SEAMEC Ltd Q3 FY26 – ₹317 Cr Quarterly Revenue, 43% OPM, and the Curious Case of a Marine Company Printing Cash Like an Oil PSU

1. At a Glance – The Quarter That Made Everyone Spill Their Chai

SEAMEC Ltd just dropped a Q3 FY26 result that made half the shipping sector check if their calculators were broken. Quarterly revenue clocked in at ₹317 crore, up 112% YoY, while quarterly PAT jumped to ₹100 crore, a casual 3,100% YoY explosion. Operating margins? A juicy 43%, which in marine services is the equivalent of finding gulab jamun in your dal.

Market cap sits at ₹3,236 crore, CMP at ₹1,273, with the stock delivering 41.6% in 3 months and 60.7% in 6 months—clearly not waiting for anyone’s permission. Despite this, ROE is still a modest ~8%, reminding us that SEAMEC is not a SaaS startup pretending to be capital-light. This is steel, vessels, depreciation, and ONGC cheques.

Debt-to-equity is 0.38, promoter holding is a reassuring 72.7%, and EV/EBITDA stands near 9.3×, which looks oddly reasonable given the kind of cash this quarter threw off. So the big question: is this a one-season offshore party, or the start of a longer binge?

2. Introduction – From Forgotten PSU Cousin to Market Darling

For years, SEAMEC Ltd lived in that awkward market corner reserved for “good assets, boring story.” Offshore services, subsea diving, old vessels, ONGC dependency—nothing that made finfluencers dance.

Then oil & gas capex came back. ONGC woke up. Charter rates stopped behaving like fixed deposits. And suddenly, SEAMEC’s vessels weren’t “aging assets” but scarce strategic infrastructure.

Q3 FY26 proves one thing clearly: when utilization rises and vessels stay deployed, this business prints operating leverage like a government mint. Costs are largely fixed, depreciation is sunk, and every additional charter day drops straight to the bottom line.

But don’t get carried away yet. This company has seen brutal cycles—FY17 losses,