Shreeji Ship. Gl Q1 FY27 Results (NSE: SHREEJISPG)
Signal: Margin pressure
The read
The trajectory is revenue-positive but margin-sensitive: consolidated revenue accelerated to +29.6% YoY from +11.0% in Q2FY26 and +30.3% in Q3FY26, yet the derived EBITDA margin proxy fell to 29.5% from 37.0% a year ago because diesel-led operating costs grew +49.1%; PAT growth of +19.0% was partly supported by other income of ₹84.94 million, while EPS growth lagged due to dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹208.85 Cr | +29.6% | +11.0% |
| Net profit | ₹44.29 Cr | +19.0% | |
| EPS | ₹2.72 | +7.1% | |
| EBIT margin | 29.5% |
P&L walk
Revenue increased to ₹2088.49 million (+29.6% YoY, +11.0% QoQ), but cost of operating services rose faster at +49.1% YoY, leaving the derived EBITDA margin proxy at 29.5% versus 37.0% a year ago; PAT still rose 19.0% because finance costs fell 34.0% and other income increased to ₹84.94 million.
Segments
Within India drove the group with ₹1890.57 million of revenue, while the IFSC unit contributed ₹95.92 million; segment results and assets were not disclosed, so profitability momentum by geography cannot be isolated.
Key positives
- Consolidated revenue reached ₹2088.49 million, up 29.6% YoY and 11.0% QoQ, with within-India revenue at ₹1890.57 million.
- PAT increased 19.0% YoY to ₹442.86 million despite diesel-related margin pressure, aided by finance costs falling 34.0% YoY to ₹43.86 million.
- Five mini bulk carriers were added during the quarter, expanding the operating fleet while ₹2511.80 million of IPO proceeds remained available for planned dry-bulk carrier acquisition.
Key concerns
- Cost of operating services rose 49.1% YoY to ₹1362.96 million against revenue growth of 29.6%, compressing the derived EBITDA margin proxy by 750bps YoY to 29.5%.
- Other income increased 376.1% YoY to ₹84.94 million, making reported PAT less purely operational.
- EPS grew only 6.7% YoY to ₹2.71 versus PAT growth of 19.0%, reflecting the enlarged post-IPO equity base.
Research and educational content only. Not investment advice.