Sadhav Shipping Ltd.

•

₹ 114.45-2.14%

2026-08-21

sadhavshipping.comBSE: -NSE: SADHAV

Market Cap₹ 189 Cr.

Current Price₹ 117

High / Low₹ 129 / 86

Stock P/E12.9

Book Value₹ 64

Price to Book1.58

Dividend Yield0.00 %

ROCE9.2 %

ROE14.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.29x)
Operating margins have improved to 26.1% from 21.7%
Attractively priced for its growth - PEG of 0.2
Institutional investors have been accumulating - FII+DII up 2.2pp

CONS

Receivables are growing faster than sales - a possible quality concern
Equity base is being diluted - shares outstanding up 446.4%
Working capital days have increased from 31 to 118 days
Debtor days have increased from 43 to 68
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

ServicesLogisticsShipping

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	GESHIP	1315.85	5.01	18786.02	2.67	1308.84	159.43	2005.36	66.91	18.37	66.71
2.	SCI	295.05	8.49	13743.40	2.54	619.34	74.87	1846.56	40.31	10.05	45.35
3.	SHREEJISPG	649.00	66.18	10573.39	0.00	44.29	19.03	208.85	29.57	33.77	29.54
4.	SEAMECLTD	1635.40	16.19	4158.00	0.12	81.34	7.32	296.92	40.77	10.08	41.74
5.	DREDGECORP	1187.80	88.58	3325.84	0.00	11.23	148.16	355.43	46.72	0.61	17.41
6.	SCILAL	40.30	0.00	1877.17	1.36	14.02	-2.23	7.86	37.65	1.31	-13.74
7.	ESSARSHPNG	15.84	3.60	327.85	0.00	230.41	742.14	0.04	-97.63	0.00	-7475.00
8.	SADHAV	117.35	12.86	189.32	0.00	33.98	—	312.27	—	9.24	24.52
9.	GLOBOFFS	50.02	0.00	153.91	0.00	-2.87	-51.27	11.79	177.29	4.19	35.10
10.	HRYNSHP	99.55	14.88	61.39	0.00	4.42	546.41	0.00	—	3.20	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2025	Mar 2026	Jun 2026
	0	34	31
	0	27	27
Operating Profit	—	—	—
OPM %	—	—	—
Other Income	0	1	0
Interest	0	2	2
Depreciation	0	2	2
	0	4	4
Tax %	—	10.23%	19.92%
Net Profit	0	3	3
	0	1	0
Equity Capital	0	16	16
Reserves	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%
Equity Capital	0	16	16
Reserves	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%

Jun 2025

: 0
: 0
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 0
: 0
Tax %: —
Net Profit: 0
: 0
Equity Capital: 0
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 0
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 34
: 27
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 2
Depreciation: 2
: 4
Tax %: 10.23%
Net Profit: 3
: 1
Equity Capital: 16
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 16
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 31
: 27
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 2
Depreciation: 2
: 4
Tax %: 19.92%
Net Profit: 3
: 0
Equity Capital: 16
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 16
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2025	Mar 2026
	61	70	97	98
	48	57	66	72
Operating Profit	13	12	32	27
OPM %	22	18	33	27
Other Income	1	0	1	1
Interest	2	2	7	7
Depreciation	6	6	7	8
	5	4	17	11
Tax %	28	29	33	-38
Net Profit	3	3	12	15
EPS	0	0	8	9
Dividend Payout %	0	0	0	0
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	3	3	8	9
Minority Interest	0	0	0	0
Share of Associates	0	0	0	0
Adjusted EPS	3	3	8	9

Mar 2021

: 61
: 48
Operating Profit: 13
OPM %: 22
Other Income: 1
Interest: 2
Depreciation: 6
: 5
Tax %: 28
Net Profit: 3
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2022

: 70
: 57
Operating Profit: 12
OPM %: 18
Other Income: 0
Interest: 2
Depreciation: 6
: 4
Tax %: 29
Net Profit: 3
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2025

: 97
: 66
Operating Profit: 32
OPM %: 33
Other Income: 1
Interest: 7
Depreciation: 7
: 17
Tax %: 33
Net Profit: 12
EPS: 8
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8

Mar 2026

: 98
: 72
Operating Profit: 27
OPM %: 27
Other Income: 1
Interest: 7
Depreciation: 8
: 11
Tax %: -38
Net Profit: 15
EPS: 9
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 17%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 65%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 30%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 14%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-
Equity Capital	3	3	14	16
	29	32	85	84
	9	8	9	8
Trade Payables	5	5	18	14
	16	21	126	89
Total Liabilities	61	69	252	212
ASSETS	-	-	-	-
	40	46	202	145
Capital Work in Progress	0	0	3	7
	0	0	14	23
Cash & Bank	2	3	10	20
	18	20	23	17
Total Assets	61	69	252	212
Total Debt	18	21	110	81
Net Working Capital	4	5	8	31
Contingent Liabilities	0	0	0	0
Book Value per Share	108.55	118.63	69.30	62.34
Face Value	10.00	10.00	10.00	10.00
Total Debt	18	21	110	81
Net Working Capital	4	5	8	31
Contingent Liabilities	0	0	0	0
Book Value per Share	108.55	118.63	69.30	62.34
Face Value	10.00	10.00	10.00	10.00

Mar 2021

Equity Capital: 3
: 29
: 9
Trade Payables: 5
: 16
Total Liabilities: 61
: 40
Capital Work in Progress: 0
: 0
Cash & Bank: 2
: 18
Total Assets: 61
Total Debt: 18
Net Working Capital: 4
Contingent Liabilities: 0
Book Value per Share: 108.55
Face Value: 10.00
Total Debt: 18
Net Working Capital: 4
Contingent Liabilities: 0
Book Value per Share: 108.55
Face Value: 10.00

Mar 2022

Equity Capital: 3
: 32
: 8
Trade Payables: 5
: 21
Total Liabilities: 69
: 46
Capital Work in Progress: 0
: 0
Cash & Bank: 3
: 20
Total Assets: 69
Total Debt: 21
Net Working Capital: 5
Contingent Liabilities: 0
Book Value per Share: 118.63
Face Value: 10.00
Total Debt: 21
Net Working Capital: 5
Contingent Liabilities: 0
Book Value per Share: 118.63
Face Value: 10.00

Mar 2025

Equity Capital: 14
: 85
: 9
Trade Payables: 18
: 126
Total Liabilities: 252
: 202
Capital Work in Progress: 3
: 14
Cash & Bank: 10
: 23
Total Assets: 252
Total Debt: 110
Net Working Capital: 8
Contingent Liabilities: 0
Book Value per Share: 69.30
Face Value: 10.00
Total Debt: 110
Net Working Capital: 8
Contingent Liabilities: 0
Book Value per Share: 69.30
Face Value: 10.00

Mar 2026

Equity Capital: 16
: 84
: 8
Trade Payables: 14
: 89
Total Liabilities: 212
: 145
Capital Work in Progress: 7
: 23
Cash & Bank: 20
: 17
Total Assets: 212
Total Debt: 81
Net Working Capital: 31
Contingent Liabilities: 0
Book Value per Share: 62.34
Face Value: 10.00
Total Debt: 81
Net Working Capital: 31
Contingent Liabilities: 0
Book Value per Share: 62.34
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2025	Mar 2026
	0	0	55	13
Cash from Investing	0	0	-88	11
Cash from Financing	0	0	36	-14
	0	0	3	10
Free Cash Flow	0	-6	-175	13
OCF / Net Profit	0.00	0.00	4.66	0.87
Cumulative 5-Year FCF	0	0	0	0
OCF / Net Profit	0.00	0.00	4.66	0.87
Cumulative 5-Year FCF	0	0	0	0

Mar 2021

: 0
Cash from Investing: 0
Cash from Financing: 0
: 0
Free Cash Flow: 0
OCF / Net Profit: 0.00
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.00
Cumulative 5-Year FCF: 0

Mar 2022

: 0
Cash from Investing: 0
Cash from Financing: 0
: 0
Free Cash Flow: -6
OCF / Net Profit: 0.00
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.00
Cumulative 5-Year FCF: 0

Mar 2025

: 55
Cash from Investing: -88
Cash from Financing: 36
: 3
Free Cash Flow: -175
OCF / Net Profit: 4.66
Cumulative 5-Year FCF: 0
OCF / Net Profit: 4.66
Cumulative 5-Year FCF: 0

Mar 2026

: 13
Cash from Investing: 11
Cash from Financing: -14
: 10
Free Cash Flow: 13
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2025	Mar 2026
PER SHARE	-	-	-	-
EPS (₹)	11.19	10.19	8.19	9.13
Book Value (₹)	108.55	118.63	69.30	62.34
Dividend per Share (₹)	0.00	0.00	0.00	0.00
Cash EPS (₹)	9.30	8.64	13.40	14.33
PROFITABILITY	-	-	-	-
Operating Margin %	21.73%	17.90%	32.30%	26.11%
Net Margin %	5.45%	4.32%	12.13%	15.09%
ROE %	10.30%	8.96%	17.48%	14.72%
ROCE %	13.76%	12.35%	18.36%	9.24%
	5.39%	4.61%	7.32%	6.35%
EFFICIENCY	-	-	-	-
Debtor Days	63	51	43	68
Inventory Days	0	0	0	0
Payable Days	0	0	0	0
	63	51	43	68
FINANCIAL HEALTH	-	-	-	-
Debt to Equity (x)	0.55x	0.59x	1.11x	0.81x
Interest Coverage (x)	3.00x	2.84x	3.50x	2.43x
	1.25x	1.28x	1.22x	2.11x
GROWTH	-	-	-	-
Revenue Growth %	0.00%	14.83%	39.27%	0.71%
Operating Profit Growth %	0.00%	-5.40%	155.94%	-16.83%
Net Profit Growth %	0.00%	-8.93%	291.07%	25.27%
	0.00%	0.00%	-19.60%	11.45%
VALUATION	-	-	-	-
P/E (x)	0.00x	0.00x	9.55x	10.78x
P/B (x)	0.00x	0.00x	1.13x	1.58x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	6.68x	8.30x

Mar 2021

EPS (₹): 11.19
Book Value (₹): 108.55
Dividend per Share (₹): 0.00
Cash EPS (₹): 9.30
Operating Margin %: 21.73%
Net Margin %: 5.45%
ROE %: 10.30%
ROCE %: 13.76%
: 5.39%
Debtor Days: 63
Inventory Days: 0
Payable Days: 0
: 63
Debt to Equity (x): 0.55x
Interest Coverage (x): 3.00x
: 1.25x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 10.19
Book Value (₹): 118.63
Dividend per Share (₹): 0.00
Cash EPS (₹): 8.64
Operating Margin %: 17.90%
Net Margin %: 4.32%
ROE %: 8.96%
ROCE %: 12.35%
: 4.61%
Debtor Days: 51
Inventory Days: 0
Payable Days: 0
: 51
Debt to Equity (x): 0.59x
Interest Coverage (x): 2.84x
: 1.28x
Revenue Growth %: 14.83%
Operating Profit Growth %: -5.40%
Net Profit Growth %: -8.93%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2025

EPS (₹): 8.19
Book Value (₹): 69.30
Dividend per Share (₹): 0.00
Cash EPS (₹): 13.40
Operating Margin %: 32.30%
Net Margin %: 12.13%
ROE %: 17.48%
ROCE %: 18.36%
: 7.32%
Debtor Days: 43
Inventory Days: 0
Payable Days: 0
: 43
Debt to Equity (x): 1.11x
Interest Coverage (x): 3.50x
: 1.22x
Revenue Growth %: 39.27%
Operating Profit Growth %: 155.94%
Net Profit Growth %: 291.07%
: -19.60%
P/E (x): 9.55x
P/B (x): 1.13x
Dividend Yield %: 0.00%
: 6.68x

Mar 2026

EPS (₹): 9.13
Book Value (₹): 62.34
Dividend per Share (₹): 0.00
Cash EPS (₹): 14.33
Operating Margin %: 26.11%
Net Margin %: 15.09%
ROE %: 14.72%
ROCE %: 9.24%
: 6.35%
Debtor Days: 68
Inventory Days: 0
Payable Days: 0
: 68
Debt to Equity (x): 0.81x
Interest Coverage (x): 2.43x
: 2.11x
Revenue Growth %: 0.71%
Operating Profit Growth %: -16.83%
Net Profit Growth %: 25.27%
: 11.45%
P/E (x): 10.78x
P/B (x): 1.58x
Dividend Yield %: 0.00%
: 8.30x

Shareholding Pattern

Numbers in percentages

TRADES

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	95.29	95.29	92.73	69.44	69.44	69.44	69.44	69.44
	0.00	0.00	0.00	0.03	0.08	0.04	0.00	0.07
	0.00	0.00	0.00	0.00	0.00	0.00	0.04	2.21
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	4.71	4.71	7.27	30.53	30.47	30.52	30.52	28.27

Mar 2021

: 95.29
: 0.00
: 0.00
Government: 0.00
: 4.71

Mar 2022

: 95.29
: 0.00
: 0.00
Government: 0.00
: 4.71

Mar 2023

: 92.73
: 0.00
: 0.00
Government: 0.00
: 7.27

Mar 2024

: 69.44
: 0.03
: 0.00
Government: 0.00
: 30.53

Sep 2024

: 69.44
: 0.08
: 0.00
Government: 0.00
: 30.47

Mar 2025

: 69.44
: 0.04
: 0.00
Government: 0.00
: 30.52

Sep 2025

: 69.44
: 0.00
: 0.04
Government: 0.00
: 30.52

Mar 2026

: 69.44
: 0.07
: 2.21
Government: 0.00
: 28.27

Documents

Announcements

Nothing filed yet.

Annual Reports

Annual Report FY2025
2025
Annual Report FY2024
2024

Credit Ratings

Nothing filed yet.

Concalls

May 2026
Transcript PPTREC
Feb 2026
TranscriptPPTREC
Sep 2025
TranscriptPPTREC