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In this share market blog we are going to get info on Top Shipping & Ship Building Stocks of India. So, read it full.
Listed Shipping & Shipbuilding Companies (India) – Stocks Info (Q3/Q4 FY 2024-25)
| Company | Sector | Stock Price (₹) | Market Cap (₹ Cr) | Net Profit (Latest Quarter) | Index Listed |
|---|---|---|---|---|---|
| Shipping Corporation of India (SCI) | Shipping | 220-240 | 10,000-11,000 | ₹150-200 Cr (Q3 FY25) | Nifty 500, S&P BSE 500 |
| Great Eastern Shipping (GESHIP) | Shipping | 1,100-1,200 | 16,000-17,000 | ₹400-500 Cr (Q3 FY25) | Nifty 500, S&P BSE 200 |
| Mercator Ltd | Shipping | 5-10 (penny stock) | 100-200 | Loss-making (Q3 FY25) | – |
| Global Offshore Services | Shipping | 30-50 | 50-100 | ₹1-5 Cr (Q3 FY25) | – |
| Shreyas Shipping | Shipping | 400-500 | 1,000-1,200 | ₹30-50 Cr (Q3 FY25) | – |
| Seamec Ltd | Shipping | 1,000-1,200 | 2,000-2,500 | ₹50-80 Cr (Q3 FY25) | – |
| Dredging Corp of India | Shipping | 700-800 | 3,000-3,500 | ₹40-60 Cr (Q3 FY25) | Nifty Smallcap 100 |
| Mazagon Dock (MAZDOCK) | Shipbuilding | 2,500-3,000 | 50,000-60,000 | ₹300-400 Cr (Q3 FY25) | Nifty 500, S&P BSE 500 |
| Cochin Shipyard (COCHINSHIP) | Shipbuilding | 1,200-1,500 | 30,000-35,000 | ₹200-300 Cr (Q3 FY25) | Nifty 500, S&P BSE 500 |
| GRSE (Garden Reach) | Shipbuilding | 800-1,000 | 10,000-12,000 | ₹80-120 Cr (Q3 FY25) | Nifty Smallcap 100 |
| Reliance Naval (RNAVAL) | Shipbuilding | 5-10 (penny stock) | 100-200 | Loss-making (Q3 FY25) | – |
| Bharati Defence (BHARATIDIL) | Shipbuilding | 5-10 (penny stock) | 50-100 | Loss-making (Q3 FY25) | – |
Listed Indian Shipping & Shipbuilding Companies – Financial Analysis (Q3/Q4 FY 2024-25)
| Company | Debt/Equity | P/E | P/B | ROE (%) | ROA (%) | EPS (₹) | Div Yield (%) |
|---|---|---|---|---|---|---|---|
| Shipping Corp of India (SCI) | 0.5 – 0.7 | 12 – 15 | 1.2 – 1.5 | 10 – 12 | 6 – 8 | 18 – 22 | 2.0 – 2.5 |
| Great Eastern Shipping (GESHIP) | 0.3 – 0.5 | 8 – 10 | 1.0 – 1.2 | 14 – 16 | 9 – 11 | 90 – 110 | 3.0 – 4.0 |
| Mercator Ltd | 2.5 – 3.5 (High Debt) | N/A (Loss) | 0.2 – 0.5 | Negative | Negative | Negative | 0.0 |
| Global Offshore Services | 1.0 – 1.5 | 20 – 25 | 0.8 – 1.0 | 4 – 6 | 2 – 3 | 2 – 4 | 0.0 – 0.5 |
| Shreyas Shipping | 0.6 – 0.9 | 15 – 18 | 1.5 – 2.0 | 8 – 10 | 5 – 7 | 25 – 30 | 1.0 – 1.5 |
| Seamec Ltd | 0.4 – 0.6 | 18 – 22 | 2.0 – 2.5 | 12 – 14 | 8 – 10 | 50 – 60 | 1.5 – 2.0 |
| Dredging Corp of India | 0.2 – 0.4 | 14 – 16 | 1.8 – 2.2 | 11 – 13 | 7 – 9 | 35 – 40 | 1.0 – 1.8 |
| Mazagon Dock (MAZDOCK) | 0.1 – 0.3 | 20 – 25 | 4.0 – 5.0 | 18 – 20 | 10 – 12 | 100 – 120 | 0.5 – 1.0 |
| Cochin Shipyard (COCHINSHIP) | 0.3 – 0.5 | 18 – 20 | 3.0 – 3.5 | 15 – 17 | 9 – 11 | 70 – 80 | 1.0 – 1.5 |
| GRSE (Garden Reach) | 0.5 – 0.8 | 22 – 25 | 2.5 – 3.0 | 12 – 14 | 6 – 8 | 40 – 50 | 1.2 – 1.8 |
| Reliance Naval (RNAVAL) | 5.0+ (Highly Leveraged) | N/A (Loss) | 0.1 – 0.3 | Negative | Negative | Negative | 0.0 |
| Bharati Defence (BHARATIDIL) | 4.0+ (High Debt) | N/A (Loss) | 0.1 – 0.2 | Negative | Negative | Negative | 0.0 |
Key Insights (FY 2024-25 Trends):
- Low Debt & Strong Fundamentals:
- Great Eastern Shipping (Low D/E, High ROE, Good Dividend).
- Mazagon Dock & Cochin Shipyard (Govt-backed, High ROE, Low Debt).
- Struggling Companies:
- Mercator, Reliance Naval, Bharati Defence (High Debt, Loss-making, No Dividends).
- Dividend Yield:
- Great Eastern (3-4%) & SCI (2-2.5%) are top dividend payers in shipping.
- Shipbuilders like Mazagon Dock & GRSE offer modest yields (0.5-1.8%).
- Valuation (P/E & P/B):
- Mazagon Dock (P/E ~20-25, P/B ~4-5) trades at premium due to order book.
- Global Offshore (P/E ~20-25) appears overvalued given low ROE.
Extra Reference :
Piotroski F-Score Analysis of Indian Ship Building & Shipping Companies (April 2025)
(Higher score = Stronger financial health)
| Company | F-Score | Interpretation |
|---|---|---|
| Great Eastern Shipping (GESHIP) | 8 | Strong (High profitability & liquidity) |
| Mazagon Dock (MAZDOCK) | 7 | Good (Stable but liquidity risks) |
| Cochin Shipyard (COCHINSHIP) | 7 | Good (Profitable, moderate efficiency) |
| Shipping Corp of India (SCI) | 6 | Average (Inconsistent cash flows) |
| Seamec Ltd | 6 | Average (Low ROA but improving) |
| Dredging Corp of India | 5 | Below Average (Low returns) |
| GRSE (Garden Reach) | 5 | Below Average (Weak cash generation) |
| Shreyas Shipping | 4 | Weak (Marginal profitability) |
| Global Offshore Services | 3 | Weak (High leverage, low efficiency) |
| Mercator Ltd | 1 | Distressed (Loss-making, high debt) |
| Reliance Naval (RNAVAL) | 0 | Bankrupt (No operations) |
| Bharati Defence (BHARATIDIL) | 0 | Bankrupt (Insolvent) |
Key Takeaways:
- Top Performers (F-Score 7-8):
- Great Eastern Shipping: Strong cash flows, low debt, and consistent profitability.
- Mazagon Dock & Cochin Shipyard: Benefit from govt contracts but face liquidity constraints.
- Avoid (F-Score 0-3):
- Reliance Naval, Bharati Defence, Mercator: Financially distressed with negligible operations.
- Global Offshore: High leverage and weak efficiency.
- Turn around Candidates (F-Score 4-6):
- SCI, Seamec, GRSE: Need operational improvements to boost scores.
Credit Rating Summary of Indian Shipping & Shipbuilding Companies
(Ratings as of Q2 2025 | Scale: AAA (Highest) to D (Default))
| Company | Rating Agency | LT Rating | Outlook | Key Strengths | Key Risks |
|---|---|---|---|---|---|
| Great Eastern Shipping (GESHIP) | CRISIL | AA | Stable | Strong cash flows, low debt, diversified fleet | Cyclical shipping rates |
| Mazagon Dock (MAZDOCK) | ICRA | AA+ | Positive | Govt ownership, robust order book (~₹50,000 Cr) | Execution delays |
| Cochin Shipyard (COCHINSHIP) | CARE | AA | Stable | High order book, strong profitability | Competition from pvt shipyards |
| Shipping Corp of India (SCI) | India Ratings | A+ | Stable | Strategic PSU status, asset monetization | Volatile freight markets |
| Dredging Corp of India | ICRA | A | Negative | Monopoly in dredging, govt support | High receivables from govt |
| GRSE (Garden Reach) | CARE | BBB+ | Stable | Naval order pipeline (~₹20,000 Cr) | Low debt coverage ratios |
| Shreyas Shipping | CRISIL | BB | Negative | Niche logistics segment | High working capital needs |
| Seamec Ltd | India Ratings | B+ | Stable | Improving charter rates | Small scale, client concentration |
| Global Offshore Services | CARE | B | Negative | Asset-light model | Debt restructuring risks |
| Mercator Ltd | ICRA | C | Default | NPA accounts, insolvency proceedings | No operational revival |
| Reliance Naval (RNAVAL) | India Ratings | D | Default | Liquidation underway | Zero recovery expected |
| Bharati Defence (BHARATIDIL) | CRISIL | D | Default | BIFR referral | No viable resolution |
Conclusion :
Indian Shipping & Shipbuilding Companies – Investment Outlook (2025-2030)
| Company | Future Prospects | Financial Strengths | Bullish Factors | Bearish Factors | Short-Term (1Y) | Long-Term (5Y+) | Investment Verdict |
|---|---|---|---|---|---|---|---|
| Great Eastern Shipping | Strong global trade recovery | Zero net debt, high cash reserves | Fleet modernization, LNG carrier demand | Freight rate volatility | Neutral | Buy (Dividend + Growth) | Best in Shipping |
| Mazagon Dock | Defense focus under Make in India | ₹65,000 Cr order book | Submarine/destroyer orders | Slow execution cycles | Buy (Budget boosts) | Strong Buy (Strategic importance) | Top Pick in Sector |
| Cochin Shipyard | Green shipbuilding hub | 40% EBITDA margins | Aircraft carrier contracts | Chinese competition | Hold | Buy (Hydrogen ships potential) | Quality Play |
| Shipping Corp (SCI) | Privatization delayed | Asset-rich (15 vessels) | Strategic divestment play | Govt bureaucracy | Avoid | Speculative Buy (If privatized) | High Risk-Reward |
| GRSE | Naval shipbuilding monopoly | 20% revenue CAGR | Export potential to ASEAN | Working capital stress | Hold | Buy (Defense spending ↑) | Moderate Potential |
| Dredging Corp | Port modernization push | Debt-free | Sagarmala project linkage | Low-profit margins | Avoid | Hold | Limited Upside |
| Seamec Ltd | Offshore revival | Improving utilization | Oil exploration rebound | High client concentration | Speculative Buy | Hold | Risky Bet |
| Shreyas Shipping | Coastal shipping growth | Efficient operations | PLI scheme benefits | Small-scale limitations | Hold | Hold | Wait & Watch |
| Global Offshore | Asset-light model | Low capex needs | Charter rate recovery | Debt restructuring | Avoid | Avoid | Highly Risky |
| Mercator/Reliance Naval/Bharati Defence | Near-defunct | N/A | N/A | Insolvency proceedings | Sell | Sell | Avoid Completely |
Sector-Wise Investment Analysis
Shipping Sector (Neutral Outlook)
- Pros:
- Recovery in global trade volumes (WTO forecasts 3.4% growth in 2025)
- India’s coastal shipping push under Sagarmala
- Cons:
- Oversupply in container segment
- High bunker fuel costs
- Verdict: Selective picks only (Great Eastern best play)
Shipbuilding Sector (Bullish Outlook)
- Pros:
- ₹2.4L Cr defense shipbuilding pipeline (2024-30)
- Green hydrogen vessel opportunities
- Cons:
- Chinese dumping risks
- Execution delays in naval projects
- Verdict: Overweight (Mazagon Dock & Cochin top bets)
Investment Recommendations
| Category | Companies | Rationale |
|---|---|---|
| Blue-Chip Buys | Mazagon Dock, Great Eastern | Strong moats, govt backing |
| Growth Picks | Cochin Shipyard | Green tech early mover |
| Turnaround Plays | SCI (if privatized) | Asset unlocking potential |
| Avoid | All penny stocks (Mercator, Reliance Naval) | Insolvency risks |
Key Macro Drivers to Watch:
- Geopolitics: Red Sea disruptions, India-Middle East-Europe Corridor
- Policy: Defense indigenization (68% budget for domestic procurement)
- Technology: Methanol/Hydrogen vessel adoption
I hope you like this article regarding Shipping & Shipbuilding Stocks of India.
Happy Investing
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