ABS Marine Services Ltd Q2 FY26 – The Shipping Boss That’s Making Waves, Contracts, and Probably Some Rivals Cry

1. At a Glance

ABS Marine Services Ltd — the Chennai-based ship whisperer that started in 1992 — just dropped a quarterly performance that looks like Poseidon himself lent them a hand. WithQ2 FY26 revenue of ₹136 croreandPAT of ₹31 crore, the company reported aYoY profit jump of 292%and asales growth of nearly 70%. The stock, at ₹209, sits comfortably on the NSE Emerge platform with amarket cap of ₹512 crore, aP/E of 10.2, andROE of 15.6%— not bad for a firm that literally rides the waves for a living.

TheirOPM sits at 37.3%, which means they’re minting margins like a private port monopoly. Add to that therecent ₹364 crore contract winsand theacquisition of a 2022-built DP2 Offshore Vessel ‘AM PASSION’, and you have a mid-cap marine story that’s not just floating—it’s cruising at full throttle.

Question is — when a company’s cash flow looks like a high tide and its debt looks like a tsunami, do you cheer the sailor or fear the storm? Let’s dive deeper (pun absolutely intended).

2. Introduction

Every port city has that one company that never stops moving — for Chennai, that’sABS Marine Services Ltd. Founded back when India was still getting used to the concept of private telecom and MTV, this marine veteran has gone from manning ships to managing multimillion-dollar offshore contracts with the swagger of a seasoned captain.

Their journey reads like a corporate version ofThe Life Aquatic. From managing crew and tugboats to handling technical supervision and full-blown vessel operations, ABS Marine has grown into a diversified marine solutions company that makes “sailing” look like a profitable spreadsheet.

The numbers tell the story better: in FY25, they clocked₹236 crore in revenue,₹50 crore PAT, and postedprofit growth of 150% CAGR over five years. You read that right — 150% CAGR. Some IT companies are still trying to hit double digits.

And while the company’s dividend payout remains 0% (because apparently cash is best used buying ships, not giving shareholders a cruise ticket), theROCE of 14.2%anddebt-to-equity of 1.34show that they’re managing leverage like a captain steering through high seas.

The last few quarters have been anything but quiet: ₹197 crore charter with Schlumberger, a ₹26 crore deal with L&T, and a ₹20 crore offshore charter with Alphard Logistics — this company isn’t chasing ships, it’s chasing scale.

3. Business Model – WTF Do They Even Do?

Think of ABS Marine as the multi-tasking overachiever of the marine world. They don’t just sail ships—theyrun,manage,repair,crew, andcharterthem. Their business operates mainly acrossthree verticals:

1. Ship Management Services– They take care of vessels like a ship spa. Crew recruitment, technical supervision, catering, housekeeping, and compliance — it’s basically HR + logistics + engineering rolled into one salty package.
2. Port Services– From pilot boats to fire tenders, oil spill response to harbour security boats, ABS is the silent force keeping ports functional (and flammable situations under control).
3. Marine Services– This is where the money waves crash in: chartering, ship inspection, conversion supervision, and offshore support. The recent DP2 vessels, ‘AM PASSION’ and ‘Ocean Diamond’, have made ABS a serious offshore player.

Revenue sources are just as interesting —43% from PSUs,36.5% from Government, and20.5% from private clients. Basically, the Indian government keeps their ships busy, and Schlumberger keeps their profit chart happy.

They currently manage36 vessels, own5 ships, and operate1 long-term chartered-in vessel. Their clientele includes heavyweights likeONGC, BPCL, NTPC, Indian Oil LNG, andKaraikal Port. This isn’t your average SME ferry operator — this is India’s maritime backbone in action.

4. Financials Overview (Quarterly Data)

(Figures in ₹ crore, consolidated)