Seamec Limited — PPTs, 28-05-2025: Investor Presentation

1. Financial Highlights:

Standalone revenue for Q4 FY25 was ₹207.4 Cr, down 11% YoY but up 56% QoQ, driven by higher vessel deployment. EBITDA held steady at ₹104.6 Cr with a strong 50.5% margin. Full-year standalone revenue dropped 7% YoY to ₹659.6 Cr, with EBITDA down 9% at ₹263.7 Cr and 40% margins. Profit after tax declined 23% QoQ and 38% YoY. Net debt was negative ₹206 Cr, indicating net cash, supporting a healthy balance sheet. ROCE and ROE stood at 13% and 12% respectively. Consolidated revenue for Q4 was ₹209.7 Cr (-12% YoY, +50% QoQ), with FY25 consolidated revenue down 10% YoY at ₹682.2 Cr and steady 35.8% EBITDA margins.

2. Strategic Initiatives & Growth Drivers:

Board approved acquisition of bulk carrier NPP Nusantara for USD 23 million via debt and accruals to expand fleet capacity. Focus on increased vessel deployment and utilization in East Coast and Dubai markets continues, alongside fleet modernization and seasonal deployment optimization. The company exited its tunnel construction JV, while strengthening offshore and logistics services through bulk carrier joint ventures.

3. Business Developments:

Seamec Diamond (OSV) was added to the fleet in December 2024, complementing ongoing operations with 5 DSVs, 1 OSV, and an accommodation barge. Subsidiaries like Seamec International FZE and Seamate Shipping FZC expanded bulk shipping presence. The exit from the tunnel construction JV after substantial completion reflects strategic prioritization.

4. Market Position & Competitive Advantage:

SEAMEC maintains India’s largest multi-support vessel fleet with deep technical expertise and low maintenance costs from preventive maintenance. Supported by MMG Group’s financial strength and reputed leadership, the company benefits from superior vessel deployment rates underpinning revenue visibility and profitability. Its diversified service mix in subsea, offshore shipping, and bulk transport provides a robust competitive edge.

5. Investor Implications:

While near-term revenue faces challenges from softer deployment and charters, SEAMEC’s net cash position, fleet expansion, and focus on higher-margin utilization point to positive growth potential. Execution risk around contract renewals and offshore demand volatility remains. Strategic fleet additions and joint venture partnerships offer avenues for scaling operations and margin improvement, making the stock attractive for those tracking offshore sector recovery.