Logistics · Founded 2009 · www.saharamaritime.com · BSE 544056 · · ISIN INE0PSJ01011
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Business
Sahara Maritime Ltd. is an Indian logistics company operating in the maritime sector. Its core business involves providing services related to sea-borne trade and cargo movement. This typically includes freight forwarding (arranging shipments on behalf of clients), vessel chartering (leasing ships or space on ships), port agency services, customs clearance, and potentially related multimodal transport solutions (combining sea with land transport). The company makes money by charging fees for these services, which are dependent on cargo volume, routes, type of goods, and additional value-added services provided.
Revenue Mix
While specific, publicly disclosed segment-wise revenue contributions are not readily available without deep financial reports, Sahara Maritime Ltd.'s revenue is generally derived from:
Freight Forwarding: Arranging sea freight for clients, handling documentation, and coordinating logistics.
Vessel Chartering/Broking: Sourcing vessels or cargo space for clients or acting as an intermediary.
Port & Agency Services: Providing services to vessels calling at ports, such as crew changes, supplies, and regulatory compliance.
Customs Clearance & Warehousing: Facilitating import/export procedures and offering storage solutions.
The exact revenue mix can fluctuate based on market demand and the company's operational focus in a given period.
Industry
The Indian logistics industry is vast, fragmented, and experiencing significant growth, driven by economic expansion, government initiatives (e.g., Sagarmala, National Logistics Policy), and increasing trade volumes. It comprises a mix of large integrated players, mid-sized specialists, and numerous smaller operators. Sahara Maritime Ltd., given its specific focus on maritime logistics, likely competes with other freight forwarders, shipping agents, and logistics providers, ranging from global giants to smaller regional players. Its positioning depends on its geographic reach, specialized services offered, and customer base, potentially focusing on specific trade lanes or cargo types where it has expertise or established relationships.
MOAT
For a company like Sahara Maritime Ltd., potential competitive advantages (moats) could include:
Customer Relationships: Long-standing relationships with clients (shippers, consignees) and reliable service delivery leading to repeat business.
Operational Expertise & Network: Specialized knowledge in specific port operations, customs procedures, or trade routes, combined with a reliable network of partners and agents.
Asset Ownership (if applicable): Ownership of specific maritime assets (e.g., barges, containers, or smaller vessels) could offer control and cost advantages.
However, the logistics industry, especially freight forwarding, is often highly competitive with relatively low switching costs for clients if service quality or pricing is not differentiated. Establishing a strong, durable moat against larger, integrated logistics providers or new entrants can be challenging without significant scale, proprietary technology, or highly specialized niche services.
Growth Drivers
Economic Growth & Trade Expansion: India's projected economic growth and increasing participation in global trade will drive demand for logistics services.
Government Initiatives: Policies like "Make in India," 'Sagarmala' project (port-led development), and the National Logistics Policy aim to improve logistics efficiency and infrastructure, boosting sector growth.
Infrastructure Development: Investment in port capacity, waterways, and multimodal connectivity will enhance cargo movement capabilities.
Increasing Containerization & Globalization: The continuous trend towards containerized cargo and global supply chain integration drives demand for efficient maritime logistics.
Risks
Economic Slowdown: A downturn in domestic or global trade directly impacts cargo volumes and freight rates.
Fuel Price Volatility: Fuel costs (bunker prices) are a significant operating expense for maritime logistics, and fluctuations can impact profitability.
Intense Competition: The fragmented nature of the logistics industry leads to intense price competition, which can compress margins.
Geopolitical Risks: Global events, trade wars, sanctions, or regional conflicts can disrupt shipping routes, increase costs, or reduce trade.
Regulatory Changes: Changes in shipping regulations, customs policies, or environmental laws can increase compliance costs.
Technological Disruption: Evolving digital platforms and logistics technologies require continuous investment to remain competitive.
Management & Ownership
Sahara Maritime Ltd. is typically promoted and managed by its founding family or key individuals with experience in the logistics and maritime sector, a common structure among many Indian companies. The promoters often hold a significant stake in the company, influencing strategic direction and long-term vision. Detailed information on specific management quality, board structure, and exact ownership percentages would require reviewing the company's annual reports and corporate filings.
Outlook
Sahara Maritime Ltd. operates in a sector with structural tailwinds from India's economic growth and government focus on infrastructure. The increasing volume of domestic and international trade presents significant opportunities for logistics providers. However, the industry is also characterized by intense competition, susceptibility to global economic cycles, and operational challenges like fuel price volatility. The company's future performance will largely depend on its ability to navigate competitive pressures, maintain operational efficiency, build robust customer relationships, and potentially specialize in high-growth niches or expand its service offerings to capture market share effectively within the dynamic Indian logistics landscape.
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| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|
| Net Sales | 10 | 21 | 26 | 13 | 25 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 10 | 21 | 26 | 14 | 25 | |
| Total Expenditure | 9 | 20 | 24 | 10 | 23 | |
| Operating Profit | 1 | 1 | 2 | 4 | 2 | |
| Interest | 0 | 0 | 0 | 2 | 2 | |
| Depreciation | 0 | 0 | 0 | 1 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 1 | 1 | 2 | 1 | 0 | |
| Provision for Tax | 0 | 0 | 0 | -0 | 0 | |
| Profit After Tax | 1 | 1 | 1 | 1 | 0 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 1 | 1 | 1 | 1 | 0 | |
| Adjusted Earnings Per Share | 3.2 | 2.6 | 5.2 | 2.5 | 0.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 92% | 6% | 0% | 0% |
| Operating Profit CAGR | -50% | 26% | 0% | 0% |
| PAT CAGR | -100% | -100% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -52% | NA% | NA% | NA% |
| ROE Average | 2% | 12% | 15% | 15% |
| ROCE Average | 14% | 24% | 24% | 24% |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 4 | 5 | 12 | 12 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 1 | 1 | 1 |
| Other Non-Current Liabilities | 0 | 0 | 0 | -0 | -0 |
| Total Current Liabilities | 2 | 4 | 3 | 1 | 1 |
| Total Liabilities | 5 | 7 | 10 | 14 | 14 |
| Fixed Assets | 0 | 0 | 2 | 2 | 1 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 5 | 7 | 8 | 12 | 12 |
| Total Assets | 5 | 7 | 10 | 14 | 14 |
| #(Fig in Cr.) | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 1 | 5 |
| Cash Flow from Operating Activities | 0 | 0 | 1 | -1 | -3 |
| Cash Flow from Investing Activities | 0 | -0 | -2 | -0 | 0 |
| Cash Flow from Financing Activities | -0 | -0 | 2 | 5 | -1 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | 4 | -4 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 5 | 1 |
| # | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 3.22 | 2.6 | 5.17 | 2.54 | 0.77 |
| CEPS(Rs) | 3.9 | 3.14 | 6.33 | 4.38 | 2.07 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 15.59 | 18.19 | 23.83 | 39.21 | 38.35 |
| Core EBITDA Margin(%) | 10.34 | 3.98 | 6.97 | 25.55 | 8.69 |
| EBIT Margin(%) | 9.33 | 3.48 | 6.02 | 21.92 | 7.34 |
| Pre Tax Margin(%) | 8.99 | 3.37 | 5.77 | 4.87 | 1.32 |
| PAT Margin (%) | 6.36 | 2.49 | 4.4 | 5.81 | 0.93 |
| Cash Profit Margin (%) | 7.7 | 3 | 5.39 | 10.02 | 2.51 |
| ROA(%) | 12.26 | 8.36 | 13.65 | 6.59 | 1.69 |
| ROE(%) | 20.67 | 15.42 | 25.67 | 9 | 1.98 |
| ROCE(%) | 27 | 20.1 | 29.1 | 28.87 | 14.18 |
| Receivable days | 161.53 | 71.04 | 50.13 | 97.92 | 54.58 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 18.53 | 54.2 |
| Price/Book(x) | 0 | 0 | 0 | 1.2 | 1.09 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.04 | 0 | 0.13 | 0.82 | 0.51 |
| EV/Core EBITDA(x) | 0.35 | 0.02 | 1.85 | 3.15 | 5.74 |
| Net Sales Growth(%) | 0 | 106.64 | 24.03 | -48.56 | 88 |
| EBIT Growth(%) | 0 | -22.86 | 114.39 | 87.19 | -37.02 |
| PAT Growth(%) | 0 | -19.19 | 119.43 | -32.11 | -69.75 |
| EPS Growth(%) | 0 | -19.19 | 98.57 | -50.9 | -69.75 |
| Debt/Equity(x) | 0.12 | 0.03 | 0.33 | 0.11 | 0.08 |
| Current Ratio(x) | 2.62 | 1.95 | 2.49 | 10.38 | 8.53 |
| Quick Ratio(x) | 2.62 | 2.14 | 2.49 | 10.38 | 8.53 |
| Interest Cover(x) | 27.23 | 30.81 | 24.26 | 1.29 | 1.22 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.09 | 0.08 |
| # | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 72.33 | 72.33 | 72.33 | 72.33 | 72.33 | 72.33 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 27.67 | 27.67 | 27.67 | 27.67 | 27.67 | 27.67 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +92% | +6% | — | — |
| Operating Profit CAGR | -50% | +26% | — | — |
| PAT CAGR | -100% | -100% | — | — |
| Share Price CAGR | -52% | — | — | — |
| ROE Average | +2% | +12% | +15% | +15% |
| ROCE Average | +14% | +24% | +24% | +24% |
| # | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 72.33 | 72.33 | 72.33 | 72.33 | 72.33 | 72.33 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 27.67 | 27.67 | 27.67 | 27.67 | 27.67 | 27.67 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoter | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 |
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