What’s new

• Annual revenue reached ₹1,000 cr with a net profit of ₹253 cr.
• Management targets 15% revenue growth and 40-42% EBITDA margins for FY27.
• Two new ONGC contracts worth ₹618 cr were signed through March 2028.

Why it matters

The record performance is tempered by the geopolitical risk surrounding the Seamec Paladin. While the new ONGC contracts provide a clear revenue pipeline, the inability to deploy the vessel in West Asia creates a tangible drag on near-term earnings.

What we’re watching

• Resolution of the Seamec Paladin's status in Dubai.
• Deployment timeline for the $70 million Seamec Anant acquisition.
• Execution of the ₹618 cr ONGC maintenance contracts.

The full read

Seamec Ltd closed FY26 with record revenue of ₹1,000 crore and a net profit of ₹253 crore. This performance stems from high vessel utilization and recent contract wins.

It is a strong year.

However, management is navigating a difficult geopolitical reality as the Seamec Paladin remains stranded in Dubai. This vessel is currently unavailable for operations due to the West Asia conflict, which creates a persistent drag on near-term earnings. Looking ahead, the company targets 15% revenue growth and EBITDA margins of 40-42% for FY27, while it has also locked in ₹618 crore in new operations and maintenance contracts with ONGC running through March 2028. The company is also preparing to deploy the $70 million Seamec Anant vessel in the coming quarters. The record numbers provide a solid base, but the company's ability to clear its stranded assets will determine if it can meet its ambitious margin targets.

Primary source: BSE · NSE