^[3]
In Q1 FY27, Saroja Blessing worked spot charters abroad at higher rates on high-risk routes linked to the Iran-US war, offsetting revenue lost while Anusha was idle during the monsoon.^[3]

Customers and partners

More than 90% of the business came through tenders from government-backed clients, as of FY24.^[6]
ONGC is the company's premier oil and gas customer. The company holds registered vendor status with ONGC and DRDO.^[7]
Port customers include Mumbai Port, JNPT, Chennai Port and Paradip Port Authority, as of FY26 - Q1 FY27.^[3]
Five-year partnership signed with DESMI RO-CLEAN, under which Sadhav is DESMI's exclusive OEM representative for oil spill response in India (disclosed in Q1 FY26).^[4]

Contract wins

Q1 FY27: won a seven-year pilot launch services contract from Mumbai Port worth about INR18 crores.^[3]
FY26: won a JNPT order worth INR17.5 crores that requires four vessels to be deployed.^[5]
FY26: won an INR6.33 crore offshore vessel contract from a defence company, due to start in September - October 2026.^[5]
Won an INR7.35 crore Chennai Port mooring services contract for 3 (+1) years; operations began on 2 April 2026.^[5]
FY26: received a repeat INR4.67 crore oil spill response order from Paradip Port Authority, running five years.^[5]

Expansion and capex

Q1 FY27: ordered four high-speed FRP pilot and security boats, with an option for two more, from Wadia Boat Builders in Gujarat, expected to start operating in Jan - Feb 2027.^[3]
United Sadhav Integrated Maritime Pvt. Ltd. is a joint venture with UPG Group in which Sadhav holds 26%. It plans an offshore supply base, shipbuilding and ship repair, with phased capex of ~INR5,000 crores (as of Q4 FY26).^[5]
As of Q1 FY27, the Odisha government had not allocated land to the UPG joint venture, and the partners are also looking at a site in Maharashtra.^[3]
The company is positioning for the National Green Tug Transition Program, which targets 50 green tugs by 2047 on 15-year contracts (as of Q3 FY26).^[1]
The company has tied up with an Indian e-mobility company to develop an electric boat for port customers (as of Q1 FY26).^[4]

Recent developments

Q1 FY27: the board approved a joint venture with Sadhav Offshore Engineering and Rural Enhancers Projects covering shipbuilding, ship repair and electric boats, due to be formed within Q2 FY27.^[3]
Migration from the NSE Emerge SME platform to the mainboard is targeted for early to mid 2027.^[3]
FY26: the vessel Aditri was sold in Nigeria for about INR40 crores against a cost of about INR76 crores. After a ~INR2 crore gain on the Bali vessel sale, the net loss was INR34 crores.^[5]
Part of the preferential issue proceeds went to repay about INR5-6 crores of high-cost unsecured loans by March 2026. The average borrowing rate fell to 9-9.5% from 12-15%.^[5]

Market Cap

₹177 Cr

High / Low

₹129 / 86

Stock P/E

11.5

Price / Book

1.7

Book Value

₹71

EPS

₹10.3

No. of Shares

1.44 Cr

ROCE

9.6%

ROE

14.5%

OPM

17.7%

Debt / Equity

0.80

Sales

₹98 Cr

Net Profit

₹15 Cr

Promoter holding

61.8%

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