SEAMECLTD - Seamec Ltd Share Price

Transport Services

₹934.40-5.25(-0.56%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Seamec Ltd do?

Shipping•Services•Small Cap

Seamec Limited provides offshore oilfield and diving support vessel services in India and internationally. The company's services include ROV operation support; inspection, maintenance, removal, and re-installation of single buoy moorings; pigging and retrieval of pigs; de burial and non-destructive testing of pipelines; location and arrest of gas leaks; replacement of caisson pipes and riser sections; installation and removal of risers; crossings and free span corrections; installation of riser clamps and anodes; flare booms repair; inspections and maintenance of PLEMs and pipelines; blowout control; and installation of flexible pipeline. It engages in charter, ship management and operation; and operates shipping lines of freight and passenger transportation, as well as undertakes EPC tunnel projects, including road, railway, metro, soft ground, and water tunnels. Seamec Limited was formerly known as South East Asia Marine Engineering & Construction Limited and changed its name to Seamec Limited in June 2007. The company was incorporated in 1986 and is based in Mumbai, India. Seamec Limited is a subsidiary of HAL Offshore Limited.

Industry Group:Transport Services

Employees:59

Website:www.seamec.in

Summary of Latest Earnings Report from Seamec

Summary of Seamec's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management provided a positive outlook, emphasizing growth opportunities in India's offshore oil/gas sector driven by rising energy demand, refinery capacity expansion (22% projected), and the government's recent bid round for 25 offshore blocks. They expect delayed Q3 contracts to materialize in upcoming quarters, driving future performance. Key points:

1. Fleet Expansion & Contracts:

Seamec Swordfish secured a 2-year international charter at $78k/day, reinforcing Middle East presence.
Seamec III awarded a $2.47M contract in India for subsea work.
Seamec Diamond resumed operations with ONGC post-repairs.
Plans to acquire Seamec Anant (2023-built vessel, $70M) by Q2 FY26, enhancing fleet capabilities.

2. Strategic Growth Drivers:

Focus on long-term charters (2+ years) to stabilize revenue.
Targeting international markets (Middle East, Europe/Africa via UK office) alongside domestic opportunities.

3. Financial Recovery:

Lower Q3 performance due to vessel downtime (Seamec II breakdown) and delayed deployments, but management expects improved utilization in Q4/FY26.
Anticipate INR135cr/year revenue from new acquisitions (Nusantara, Anant) and improved day rates.

4. Industry Tailwinds:

India's offshore exploration push (OALP-X bid round) to boost subsea service demand.
Strong balance sheet to fund capex (INR800cr planned) with manageable debt (peak ~INR500cr).

Management remains confident in overcoming near-term challenges, citing contracted visibility, fleet upgrades, and favorable sector dynamics for sustained growth.

Q&A Session

Last updated: Feb 25

Question: Sir, can you please share the charter rate at which Seamec Swordfish were deployed?
Answer: The Seamec Swordfish secured a two-year contract at $78,000 per day. Rates were publicly disclosed via stock exchanges.

Question: Do you have an update on the NPP Nusantara and PEARL vessels?
Answer: NPP Nusantara's acquisition is underway, with delivery expected by July/August 2025. PEARL's acquisition is paused due to issues with the seller.

Question: What caused delays in Q3 contract orders, and will future performance be affected?
Answer: Delays stemmed from postponed project starts and Seamec II's breakdown. Management is confident in executing contracts in upcoming quarters, with most vessels now on multi-year charters.

Question: What is the revenue potential and timeline for the Seamec Anant acquisition?
Answer: Seamec Anant, acquired for $70M, has a 23-year lifespan and is projected to generate ~Rs.135 crore/year. The deal will close by Q2 FY26, funded via equity, debt, and internal accruals.

Question: Are any vessels scheduled for dry-docking, and will this impact revenue?
Answer: Seamec Paladin and Seamec II will undergo dry-docking in 2025. Downtime is minimized through scheduling during idle periods or factored into contracts.

Question: How will the new OALP-X oil/gas bid rounds benefit Seamec?
Answer: Increased exploration in India's offshore blocks will drive demand for subsea services. Seamec expects long-term growth from installation and maintenance contracts tied to new developments.

Question: Why did the overseas segment report a Rs.14 crore loss?
Answer: Losses arose from depreciation, interest costs in Seamec UK, and forex fluctuations. The company aims to reduce overseas losses through operational improvements.

Question: What is the outlook for Q4 FY25 and beyond?
Answer: All vessels are operational, and new contracts (e.g., Swordfish) will drive Q4 performance. FY26 growth is anticipated with vessel acquisitions and sustained demand.

Question: How does Seamec mitigate vessel breakdown risks?
Answer: Rigorous maintenance, regulatory compliance, and collaboration with clients ensure minimal disruptions. Repairs are prioritized during idle periods.

Question: What are the capex and debt projections for the next 2-3 years?
Answer: Capex for Nusantara and Anant totals ~Rs.800 crore. Debt will peak at Rs.500 crore in FY26, repaid via cash flows. ROCE for Anant is projected at 14% with a 6-year payback.

Question: What caused the Rs.10 crore forex loss?
Answer: MTM losses from USD/INR and GBP/INR fluctuations on dollar-denominated loans and UK subsidiary transactions. Rates are expected to stabilize, reversing some impacts.

Question: Can you explain Seamec III's new contract details?
Answer: Seamec III secured a $2.47M contract with Asian Energy Services for East Coast operations. It operates on short-term EPC contracts rather than long-term charters.

Question: How sustainable are current charter rates for vessel renewals?
Answer: Rates depend on market conditions, but Seamec aims to align renewals with current highs (~$78,000/day) where possible.

Question: What is the status of Seamec Diamond post-repairs?
Answer: Seamec Diamond resumed operations with ONGC in November 2024. Its lower day rate (~Rs.45,000) minimizes revenue impact, with full deployment expected ahead.

Question: How is Seamec expanding internationally?
Answer: The Swordfish contract in Saudi Arabia reflects global demand. The UK office (delayed) will target European/African markets, with growth tied to profitable opportunities.

The Good, Bad and Ugly

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Dilution Rank

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Sector Comparison: SEAMECLTD vs Transport Services

Comprehensive comparison against sector averages

Comparative Metrics

SEAMECLTD metrics compared to Transport

Category	SEAMECLTD	Transport
PE	23.98	36.27
PS	3.36	2.04
Growth	6.9 %	9.1 %

Performance Comparison

SEAMECLTD vs Transport (2021 - 2025)

Key Insights

1. SEAMECLTD is NOT among the Top 10 largest companies in Transport Services.
2. The company holds a market share of 0.4% in Transport Services.
3. In last one year, the company has had a below average growth that other Transport Services companies.

Description	Share	Value
Domestic	88.8%	132.7 Cr
Overseas	11.2%	16.7 Cr
Total		149.3 Cr

Cash Flow for Seamec

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	336.7%	11	3.29	3.36
Change in inventories	3.9%	-9.4	-9.82	-9.48
Depreciation	14.1%	106	93	66
Unrealised forex losses/gains	511.4%	7.97	2.14	2.56
Dividend income	-1.2%	0.13	0.14	0
Adjustments for interest income	300.8%	22	6.24	9.78
Net Cashflows from Operations	82.6%	169	93	137
Income taxes paid (refund)	140%	3.1	-4.25	6.02
Net Cashflows From Operating Activities	71.9%	166	97	131
Cashflows used in obtaining control of subsidiaries	188%	73	26	0.06
Proceeds from sales of PPE	-	0	0	11
Purchase of property, plant and equipment	-64.3%	98	273	199
Proceeds from sales of investment property	-55.7%	141	317	117
Purchase of investment property	75.3%	143	82	125
Cash receipts from repayment of advances and loans made to other parties	103.3%	1.02	0.4	0
Dividends received	-	0.13	0	0
Interest received	-16.7%	16	19	7.35
Net Cashflows From Investing Activities	-603.1%	-319.62	-44.6	-191.18
Proceeds from borrowings	-	193	0	123
Repayments of borrowings	196.8%	27	9.76	60
Payments of lease liabilities	57.6%	3.68	2.7	2.65
Dividends paid	-	2.54	0	0
Interest paid	930.9%	11	1.97	1.48
Net Cashflows from Financing Activities	1059.2%	149	-14.43	59
Net change in cash and cash eq.	-115%	-4.55	38	-1.47

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	148.8%	16	7.03	6.43
Change in inventories	3.4%	-13.1	-13.59	-7.4
Depreciation	20.7%	135	112	84
Unrealised forex losses/gains	450%	7.27	2.14	2.56
Dividend income	-1.2%	0.13	0.14	0
Adjustments for interest income	-	0	0	10
Net Cashflows from Operations	189.3%	163	57	167
Interest received	-19.5%	-9.44	-7.74	0
Income taxes paid (refund)	152.8%	3.68	-4.08	6.02
Net Cashflows From Operating Activities	186.5%	150	53	161
Proceeds from sales of PPE	-262.6%	-52.67	34	11
Purchase of property, plant and equipment	10.3%	322	292	205
Proceeds from sales of investment property	-55.4%	141	315	117
Purchase of investment property	13.6%	93	82	125
Dividends received	-	0.13	0	0
Interest received	-56.2%	9.33	20	7.79
Net Cashflows From Investing Activities	-5226.9%	-317.55	-4.98	-194.36
Proceeds from borrowings	10112.8%	193	2.88	123
Repayments of borrowings	-17.1%	30	36	73
Payments of lease liabilities	-	3.7	0	2.65
Dividends paid	-	2.54	0	0
Interest paid	197.2%	15	5.71	4.55
Net Cashflows from Financing Activities	429.7%	142	-41.77	43
Effect of exchange rate on cash eq.	130.2%	1.16	0.47	3.17
Net change in cash and cash eq.	-530.3%	-24.82	7	13

Income Statement for Seamec

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	80.5%	140	78	205	223	197	67
Other Income	-137%	-7.52	24	13	11	8.39	9.59
Total Income	30.7%	133	102	218	234	205	77
Employee Expense	15%	24	21	26	25	18	15
Finance costs	-2.9%	3.36	3.43	3.64	3.85	3.11	3.05
Depreciation and Amortization	7.4%	30	28	28	28	26	26
Other expenses	65.1%	72	44	106	104	93	31
Total Expenses	34.4%	130	97	163	161	141	75
Profit Before exceptional items and Tax	-53.9%	2.88	5.08	55	73	65	2.04
Exceptional items before tax	-	0	0	0	0	0	0
Total profit before tax	-53.9%	2.88	5.08	55	73	65	2.04
Current tax	790.5%	2.45	0.79	3.34	0	1.47	0
Deferred tax	-1228%	-1.82	1.25	0.1	-2.7	0	0
Total tax	-135.6%	0.63	2.04	3.44	-2.7	1.47	0
Total profit (loss) for period	-38.7%	2.25	3.04	51	76	63	2.04
Other comp. income net of taxes	8.7%	0.05	-0.04	-0.05	0.12	-0.06	-0.12
Total Comprehensive Income	-35%	2.3	3	51	76	63	1.92
Earnings Per Share, Basic	-160%	0.88	1.2	20.24	29.86	24.84	0.8
Earnings Per Share, Diluted	-160%	0.88	1.2	20.24	29.86	24.84	0.8

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	67.1%	666	399	294	229	365	304
Other Income	185.7%	41	15	44	34	30	27
Total Income	70.9%	707	414	338	263	396	330
Employee Expense	15.4%	76	66	53	51	63	64
Finance costs	336.7%	11	3.29	3.36	0.64	1.02	0.62
Depreciation and Amortization	14.1%	106	93	66	43	46	48
Other expenses	57.4%	341	217	138	125	150	137
Total Expenses	41%	534	379	261	220	260	250
Profit Before exceptional items and Tax	402.9%	172	35	77	43	136	81
Exceptional items before tax	-	13	0	0	62	0	0
Total profit before tax	441.2%	185	35	77	105	136	81
Current tax	141.6%	1.47	-0.13	0.12	4.65	3.59	5.77
Deferred tax	46.8%	-2.7	-5.95	1	2.8	1.85	-1.92
Total tax	68.5%	-1.23	-6.08	1.12	7.45	5.44	3.85
Total profit (loss) for period	365%	187	41	76	98	130	77
Other comp. income net of taxes	15.2%	-0.06	-0.25	-0.01	0.22	-0.08	-0.06
Total Comprehensive Income	365%	187	41	76	98	130	77
Earnings Per Share, Basic	375.2%	73.38	16.23	29.8	38.39	51.18	30.17
Earnings Per Share, Diluted	375.2%	73.38	16.23	29.8	38.39	51.18	30.17

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	70.1%	149	88	215	236	213	84
Other Income	-152.2%	-9.96	22	7.88	3.12	5.79	14
Total Income	26.6%	139	110	223	240	219	98
Cost of Materials	-	0	0	0	0	0	0
Employee Expense	15%	24	21	26	27	24	20
Finance costs	-20.1%	3.42	4.03	3.92	5.08	4.49	11
Depreciation and Amortization	6.5%	34	32	32	35	34	33
Other expenses	56.9%	81	52	116	122	99	48
Total Expenses	31.8%	142	108	178	189	161	112
Profit Before exceptional items and Tax	-387.3%	-2.62	2.26	45	50	58	-14.25
Exceptional items before tax	1%	0.03	0.02	8.72	0	0	0
Total profit before tax	-380.5%	-2.59	2.28	53	50	58	-14.25
Current tax	830%	2.46	0.8	3.35	0.1	1.63	0.21
Deferred tax	-981.2%	-1.82	1.32	0.1	-2.77	0	0
Total tax	-132.1%	0.64	2.12	3.45	-2.67	1.63	0.21
Total profit (loss) for period	-403.6%	-3.23	0.16	50	53	56	-14.46
Other comp. income net of taxes	-54.9%	2.32	3.93	-0.61	0.35	-0.23	3.28
Total Comprehensive Income	-161.8%	-0.91	4.09	49	53	56	-11.18
Earnings Per Share, Basic	-140.6%	-1.31	0.04	19.61	20.72	22.18	5.69
Earnings Per Share, Diluted	-140.6%	-1.31	0.04	19.61	20.72	22.18	5.69

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	67%	729	437	350	257	384	314
Other Income	47.4%	29	20	46	39	30	30
Total Income	66%	758	457	396	296	414	343
Employee Expense	21.3%	92	76	60	53	63	64
Finance costs	158.6%	16	6.8	6.43	4.84	5.07	3.42
Depreciation and Amortization	20.7%	135	112	84	57	55	52
Other expenses	68.4%	395	235	160	137	153	138
Total Expenses	48.5%	638	430	311	251	275	258
Profit Before exceptional items and Tax	340.7%	120	28	85	44	139	86
Exceptional items before tax	-	0	0	0	62	0	0
Total profit before tax	340.7%	120	28	85	106	139	86
Current tax	211.7%	2.15	-0.03	0.12	4.65	3.59	5.77
Deferred tax	45.5%	-2.77	-5.92	0.98	2.8	1.85	-1.92
Total tax	76.7%	-0.62	-5.95	1.1	7.45	5.44	3.85
Total profit (loss) for period	263.6%	121	34	84	99	133	82
Other comp. income net of taxes	-62.7%	3.93	8.86	3.16	7.49	-1.83	4.62
Total Comprehensive Income	202.4%	125	42	87	106	131	86
Earnings Per Share, Basic	284%	47.08	13	32.92	38.85	52.41	32.19
Earnings Per Share, Diluted	-	47.08	0	32.92	38.85	52.41	32.19

Investor Care
Dividend Yield	0.08%
Dividend/Share (TTM)	1
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	39.06

Financial Health
Current Ratio	1.93
Debt/Equity	0.24
Debt/Cashflow	0.49

Valuation
Market Cap	2.38 kCr
Price/Earnings (Trailing)	23.85
Price/Sales (Trailing)	3.34
EV/EBITDA	9.43
Price/Free Cashflow	-18.51
MarketCap/EBT	23.03

Fundamentals
Revenue (TTM)	712.04 Cr
Rev. Growth (Yr)	-36.39%
Rev. Growth (Qtr)	26.38%
Earnings (TTM)	99.63 Cr
Earnings Growth (Yr)	-105.72%
Earnings Growth (Qtr)	-2.12%

Profitability
Operating Margin	13.26%
EBT Margin	14.49%
Return on Equity	10.32%
Return on Assets	7.57%
Free Cashflow Yield	-5.4%

Balance Sheet for Seamec

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-43.1%	30	52	45	57	35	18
Current investments	-	0	0	0	0	0	0
Loans, current	-	0	0	7.22	2.6	2.8	0
Total current financial assets	-54.4%	170	372	225	167	163	166
Inventories	-16.3%	37	44	25	37	25	27
Current tax assets	-	0	0	0	4.91	2.45	4.07
Total current assets	-46.8%	224	420	254	208	196	201
Property, plant and equipment	-10.4%	372	415	368	470	251	273
Capital work-in-progress	2093%	9.57	0.57	6.33	0	2.15	1.79
Non-current investments	83.6%	414	226	205	161	345	274
Loans, non-current	11.6%	184	165	146	0	0	3
Total non-current financial assets	52.4%	600	394	354	167	357	279
Total non-current assets	21.5%	1,002	825	739	644	611	561
Total assets	-1.5%	1,226	1,245	992	852	806	762
Borrowings, non-current	-15.5%	148	175	160	38	46	49
Total non-current financial liabilities	-14.1%	166	193	160	38	47	51
Provisions, non-current	0%	1.6	1.6	1.57	1.35	1.28	1.28
Total non-current liabilities	-13.9%	168	195	162	39	54	58
Borrowings, current	6.2%	52	49	35	15	14	14
Total current financial liabilities	-21.3%	119	151	74	99	62	54
Provisions, current	81%	0.92	0.58	0.48	0.39	0.25	0.12
Total current liabilities	-25.8%	133	179	98	126	71	58
Total liabilities	-19.6%	301	374	261	165	125	116
Equity share capital	0%	25	25	25	25	25	25
Total equity	6.2%	925	871	732	687	681	646
Total equity and liabilities	-1.5%	1,226	1,245	992	852	806	762

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-41.8%	33	56	51	79	37	24
Current investments	-	0	0	0	0	0	0
Total current financial assets	-33.2%	261	390	244	267	240	244
Inventories	-18.9%	44	54	32	41	27	28
Current tax assets	-	0	0	0	0	2.45	4.07
Total current assets	-28.8%	322	452	281	314	301	280
Property, plant and equipment	-5.1%	666	702	738	585	358	411
Capital work-in-progress	2158.1%	9.85	0.57	6.33	0	7.88	1.92
Goodwill	0%	16	16	16	0	0	0
Non-current investments	122.1%	272	123	102	131	341	269
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	118.4%	274	126	105	137	343	271
Total non-current assets	13.1%	995	880	896	750	719	691
Total assets	-6.4%	1,317	1,407	1,177	1,064	1,020	971
Borrowings, non-current	-17.1%	151	182	169	47	57	72
Total non-current financial liabilities	-14.6%	182	213	182	64	74	112
Provisions, non-current	2.1%	1.97	1.95	1.86	1.35	1.28	1.28
Total non-current liabilities	-14.5%	184	215	184	66	82	119
Borrowings, current	-38.7%	77	125	112	90	80	51
Total current financial liabilities	-39.4%	152	250	163	180	131	95
Provisions, current	75%	0.92	0.68	0.48	0.71	0.46	0.32
Current tax liabilities	29.1%	0.61	0.45	0.37	0	0	0
Total current liabilities	-40.5%	167	280	190	207	140	100
Total liabilities	-29.1%	351	495	374	273	222	219
Equity share capital	0%	25	25	25	25	25	25
Non controlling interest	1600%	1.15	0.99	1.33	1.21	1.95	2.75
Total equity	5.9%	966	912	803	792	798	751
Total equity and liabilities	-6.4%	1,317	1,407	1,177	1,064	1,020	971

Share Holdings

Understand Seamec ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
HAL OFFSHORE LIMITED	70.36%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND	3.58%
LEGENDS GLOBAL OPPORTUNITIES (SINGAPORE) PTE. LTD.	2.19%
Trusts	2.17%
SANJEEV AGRAWAL	1.56%
LIC MF FLEXI CAP FUND	1.43%
INEVSCO INDIA SMALLCAP FUND	1.22%
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRS	1.18%
PUESH KUMAR GUPTA	1.1%
Clearing Members	0.39%
DEEPTI AGRAWAL	0.39%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
GESHIP	Great Eastern Shipping Co.Shipping	12.97 kCr	6.51 kCr	-2.52%	-16.69%	4.49	1.99	+13.36%	+18.72%
SCI	Shipping Corp Of IndiaShipping	8.23 kCr	5.91 kCr	+6.95%	-23.89%	8.53	1.39	+13.56%	+28.49%
DEEPINDS	Deep IndustriesOffshore Support SolutionDrilling	2.95 kCr	566.28 Cr	-8.08%	+58.52%	17.91	5.21	+28.60%	+2.39%
GLOBOFFS	Global Offshore ServicesShipping	283.81 Cr	40 Cr	-8.15%	+82.90%	5.64	6.7	-8.47%	-91.18%
ABAN	Aban OffshoreOffshore Support SolutionDrilling	229.32 Cr	694.57 Cr	+6.45%	-44.03%	-0.24	0.33	+76.43%	+28.61%

SEAMECLTD - Seamec Ltd Share Price

What does Seamec Ltd do?

Summary of Latest Earnings Report from Seamec

Sector Comparison: SEAMECLTD vs Transport Services

Comparative Metrics

Performance Comparison

Revenue Breakdown

Cash Flow for Seamec

Income Statement for Seamec

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Balance Sheet for Seamec

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Is Seamec Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)