💰 Financial Performance

Revenue Growth by Segment

Total revenue was INR 733.61 Cr in FY24, representing a 7.14% decline from INR 790.04 Cr in FY23. Revenue for FY25 is estimated to have declined further by 18.2% to approximately INR 600 Cr due to an economic downturn and changes in customer profiles. However, H1 FY26 shows a recovery trend with estimated revenue of INR 323 Cr.

Geographic Revenue Split

The company operates at over 20 ports and jetties, primarily in Gujarat (Kandla, Navlakhi, Magdalla, Bhavnagar, Bedi) and Maharashtra (Dharmatar), with international operations in Sri Lanka (Puttalam). Specific percentage split per region is not disclosed.

Profitability Margins

Operating margins have remained healthy between 26-30% from FY23 to FY25 and are estimated to exceed 30% in H1 FY26. PAT margins improved from 10.47% in FY23 to 12.38% in FY24.

EBITDA Margin

Operating margin (EBITDA proxy) is sustained at 26-30% due to technical expertise and the ability to pass on increased operating costs to customers through periodic freight rate hikes.

Capital Expenditure

The company maintains a comfortable capital structure with a networth of over INR 300 Cr as of March 31, 2025, which significantly improved to INR 713.63 Cr by September 30, 2025, following its IPO in August 2025. No large debt-funded capex is currently planned.

Credit Rating & Borrowing

The company holds a 'Crisil A/Stable' long-term rating and 'Crisil A1' short-term rating for bank loan facilities totaling INR 300 Cr. Interest coverage was robust at 17.68x in FY24 and is estimated at 10.79x for FY25.

⚙️ Operational Drivers

Raw Materials

As a service provider, primary costs are operational rather than raw materials, including fuel for its fleet of tippers, tankers, and trailers, and maintenance for heavy machinery like cranes and excavators.

Import Sources

Not applicable for shipping and logistics services.

Capacity Expansion

The company operates at 20+ ports. While specific MTPA capacity is not disclosed, the post-IPO networth of INR 713.63 Cr provides substantial financial flexibility for future fleet or terminal expansion.

Raw Material Costs

Operating costs are managed through a pass-through mechanism where freight rate increases are passed to customers, maintaining margins despite cost fluctuations.

Manufacturing Efficiency

Not applicable; however, operating efficiency is driven by technical expertise in cargo handling and stevedoring.

Logistics & Distribution

Integrated services include lightering, stevedoring, and dry bulk cargo transportation using a fleet of specialized vehicles and port equipment.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth is targeted through increasing the customer base and overall import/export volumes. The August 2025 IPO provided a capital cushion (Networth of INR 713.63 Cr) to support larger scale operations and diversification of service offerings.

Products & Services

Integrated shipping and logistics services including cargo handling, lightering, stevedoring, dry bulk transportation, fleet chartering, and equipment rentals.

Brand Portfolio

Shreeji Shipping

Market Expansion

Expansion into 20+ ports across India and Sri Lanka, including an exclusive terminal at Rozi Pier for Reliance Industries.

Market Share & Ranking

Prominent player in the integrated shipping and logistics solution sector for dry bulk cargo in India and Sri Lanka.

Strategic Alliances

Maintains an exclusive terminal arrangement at Rozi Pier, Bedi Group of Ports, specifically for Reliance Industries Ltd.

🌍 External Factors

Industry Trends

The Indian logistics industry is fragmented and cyclical. Current trends show a recovery in volumes in H1 FY26 following a downturn in FY25, with a shift toward integrated service providers.

Competitive Landscape

Faces intense competition from major state-owned and private ports located near its operational hubs in Gujarat and Maharashtra.

Competitive Moat

The moat is based on an established market position since 1995, technical expertise in port services, and long-standing relationships with 'AAA' rated clients like Reliance Industries.

Macro Economic Sensitivity

Highly sensitive to international trade volumes and economic cycles; revenue declined from INR 790.04 Cr in FY23 to an estimated INR 600 Cr in FY25 due to macro headwinds.

Consumer Behavior

Not applicable as the company serves industrial B2B clients in oil, gas, energy, and FMCG sectors.

Geopolitical Risks

Geopolitical tensions affecting trade routes are identified as a key risk that could hamper volume growth at ports.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to port-specific regulations, international shipping standards, and trade-related policies.

Legal Contingencies

An admiralty suit was filed in the High Court resulting in an arrest order for five company-owned vessels as of December 27, 2025. The company is currently contesting this matter legally.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the outcome of the pending admiralty suit and the potential impact of the vessel arrests on near-term operational capacity.

Geographic Concentration Risk

High concentration in Gujarat, with services provided at Kandla, Navlakhi, Magdalla, Bhavnagar, and Bedi ports.

Third Party Dependencies

Significant dependency on the trade volumes and economic health of major clients like Reliance Industries and Adani Enterprises.

Technology Obsolescence Risk

Low risk; the business relies on standard heavy-duty logistics equipment and vessels, though operational efficiency is tied to equipment uptime.

Credit & Counterparty Risk

Receivables risk is reflected in GCA days of 135, though mitigated by a customer base consisting of large, established industrial entities.