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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹90 Cr
verified against source
Revenue YoY
56%
reported change
EBITDA
₹38.54 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Knowledge Marine delivered a standout Q3 FY26 with revenue of ₹90 crore (up 56% YoY), EBITDA margin of 43%, and PAT of ₹32.89 crore (34% margin). The quarter benefited from scaling efficiencies, improved realizations, and strong demand across dredging, charter hire, and shipbuilding. The order book stands at ₹1,500 crore, with a bid pipeline exceeding ₹3,000 crore, driven by inland waterway expansion and green tug contracts. Management guided that the tonnage tax regime will reduce effective tax to less than 1% of turnover, boosting net margins. Fleet utilization is at 100%, and the company raised ₹285 crore via preferential issue to fund capex. Key risk: execution delays if vessel acquisition for new contracts is slower than anticipated.
Colored figures show movement against the previous available record.
Guidance to track
- Company has opted for tonnage tax scheme, significantly lowering tax burden from Q3 FY26 onwards.
- Investment in shipyard (debt+equity) to build tugs and smaller vessels, targeting top line of ₹500-700 crore within 3 years.
- Current receivables at 45-60 days expected to come down as mix shifts from Bahrain to India operations.
Risks flagged
- Vessel redeployed to India; no timeline for resuming Bahrain operations as suitable replacement vessel not yet identified.
- DCI's investment in larger dredges could reduce subcontracting opportunities, though management sees no direct overlap currently.
- Green tug contracts require advanced technology and component sourcing; any delays in supply chain could impact delivery timelines.
Key quotes
- We have chosen to fall under the tonnage tax scheme. The guidance could be anywhere between less than 1% of the turnover as the total tax implication.
- We believe that we can reach a top line of between 500 to 700 crores with the facility 3 years down the line.
- We are actively participating in the green tug tenders that are being floated by major ports of India.
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