ABS Marine Services Ltd. (ABSMARINE)
SME CapServices stocks · SME cap · NSE
ABS Marine Services Ltd., established in 1992, provides marine and offshore services across Ship Management, Vessel Ownership, Marine Services, and Port Services. Headquartered in Chennai with a presence in Mumbai, Kochi, Kakinada, and Singapore, it serves government, oil & gas, port authorities, and private shipping firms.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend supports entry, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹183 Cr | NDF | +34.6% |
| EBITDA | ₹94 Cr | +184.8% | +70.9% |
| Operating margin | 51.0% | +1800 bps | +1100 bps |
| PAT | ₹49 Cr | NDF | +58.1% |
| PAT margin | 26.8% | +778 bps | +399 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated total income surged to 322.64 Cr (up 75% YoY), driven by owned fleet expansion. EBITDA grew 179% YoY to 152.55 Cr, with Net Profit up 196% YoY to 80.80 Cr. H2 FY26 also showed strong growth, with total income at 183.11 Cr and Net Profit at 49.46 Cr.
The company demonstrated robust financial performance in FY26, significantly improving revenue and profitability, primarily driven by strategic expansion of its owned fleet. Key operating metrics like vessels under management and owned ships show growth. The focus on long-term government and PSU contracts provides revenue visibility, supporting the investment thesis.
Revenue by Contract Type (Standalone FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Contract Pipeline & Revenue Visibility
PositiveTwo recently acquired vessels on short-term deployment are expected to transition into long-term charter contracts. Company is actively bidding for new tenders from oil majors.
Margin Expansion
PositiveImproved earnings driven by expansion of owned fleet, minimizing reliance on third-party leased vessels, strengthening long-term growth opportunities and operational scalability.
Fleet & Capital Strategy
PositiveExpanding owned vessel portfolio to reduce reliance on third-party assets for long-term growth. Maintains 70:30 debt-equity model for vessel financing.
Integrated Service Model
PositiveEnd-to-end marine solutions across vessel ownership, operations & support, providing diverse revenue streams from chartering, ship repairs, crew management & logistics.
DP2 OSV Contracts (2024)
PositiveContracted 2 new DP2 OSVs in 2024.
OCEAN DIAMOND & EMERALD Delivery (2025)
PositiveTook delivery of OCEAN DIAMOND & EMERALD (DP2 OSVs) in 2025.
Additional DP2 OSV Contracts (2025)
PositiveContracted 2 more DP2 OSVs for FY26 in 2025.
OSV HADES Induction (2026)
PositiveInducted OSV HADES in 2026, strengthening owned offshore fleet and execution capabilities.
Strategic Trade Enabler
Positive~95% of India’s trade by volume and 70% by value is transported via sea, indicating sustained demand for maritime services.
Government-Backed Infrastructure Expansion
Positive6 new mega ports planned under Sagarmala, 100% FDI allowed for port/harbour construction, and 10-year tax holiday for port enterprises.
Vision 2047: Maritime Transformation Roadmap
PositivePlan to add 1,000 ships over 10 years via joint public-private ownership and aim to reduce foreign freight outgo by one-third by 2047.
Industry Supply Constraints
PositiveAged global fleet and limited new builds favor charter rate growth, benefiting the company's asset-backed model.
Increased Finance Costs
NegativeFinance Costs increased significantly to 30.86 Cr in FY26 from 5.56 Cr in FY25, indicating a higher interest burden.
Rising Non-Current Borrowings
NegativeNon Current Borrowings increased to 331.11 Cr in FY26 from 138.70 Cr in FY25, reflecting increased debt for fleet expansion.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation provides H2 FY25 vs H2 FY26 and FY25 vs FY26 data, making year-over-year comparisons most relevant to assess the impact of asset additions and long-term contracts on annual performance.
Vessels Under Management
Positive38 Vessels Under Management (FY26)
Owned Ships
Positive12 Owned Ships (FY26)
Team Size
Neutral80 shore staff, 500 floating staff onboard, 2,000 floating staff in pool (FY26)
Strategic Government Contracts
Positive10 Strategic Contract with Government Authorities (FY26)
Strong Financial Performance
PositiveManagement states strong financial performance reflects continued momentum and benefits of strategic focus on expanding the owned fleet.
Commitment to Asset Base
PositiveCommitted to building a robust asset base that drives operational efficiency, enhances service delivery, and supports sustainable long-term growth.
Offshore Demand Capitalization
PositiveWell-positioned to capitalize on increasing demand in the offshore segment.
Active Bidding for New Tenders
PositiveActively bidding for new tenders from oil majors to secure future contracts.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Debt to Equity Ratio | 1.21 (FY26) | Trends in debt levels relative to equity, especially with ongoing fleet expansion and financing strategy. |
| Interest Coverage Ratio | 3.80x (FY26) | Ability to cover increased finance costs as debt grows, ensuring profitability is not unduly impacted. |
| Owned Vessel Portfolio Expansion | 12 owned ships (FY26) | Timely delivery and commissioning of contracted DP2 OSVs and their transition to long-term charters. |
| New Tender Wins | Actively bidding for new tenders | Announcements of new long-term contracts, particularly with oil majors, to ensure revenue visibility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
67Bullishfull bull SMA stack · SMA20 +17.6% / mo · RSI overbought · MACD + · near 52W high
Technical chart
ABSMARINEdaily · 1Y · AUTO+97.6%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 81.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~15.0% over last month) — short-term momentum positive.
- RSI(14) at 81 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 60.5%.
- Quality contributes 18/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -8 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 75th percentile within Services. Main check: results consistency is weak at 45/100.
Healthy Trust Lite: Promoter holding is 64%. Key concern: Debt/equity is 1.21.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 75th pctile, median 66 · SME: 85th pctile, median 64
6 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 64%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸ROCE is 21%.
Trust risks
- ▸Debt/equity is 1.21.
- ▸OPM spread across recent quarters is 30%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 10.40
- P/B
- 2.66
- EV/EBITDA
- 6.56
- Market Cap
- 830.00Cr
Profitability
- ROE
- 29.60%
- ROCE
- 21.00%
- ROA
- 10.92%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 124.00%
- Revenue 3Y
- 42.00%
- EPS 3Y
- 109.00%
Balance Sheet
- Debt/Equity
- 1.21
- Interest Coverage
- 4.81×
- Altman Z
- 2.94
- Book Value
- 127.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 168.00 Cr
- EPS TTM
- 32.59
Shareholding
- Promoter Hold
- 63.96%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 97%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.