SEAMECLTD Q3 FY26 earnings call.
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Revenue
₹317 Cr
verified against source
Revenue YoY
138%
reported change
EBITDA
₹150 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Seamec reported its best-ever quarterly performance in Q3 FY26, driven by the highest vessel deployment in company history. Consolidated revenue surged 138% YoY to Rs 331 crore, while EBITDA jumped to Rs 150 crore from Rs 34 crore, expanding margins by approximately 2,080 basis points to 45.3%. PAT turned around from a Rs 3 crore loss to Rs 100 crore profit. The strong performance was partly aided by an exceptional Rs 22 crore contribution from a HAL Offshore vessel contract. Management projects continued growth with Swordfish operating full-year and new vessels Augusta and Anand to be deployed in Q4/Q1 FY27. The company maintains a net cash position with plans to fund vessel acquisitions through internal accruals while targeting 3-4 year loan repayment. Near-term Q4 earnings will moderate due to CMAC Paladin's 2-month dry dock, reinforcing management's view that investors should evaluate performance on an annual rather than quarterly basis.
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Guidance to track
- Swordfish vessel worked only part of Q3 FY26; full-year deployment expected next fiscal year with Q4 impacted by partial quarters.
- Acquisition expected to close in Q4 FY26 with deployment commencing Q1 FY27, funded 50/50 via internal accruals and term loan.
- Management expects current elevated charter rate environment to sustain, with long-term and short-term contract mix providing revenue visibility.
- MOU with DG Shipping signed for planned acquisition of 1+ vessels over 2-3 years with investment commitment of ~Rs 1,000 crore.
Risks flagged
- CMAC Paladin is undergoing statutory dry dock for approximately 70 days (2 months) in Q4, reducing revenue and profitability vs Q3's exceptional Rs 22 crore one-time contribution.
- Anant vessel acquisition delayed multiple quarters due to board approvals, shareholder approvals, and ONGC consent requirements; closing now targeted for Q4 FY26 vs original Q1 FY26 expectation.
- Management acknowledged that historically quarters show alternating strong/weak performance due to dry docks and contract changeovers; recommends investors focus on annual rather than quarterly metrics.
- While IMR contracts provide year-round deployment, some offshore operations remain monsoon-restricted, creating potential for partial quarter impacts.
Key quotes
- Q3 was a landmark quarter marked by the highest ever vessel deployment in the company's history. This operational performance translated into our best ever quarterly revenue and profitability.
- This quarter has been exceptionally well. There was a vessel Goodman which was owned by HAL Offshore and the contract was taken in CMAC... This has given us a benefit of almost upwards of 22 crores in the quarter. So this was kind of an exceptional business that the management has been able to secure in Q3.
- As a prudent operator we will continue to decide whether it is better to operate the older vessel or better to put them for recycling and then buy the newer vessel. So our endeavor will always be to optimize the return for all the stakeholders.
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