What’s new

• FY26 revenue rose 75% to ₹322.6 cr; EBITDA jumped 179% to ₹152.6 cr.
• Management guided for at least 10% revenue growth in FY27 and EBITDA margins of 45-50%.
• The company plans to add 7-8 vessels over two to three years and locked in a five-year charter for the vessel Artemis.

Why it matters

A 75% revenue increase translating to 179% EBITDA growth shows how fixed-cost ships amplify gains at higher utilisation. The guidance sets a clear benchmark, and the Tonnage Tax shift will push nearly all revenue into a 1.5-2% tax bracket, boosting net profit.

What we’re watching

• Execution on the 7-8 vessel addition plan and its capital requirements.
• Whether the 45-50% EBITDA margin guidance holds as the fleet scales.
• The impact of the Tonnage Tax scheme on FY27 net profitability.

The full read

ABS Marine's fleet is small but its growth is not. The operator of 12 vessels saw FY26 revenue climb 75% to ₹322.6 crore, which drove EBITDA up 179% to ₹152.6 crore. Management set a clear floor for FY27: at least 10% revenue growth, with EBITDA margins of 45-50%. The catalyst for the next leg is fleet expansion. The company plans to add 7-8 vessels over two to three years and has already locked in a five-year charter for its newest ship, Artemis. A separate tailwind is structural: starting this year, 75% of revenue shifts to the Tonnage Tax scheme, which should cut the effective tax rate to 1.5-2%.

Primary source: NSE