ABS Marine Services Ltd(ABSMARINE)

NSE: ABSMARINE

₹ 283.75+0.71%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 697 crUpdated: 24 Oct 2026

About

ABS Marine Services owns and charters offshore support vessels and provides ship management, marine services and port services in India. Its clients include ONGC, Schlumberger (SLB) and Larsen & Toubro. Reported revenue for FY26 was 319.13, and chartering of its own vessels made up 75% of consolidated income in FY26. The company owned 12 vessels in FY26.^[1][2][3][4]

Business segments

Chartering of owned vessels made up 75% of consolidated income in FY26, compared with about 55% in FY24-25.^[2]
Ship management and port-related services made up 25% of revenue in FY26. Port services alone were only about 4% to 5% of total revenue.^[2]
Recurring revenue was 60-70% of the total in FY26.^[2]
The company works in four areas: ship owning, ship management, marine services and port services (FY26 annual report).^[1]

Fleet

The company owned 12 vessels in FY26, up from 9 owned ships in FY25. It managed 36 vessels in FY25.^[2][3]
Ocean Diamond and Emerald are both 2,443 GT DP2 platform supply vessels. They were delivered in Q4 FY25.^[5]
AM Passion is a DP2 offshore well stimulation vessel of about 4,424 tons. It was delivered and deployed in H1 FY26.^[3]
Artemis (formerly Hades), an offshore support vessel of about 1,737 GT, joined the owned fleet in H2 FY26. It is being moved to the Indian flag and is awaiting MoD/Naval clearance.^[2]
Some customer contracts, such as one with ONGC, are in ABS Marine's name, but the vessels are owned by promoter-related entities such as Oceandeep Energies (FY26 annual report).^[1]
Under all current contracts, the charterers pay for fuel and water, in both the offshore and port segments (as of FY25).^[5]

Charter rates and vessel status

AM Passion earns $16,000/day under its SLB contract, fixed for three years, rising to $19,000/day from year four (FY28). It finished its first year with SLB in May 2025.^[2]
Under the Hardy Oil contract, Artemis is expected to earn about ₹6 lakh/day.^[2]
Earlier L&T contract rates for Ocean Diamond and Emerald were ₹17-22 lakh/day. Management cites about a 40% fuel-efficiency advantage over competing vessels.^[2]
Emerald was taken off charter for scheduled dry docking and had been idle at anchorage since mid-May 2026. Ocean Diamond's short-term charter was due to end about a month after the Q4 FY26 call.^[2]

Customers and contracts

The top 10 clients provide about 90% of revenue. The PSU share of revenue rose from 39% in FY23 to 43% in FY25.^[3]
In FY25 the company won more than ₹350 crore in multi-year contracts. These included a ₹197 Cr Schlumberger well-stimulation charter and a ₹102 Cr three-year ONGC renewal.^[5][6]
AM Passion's charter with Schlumberger Asia Services is worth USD 20.67 million. The term is 3 years firm plus a 3-year option, starting 24 June 2025.^[3]
L&T awarded a ₹26.70 Cr charter for a DP2 platform supply vessel, starting October 2025. The term is 120 days firm plus 56 optional days.^[3]
Port services run under multi-year contracts at Chennai, Visakhapatnam and Kandla. These include a ₹10.23 Cr five-year patrol boat contract at Chennai Port and a ₹3.79 Cr three-year firefighting contract at Deendayal Port.^[6][5][3]

Expansion plans

The company targets 7-8 more vessels over 2-3 years. In the near term it is focused on about 2 vessels.^[2]
A multipurpose platform supply vessel (Serenity) was bought from South Africa and needs dry docking before going on charter. Deployment is expected in H2 FY27 at an indicative ₹15-20 lakh/day.^[2]
Artemis and the multipurpose vessel together cost about $15 million.^[2]
Vessel purchases are financed with about 70:30 debt to equity.^[3]
The company is looking at charter work in West Africa, East Africa and the Mediterranean. Earlier talks with Adnoc were paused because of the Middle East conflict.^[2]

Recent developments

Shortly before the Q4 FY26 call, the company signed a five-year charter with Hardy Oil for Artemis.^[2]
Management expects ONGC to issue a tender for 20 vessels soon (as of the Q4 FY26 call).^[2]
Shareholders were asked to approve raising the borrowing limit from ₹600 Crores to ₹1000 Crores (FY26 annual report).^[1]
The CMD was re-appointed for five years from 16 Sep 2026, with basic salary of ₹9,10,000 per month from 1 Apr 2026.^[1]

Market Cap

₹697 Cr

High / Low

₹360 / 143

Stock P/E

8.6

Price / Book

2.7

Book Value

₹127

EPS

₹32.6

No. of Shares

2.46 Cr

ROCE

21.0%

ROE

28.5%

OPM

36.3%

Debt / Equity

1.21

Sales

₹319 Cr

Net Profit

₹81 Cr

Promoter holding

64.0%

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