Shipwaves Online Limited

Industrials — Marine Shipping · BSE

₹3.21−₹0.06 (−1.83%)

DalalBaazaar Score

39 / 100

🔴 Weak

Verdict

CAUTION

Risk

Moderate

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

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Shipwaves Online Limited, a logistics company, provides digital freight forwarding and enterprise saas solutions. It offers logistics services by leveraging technology to streamline the transportation process across multiple modesocean, land, and air.

IndustryMarine Shipping

SectorIndustrials

Employees35

Annual revenue₹91 Cr

How does it make money?

Turns over ₹91 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 35 employees supports ₹2.60 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.60 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?Little sign of one

Returns on capital of 8.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

DalalBaazaar Score

39/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

35/ 100

Weak

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

Valuation

69/ 100

Cheap

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

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

9.7x

1.0Y Median

4.7x

12 monthly readings · mean 5.2x · range 4.0x–9.4x

Sector Median

30.0x

median of 2 sector peers

⚠️Current valuation is approximately 107% above its 1.0y median of 4.7x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 68% below the peer median of 30.0x.

vs. its own history

Expensive

4.7x median over 12 months · +107%

vs. sector peers

Cheap

30.0x median of 2 peers · -68%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.0x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Very low debt
Debt/Equity of 0.29x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

3 items require attention · 1 high · 2 watch

🔴Significant margin compressionFinancial
EBITDA margin has fallen 6.7 points, from 17.6% to 10.9%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 5.2x to 2.0x.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹36 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 68% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 17.6% to 10.9%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
The price already assumes success
The stock trades 107% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
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.

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

1EBITDA margin holds above 9%✓ 10.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Free cash flow remains positive✗ -₹36 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 2.0x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✓ 8.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 10 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
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹45 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.7x

Cheap

Cheap against the generic band

P/B Ratio

0.53x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.33

Profitable

Profitable on a per-share basis

ROE

6.7%

Weak

Weak capital efficiency

ROCE

8.2%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.29x

Low

Conservative leverage

Revenue Growth (YoY)

-21.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

Not available

No data

Source didn't return this field

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹48 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

3.3%

Average

Average asset productivity

Operating Margin

-3.4%

Weak

Thin margins leave little room for error

Net Margin

3.9%

Average

Average bottom-line conversion

Current Ratio

2.26

Comfortable

Healthy short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

3.4 / 3.3

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.1

Neutral momentum

Financial Trend (2-Year)

Metric	FY25	FY26	1Y CAGR
Revenue	₹108 Cr	₹91 Cr	-15.8%
EBITDA	₹19 Cr	₹10 Cr	-47.7%
EBITDA Margin	17.6%	10.9%	—

🔴 Revenue has shrunk at 15.8% a year over 1 years.

🔴 EBITDA has shrunk at 47.7% a year over 1 years.

🔴 EBITDA Margin has fallen from 17.6% to 10.9% over 1 years (-6.7 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹133 Cr

Total Liabilities

₹46 Cr

Total Debt

₹25 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹18 Cr

Capex

-₹18 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

68.8%

Peer Comparison

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

Recent News

6 general

Compare with

Equitymaster, 14 Oct

SHIPWAVES Stock Price and Chart — BSE:SHIPWAVES

TradingView, 17 Dec

Shipwaves Online seeks BSE approval for ₹14.99 crore warrant issue

scanx.trade, 07 Sept

Shipwaves Online Limited Share Price

Upstox, 05 May

Shipwaves Online shares list flat at IPO price of Rs 12 on BSE SME platform

The Economic Times, 17 Dec

Shipwaves Online IPO Listing: Stock Hits Lower Circuit After Debut

Samco, 17 Dec

Watch Items

Revenue growth is negative (-21.1%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongValuation

MiddlingFinancial Health

WeakBusiness Quality · Growth · Profitability · Risk

Points for each in the Score ↑

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 1 high-severity red flag sits above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Free cash flow remains positive; Interest cover stays above 3x · see Key things to watch ↑