Shahi Shipping Ltd (526508)
🎯 Key Takeaways
- Shahi Shipping Ltd is in a distressed phase, marked by persistent losses, negative returns, and deteriorating financial metrics. The company has reported consecutive quarterly losses with widening operating losses and negative ROE and ROCE, indicating structural challenges in its core shipping operations.
- Revenue declined 44.7% QoQ to ₹1 in Q1FY27.
- ⚠️ Persistent operating losses with no visible path to breakeven, driven by collapsing revenue and rising cost base.
- Market Cap
- ₹16
- P/B Ratio
- 33.18
- ROE
- -480.9%
- ROCE
- -20.4%
- Debt/Equity
- 18.68
- Promoter
- 50.0%
📖 The Story
Shahi Shipping Ltd is in a distressed phase, marked by persistent losses, negative returns, and deteriorating financial metrics. The company has reported consecutive quarterly losses with widening operating losses and negative ROE and ROCE, indicating structural challenges in its core shipping operations.
📰 What's Happening
Management has not announced any new strategic initiatives or operational expansions in recent filings. There has been no mention of order wins, fleet upgrades, or cost restructuring efforts. The company continues to operate with minimal revenue, reporting ₹1–2 crore in quarterly revenue with negative operating margins that have not shown sustained improvement. Shareholding patterns remain stable, with promoter holding steady at 50% and retail investors forming the majority of the public float.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 | 2 | 2 | 1 |
| Operating Profit | -0 | -0 | -1 | -1 | -1 |
| OPM % | -9.7% | -25.0% | -29.9% | -38.4% | -58.0% |
| Net Profit | -0 | -0 | -0 | -1 | -1 |
| EPS | ₹-0.22 | ₹-0.25 | ₹-0.32 | ₹-0.48 | ₹-0.52 |
Revenue has remained flat or slightly declining over the past five quarters, with operating losses deepening from ₹-0.22 crore to ₹-1 crore despite minor fluctuations in scale. Operating margins have deteriorated from -9.7% in June 2025 to -58.0% in June 2026, signaling rising cost pressures or revenue collapse. The company has not disclosed any corrective measures to address this trend, and losses have persisted without meaningful recovery.
🔮 Management Outlook & What's Next
There is no forward guidance or future revenue visibility provided in the latest filing. Management has not provided any commentary on demand trends, vessel utilization, or recovery timelines. The absence of strategic updates or operational visibility suggests limited confidence in near-term improvement, and no roadmap has been shared for returning to profitability.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 |
| Reserves | -12 | -10 | -14 | -13 |
| Borrowings | 6 | 6 | 9 | 7 |
| Total Liabilities | 12 | 16 | 13 | 13 |
| Fixed Assets | 7 | 5 | 8 | 8 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 12 | 16 | 13 | 13 |
The balance sheet shows a fragile capital structure with negative reserves and limited asset growth. Total assets have increased slightly to ₹13 crore, but equity remains flat at ₹14 crore while reserves are fully offset by losses. Borrowings have risen modestly from ₹6 to ₹9 crore, indicating reliance on debt to fund operations despite weak cash generation. There is no evidence of deleveraging or capital reduction.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +3 |
| Investing | -3 |
| Financing | +0 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 50.0% | 50.0% | 50.0% | 50.0% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 45.9% | 46.0% | 46.1% | 46.1% |
| # Shareholders | 7,480 | 7,764 | 7,780 | 7,734 |
Institutional holding remains negligible, with FII and DII ownership at 0% consistently over the past year. Public shareholding has slightly increased from 45.88% to 46.12%, but this reflects minor retail trading activity rather than strategic accumulation. The lack of institutional interest and stable promoter stake suggest limited confidence from broader investors.
⚖️ Peer Comparison — Shipping
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GESHIP | 21,883 | 5.8 | 22.0% | — | 0.06 |
| SCI | 12,695 | 7.8 | 16.1% | — | 0.27 |
| SHREEJISPG | 12,301 | 75.7 | 36.9% | — | 0.75 |
| TRANSWORLD | 357 | — | -0.8% | — | 0.43 |
| ESSARSHPNG | 327 | — | -25.9% | — | -0.69 |
| GLOBOFFS | 140 | — | -2.5% | — | 0.20 |
| CHOWGULSTM | 74 | 9.7 | -11.3% | — | -0.20 |
| 526508 | 16 | — | -22.2% | — | 2.69 |
| MERCATOR | — | — | 30.8% | — | -0.49 |
| SADHAV | — | — | — | — | 1.11 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent operating losses with no visible path to breakeven, driven by collapsing revenue and rising cost base. 2. Negative equity and reserves due to accumulated losses, raising solvency concerns. 3. High leverage relative to asset base, with borrowings increasing despite weak cash flows. 4. Complete absence of institutional or strategic investor interest, indicating low market confidence.
📋 Recent Filings
- 🔴 Announcement2026-09-29Shahi Shipping Ltd announced the appointment of M/s Jay Bhatt & Associates as its secretarial auditor for a five-year term, approved by shareholders a…
- 🟡 Board Meeting2026-09-29Shahi Shipping held its 36th AGM on 29 September 2026 via video conference, approving the audited standalone financial statements for FY2025-26 and ap…
- 🟡 Board Meeting2026-09-29Shahi Shipping Ltd announced the cessation of Mr. Omprakash Singh as Independent Director effective 28.09.2026 due to expiry of his term without share…
- 🟡 Board Meeting2026-09-29Shahi Shipping Ltd announced the cessation of Mr. Omprakash Singh as an Independent Director effective 29 September 2026, following shareholder reject…
- 🔴 annual report2026-09-07Shahi Shipping Limited reported a consolidated revenue of [amount context mismatch] lakhs for FY 2025-26, down from ₹1,057.93 lakhs in FY 2024-25, wit…
- 🟡 Board Meeting2026-09-07Shahi Shipping Ltd announced its 36th Annual General Meeting on September 29, 2026, with book closure on September 23, 2026, and remote e-voting avail…
- 🟡 Board Meeting2026-09-07Shahi Shipping Ltd announces its 36th Annual General Meeting on September 29, 2026 at 4:00 PM via video conference. Shareholders will vote on adopting…
- 🔴 Announcement2026-09-05Shahi Shipping Ltd announced its Board meeting outcome held on September 5, 2026, approving the Director's Report for FY 2025-26, reappointing retirin…
- 🟡 Board Meeting2026-09-05Shahi Shipping Ltd announced board approval of its 2025-26 Director's Report, reappointment of retiring director Anjali Shah, appointment of Om prakas…
🧠 Analyst's Read
Shahi Shipping Ltd shows no signs of operational recovery, with financial and operational metrics trending negatively across all dimensions. Without new orders, cost controls, or capital restructuring, the company remains exposed to ongoing losses and limited access to capital. Investors should monitor for any shift in management strategy or external financing activity, but current indicators suggest continued distress.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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