At a Glance
Essex Marine is diving into the capital markets with a ₹23.01 Cr fixed price IPO at ₹54/share. Entirely a fresh issue of 42.62 lakh shares, this SME listing on BSE SME promises to fund expansions and repay debt. But with debt/equity at a whale-sized 2.97, is this a delicious seafood play or a risky bait?
Introduction
Seafood exports are booming, but margins are as thin as fish scales. Essex Marine, with its Midnapur-based processing unit, exports to China, Belgium, and Japan. Post-IPO, P/E falls to a saner 15x, but competition is cutthroat. Can this SME ride the global seafood wave or end up in a frying pan?
Business Model (WTF Do They Even Do?)
- Core: Procurement → Processing → Export of frozen fish & shrimp.
- Products: Ribbon fish, eel, squid, vannamei shrimp.
- Facilities: HACCP, BRC certified with IQF, blast freezers, cold storage.
- Market: Heavy exports to Asia & Europe.
Roast: A classic buy-low-sell-frozen business. No fancy tech, just cold storage and colder margins.
Financials Overview
FY24-25 Snapshot:
- Revenue: ₹29.9 Cr (FY25 till Dec) vs ₹21.1 Cr (FY24)
- PAT: ₹4.1 Cr (Dec FY25) vs ₹1.8 Cr (FY24)
- Net Worth: ₹17.1 Cr
- Debt: ₹20.9 Cr
Comment: Revenues
One Response
shoddy research work. they should have psoted with march 25 nos.