Seamec Limited

Industrials — Marine Shipping · NSE

₹1,655.00−₹20.00 (−1.19%)

DalalBaazaar Score

76 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of Seamec Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Seamec Limited provides offshore diving support vessel services in India and internationally.

IndustryMarine Shipping

SectorIndustrials

Employees81

Annual revenue₹943 Cr

How does it make money?

Turns over ₹943 Cr a year. Of every ₹100 of sales, about ₹27 reaches shareholders as profit, with ₹46 left at the operating level before interest, tax and depreciation. Each of its 81 employees supports ₹11.64 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹11.64 Cr

Who are its competitors?

The closest listed comparisons in its industry are ADANI PORT & SEZ LTD, LARSEN & TOUBRO LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 18.7% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE15.2%

What is the outlook?

2 analysts covering the stock expect revenue to grow about 12.5% and earnings to grow about 46.4% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+12.5%

Est. earnings growth+46.4%

Analysts2

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +117% while net margin moved +251% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+117%

Margin effect+251%

DalalBaazaar Score

76/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.36 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

82/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

77/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

16.4x

3Y Median

33.7x

40 monthly readings · mean 42.5x · range 16.6x–120.3x

Sector Median

30.0x

median of 2 sector peers

🟢Current valuation is approximately 51% below its 3y median of 33.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 45% below the peer median of 30.0x.

vs. its own history

Cheap

33.7x median over 40 months · -51%

vs. sector peers

Cheap

30.0x median of 2 peers · -45%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.3x

PEG

0.17

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 32.0% to 46.2% over 3 years.
Return on equity is rising
ROE has improved from 4.2% to 19.3%.
Return on capital is rising
ROCE has improved from 4.0% to 18.7%.
Very low debt
Debt/Equity of 0.27x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 154% over 3 years, from ₹139 Cr to ₹353 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 195% against revenue up 117% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹58 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 18.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 32.0% to 46.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 51% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 45% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 195% against revenue up 117%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 22% a year✓ 29.5% CAGR
Latest reported year was 40.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 44%✓ 46.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹58 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 16%✓ 18.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹4,223 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.4x

Fair

Fairly valued against the generic band

P/B Ratio

3.23x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹101.02

Profitable

Profitable on a per-share basis

ROE

19.3%

Strong

Strong capital efficiency

ROCE

18.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.27x

Low

Conservative leverage

Revenue Growth (YoY)

40.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

7.2%

Modest

Slow profit growth

Dividend Yield

0.12%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹58 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

10.9x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

24.9%

Good

Healthy core-business profitability

Net Margin

24.7%

Good

Strong bottom-line conversion

Current Ratio

1.89

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.36

Defensive

Steadier than the market

52W Range Position

82%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1655.7 / 1659.3

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

40.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹434 Cr	₹726 Cr	₹646 Cr	₹943 Cr	+29.5%
EBITDA	₹139 Cr	₹257 Cr	₹234 Cr	₹436 Cr	+46.3%
EBITDA Margin	32.0%	35.4%	36.3%	46.2%	—
PAT (Net Profit)	₹33 Cr	₹120 Cr	₹90 Cr	₹251 Cr	+96.8%
EPS	₹13.2	₹47.08	₹35.25	₹98.87	+95.7%
ROE	4.2%	13.1%	8.9%	19.3%	—
ROCE	4.0%	12.1%	10.5%	18.7%	—
Total Debt	₹139 Cr	₹327 Cr	₹231 Cr	₹353 Cr	+36.5%
Free Cash Flow	-₹239 Cr	-₹172 Cr	₹245 Cr	-₹58 Cr	—

🟢 Revenue has grown at 29.5% a year over 3 years.

🟢 EBITDA has grown at 46.3% a year over 3 years.

🟢 EBITDA Margin has risen from 32.0% to 46.2% over 3 years (+14.2 pts).

🟢 PAT (Net Profit) has grown at 96.8% a year over 3 years.

🟢 EPS has grown at 95.7% a year over 3 years.

🟢 ROE has risen from 4.2% to 19.3% over 3 years (+15.1 pts).

🟢 ROCE has risen from 4.0% to 18.7% over 3 years (+14.7 pts).

🔴 Total Debt has grown at 36.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,861 Cr

Total Liabilities

₹557 Cr

Cash & Equivalents

₹77 Cr

Operating Cash Flow

₹321 Cr

Capex

-₹379 Cr

Shareholding (proxy)

Institutional Holding

4.7%

Insider Holding

76.1%

Corporate Actions

Dividend Rate

₹2

Ex-Dividend Date

21 Aug 2026

Analyst Consensus

Recommendations

2 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹2,164

+30.8% vs CMP

Target Range

₹2,058 – ₹2,270

Peer Comparison

Company	P/E	ROE
ADANI PORT & SEZ LTD	29.9x	14.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%

Recent News

5 mixed1 general

SEAMEC takes over vessel SEAMEC ANANT from HAL Offshore

scanx.trade, 14 Oct

Seamec share price jumps over 13% after Q4 net profit zooms 186% on strong revenue growth; details here

Upstox, 19 MayPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Why Is Seamec Share Price Falling Key Reasons 2026

Univest, 29 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Seamec's (NSE:SEAMECLTD) Earnings Are Of Questionable Quality

Simply Wall Street, 26 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Seamec Bags USD 5.21 Million Offshore Contract; Shares Gain 2%

HDFC Sky, 15 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Seamec share price gains on bagging order worth Rs 411 crore from ONGC

Moneycontrol.com, 16 MarPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 2 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑