Order Book
₹1,500 crore
+N/A
Includes dredging ₹409 cr, charter hire ₹863 cr, shipbuilding ₹230 cr.
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15 Jan 2026
Knowledge Marine & Engineering Works Ltd — Q3 FY26
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).
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2-Min Summary
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.
Key Numbers
Bid Pipeline
₹3,000+ crore
+N/A
Dredging ₹1,400 cr, chartering ₹1,000 cr, shipbuilding ₹704 cr.
Fleet Size
45 crafts
+N/A
16 dredges, 3 hopper barges, 11 support vessels, 15 portillary crafts.
Green Tug Contract Value
₹700 crore
+N/A
Long-term orders from Vishakapatnam and VOCC ports for 60-ton bollard pull tugs over 15 years.
Management Guidance
Effective tax rate less than 1% of turnover under tonnage tax
Company has opted for tonnage tax scheme, significantly lowering tax burden from Q3 FY26 onwards.
marginsShipyard capex of ~₹100 crore to enable ₹500-700 crore revenue in 3 years
Investment in shipyard (debt+equity) to build tugs and smaller vessels, targeting top line of ₹500-700 crore within 3 years.
capexReceivable days to reduce to 30-45 days
Current receivables at 45-60 days expected to come down as mix shifts from Bahrain to India operations.
otherKey Risks
Bahrain operations on hold indefinitely
Vessel redeployed to India; no timeline for resuming Bahrain operations as suitable replacement vessel not yet identified.
medium · analyst_questionIncreased competition from DCI's expansion
DCI's investment in larger dredges could reduce subcontracting opportunities, though management sees no direct overlap currently.
low · analyst_questionExecution risk in shipbuilding contracts
Green tug contracts require advanced technology and component sourcing; any delays in supply chain could impact delivery timelines.
medium · analyst_questionNotable 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.