Q3 FY26 Concall · Feb 19, 2026
Knowledge Marine Q3 FY26 Concall Decoded:
56% Revenue Growth, 90% Profit Surge, And A Fleet Utility Rate That Makes Capacity Planners Weep With Joy
The marine dredging outfit crushed Q3 with ₹90 crores revenue, 43% EBITDA margins, and 100% fleet utilization. They raised ₹285 crores, subdivided shares, and investors finally realized India’s dredging gold rush isn’t just talk—it’s shovels and suction pumps.
Q3 Revenue₹90 Cr
YoY Growth+56%
EBITDA Margin43%
PAT Margin34%
Order Book₹1,500 Cr
01 — Opening Hook
The Dredger That Became A Ship-Builder Overnight
A decade ago, Knowledge Marine was a scrappy dredging contractor with a handful of vessels and ₹11 crore revenue. Fast-forward to Q3 FY26: they’re printing ₹90 crore revenue in a single quarter, running at 100% fleet utilization, and just secured ₹230 crores in shipbuilding contracts from the Inland Waterways Authority. Plus, they raised ₹285 crores in equity and split their shares from ₹10 to ₹5 like they’re preparing for retail investors who thought ₹1,500 was “too expensive.”
The real story? Government capex on inland waterways is no longer a pension fund’s wet dream—it’s real orders. National waterways are being dredged at scale. Ports need tugs, survey boats, and dredgers. And Knowledge Marine just positioned itself as India’s answer to “We can build it AND operate it.” Q3 numbers prove execution, not promises. But read on—because raising ₹285 crores and immediately deploying it across shipyards, vessel purchases, and working capital tells a story about scaling discipline.
The Plot Twist: Management actually delivered numbers to match the hype. Receivables spiked, but margins stayed elite. Debt climbed, but so did profitability. This isn’t a typical “growth story turning into a capital burn story.” This is different. Read why.
02 — At a Glance
The Quarterly Numbers That Made Spreadsheet Nerds Nervous
Q3 Revenue
₹90 Cr
+56% YoY. Q-o-Q: 79% growth. No spreadsheet sorcery, just orders rolling in.
Q3 EBITDA
43% Margin
₹38.54 Cr in absolute terms. Operating leverage firing on all cylinders.
Q3 PAT
₹32.89 Cr
34% net margin. Profit growth +91% YoY. Debt service a blip on the radar.
Fleet Utilization
100%
Dredgers: 270-300 days/year. Port craft: 365 days. Zero idle capacity.
Order Book
₹1,500 Cr
Dredging: ₹409 Cr. Charter: ₹863 Cr. Shipbuilding: ₹230 Cr. Multi-year visibility.
Share Split
₹10 → ₹5
Dec 22, 2025. Liquidity play for retail. Signal of confidence, or just optics?
The Real Story: Revenue + profit both scaling at 50%+ clip. Zero pretense. Fleet at max utilization. Order book covers 2+ years. Receivables spiked (131 days vs 86 days) but margins stayed pristine. Debt up ₹13 Cr, but interest coverage remains comfortable at 6.65x.
03 — Management’s Key Commentary
When Confidence Meets Humility (Rare In Earnings Calls)
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