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Swing Capital

SEAMEC Ltd

NSE: SEAMECLTD BSE: 526807Logistics

SEAMEC Ltd owns and operates 4 multi-support vessels for the provision of diving services, manned and unmanned subsea operations and related activities. It has also diversified into main fleet shipping vertical by acquiring 3 bulk carriers of various sizes.[1] It owns the largest fleet of multi-functional vessels in India.[2]

₹1,500
52W: ₹753 — ₹1648
PE 17.8 · Book ₹409 · +267% vs book
Market Cap₹3,813 Cr
Stock P/E17.8Price to Earnings
ROCE12.3%Return on Capital
ROE11.7%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company's working capital requirements have reduced from 51.8 days to 28.0 days

Weaknesses

  • −Stock is trading at 3.70 times its book value
  • −Tax rate seems low
  • −Company has a low return on equity of 13.5% over last 3 years.

Shareholding Pattern

Promoters72.72%
FIIs3.73%
DIIs4.49%
Public19.05%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.31%72.31%72.31%72.31%72.31%72.72%▲0.472.72%72.72%
FIIs3.81%4.08%▲0.33.44%▼0.63.05%▼0.43.25%▲0.23.62%▲0.43.36%▼0.33.73%▲0.4
DIIs5.01%6.22%▲1.26.47%▲0.36.63%▲0.26.17%▼0.53.75%▼2.44.08%▲0.34.49%▲0.4
Public18.85%17.37%▼1.517.77%▲0.417.99%▲0.218.25%▲0.319.9%▲1.619.84%▼0.119.05%▼0.8

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales671972232057814019420182303
Expenses46111129132659610310782173
Operating Profit21869474134492940130
OPM %32%43%42%36%16%31%47%47%0%43%
Net Profit2637651325980-26101
EPS ₹0.824.8429.8620.241.20.8823.1331.31-10.1639.86

AI Insights

Revenue Trend

TTM revenue at ₹781Cr, up 26.6% YoY. OPM at 40%.

Debt Position

Borrowings at ₹342Cr. Debt-to-equity ratio: 0.34x. Healthy balance sheet.

Capex Cycle

CWIP at ₹208Cr (67% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 4.49% (+4.49pp change). FIIs: 3.73% (+1.08pp change). Promoters hold 72.72%.

Margin & Efficiency

ROCE improving from 1% (Mar 2014) to 12% (Mar 2025). Working capital days: 28.

Valuation

PE 17.8x with 12.3% ROCE. Price is 267% above book value of ₹409. Dividend yield: 0%.

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