Shipping · Founded 1988 · https://www.transworld.com/shreyas-shipping-andlogistics/ · BSE 520151 · NSE TRANSWORLD · ISIN INE757B01015
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Business
Transworld Shipping Lines Ltd. operates in the maritime shipping sector, primarily engaged in the transportation of cargo across various international and domestic routes. Its core business model revolves around offering freight services, often utilizing a fleet of container vessels, bulk carriers, or specialized ships. The company makes money by charging freight rates to customers for transporting their goods, as well as through chartering vessels or providing integrated logistics solutions that include port services, warehousing, and inland transportation. As a "Shipping Lines" company, its primary focus is typically on scheduled liner services, particularly for containerized cargo, serving trade lanes.
Revenue Mix
While specific revenue breakdown is not publicly available without financial reports, a shipping line typically derives revenue from:
Container Shipping: Transportation of containerized cargo on fixed routes and schedules.
Bulk Shipping: Carriage of dry bulk commodities (e.g., iron ore, coal, grain) or liquid bulk (e.g., oil, chemicals) if applicable.
Logistics & Ancillary Services: Freight forwarding, warehousing, inland trucking, custom clearance, and other value-added supply chain services.
Specific contributions from each segment would depend on the company's fleet composition and strategic focus.
Industry
The shipping industry is global, capital-intensive, cyclical, and highly competitive, influenced by global trade volumes and economic growth. The Indian shipping sector benefits from the country's growing economy, increasing international trade, and government initiatives to promote coastal shipping and port development. Transworld Shipping Lines Ltd., as part of the Transworld Group, is positioned as a notable player within the Indian maritime logistics landscape, likely with established trade routes and a focus on specific segments (e.g., India-Middle East, India-Far East) or types of cargo. Its positioning against larger global behemoths would be as a regional specialist or a niche player.
MOAT
Potential competitive advantages for Transworld Shipping Lines Ltd. could include:
Established Network & Routes: Long-standing presence on specific trade lanes and strong relationships with ports and customers.
Operational Efficiency: Ability to manage vessel operations, fuel costs, and port turnaround times efficiently.
Integrated Logistics: Offering end-to-end logistics solutions beyond just sea freight, enhancing customer stickiness.
Market Knowledge: Deep understanding of the Indian market, regulatory environment, and regional trade dynamics.
Scale (Regional): While not global giants, they might have sufficient scale within their chosen regional markets to achieve cost efficiencies.
Growth Drivers
Key factors that could drive growth for Transworld Shipping Lines Ltd. over the next 3-5 years include:
Global and Indian Trade Growth: Increasing exports and imports driven by economic expansion.
E-commerce & Supply Chain Modernization: Rising demand for efficient, reliable logistics services.
Fleet Expansion & Modernization: Investing in newer, more fuel-efficient, and larger vessels to expand capacity and routes.
Digitalization: Adoption of technology for route optimization, tracking, and customer service.
Government Initiatives: Policies promoting coastal shipping, port infrastructure development, and 'Make in India' initiatives boosting domestic manufacturing and trade.
Strategic Partnerships: Collaborations or alliances to expand network reach and service offerings.
Risks
Freight Rate Volatility: Shipping rates are highly sensitive to supply-demand imbalances, leading to significant fluctuations and impact on profitability.
Fuel Price Volatility: Bunker fuel is a major operating expense, and price spikes can compress margins.
Geopolitical & Trade Risks: Trade wars, sanctions, piracy, and disruptions in key maritime choke points can impact routes and costs.
Regulatory Changes: Environmental regulations (e.g., decarbonization targets, IMO 2020/2023) require significant investment in cleaner fuels or technologies.
Oversupply of Vessels: Industry cycles often lead to periods of overcapacity, depressing rates.
Economic Downturns: Global recessions or slowdowns directly reduce trade volumes.
High Capital Expenditure: Investing in vessels requires substantial capital, potentially leading to high debt levels.
Management & Ownership
Transworld Shipping Lines Ltd. is part of the Transworld Group, suggesting a strong promoter-driven ethos, common in Indian conglomerates. The quality of management would depend on their experience in the shipping sector, strategic vision, and ability to navigate cyclical industry challenges. Ownership structure, given it is "Ltd." and has a ticker, implies it's either publicly listed or has a broader ownership base than a purely private entity, with promoter holding likely being significant, typical for Indian companies.
Outlook
The outlook for Transworld Shipping Lines Ltd. is tied to the broader dynamics of global trade and the highly cyclical shipping industry.
Bull Case: A robust global economy, sustained growth in Indian trade, effective fleet management, strategic expansion into high-growth routes, and successful integration of logistics services could drive strong financial performance. Furthermore, efficient adaptation to new environmental regulations and technological advancements could provide a competitive edge.
Bear Case: A significant downturn in global trade, persistent overcapacity in the shipping market leading to prolonged low freight rates, escalating fuel prices, or unforeseen geopolitical disruptions could severely impact profitability. Heavy capital expenditures coupled with high debt in a challenging market could also pose financial risks. The company's ability to maintain competitive operational costs and adapt to market shifts will be crucial in mitigating these downside risks.
| #(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 | 90 | 94 | 125 | 165 | 152 | 138 | 98 | 132 | 132 | 102 |
| Other Income | 17 | 2 | 2 | 1 | 2 | 3 | 2 | 2 | 2 | 108 |
| Total Income | 107 | 96 | 127 | 167 | 154 | 141 | 100 | 135 | 134 | 210 |
| Total Expenditure | 71 | 65 | 76 | 120 | 117 | 119 | 82 | 126 | 130 | 155 |
| Operating Profit | 35 | 31 | 50 | 46 | 37 | 22 | 18 | 8 | 4 | 56 |
| Interest | 9 | 8 | 8 | 9 | 8 | 7 | 6 | 7 | 6 | 6 |
| Depreciation | 23 | 20 | 20 | 22 | 22 | 23 | 24 | 26 | 25 | 20 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -13 | 0 | 4 | 0 | -1 | 0 |
| Profit Before Tax | 3 | 3 | 22 | 15 | -6 | -8 | -9 | -24 | -28 | 30 |
| Provision for Tax | 1 | 1 | 1 | 1 | -0 | 1 | 1 | 1 | 1 | 1 |
| Profit After Tax | 2 | 2 | 21 | 15 | -6 | -9 | -9 | -25 | -30 | 30 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 2 | 21 | 15 | -6 | -9 | -9 | -25 | -30 | 30 |
| Adjusted Earnings Per Share | 1.1 | 0.9 | 9.7 | 6.7 | -2.8 | -4.1 | -4.2 | -11.5 | -13.4 | 13.4 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 596 | 718 | 541 | 625 | 612 | 560 | 536 | 484 | 282 | 650 | 548 | 464 |
| Other Income | 5 | 6 | 4 | 2 | 4 | 4 | 6 | 19 | 46 | 9 | 9 | 114 |
| Total Income | 601 | 723 | 544 | 627 | 616 | 564 | 541 | 503 | 328 | 658 | 557 | 579 |
| Total Expenditure | 518 | 652 | 429 | 554 | 570 | 496 | 305 | 238 | 259 | 494 | 505 | 493 |
| Operating Profit | 82 | 72 | 115 | 73 | 47 | 68 | 237 | 265 | 70 | 164 | 52 | 86 |
| Interest | 12 | 15 | 13 | 19 | 19 | 17 | 12 | 18 | 37 | 35 | 27 | 25 |
| Depreciation | 19 | 21 | 19 | 21 | 18 | 15 | 19 | 48 | 80 | 86 | 100 | 95 |
| Exceptional Income / Expenses | 0 | 101 | -1 | 1 | -86 | 2 | 6 | 0 | -0 | -13 | 3 | 3 |
| Profit Before Tax | 51 | 137 | 96 | 34 | -85 | 39 | 218 | 199 | -48 | 30 | -71 | -31 |
| Provision for Tax | 2 | 31 | 4 | 0 | -19 | 3 | 7 | 2 | 3 | 2 | 4 | 4 |
| Profit After Tax | 49 | 106 | 92 | 33 | -66 | 36 | 211 | 197 | -51 | 28 | -75 | -34 |
| Adjustments | -0 | 0 | 0 | -4 | 0 | 9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 49 | 106 | 92 | 30 | -66 | 44 | 211 | 197 | -51 | 28 | -75 | -34 |
| Adjusted Earnings Per Share | 22 | 48.3 | 41.9 | 13.6 | -30.1 | 20.2 | 96.1 | 89.7 | -23.2 | 12.7 | -34.2 | -15.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -16% | 4% | -0% | -1% |
| Operating Profit CAGR | -68% | -42% | -5% | -4% |
| PAT CAGR | -368% | NAN% | NAN% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -25% | -15% | -12% | -4% |
| ROE Average | -10% | -4% | 11% | 13% |
| ROCE Average | -4% | 0% | 10% | 11% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 239 | 333 | 422 | 444 | 370 | 422 | 629 | 819 | 767 | 776 | 674 |
| Minority's Interest | 12 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 119 | 114 | 173 | 173 | 110 | 86 | 177 | 392 | 309 | 277 | 221 |
| Other Non-Current Liabilities | 15 | 33 | 29 | 29 | 10 | 12 | 2 | 3 | 7 | 9 | 28 |
| Total Current Liabilities | 152 | 121 | 156 | 207 | 234 | 181 | 106 | 144 | 164 | 202 | 216 |
| Total Liabilities | 537 | 602 | 781 | 853 | 724 | 700 | 914 | 1357 | 1247 | 1264 | 1139 |
| Fixed Assets | 288 | 263 | 384 | 409 | 400 | 374 | 640 | 1043 | 944 | 910 | 790 |
| Other Non-Current Assets | 72 | 188 | 190 | 191 | 88 | 85 | 28 | 145 | 87 | 73 | 60 |
| Total Current Assets | 175 | 151 | 206 | 252 | 236 | 241 | 246 | 170 | 216 | 281 | 235 |
| Total Assets | 537 | 602 | 781 | 853 | 724 | 700 | 914 | 1357 | 1247 | 1264 | 1139 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 30 | 7 | 10 | 7 | 9 | 5 | 7 | 62 | 22 | 11 | 21 |
| Cash Flow from Operating Activities | 54 | 29 | 59 | 59 | 58 | 58 | 118 | 231 | 19 | 175 | 92 |
| Cash Flow from Investing Activities | -125 | -12 | -124 | -56 | 6 | 13 | -79 | -498 | 96 | -49 | 24 |
| Cash Flow from Financing Activities | 62 | -14 | 63 | -2 | -67 | -69 | 15 | 227 | -129 | -116 | -116 |
| Net Cash Inflow / Outflow | -10 | 3 | -3 | 2 | -3 | 2 | 55 | -40 | -15 | 10 | -0 |
| Closing Cash & Cash Equivalent | 21 | 10 | 7 | 9 | 5 | 7 | 62 | 22 | 8 | 21 | 21 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 21.97 | 48.3 | 41.91 | 13.56 | -30.12 | 20.16 | 96.12 | 89.66 | -23.23 | 12.72 | -34.18 |
| CEPS(Rs) | 31.06 | 57.66 | 50.57 | 24.74 | -21.96 | 23.09 | 104.85 | 111.29 | 13.04 | 51.71 | 11.41 |
| DPS(Rs) | 1.3 | 1 | 1.5 | 1.2 | 0 | 2 | 2.5 | 1.5 | 0 | 1.5 | 0 |
| Book NAV/Share(Rs) | 107.94 | 151.77 | 192.35 | 202.09 | 168.66 | 192.2 | 286.57 | 372.85 | 349.06 | 353.21 | 306.82 |
| Core EBITDA Margin(%) | 12.96 | 9.17 | 20.63 | 11.26 | 7.01 | 11.45 | 43.16 | 50.87 | 8.45 | 23.95 | 7.98 |
| EBIT Margin(%) | 10.68 | 21.15 | 20.19 | 8.44 | -10.71 | 9.91 | 42.97 | 45.02 | -3.65 | 10.03 | -8.19 |
| Pre Tax Margin(%) | 8.64 | 19.12 | 17.82 | 5.41 | -13.89 | 6.93 | 40.72 | 41.21 | -16.83 | 4.6 | -13.03 |
| PAT Margin (%) | 8.31 | 14.73 | 17.03 | 5.35 | -10.8 | 6.37 | 39.39 | 40.7 | -18.06 | 4.3 | -13.69 |
| Cash Profit Margin (%) | 11.45 | 17.64 | 20.54 | 8.69 | -7.87 | 9.05 | 42.97 | 50.52 | 10.14 | 17.48 | 4.57 |
| ROA(%) | 10.76 | 18.57 | 13.32 | 4.1 | -8.39 | 5.01 | 26.15 | 17.34 | -3.92 | 2.22 | -6.25 |
| ROE(%) | 23.01 | 37.08 | 24.36 | 7.72 | -16.25 | 9.01 | 40.15 | 27.19 | -6.44 | 3.62 | -10.36 |
| ROCE(%) | 16.81 | 31.93 | 18.28 | 7.39 | -9.51 | 8.8 | 30.92 | 19.96 | -0.83 | 5.66 | -4.29 |
| Receivable days | 60.7 | 52.46 | 78.27 | 84.64 | 90.58 | 92.5 | 47.69 | 6.56 | 9.12 | 13.54 | 28.72 |
| Inventory Days | 5.73 | 6 | 12.1 | 13.29 | 10.66 | 12.79 | 11.57 | 9.99 | 18.79 | 5.62 | 7.13 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 11.77 | 6.58 | 12.18 | 14.97 | 0 | 3.52 | 3.89 | 2.66 | 0 | 19.72 | 0 |
| Price/Book(x) | 2.39 | 2.1 | 2.65 | 1 | 0.23 | 0.37 | 1.3 | 0.64 | 0.74 | 0.71 | 0.38 |
| Dividend Yield(%) | 0.5 | 0.31 | 0.29 | 0.59 | 0 | 2.82 | 0.67 | 0.63 | 0 | 0.6 | 0 |
| EV/Net Sales(x) | 1.28 | 1.2 | 2.54 | 1.18 | 0.55 | 0.62 | 1.85 | 2.06 | 3.39 | 1.28 | 0.93 |
| EV/Core EBITDA(x) | 9.29 | 12.07 | 11.95 | 10.11 | 7.22 | 5.12 | 4.18 | 3.75 | 13.74 | 5.06 | 9.72 |
| Net Sales Growth(%) | 9.1 | 20.49 | -24.67 | 15.58 | -1.97 | -8.57 | -4.32 | -9.71 | -41.63 | 130.04 | -15.59 |
| EBIT Growth(%) | -18.17 | 138.57 | -28.11 | -44.38 | -224.43 | 197.37 | 314.89 | -5.39 | -104.73 | 732.52 | -168.89 |
| PAT Growth(%) | -19.84 | 113.59 | -12.94 | -56.97 | -297.73 | 162.05 | 491.4 | -6.71 | -125.91 | 154.75 | -368.74 |
| EPS Growth(%) | -20.14 | 119.85 | -13.23 | -67.66 | -322.17 | 166.93 | 376.78 | -6.71 | -125.91 | 154.75 | -368.74 |
| Debt/Equity(x) | 0.86 | 0.53 | 0.62 | 0.67 | 0.72 | 0.48 | 0.37 | 0.61 | 0.53 | 0.46 | 0.43 |
| Current Ratio(x) | 1.15 | 1.24 | 1.32 | 1.22 | 1.01 | 1.33 | 2.33 | 1.18 | 1.32 | 1.4 | 1.09 |
| Quick Ratio(x) | 1.08 | 1.13 | 1.18 | 1.11 | 0.96 | 1.19 | 2.26 | 1.05 | 1.25 | 1.35 | 1.03 |
| Interest Cover(x) | 5.22 | 10.38 | 8.55 | 2.79 | -3.37 | 3.33 | 19.11 | 11.82 | -0.28 | 1.85 | -1.69 |
| Total Debt/Mcap(x) | 0.36 | 0.25 | 0.23 | 0.67 | 3.11 | 1.3 | 0.29 | 0.95 | 0.71 | 0.64 | 1.14 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 |
| FII | 0 | 0 | 0.51 | 0.08 | 0.01 | 0 | 0 | 0.01 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.56 | 29.56 | 29.05 | 29.48 | 29.55 | 29.56 | 29.56 | 29.55 | 29.56 | 29.56 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 |
| FII | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.65 | 0.65 | 0.64 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -16% | +4% | 0% | -1% |
| Operating Profit CAGR | -68% | -42% | -5% | -4% |
| PAT CAGR | -368% | 0% | 0% | 0% |
| Share Price CAGR | -25% | -15% | -12% | -4% |
| ROE Average | -10% | -4% | +11% | +13% |
| ROCE Average | -4% | 0% | +10% | +11% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 | 70.44 |
| FII | 0 | 0 | 0.51 | 0.08 | 0.01 | 0 | 0 | 0.01 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.56 | 29.56 | 29.05 | 29.48 | 29.55 | 29.56 | 29.56 | 29.55 | 29.56 | 29.56 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 |
| FII | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.65 | 0.65 | 0.64 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 |
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