By BullScreen Editorial Team 
Sadhav Shipping Limited reported mixed financial performance in its Q4 results 2026 and full-year FY26 earnings, with higher net profit supported by tax benefits even as operating margins came under pressure due to rising expenses.
The maritime services company posted FY26 revenue from operations of ₹97.6 crore, compared to ₹96.9 crore in FY25, reflecting marginal growth of 1%. However, EBITDA declined 17% year-on-year to ₹25.8 crore as operating costs surged sharply during the year. EBITDA margin narrowed to 26% from 32% a year earlier.
Despite weaker operating profitability, profit after tax (PAT) rose 25% to ₹14.7 crore, largely driven by a tax credit benefit of ₹4.1 crore. Earnings per share also improved 11.5% to ₹9.13.
In the Q4 results 2026 update, quarterly revenue increased 22% sequentially to ₹34.3 crore, indicating stronger operational momentum in the final quarter. EBITDA grew 26% quarter-on-quarter to ₹7.4 crore, while PAT fell 57% sequentially to ₹3.2 crore because of lower tax-related gains compared to the previous quarter.
During FY26, Sadhav Shipping secured multiple contracts, including a ₹7.35 crore mooring services order at Chennai Port, a ₹4.67 crore repeat oil spill response contract from Paradip Port Authority, and a ₹6.33 crore offshore vessel services deal from a private defense company.
The company also strengthened its balance sheet by reducing long-term borrowings 28% to ₹72.7 crore. Its debt-to-equity ratio improved to 0.71x from 1.01x, reflecting lower financial risk.
Sadhav Shipping continues to focus on long-term annuity-style maritime contracts as India expands port infrastructure and offshore energy operations under the Maritime Vision 2047 initiative.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from Operations | ₹97.6 Cr | ₹96.9 Cr | +1.0% |
| EBITDA | ₹25.8 Cr | ₹31.3 Cr | -17.0% |
| EBITDA Margin | 26.0% | 32.0% | -600 bps |
| Profit After Tax (PAT) | ₹14.7 Cr | ₹11.75 Cr | +25.0% |
| PAT Margin | 15.0% | 12.0% | +300 bps |
| EPS | ₹9.13 | ₹8.19 | +11.5% |
| Metric | Q4 FY26 | QoQ Change |
|---|---|---|
| Revenue | ₹34.3 Cr | +22% |
| EBITDA | ₹7.4 Cr | +26% |
| EBITDA Margin | 21.2% | Improved |
| PAT | ₹3.2 Cr | -57% |
| Metric | Details |
|---|---|
| Chennai Port Contract | ₹7.35 Cr mooring services order |
| Paradip Port Repeat Order | ₹4.67 Cr OSR contract for 5 years |
| Defence Sector Deal | ₹6.33 Cr offshore vessel services contract |
| Fleet Strength | 20+ owned & chartered vessels across 7 ports |
| Long-Term Debt | Reduced 28% to ₹72.7 Cr |
| Debt-to-Equity Ratio | Improved to 0.71x from 1.01x |
Source: https://nsearchives.nseindia.com/corporate/SADHAV_20052026154641_Reg_30_Investor_Presentation.pdf