Sahara Maritime Limited

Industrials — Marine Shipping · BSE

₹21.50₹0.00 (0.00%)

DalalBaazaar Score

46 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by high debt relative to equity, 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. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 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 Sahara Maritime Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Sahara Maritime Limited provides logistic services in India.

IndustryMarine Shipping

SectorIndustrials

Employees28

Annual revenue₹18 Cr

How does it make money?

Turns over ₹18 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹7 left at the operating level before interest, tax and depreciation. Each of its 28 employees supports ₹65.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin6.8%

Net margin4.3%

Revenue / employee₹65.2 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?Little sign of one

Returns on capital of 8.1% 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.

ROCE8.1%

ROE6.4%

Peer median ROE15.2%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -18% while net margin moved -17% 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-18%

Margin effect-17%

DalalBaazaar Score

46/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 6.5% a year
✗ Profit has declined at 12.2% a year
✗ Latest-year revenue growth of -36.2% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

39/ 100

Weak

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

Valuation

88/ 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

8.5x

3Y Median

20.2x

36 monthly readings · mean 23.7x · range 9.7x–59.7x

Sector Median

30.0x

median of 2 sector peers

🟢Current valuation is approximately 58% below its 3y median of 20.2x. 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 72% below the peer median of 30.0x.

vs. its own history

Cheap

20.2x median over 36 months · -58%

vs. sector peers

Cheap

30.0x median of 2 peers · -72%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

8.5x

P/B

0.53x

EV/EBITDA

0.1x

PEG

0.19

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 73% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Valuation below its historical average
At 8.5x the stock trades 58% below its own median of 20.2x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Return on equity is falling
ROE has dropped from 21.7% to 6.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 23.7% to 8.1% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 72% against revenue growth of -18% — customers are taking longer to pay.

Red Flags

3 items require attention · 2 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 3.72x — earnings must service borrowings before shareholders see anything.
🔴Receivables growing faster than salesFinancial
Receivables up 72% against revenue up -18% — sales are being booked faster than they are collected.
🟡Profit is decliningFinancial
Net profit is down 32% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 73% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 58% 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 72% 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?

Leverage amplifies any setback
Debt/Equity of 3.72x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 72% against revenue up -18%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 21.7% to 6.2%. 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.
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.

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

1EBITDA margin holds above 5%✓ 6.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹6 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 8%✓ 8.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 20.2x✓ 8.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 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

₹7 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.5x

Cheap

Cheap against the generic band

P/B Ratio

0.53x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹2.53

Profitable

Profitable on a per-share basis

ROE

6.4%

Weak

Weak capital efficiency

ROCE

8.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

3.72x

High

High leverage

Revenue Growth (YoY)

-36.2%

Shrinking

Sales are contracting

Profit Growth (YoY)

45.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹6 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹21.5

ROA

4.5%

Average

Average asset productivity

Operating Margin

7.7%

Average

Average margins

Net Margin

4.3%

Average

Average bottom-line conversion

Current Ratio

14.21

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.24

Defensive

Steadier than the market

52W Range Position

22%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

22.1 / 22.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹22 Cr	₹11 Cr	₹25 Cr	₹18 Cr	-6.5%
EBITDA	₹2 Cr	₹1 Cr	₹1 Cr	₹1 Cr	-11.8%
EBITDA Margin	8.1%	12.1%	3.3%	6.8%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹0 Cr	₹1 Cr	-12.2%
EPS	₹3.74	₹3.51	₹0.77	—	—
ROE	21.7%	6.5%	2.0%	6.2%	—
ROCE	23.7%	6.1%	3.5%	8.1%	—
Total Debt	₹2 Cr	₹1 Cr	₹1 Cr	₹0 Cr	-35.4%
Free Cash Flow	-₹1 Cr	-₹1 Cr	-₹3 Cr	₹6 Cr	—

🔴 Revenue has shrunk at 6.5% a year over 3 years.

🔴 EBITDA has shrunk at 11.8% a year over 3 years.

🔴 EBITDA Margin has fallen from 8.1% to 6.8% over 3 years (-1.3 pts).

🔴 PAT (Net Profit) has shrunk at 12.2% a year over 3 years.

🔴 ROE has fallen from 21.7% to 6.2% over 3 years (-15.5 pts).

🔴 ROCE has fallen from 23.7% to 8.1% over 3 years (-15.6 pts).

🟢 Total Debt has shrunk at 35.4% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹6 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹14 Cr

Total Liabilities

₹1 Cr

Total Debt

₹0 Cr

Cash & Equivalents

₹7 Cr

Operating Cash Flow

₹6 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.4%

Peer Comparison

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

Recent News

1 positive1 mixed4 general

Sahara Maritime closes trading window ahead of H1FY27 results

scanx.trade, 28 SeptResults

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

RAJVI LOGITRADE LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 12 Oct

Sahara Maritime profit rises to ₹77.71 lakh in FY26 despite revenue drop

scanx.trade, 03 SeptResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Sahara Maritime dispatches FY26 annual report to members via web link

scanx.trade, 12 Sept

SKYWAYS AIR SERVICES LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 01 Sept

Sahara Maritime IPO allotment expected to be finalised today; here are steps to check share application status

Livemint, 21 Dec

Watch Items

Revenue growth is negative (-36.2%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🔴Business QualityWeak5.9/20

🟢Financial HealthStrong14.5/20

🔴GrowthWeak4.1/20

🔴ProfitabilityWeak4.6/15

🟢ValuationAttractive13.2/15

🔴RiskHigh3.9/10

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. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 5%6.8%
✓Free cash flow remains positive₹6 Cr
✓Debt / EBITDA stays below 2x0.4x
✓ROCE stays above 8%8.1%
✓Valuation vs its own median of 20.2x8.5x today