Shreeji Shipping Global Limited

Industrials — Marine Shipping · NSE

₹839.95+₹4.80 (+0.57%)

DalalBaazaar Score

54 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by negative free cash flow, small-cap size, which brings sharper price swings, a very high earnings multiple, which leaves little margin for disappointment.

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, 6:10 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

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

What does this company do?

Shreeji Shipping Global Limited provides shipping and logistic solutions for dry bulk cargo at ports and jetties in India and Sri Lanka.

IndustryMarine Shipping

SectorIndustrials

Employees1,913

Annual revenue₹701 Cr

How does it make money?

Turns over ₹701 Cr a year. Of every ₹100 of sales, about ₹22 reaches shareholders as profit, with ₹34 left at the operating level before interest, tax and depreciation. Each of its 1,913 employees supports ₹36.6 lakh of revenue a year, the signature of a people-led business.

EBITDA margin34.0%

Net margin21.8%

Revenue / employee₹36.6 lakh

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.

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 24.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 19.9% against a peer median of 15.2% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE24.6%

ROE19.9%

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -15% while net margin moved +52% 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-15%

Margin effect+52%

DalalBaazaar Score

54/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 84.2x is demanding — it needs sustained high growth to justify
✗ P/E is 84% above its own historical median of 45.8x — expensive by its own standards
✗ P/B of 17.76x is a steep premium to book

Quality vs. Valuation

Company Quality

62/ 100

Average

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

Valuation

23/ 100

Expensive

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

84.2x

1.3Y Median

45.8x

16 monthly readings · mean 51.6x · range 26.9x–86.2x

Sector Median

30.0x

median of 2 sector peers

⚠️Current valuation is approximately 84% above its 1.3y median of 45.8x. 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 181% above the peer median of 30.0x.

vs. its own history

Expensive

45.8x median over 16 months · +84%

vs. sector peers

Expensive

30.0x median of 2 peers · +181%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

84.2x

P/B

17.76x

EV/EBITDA

58.6x

PEG

9.68

Dividend Yield

0.24%

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 22.8% to 34.0% over 3 years.
High return on capital employed
ROCE of 24.6% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention6

Debt is rising
Total debt is up 58% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 46.5% to 19.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 45.6% to 24.6% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 141% against revenue growth of -15% — stock may not be moving.
Valuation above its historical average
At 84.2x the stock trades 84% above its own median of 45.8x.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 58% over 3 years, from ₹175 Cr to ₹278 Cr.
🔴Inventory building faster than salesFinancial
Inventory up 141% against revenue up -15% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹63 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 24.6% 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 22.8% to 34.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
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?

The price already assumes success
The stock trades 84% 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.
Returns on shareholder capital are falling
ROE has dropped from 46.5% to 19.9%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Small 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

1EBITDA margin holds above 32%✓ 34.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹63 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 1.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 22%✓ 24.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 45.8x✗ 84.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 11 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
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹13,684 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

84.2x

Expensive

Expensive — verify against sector peers

P/B Ratio

17.76x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹9.97

Profitable

Profitable on a per-share basis

ROE

19.9%

Strong

Strong capital efficiency

ROCE

24.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.36x

Low

Conservative leverage

Revenue Growth (YoY)

29.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

7.1%

Modest

Slow profit growth

Dividend Yield

0.24%

Modest

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

Free Cash Flow

-₹63 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹839.95

Operating Margin

29.2%

Good

Healthy core-business profitability

Net Margin

21.1%

Good

Strong bottom-line conversion

Current Ratio

2.03

Comfortable

Healthy short-term liquidity

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

777.0 / 706.1

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

98.5

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹827 Cr	₹731 Cr	₹578 Cr	₹701 Cr	-5.4%
EBITDA	₹189 Cr	₹200 Cr	₹190 Cr	₹238 Cr	+8.1%
EBITDA Margin	22.8%	27.3%	32.9%	34.0%	—
PAT (Net Profit)	₹119 Cr	₹125 Cr	₹144 Cr	₹153 Cr	+8.7%
EPS	₹7.3	₹7.64	₹8.84	₹9.75	+10.1%
ROE	46.5%	39.5%	56.8%	19.9%	—
ROCE	45.6%	38.3%	74.8%	24.6%	—
Total Debt	₹175 Cr	₹159 Cr	₹256 Cr	₹278 Cr	+16.6%
Free Cash Flow	₹93 Cr	₹126 Cr	₹59 Cr	-₹63 Cr	—

🔴 Revenue has shrunk at 5.4% a year over 3 years.

🟢 EBITDA has grown at 8.1% a year over 3 years.

🟢 EBITDA Margin has risen from 22.8% to 34.0% over 3 years (+11.2 pts).

🟢 PAT (Net Profit) has grown at 8.7% a year over 3 years.

🟢 EPS has grown at 10.1% a year over 3 years.

🔴 ROE has fallen from 46.5% to 19.9% over 3 years (-26.6 pts).

🔴 ROCE has fallen from 45.6% to 24.6% over 3 years (-21.0 pts).

🔴 Total Debt has grown at 16.6% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹93 Cr to -₹63 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,221 Cr

Total Liabilities

₹452 Cr

Total Debt

₹278 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

₹191 Cr

Capex

-₹254 Cr

Shareholding (proxy)

Institutional Holding

1.4%

Insider Holding

88.1%

Corporate Actions

Dividend Rate

₹2

Ex-Dividend Date

27 Feb 2026

Peer Comparison

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

Recent News

2 mixed4 general

Shreeji Shipping Global 52 Week High Streak and Valuation

Univest, 13 Oct

Solid Earnings May Not Tell The Whole Story For Shreeji Shipping Global (NSE:SHREEJISPG)

Simply Wall Street, 08 JunResults

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

Compare with SKS (SHIP)

Equitymaster, 13 Oct

Shreeji Shipping Global Posts Q1 Revenue Of 2.1B Rupees, Net Profit Of 443M Rupees

Sahi, 14 AugResults

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

Shreeji Shipping Global Ltd Peer Comparison – Compare with Others

Value Research, 03 Sept

Small-cap stock Shreeji Shipping Global shows resilience against stock market crash

Livemint, 03 Jun

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

🟢Business QualityStrong15.2/20

🟢Financial HealthStrong13/20

🔴GrowthWeak7.8/20

🟢ProfitabilityStrong10.2/15

🔴ValuationDemanding3.3/15

🟡RiskModerate4.8/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 32%34.0%
✗Free cash flow remains positive-₹63 Cr
✓Debt / EBITDA stays below 2x1.2x
✓ROCE stays above 22%24.6%
✗Valuation vs its own median of 45.8x84.2x today