Seamec Limited Q2 FY26 Concall Decoded: ₹26 crore loss, monsoon wreckage, and management says “don’t worry, vessels are floating again”
1. Opening Hook
Monsoon came, waves rose, vessels sulked, and Seamec’s P&L sank—temporarily, management insists. Q2 turned into a perfect storm of bad weather, visa issues, and a famously misbehaving vessel named SWORDFISH.
Revenue slipped, EBITDA collapsed, PAT flipped negative, and investors did what they do best—count vessel-days like charter accountants. Management responded with maritime philosophy: old ships break, new ships fix everything.
The silver lining? Contracts are back, ships are sailing, capex plans are louder than foghorns, and the offshore cycle is apparently in an uptrend that will last “four to five years.”
So yes, the quarter was ugly. But according to Seamec, this was just the sea testing the hull. Read on—the real story lies beyond the monsoon clouds.
2. At a Glance
Revenue down 3% YoY – Monsoon tax collected in full.
EBITDA crashed 75% – SWORDFISH decided to go fishing instead of working.
PAT at -₹26 crore – From profit to plank-walking in one quarter.
H1 PAT steady at ₹50 crore – One bad quarter didn’t sink the ship.
ROCE & ROE at 8% – Not heroic, not tragic, just… floating.
Net debt guided ₹300–400 crore FY26 – Balance sheet loading ballast for growth.
3. Management’s Key Commentary
“This was a very challenging quarter due to monsoon.” (Translation: Weather won, we lost 🌧️)
“SWORDFISH had a technical breakdown, now fully operational.” (Translation: Please stop asking about SWORDFISH 😏)
“All vessels are now up and running.” (Translation: Finally, some peace.)
“Leasing vessels is not financially feasible.” (Translation: Tried it, hated it, never again.)
“We have committed ₹800 crore for fleet expansion.” (Translation: When in doubt, buy ships.)
“New MSVs cost ~$100 million.” (Translation: Offshore is not a cheap hobby.)
“Charter rates should sustain for 4–5 years.” (Translation: This cycle won’t betray us. Promise.)
