Shipping · Founded 1990 · www.shahilogistics.com · BSE 526508 · · ISIN INE825D01016
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Business
Shahi Shipping Ltd. operates in the shipping sector, primarily engaged in the transportation of goods by sea. The company's core business model involves owning, operating, and potentially chartering vessels to facilitate maritime logistics. It makes money by charging freight rates for cargo transportation or by earning charter hire fees from leasing its vessels to other operators for specific periods or voyages. As an Indian shipping company, it likely serves both domestic coastal trade and potentially international routes, contributing to the supply chain of various industries.
Revenue Mix
Specific breakdowns of major business segments, fleet composition (e.g., dry bulk, tanker, container), or their contribution to overall revenue are not publicly available within the scope of this overview. Without this information, it is assumed the company primarily derives its revenue from its core shipping operations.
Industry
The shipping industry is highly capital-intensive, global, and cyclical, influenced heavily by international trade volumes, commodity prices, and global economic growth. It is also susceptible to supply-demand imbalances, leading to volatile freight rates. Shahi Shipping Ltd., as an Indian player, operates within this competitive landscape, likely focusing on specific niches within the Indian coastal or regional trade, or potentially smaller international routes. Compared to global shipping giants, it likely holds a relatively smaller market share and scale, positioning itself to serve specific trade lanes or cargo types where it can compete effectively.
MOAT
The shipping industry is largely commoditized, with freight services often chosen based on price, reliability, and availability. Shahi Shipping Ltd. is unlikely to possess significant durable competitive advantages (moats) such such as strong brand loyalty, high switching costs, or network effects typical of other industries. Potential minor advantages could stem from established customer relationships, operational efficiency, cost-effective vessel management, or specialized fleet assets if they exist, but these are generally less robust than traditional moats. Scale can be an advantage in terms of financing and diversified operations, which may be limited for smaller players.
Growth Drivers
Key factors that could drive growth for Shahi Shipping Ltd. over the next 3-5 years include:
Indian Economic Growth: Sustained growth in India's economy, industrial output, and consumer demand will directly translate to increased cargo volumes.
Government Initiatives: "Sagarmala" project and other government thrusts on coastal shipping and port development aim to boost maritime trade and logistics efficiency in India.
Global Trade Expansion: A recovery or sustained growth in global trade volumes would benefit all shipping companies, including those engaged in international routes.
Fleet Expansion/Modernization: Strategic investments in new or larger vessels, or modernization of existing fleet to meet environmental regulations and efficiency demands.
Commodity Demand: Increased demand for specific commodities (e.g., coal, iron ore, agricultural products, refined petroleum products) if the company specializes in their transport.
Risks
Shahi Shipping Ltd. faces several inherent business risks:
Cyclicality & Freight Rate Volatility: The highly cyclical nature of the shipping industry exposes the company to significant fluctuations in freight rates, impacting profitability.
Fuel Price Volatility: Bunker (fuel) costs are a major operating expense; sudden spikes in oil prices can compress margins.
Global Economic Slowdown: A downturn in the global or Indian economy can lead to reduced trade volumes and lower demand for shipping services.
Oversupply of Vessels: An imbalance between vessel supply and cargo demand can depress freight rates for prolonged periods.
Regulatory Changes: Stricter environmental regulations (e.g., IMO 2020/2030, greenhouse gas emissions targets) can require significant capital expenditure for compliance.
Geopolitical Risks: Trade wars, sanctions, piracy, or regional conflicts can disrupt shipping routes, increase insurance costs, and impact operations.
High Capital Expenditure & Debt: Owning and maintaining vessels requires substantial capital investment, often leading to significant debt levels and exposure to interest rate risks.
Management & Ownership
Details regarding the specific promoters, management team's backgrounds, and precise ownership structure (e.g., promoter holding, institutional vs. public float) are not publicly available within the scope of this general overview. In many Indian listed companies, especially in capital-intensive sectors, promoter families often hold significant stakes and play a crucial role in strategic decision-making and operational oversight.
Outlook
Shahi Shipping Ltd. operates in a foundational but inherently volatile industry. The company stands to benefit from India's robust economic growth projections and government emphasis on maritime infrastructure and coastal shipping, which could provide a consistent demand base. However, its performance remains highly susceptible to global economic conditions, the cyclical nature of freight rates, and volatile operating costs like fuel. Its ability to navigate intense competition, manage a capital-intensive asset base, and adapt to evolving environmental regulations will be key determinants of its financial health and growth trajectory.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 4 | 3 | 2 | 2 | 3 | 2 | 1 | 2 | 2 | 1 |
| Other Income | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 5 | 3 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 1 |
| Total Expenditure | 4 | 3 | 3 | 2 | 3 | 2 | 2 | 2 | 2 | 1 |
| Operating Profit | 2 | 1 | -1 | 0 | 1 | 0 | -0 | -0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -3 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 2 | 0 | -1 | 0 | -3 | -0 | -0 | -1 | -1 | -1 |
| Provision for Tax | -0 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | -0 | 0 |
| Profit After Tax | 2 | 0 | -1 | 0 | -2 | -0 | -0 | -0 | -1 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 0 | -1 | 0 | -2 | -0 | -0 | -0 | -1 | -1 |
| Adjusted Earnings Per Share | 1.1 | 0.2 | -1 | 0 | -1.6 | -0.2 | -0.3 | -0.3 | -0.5 | -0.5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 18 | 15 | 19 | 17 | 10 | 8 | 9 | 9 | 11 | 12 | 11 | 6 |
| Other Income | 2 | 0 | 0 | 1 | 1 | 0 | 0 | 2 | 1 | 1 | 1 | 0 |
| Total Income | 20 | 15 | 19 | 18 | 11 | 8 | 10 | 12 | 12 | 14 | 11 | 7 |
| Total Expenditure | 18 | 13 | 16 | 15 | 24 | 10 | 10 | 11 | 11 | 10 | 8 | 7 |
| Operating Profit | 3 | 2 | 3 | 3 | -13 | -1 | 0 | 1 | 1 | 3 | 3 | 0 |
| Interest | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 |
| Depreciation | 4 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | -2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 | 0 |
| Profit Before Tax | -4 | -4 | 0 | 0 | -15 | -3 | -1 | -0 | 0 | 2 | -4 | -3 |
| Provision for Tax | -0 | -2 | 1 | -1 | -0 | 0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Tax | -3 | -3 | -1 | 1 | -15 | -3 | -1 | -0 | 0 | 3 | -4 | -2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -3 | -3 | -1 | 1 | -15 | -3 | -1 | -0 | 0 | 3 | -4 | -2 |
| Adjusted Earnings Per Share | -2.4 | -1.7 | -0.4 | 0.8 | -10.1 | -2.3 | -0.8 | -0.1 | 0.3 | 1.8 | -2.5 | -1.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -8% | 7% | 7% | -5% |
| Operating Profit CAGR | 0% | 44% | 0% | 0% |
| PAT CAGR | -233% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -25% | 26% | 17% | -1% |
| ROE Average | -87% | -6% | -11% | -22% |
| ROCE Average | -31% | 0% | -0% | -7% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 24 | 21 | 21 | 22 | 7 | 4 | 3 | 3 | 3 | 6 | 2 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 1 | 8 | 5 | 5 | 5 | 5 | 7 | 7 | 3 | 3 |
| Other Non-Current Liabilities | 4 | 2 | 3 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 |
| Total Current Liabilities | 25 | 20 | 11 | 10 | 10 | 10 | 11 | 9 | 8 | 9 | 6 |
| Total Liabilities | 55 | 44 | 42 | 39 | 24 | 21 | 20 | 20 | 19 | 19 | 12 |
| Fixed Assets | 21 | 15 | 13 | 11 | 9 | 8 | 7 | 6 | 5 | 5 | 7 |
| Other Non-Current Assets | 7 | 5 | 11 | 11 | 11 | 11 | 11 | 11 | 10 | 10 | 1 |
| Total Current Assets | 27 | 24 | 18 | 17 | 4 | 2 | 2 | 2 | 5 | 4 | 4 |
| Total Assets | 55 | 44 | 42 | 39 | 24 | 21 | 20 | 20 | 19 | 19 | 12 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 4 | 3 | 5 | 4 | -1 | 1 | 1 | -1 | 2 | 4 | 3 |
| Cash Flow from Investing Activities | -0 | 4 | -0 | -0 | 1 | 0 | -0 | 0 | 0 | -0 | -3 |
| Cash Flow from Financing Activities | -3 | -7 | -5 | -4 | -1 | -2 | -1 | 1 | -2 | -4 | 0 |
| Net Cash Inflow / Outflow | 0 | -0 | 1 | 0 | -1 | -0 | 0 | 0 | 0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -2.37 | -1.74 | -0.38 | 0.76 | -10.11 | -2.29 | -0.78 | -0.06 | 0.28 | 1.78 | -2.46 |
| CEPS(Rs) | 0.32 | 0.29 | 1.07 | 2.02 | -9.2 | -1.6 | -0.19 | 0.48 | 0.7 | 2.1 | -2.12 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 16.41 | 14.67 | 14.31 | 15.06 | 4.96 | 2.67 | 2.04 | 1.98 | 2.27 | 4.05 | 1.59 |
| Core EBITDA Margin(%) | 4.38 | 13.26 | 16.82 | 10.62 | -134.91 | -21.9 | -3.75 | -12.38 | 1.71 | 16.21 | 22.64 |
| EBIT Margin(%) | -7.11 | -19.28 | 6.42 | 7.92 | -138.48 | -30.57 | -7.87 | 3.36 | 7.55 | 24.33 | -28.9 |
| Pre Tax Margin(%) | -20.32 | -29.46 | 0.07 | 1.64 | -145.07 | -39.72 | -14.95 | -1.64 | 3.26 | 19.74 | -35.3 |
| PAT Margin (%) | -18.66 | -17.29 | -2.87 | 6.59 | -143.44 | -40.68 | -12.15 | -0.9 | 3.76 | 20.81 | -33.71 |
| Cash Profit Margin (%) | 2.49 | 2.89 | 8.09 | 17.57 | -130.59 | -28.47 | -2.98 | 7.34 | 9.4 | 24.47 | -29.11 |
| ROA(%) | -5.74 | -5.07 | -1.27 | 2.69 | -46.83 | -14.98 | -5.55 | -0.42 | 2.08 | 13.6 | -23.04 |
| ROE(%) | -13.47 | -11.2 | -2.62 | 5.15 | -100.97 | -59.95 | -33.22 | -2.91 | 13.25 | 56.49 | -87.26 |
| ROCE(%) | -2.76 | -7.08 | 3.53 | 4.01 | -57.92 | -16.52 | -5.74 | 2.44 | 6.4 | 25.7 | -30.93 |
| Receivable days | 450.26 | 469.89 | 328.43 | 356.42 | 335.6 | 117.41 | 60.33 | 48.08 | 59.66 | 58.79 | 58.84 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 10.97 | 0 | 0 | 0 | 0 | 16.13 | 6.49 | 0 |
| Price/Book(x) | 0.79 | 0.66 | 0.75 | 0.55 | 1.82 | 2.06 | 2.82 | 2.27 | 2 | 2.86 | 10.33 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.09 | 1.93 | 1.46 | 1.27 | 2.23 | 2.1 | 1.9 | 1.78 | 1.4 | 1.76 | 2.78 |
| EV/Core EBITDA(x) | 14.86 | 13.08 | 8.42 | 6.7 | -1.78 | -11.43 | 146.61 | 15.34 | 10.61 | 6.27 | 9.21 |
| Net Sales Growth(%) | -4.93 | -20.85 | 30.95 | -13.04 | -38.56 | -20.26 | 14.68 | 0.69 | 15.55 | 14.37 | -14.86 |
| EBIT Growth(%) | 23.34 | -114.73 | 143.63 | 7.25 | -1173.92 | 82.4 | 70.47 | 143.02 | 159.18 | 268.82 | -201.1 |
| PAT Growth(%) | 1.87 | 26.68 | 78.22 | 299.41 | -1437.06 | 77.38 | 65.75 | 92.52 | 581.12 | 533.64 | -237.92 |
| EPS Growth(%) | 1.87 | 26.68 | 78.22 | 299.41 | -1437.07 | 77.38 | 65.75 | 92.53 | 581.2 | 533.75 | -237.92 |
| Debt/Equity(x) | 0.85 | 0.67 | 0.64 | 0.45 | 1.38 | 2.36 | 3.25 | 3.64 | 2.74 | 0.92 | 2.69 |
| Current Ratio(x) | 1.08 | 1.21 | 1.66 | 1.61 | 0.38 | 0.2 | 0.21 | 0.28 | 0.56 | 0.48 | 0.63 |
| Quick Ratio(x) | 1.08 | 1.21 | 1.66 | 1.61 | 0.38 | 0.2 | 0.21 | 0.28 | 0.56 | 0.48 | 0.63 |
| Interest Cover(x) | -0.54 | -1.9 | 1.01 | 1.26 | -21.03 | -3.34 | -1.11 | 0.67 | 1.76 | 5.3 | -4.52 |
| Total Debt/Mcap(x) | 1.07 | 1.02 | 0.84 | 0.82 | 0.76 | 1.15 | 1.15 | 1.6 | 1.37 | 0.32 | 0.26 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.11 | 73.11 | 73.11 | 73.11 | 73.11 | 50 | 50 | 50 | 50 | 50 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.89 | 26.89 | 26.89 | 26.89 | 26.89 | 50 | 50 | 50 | 50 | 50 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -8% | +7% | +7% | -5% |
| Operating Profit CAGR | 0% | +44% | — | 0% |
| PAT CAGR | -233% | — | — | — |
| Share Price CAGR | -25% | +26% | +17% | -1% |
| ROE Average | -87% | -6% | -11% | -22% |
| ROCE Average | -31% | 0% | 0% | -7% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.11 | 73.11 | 73.11 | 73.11 | 73.11 | 50 | 50 | 50 | 50 | 50 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 26.89 | 26.89 | 26.89 | 26.89 | 26.89 | 50 | 50 | 50 | 50 | 50 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.06 | 1.06 | 1.06 | 1.06 | 1.06 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 |
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