# Shipping — company-by-company sector analysis

> Shipping: Shipping Corporation of India Ltd owns the largest revenue base; SEAMEC Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 5 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Shipping Corporation of India Ltd leads with revenue of ₹5,780 crore, based on 6 of 6 comparable companies through Mar 2026. SEAMEC Ltd has the fastest current revenue growth at 46%, across 6 of 6 comparable companies.

### Is the Shipping sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 5 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Shipping company is largest by revenue?

Shipping Corporation of India Ltd leads with revenue of ₹5,780 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Shipping company is growing fastest?

SEAMEC Ltd has the fastest current revenue growth at 46%, across 6 of 6 comparable companies.

### Which Shipping company has the strongest 4-Factor Sector Score?

SEAMEC Ltd ranks first at 78/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Shipping company has the least gross debt?

Knowledge Marine & Engineering Works Ltd has the lowest comparable gross debt at ₹222 crore. Shipping Corporation of India Ltd has the highest at ₹2,679 crore.

### Which Shipping company has the lowest comparable PEG?

Great Eastern Shipping Company Ltd has the lowest comparable Guarded PEG at 0.24, among 3 of 6 companies that pass the metric’s comparability rules.

### How much history does this Shipping comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Shipping against NIFTY 500 is not available from the current market series. 5 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Knowledge Marine & Engineering Works Ltd is the strongest against the sector itself at +29.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 5/6
Stocks leading sector: 1/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹46.1K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. SEAMEC Ltd (SEAMECLTD): 78/100 — Favorable setup; evidence 100%
   - Growth & earnings 29.8/35 | Capital efficiency 20.4/25 | Valuation 18.0/20 | Relative strength 9.8/20
   - Exact sum: 29.8 + 20.4 + 18 + 9.8 = 78
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Great Eastern Shipping Company Ltd (GESHIP): 59/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 16.9/35 | Capital efficiency 19.2/25 | Valuation 17.9/20 | Relative strength 4.7/20
   - Exact sum: 16.9 + 19.2 + 17.9 + 4.7 = 58.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Shipping Corporation of India Ltd (SCI): 57/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 21.7/35 | Capital efficiency 14.1/25 | Valuation 14.8/20 | Relative strength 6.6/20
   - Exact sum: 21.7 + 14.1 + 14.8 + 6.6 = 57.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Knowledge Marine & Engineering Works Ltd (KMEW): 57/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 15.5/35 | Capital efficiency 15.3/25 | Valuation 5.9/20 | Relative strength 20.0/20
   - Exact sum: 15.5 + 15.3 + 5.9 + 20 = 56.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 52.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Dredging Corporation of India Ltd (DREDGECORP): 48/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 25.7/35 | Capital efficiency 6.3/25 | Valuation 8.5/20 | Relative strength 7.9/20
   - Exact sum: 25.7 + 6.3 + 8.5 + 7.9 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Essar Shipping Ltd (ESSARSHPNG): 26/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 10.2/35 | Capital efficiency 4.6/25 | Valuation 8.3/20 | Relative strength 3.0/20
   - Exact sum: 10.2 + 4.6 + 8.3 + 3 = 26.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Shipping Corporation of India Ltd is the scale leader at ₹5,780 crore, 6.9% ahead of Great Eastern Shipping Company Ltd. SEAMEC Ltd's growth is 46% from a ₹952 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Shipping Corporation of India Ltd is the scale benchmark; SEAMEC Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Shipping Corporation of India Ltd's growth falls below SEAMEC Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Shipping Corporation of India Ltd · ₹5,780 crore | 6.9% versus #2 · Great Eastern Shipping Company Ltd | 4/8 recent comparable periods | 6/6 companies · 102 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Shipping Corporation of India Ltd (SCI): ₹5.8K Cr
2. Great Eastern Shipping Company Ltd (GESHIP): ₹5.4K Cr
3. Dredging Corporation of India Ltd (DREDGECORP): ₹1.2K Cr
4. SEAMEC Ltd (SEAMECLTD): ₹952 Cr
5. Knowledge Marine & Engineering Works Ltd (KMEW): ₹256 Cr

### Revenue growth — fastest growers
1. SEAMEC Ltd (SEAMECLTD): 46%
2. Knowledge Marine & Engineering Works Ltd (KMEW): 28%
3. Dredging Corporation of India Ltd (DREDGECORP): 5.9%
4. Shipping Corporation of India Ltd (SCI): 3.1%
5. Great Eastern Shipping Company Ltd (GESHIP): 1.6%

### 20-quarter Revenue history
- GESHIP: Jun 2021 ₹769 Cr | Sep 2021 ₹885 Cr | Dec 2021 ₹939 Cr | Mar 2022 ₹916 Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr
- SCI: Jun 2021 ₹1.0K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr
- KMEW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹123 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹16 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹68 Cr
- SEAMECLTD: Jun 2021 ₹73 Cr | Sep 2021 ₹82 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹212 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹215 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹149 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹97 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹327 Cr
- DREDGECORP: Jun 2021 ₹119 Cr | Sep 2021 ₹151 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹291 Cr | Jun 2022 ₹218 Cr | Sep 2022 ₹239 Cr | Dec 2022 ₹371 Cr | Mar 2023 ₹337 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹278 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹204 Cr | Dec 2024 ₹324 Cr | Mar 2025 ₹462 Cr | Jun 2025 ₹242 Cr | Sep 2025 ₹212 Cr | Dec 2025 ₹276 Cr | Mar 2026 ₹478 Cr
- ESSARSHPNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹14 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹-143 Cr | Jun 2025 ₹2 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Revenue growth history
- GESHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 78% | Sep 2022 64% | Dec 2022 51% | Mar 2023 59% | Jun 2023 -6.0% | Sep 2023 -15% | Dec 2023 -12% | Mar 2024 2.8% | Jun 2024 17% | Sep 2024 10% | Dec 2024 -0.6% | Mar 2025 -18% | Jun 2025 -20% | Sep 2025 -8.3% | Dec 2025 18% | Mar 2026 24%
- SCI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 16% | Dec 2022 4.0% | Mar 2023 9.0% | Jun 2023 -18% | Sep 2023 -23% | Dec 2023 -10% | Mar 2024 -0.4% | Jun 2024 26% | Sep 2024 33% | Dec 2024 -1.9% | Mar 2025 -6.2% | Jun 2025 -13% | Sep 2025 -7.7% | Dec 2025 22% | Mar 2026 14%
- KMEW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 263% | Mar 2025 15% | Jun 2025 12% | Sep 2025 -3.9% | Dec 2025 55% | Mar 2026 45%
- SEAMECLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 71% | Sep 2022 3.7% | Dec 2022 -8.2% | Mar 2023 48% | Jun 2023 70% | Sep 2023 -1.2% | Dec 2023 111% | Mar 2024 87% | Jun 2024 1.4% | Sep 2024 4.8% | Dec 2024 -30% | Mar 2025 -15% | Jun 2025 -1.9% | Sep 2025 10% | Dec 2025 113% | Mar 2026 64%
- DREDGECORP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 58% | Dec 2022 55% | Mar 2023 16% | Jun 2023 -6.4% | Sep 2023 -17% | Dec 2023 -29% | Mar 2024 -18% | Jun 2024 -26% | Sep 2024 3.0% | Dec 2024 22% | Mar 2025 66% | Jun 2025 60% | Sep 2025 3.9% | Dec 2025 -15% | Mar 2026 3.5%
- ESSARSHPNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -79% | Mar 2024 -79% | Jun 2024 -73% | Sep 2024 1,133% | Dec 2024 0.0% | Mar 2025 -4,867% | Jun 2025 -33% | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Operating Economics & Margin Trend

What the numbers say: Great Eastern Shipping Company Ltd leads both opm at 62% and margin change at +21 percentage points.

Investor read: Great Eastern Shipping Company Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Great Eastern Shipping Company Ltd · 62% | 26.5% versus #2 · SEAMEC Ltd | 3/8 recent comparable periods | 5/6 companies · 110 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Great Eastern Shipping Company Ltd (GESHIP): 62%
2. SEAMEC Ltd (SEAMECLTD): 49%
3. Shipping Corporation of India Ltd (SCI): 40%
4. Dredging Corporation of India Ltd (DREDGECORP): 30%
5. Knowledge Marine & Engineering Works Ltd (KMEW): 27%

### Margin change — fastest expanders
1. Great Eastern Shipping Company Ltd (GESHIP): +21.0 pp
2. Dredging Corporation of India Ltd (DREDGECORP): +13.0 pp
3. Shipping Corporation of India Ltd (SCI): +12.0 pp
4. SEAMEC Ltd (SEAMECLTD): +8.0 pp
5. Knowledge Marine & Engineering Works Ltd (KMEW): −8.0 pp

### 20-quarter OPM history
- GESHIP: Jun 2021 37% | Sep 2021 44% | Dec 2021 44% | Mar 2022 42% | Jun 2022 54% | Sep 2022 55% | Dec 2022 56% | Mar 2023 58% | Jun 2023 62% | Sep 2023 52% | Dec 2023 52% | Mar 2024 63% | Jun 2024 60% | Sep 2024 48% | Dec 2024 49% | Mar 2025 41% | Jun 2025 54% | Sep 2025 59% | Dec 2025 57% | Mar 2026 62%
- SCI: Jun 2021 33% | Sep 2021 33% | Dec 2021 33% | Mar 2022 25% | Jun 2022 20% | Sep 2022 23% | Dec 2022 31% | Mar 2023 33% | Jun 2023 30% | Sep 2023 22% | Dec 2023 31% | Mar 2024 29% | Jun 2024 34% | Sep 2024 37% | Dec 2024 27% | Mar 2025 28% | Jun 2025 37% | Sep 2025 30% | Dec 2025 42% | Mar 2026 40%
- KMEW: Jun 2021 — | Sep 2021 40% | Dec 2021 — | Mar 2022 59% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 43% | Jun 2023 — | Sep 2023 34% | Dec 2023 25% | Mar 2024 24% | Jun 2024 37% | Sep 2024 40% | Dec 2024 43% | Mar 2025 35% | Jun 2025 41% | Sep 2025 40% | Dec 2025 43% | Mar 2026 27%
- SEAMECLTD: Jun 2021 28% | Sep 2021 43% | Dec 2021 52% | Mar 2022 19% | Jun 2022 34% | Sep 2022 44% | Dec 2022 20% | Mar 2023 21% | Jun 2023 23% | Sep 2023 19% | Dec 2023 42% | Mar 2024 37% | Jun 2024 34% | Sep 2024 18% | Dec 2024 30% | Mar 2025 41% | Jun 2025 46% | Sep 2025 8.0% | Dec 2025 43% | Mar 2026 49%
- DREDGECORP: Jun 2021 7.1% | Sep 2021 18% | Dec 2021 18% | Mar 2022 13% | Jun 2022 12% | Sep 2022 26% | Dec 2022 16% | Mar 2023 -50% | Jun 2023 28% | Sep 2023 29% | Dec 2023 26% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 -1.0% | Dec 2024 16% | Mar 2025 17% | Jun 2025 19% | Sep 2025 12% | Dec 2025 12% | Mar 2026 30%
- ESSARSHPNG: Jun 2021 14% | Sep 2021 36% | Dec 2021 -21% | Mar 2022 -33% | Jun 2022 60% | Sep 2022 44% | Dec 2022 48% | Mar 2023 62% | Jun 2023 23% | Sep 2023 -113% | Dec 2023 -641% | Mar 2024 — | Jun 2024 -175% | Sep 2024 -4.0% | Dec 2024 -267% | Mar 2025 — | Jun 2025 -279% | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Margin change history
- GESHIP: Jun 2021 −20.4 pp | Sep 2021 −1.4 pp | Dec 2021 +11.6 pp | Mar 2022 +17.9 pp | Jun 2022 +17.0 pp | Sep 2022 +10.8 pp | Dec 2022 +12.1 pp | Mar 2023 +15.9 pp | Jun 2023 +8.0 pp | Sep 2023 −2.8 pp | Dec 2023 −4.0 pp | Mar 2024 +5.0 pp | Jun 2024 −2.0 pp | Sep 2024 −4.0 pp | Dec 2024 −3.0 pp | Mar 2025 −22.0 pp | Jun 2025 −6.0 pp | Sep 2025 +11.0 pp | Dec 2025 +8.0 pp | Mar 2026 +21.0 pp
- SCI: Jun 2021 −11.6 pp | Sep 2021 +8.5 pp | Dec 2021 +5.7 pp | Mar 2022 −0.5 pp | Jun 2022 −12.2 pp | Sep 2022 −9.8 pp | Dec 2022 −1.5 pp | Mar 2023 +8.0 pp | Jun 2023 +9.6 pp | Sep 2023 −0.9 pp | Dec 2023 0.0 pp | Mar 2024 −4.0 pp | Jun 2024 +4.0 pp | Sep 2024 +15.0 pp | Dec 2024 −4.0 pp | Mar 2025 −1.0 pp | Jun 2025 +3.0 pp | Sep 2025 −7.0 pp | Dec 2025 +15.0 pp | Mar 2026 +12.0 pp
- KMEW: Jun 2021 — | Sep 2021 −0.7 pp | Dec 2021 — | Mar 2022 +20.7 pp | Jun 2022 — | Sep 2022 −11.8 pp | Dec 2022 — | Mar 2023 −16.1 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 — | Mar 2024 −19.0 pp | Jun 2024 — | Sep 2024 +6.2 pp | Dec 2024 +18.0 pp | Mar 2025 +11.0 pp | Jun 2025 +4.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −8.0 pp
- SEAMECLTD: Jun 2021 +31.4 pp | Sep 2021 +3.9 pp | Dec 2021 +28.3 pp | Mar 2022 −11.5 pp | Jun 2022 +5.7 pp | Sep 2022 +0.7 pp | Dec 2022 −32.0 pp | Mar 2023 +1.7 pp | Jun 2023 −11.0 pp | Sep 2023 −24.5 pp | Dec 2023 +22.0 pp | Mar 2024 +16.0 pp | Jun 2024 +11.0 pp | Sep 2024 −1.0 pp | Dec 2024 −12.0 pp | Mar 2025 +4.0 pp | Jun 2025 +12.0 pp | Sep 2025 −10.0 pp | Dec 2025 +13.0 pp | Mar 2026 +8.0 pp
- DREDGECORP: Jun 2021 −19.5 pp | Sep 2021 +28.1 pp | Dec 2021 +15.0 pp | Mar 2022 +46.6 pp | Jun 2022 +4.5 pp | Sep 2022 +7.6 pp | Dec 2022 −2.5 pp | Mar 2023 −62.9 pp | Jun 2023 +16.4 pp | Sep 2023 +3.1 pp | Dec 2023 +10.0 pp | Mar 2024 +57.0 pp | Jun 2024 −20.0 pp | Sep 2024 −30.0 pp | Dec 2024 −10.0 pp | Mar 2025 +10.0 pp | Jun 2025 +11.0 pp | Sep 2025 +13.0 pp | Dec 2025 −4.0 pp | Mar 2026 +13.0 pp
- ESSARSHPNG: Jun 2021 −23.0 pp | Sep 2021 +21.5 pp | Dec 2021 +8.2 pp | Mar 2022 −18.3 pp | Jun 2022 +45.8 pp | Sep 2022 +8.6 pp | Dec 2022 +68.6 pp | Mar 2023 +94.7 pp | Jun 2023 −36.7 pp | Sep 2023 −157.3 pp | Dec 2023 −689.0 pp | Mar 2024 −1,310.0 pp | Jun 2024 −198.0 pp | Sep 2024 +109.0 pp | Dec 2024 +374.0 pp | Mar 2025 — | Jun 2025 −104.0 pp | Sep 2025 −31,796.0 pp | Dec 2025 −10,908.0 pp | Mar 2026 —

## Profit Scale & Acceleration

What the numbers say: Great Eastern Shipping Company Ltd leads with ₹2,942 crore of TTM profit, 117.4% above Shipping Corporation of India Ltd. Dredging Corporation of India Ltd shows ≥100% on the scoring scale growth from a ₹5 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Great Eastern Shipping Company Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Great Eastern Shipping Company Ltd · ₹2,942 crore | 117.4% versus #2 · Shipping Corporation of India Ltd | 5/8 recent comparable periods | 6/6 companies · 102 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Great Eastern Shipping Company Ltd (GESHIP): ₹2.9K Cr
2. Shipping Corporation of India Ltd (SCI): ₹1.4K Cr
3. Essar Shipping Ltd (ESSARSHPNG): ₹722 Cr
4. SEAMEC Ltd (SEAMECLTD): ₹254 Cr
5. Knowledge Marine & Engineering Works Ltd (KMEW): ₹80 Cr

### Profit growth — fastest growers
1. Dredging Corporation of India Ltd (DREDGECORP): 100%
2. SEAMEC Ltd (SEAMECLTD): 100%
3. Shipping Corporation of India Ltd (SCI): 61%
4. Knowledge Marine & Engineering Works Ltd (KMEW): 60%
5. Great Eastern Shipping Company Ltd (GESHIP): 26%

### 20-quarter Net profit history
- GESHIP: Jun 2021 ₹12 Cr | Sep 2021 ₹223 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹189 Cr | Jun 2022 ₹457 Cr | Sep 2022 ₹769 Cr | Dec 2022 ₹627 Cr | Mar 2023 ₹722 Cr | Jun 2023 ₹576 Cr | Sep 2023 ₹595 Cr | Dec 2023 ₹538 Cr | Mar 2024 ₹905 Cr | Jun 2024 ₹812 Cr | Sep 2024 ₹576 Cr | Dec 2024 ₹594 Cr | Mar 2025 ₹363 Cr | Jun 2025 ₹504 Cr | Sep 2025 ₹581 Cr | Dec 2025 ₹813 Cr | Mar 2026 ₹1.0K Cr
- SCI: Jun 2021 ₹159 Cr | Sep 2021 ₹243 Cr | Dec 2021 ₹312 Cr | Mar 2022 ₹147 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹124 Cr | Dec 2022 ₹267 Cr | Mar 2023 ₹380 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹307 Cr | Jun 2024 ₹291 Cr | Sep 2024 ₹291 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹185 Cr | Jun 2025 ₹354 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹405 Cr | Mar 2026 ₹405 Cr
- KMEW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹24 Cr | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹24 Cr
- SEAMECLTD: Jun 2021 ₹13 Cr | Sep 2021 ₹26 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹-26 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹104 Cr
- DREDGECORP: Jun 2021 ₹-23 Cr | Sep 2021 ₹-4 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹-223 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-31 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹-34 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹87 Cr
- ESSARSHPNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹363 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-41 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-35 Cr | Sep 2024 ₹642 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹27 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Profit growth history
- GESHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3,708% | Sep 2022 245% | Dec 2022 206% | Mar 2023 282% | Jun 2023 26% | Sep 2023 -23% | Dec 2023 -14% | Mar 2024 25% | Jun 2024 41% | Sep 2024 -3.2% | Dec 2024 10% | Mar 2025 -60% | Jun 2025 -38% | Sep 2025 0.9% | Dec 2025 37% | Mar 2026 188%
- SCI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -28% | Sep 2022 -49% | Dec 2022 -14% | Mar 2023 159% | Jun 2023 51% | Sep 2023 -47% | Dec 2023 -50% | Mar 2024 -19% | Jun 2024 69% | Sep 2024 341% | Dec 2024 -43% | Mar 2025 -40% | Jun 2025 22% | Sep 2025 -35% | Dec 2025 433% | Mar 2026 119%
- KMEW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1,500% | Mar 2025 57% | Jun 2025 10% | Sep 2025 -7.7% | Dec 2025 106% | Mar 2026 118%
- SEAMECLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 77% | Sep 2022 -35% | Dec 2022 -105% | Mar 2023 -200% | Jun 2023 13% | Sep 2023 -182% | Dec 2023 — | Mar 2024 — | Jun 2024 92% | Sep 2024 — | Dec 2024 -105% | Mar 2025 -23% | Jun 2025 52% | Sep 2025 — | Dec 2025 — | Mar 2026 154%
- DREDGECORP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -52% | Mar 2023 — | Jun 2023 — | Sep 2023 -41% | Dec 2023 93% | Mar 2024 — | Jun 2024 -307% | Sep 2024 -300% | Dec 2024 -41% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -256% | Mar 2026 314%
- ESSARSHPNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -103% | Mar 2024 -115% | Jun 2024 -235% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/6 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Great Eastern Shipping Company Ltd has the clearest covered balance-sheet capacity with ₹7,218 crore net cash and gross debt of ₹1,087 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Knowledge Marine & Engineering Works Ltd · ₹222 crore | 37.1% versus #2 · SEAMEC Ltd | Not enough history | 6/6 companies · 91 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Knowledge Marine & Engineering Works Ltd (KMEW): ₹222 Cr
2. SEAMEC Ltd (SEAMECLTD): ₹353 Cr
3. Dredging Corporation of India Ltd (DREDGECORP): ₹1.1K Cr
4. Great Eastern Shipping Company Ltd (GESHIP): ₹1.1K Cr
5. Essar Shipping Ltd (ESSARSHPNG): ₹1.6K Cr

### Net debt — lowest net debt
1. Great Eastern Shipping Company Ltd (GESHIP): ₹-7.2K Cr
2. SEAMEC Ltd (SEAMECLTD): ₹165 Cr
3. Dredging Corporation of India Ltd (DREDGECORP): ₹944 Cr
4. Shipping Corporation of India Ltd (SCI): ₹2.2K Cr

### 20-quarter Gross debt history
- GESHIP: Jun 2021 ₹5.0K Cr | Sep 2021 ₹4.8K Cr | Dec 2021 ₹4.8K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.1K Cr
- SCI: Jun 2021 ₹3.9K Cr | Sep 2021 ₹3.4K Cr | Dec 2021 ₹3.4K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.7K Cr
- KMEW: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹26 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹60 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹133 Cr | Jun 2025 — | Sep 2025 ₹146 Cr | Dec 2025 — | Mar 2026 ₹222 Cr
- SEAMECLTD: Jun 2021 ₹96 Cr | Sep 2021 ₹149 Cr | Dec 2021 ₹149 Cr | Mar 2022 ₹127 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹281 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹327 Cr | Sep 2024 ₹248 Cr | Dec 2024 ₹248 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹231 Cr | Sep 2025 ₹405 Cr | Dec 2025 ₹405 Cr | Mar 2026 ₹353 Cr
- DREDGECORP: Jun 2021 ₹437 Cr | Sep 2021 ₹407 Cr | Dec 2021 ₹407 Cr | Mar 2022 ₹273 Cr | Jun 2022 ₹378 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹354 Cr | Mar 2023 ₹281 Cr | Jun 2023 ₹363 Cr | Sep 2023 ₹497 Cr | Dec 2023 ₹497 Cr | Mar 2024 ₹558 Cr | Jun 2024 ₹558 Cr | Sep 2024 ₹752 Cr | Dec 2024 ₹729 Cr | Mar 2025 ₹923 Cr | Jun 2025 ₹942 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr
- ESSARSHPNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.7K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 — | Sep 2025 ₹1.6K Cr | Dec 2025 — | Mar 2026 —

### 20-quarter Net debt history
- GESHIP: Jun 2021 ₹994 Cr | Sep 2021 ₹914 Cr | Dec 2021 ₹914 Cr | Mar 2022 ₹686 Cr | Jun 2022 ₹686 Cr | Sep 2022 ₹-739 Cr | Dec 2022 ₹-739 Cr | Mar 2023 ₹-1.6K Cr | Jun 2023 ₹-1.6K Cr | Sep 2023 ₹-2.8K Cr | Dec 2023 ₹-2.8K Cr | Mar 2024 ₹-3.7K Cr | Jun 2024 ₹-3.7K Cr | Sep 2024 ₹-4.6K Cr | Dec 2024 ₹-4.6K Cr | Mar 2025 ₹-5.7K Cr | Jun 2025 ₹-5.7K Cr | Sep 2025 ₹-6.9K Cr | Dec 2025 ₹-6.9K Cr | Mar 2026 ₹-7.2K Cr
- SCI: Jun 2021 ₹2.9K Cr | Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹854 Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.2K Cr
- SEAMECLTD: Jun 2021 ₹33 Cr | Sep 2021 ₹-36 Cr | Dec 2021 ₹-36 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹190 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹270 Cr | Dec 2025 ₹270 Cr | Mar 2026 ₹165 Cr
- DREDGECORP: Jun 2021 ₹388 Cr | Sep 2021 ₹363 Cr | Dec 2021 ₹363 Cr | Mar 2022 ₹244 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹302 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹455 Cr | Dec 2023 ₹455 Cr | Mar 2024 ₹474 Cr | Jun 2024 ₹508 Cr | Sep 2024 ₹708 Cr | Dec 2024 ₹688 Cr | Mar 2025 ₹828 Cr | Jun 2025 ₹894 Cr | Sep 2025 ₹934 Cr | Dec 2025 ₹995 Cr | Mar 2026 ₹944 Cr

## Return On Capital Employed

What the numbers say: SEAMEC Ltd leads ROCE at 20%, 3.7 percentage points above Knowledge Marine & Engineering Works Ltd. SEAMEC Ltd has the strongest latest improvement at +8.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: SEAMEC Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: SEAMEC Ltd · 20% | 22.7% versus #2 · Knowledge Marine & Engineering Works Ltd | 5/8 recent comparable periods | 6/6 companies · 60 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. SEAMEC Ltd (SEAMECLTD): 20%
2. Knowledge Marine & Engineering Works Ltd (KMEW): 16%
3. Great Eastern Shipping Company Ltd (GESHIP): 16%
4. Shipping Corporation of India Ltd (SCI): 14%
5. Dredging Corporation of India Ltd (DREDGECORP): 4.3%

### ROCE change — fastest improvers
1. SEAMEC Ltd (SEAMECLTD): +8.4 pp
2. Dredging Corporation of India Ltd (DREDGECORP): +5.0 pp
3. Shipping Corporation of India Ltd (SCI): +1.7 pp
4. Great Eastern Shipping Company Ltd (GESHIP): −0.5 pp
5. Knowledge Marine & Engineering Works Ltd (KMEW): −9.0 pp

### 20-quarter ROCE history
- GESHIP: Jun 2021 — | Sep 2021 6.0% | Dec 2021 — | Mar 2022 6.0% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 16% | Dec 2023 20% | Mar 2024 15% | Jun 2024 22% | Sep 2024 15% | Dec 2024 22% | Mar 2025 11% | Jun 2025 15% | Sep 2025 9.5% | Dec 2025 16% | Mar 2026 11%
- SCI: Jun 2021 — | Sep 2021 5.0% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 8.0% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 8.8% | Dec 2023 8.6% | Mar 2024 5.9% | Jun 2024 11% | Sep 2024 9.3% | Dec 2024 12% | Mar 2025 8.4% | Jun 2025 11% | Sep 2025 5.9% | Dec 2025 13% | Mar 2026 10%
- SEAMECLTD: Jun 2021 — | Sep 2021 3.6% | Dec 2021 — | Mar 2022 5.2% | Jun 2022 — | Sep 2022 5.8% | Dec 2022 — | Mar 2023 1.8% | Jun 2023 — | Sep 2023 -0.9% | Dec 2023 7.9% | Mar 2024 9.9% | Jun 2024 17% | Sep 2024 12% | Dec 2024 11% | Mar 2025 7.2% | Jun 2025 13% | Sep 2025 6.6% | Dec 2025 19% | Mar 2026 16%
- DREDGECORP: Jun 2021 — | Sep 2021 -9.0% | Dec 2021 — | Mar 2022 -0.2% | Jun 2022 — | Sep 2022 2.7% | Dec 2022 — | Mar 2023 -12% | Jun 2023 — | Sep 2023 -8.5% | Dec 2023 -8.4% | Mar 2024 3.8% | Jun 2024 1.1% | Sep 2024 -2.8% | Dec 2024 -4.1% | Mar 2025 -0.6% | Jun 2025 3.4% | Sep 2025 2.4% | Dec 2025 1.0% | Mar 2026 4.4%

### 20-quarter ROCE change history
- GESHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.8 pp | Dec 2022 — | Mar 2023 +10.8 pp | Jun 2023 — | Sep 2023 +4.0 pp | Dec 2023 — | Mar 2024 −2.2 pp | Jun 2024 — | Sep 2024 −0.8 pp | Dec 2024 +1.6 pp | Mar 2025 −3.2 pp | Jun 2025 −7.1 pp | Sep 2025 −5.5 pp | Dec 2025 −6.2 pp | Mar 2026 −0.5 pp
- SCI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 — | Mar 2023 +0.4 pp | Jun 2023 — | Sep 2023 +0.8 pp | Dec 2023 — | Mar 2024 −5.4 pp | Jun 2024 — | Sep 2024 +0.5 pp | Dec 2024 +3.4 pp | Mar 2025 +2.5 pp | Jun 2025 +0.9 pp | Sep 2025 −3.4 pp | Dec 2025 +1.0 pp | Mar 2026 +1.7 pp
- SEAMECLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 — | Mar 2023 −3.4 pp | Jun 2023 — | Sep 2023 −6.7 pp | Dec 2023 — | Mar 2024 +8.1 pp | Jun 2024 — | Sep 2024 +12.9 pp | Dec 2024 +3.1 pp | Mar 2025 −2.7 pp | Jun 2025 −3.6 pp | Sep 2025 −5.4 pp | Dec 2025 +7.6 pp | Mar 2026 +8.4 pp
- DREDGECORP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.7 pp | Dec 2022 — | Mar 2023 −12.1 pp | Jun 2023 — | Sep 2023 −11.2 pp | Dec 2023 — | Mar 2024 +16.1 pp | Jun 2024 — | Sep 2024 +5.7 pp | Dec 2024 +4.3 pp | Mar 2025 −4.4 pp | Jun 2025 +2.3 pp | Sep 2025 +5.2 pp | Dec 2025 +5.1 pp | Mar 2026 +5.0 pp

## Valuation Against Growth & Quality

What the numbers say: Great Eastern Shipping Company Ltd has the lowest comparable Guarded PEG at 0.24×, 58.6% below SEAMEC Ltd. Only 3 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Great Eastern Shipping Company Ltd · 0.24× | 58.6% versus #2 · SEAMEC Ltd | 0/8 recent comparable periods | 3/6 companies · 14 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Great Eastern Shipping Company Ltd (GESHIP): 0.2
2. SEAMEC Ltd (SEAMECLTD): 0.6
3. Shipping Corporation of India Ltd (SCI): 0.9

### P/E — lowest P/E
1. Great Eastern Shipping Company Ltd (GESHIP): 8.3
2. Shipping Corporation of India Ltd (SCI): 9.5
3. SEAMEC Ltd (SEAMECLTD): 14.1
4. Knowledge Marine & Engineering Works Ltd (KMEW): 75.9
5. Dredging Corporation of India Ltd (DREDGECORP): 591.0

### 20-quarter Guarded PEG history
- GESHIP: Jun 2021 — | Sep 2021 — | Dec 2021 1.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 0.2 | Sep 2024 — | Dec 2024 0.5 | Mar 2025 1.1 | Jun 2025 — | Sep 2025 — | Dec 2025 0.2 | Mar 2026 —
- SCI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 0.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 0.9 | Dec 2025 — | Mar 2026 —
- SEAMECLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- GESHIP: Jun 2021 10.5 | Sep 2021 46.3 | Dec 2021 29.4 | Mar 2022 19.5 | Jun 2022 11.4 | Sep 2022 7.8 | Dec 2022 6.4 | Mar 2023 4.7 | Jun 2023 4.2 | Sep 2023 4.7 | Dec 2023 5.8 | Mar 2024 6.3 | Jun 2024 7.3 | Sep 2024 6.8 | Dec 2024 5.5 | Mar 2025 5.6 | Jun 2025 7.3 | Sep 2025 8.6 | Dec 2025 8.8 | Mar 2026 8.9
- SCI: Jun 2021 5.7 | Sep 2021 7.9 | Dec 2021 7.8 | Mar 2022 5.1 | Jun 2022 3.9 | Sep 2022 5.0 | Dec 2022 7.1 | Mar 2023 6.8 | Jun 2023 5.4 | Sep 2023 7.3 | Dec 2023 8.6 | Mar 2024 12.9 | Jun 2024 17.3 | Sep 2024 15.6 | Dec 2024 9.5 | Mar 2025 8.0 | Jun 2025 12.5 | Sep 2025 11.6 | Dec 2025 13.0 | Mar 2026 9.4
- KMEW: Jun 2021 — | Sep 2021 6.8 | Dec 2021 — | Mar 2022 24.6 | Jun 2022 — | Sep 2022 32.1 | Dec 2022 — | Mar 2023 23.2 | Jun 2023 — | Sep 2023 34.3 | Dec 2023 34.0 | Mar 2024 31.9 | Jun 2024 43.6 | Sep 2024 62.3 | Dec 2024 79.5 | Mar 2025 47.5 | Jun 2025 53.9 | Sep 2025 53.1 | Dec 2025 82.6 | Mar 2026 54.8
- SEAMECLTD: Jun 2021 32.9 | Sep 2021 57.0 | Dec 2021 44.4 | Mar 2022 31.6 | Jun 2022 26.3 | Sep 2022 29.7 | Dec 2022 26.7 | Mar 2023 35.5 | Jun 2023 51.2 | Sep 2023 44.7 | Dec 2023 48.6 | Mar 2024 44.5 | Jun 2024 26.9 | Sep 2024 26.9 | Dec 2024 19.6 | Mar 2025 27.2 | Jun 2025 26.2 | Sep 2025 19.9 | Dec 2025 30.3 | Mar 2026 18.4
- DREDGECORP: Jun 2021 — | Sep 2021 — | Dec 2021 -8.2 | Mar 2022 247.5 | Jun 2022 — | Sep 2022 18.9 | Dec 2022 40.8 | Mar 2023 28.4 | Jun 2023 33.7 | Sep 2023 -7.5 | Dec 2023 -10.3 | Mar 2024 — | Jun 2024 91.0 | Sep 2024 93.0 | Dec 2024 -31.1 | Mar 2025 -55.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 451.1
- ESSARSHPNG: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.2 | Dec 2023 10.1 | Mar 2024 9.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 6.8 | Sep 2025 4.1 | Dec 2025 11.0 | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Great Eastern Shipping Company Ltd leads both ev/ebitda at 4.7× and p/bv at 1.21×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Great Eastern Shipping Company Ltd · 4.7× | 13% versus #2 · Shipping Corporation of India Ltd | 0/8 recent comparable periods | 6/6 companies · 110 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Great Eastern Shipping Company Ltd (GESHIP): 4.7
2. Shipping Corporation of India Ltd (SCI): 5.4
3. SEAMEC Ltd (SEAMECLTD): 10.1
4. Essar Shipping Ltd (ESSARSHPNG): 17.1
5. Dredging Corporation of India Ltd (DREDGECORP): 17.5

### P/BV — lowest P/BV
1. Great Eastern Shipping Company Ltd (GESHIP): 1.2
2. Shipping Corporation of India Ltd (SCI): 1.4
3. Dredging Corporation of India Ltd (DREDGECORP): 2.3
4. SEAMEC Ltd (SEAMECLTD): 2.7
5. Knowledge Marine & Engineering Works Ltd (KMEW): 10.4

### 20-quarter EV/EBITDA history
- GESHIP: Jun 2021 5.5 | Sep 2021 6.4 | Dec 2021 5.3 | Mar 2022 5.3 | Jun 2022 4.8 | Sep 2022 4.2 | Dec 2022 4.0 | Mar 2023 3.6 | Jun 2023 3.5 | Sep 2023 3.3 | Dec 2023 3.7 | Mar 2024 4.0 | Jun 2024 5.0 | Sep 2024 4.2 | Dec 2024 3.2 | Mar 2025 3.1 | Jun 2025 4.0 | Sep 2025 3.8 | Dec 2025 4.0 | Mar 2026 4.7
- SCI: Jun 2021 5.7 | Sep 2021 5.8 | Dec 2021 5.2 | Mar 2022 4.0 | Jun 2022 3.5 | Sep 2022 3.8 | Dec 2022 4.5 | Mar 2023 3.8 | Jun 2023 3.7 | Sep 2023 4.9 | Dec 2023 5.4 | Mar 2024 6.9 | Jun 2024 8.1 | Sep 2024 7.6 | Dec 2024 5.4 | Mar 2025 4.5 | Jun 2025 6.1 | Sep 2025 5.8 | Dec 2025 6.2 | Mar 2026 5.4
- KMEW: Jun 2021 — | Sep 2021 3.8 | Dec 2021 — | Mar 2022 12.6 | Jun 2022 — | Sep 2022 19.5 | Dec 2022 — | Mar 2023 16.2 | Jun 2023 — | Sep 2023 22.8 | Dec 2023 22.5 | Mar 2024 21.1 | Jun 2024 26.6 | Sep 2024 36.0 | Dec 2024 47.6 | Mar 2025 28.9 | Jun 2025 33.3 | Sep 2025 31.7 | Dec 2025 54.2 | Mar 2026 37.2
- SEAMECLTD: Jun 2021 12.4 | Sep 2021 25.3 | Dec 2021 20.8 | Mar 2022 17.3 | Jun 2022 12.9 | Sep 2022 15.1 | Dec 2022 12.2 | Mar 2023 10.8 | Jun 2023 12.2 | Sep 2023 9.9 | Dec 2023 21.4 | Mar 2024 14.1 | Jun 2024 11.8 | Sep 2024 13.2 | Dec 2024 10.1 | Mar 2025 10.7 | Jun 2025 9.5 | Sep 2025 8.5 | Dec 2025 11.3 | Mar 2026 10.1
- DREDGECORP: Jun 2021 21.2 | Sep 2021 — | Dec 2021 — | Mar 2022 90.0 | Jun 2022 9.4 | Sep 2022 5.9 | Dec 2022 6.3 | Mar 2023 5.2 | Jun 2023 — | Sep 2023 102.1 | Dec 2023 566.0 | Mar 2024 11.9 | Jun 2024 16.3 | Sep 2024 19.6 | Dec 2024 28.0 | Mar 2025 20.4 | Jun 2025 15.4 | Sep 2025 13.5 | Dec 2025 16.9 | Mar 2026 17.5
- ESSARSHPNG: Jun 2021 73.1 | Sep 2021 72.9 | Dec 2021 41.5 | Mar 2022 21.4 | Jun 2022 16.4 | Sep 2022 14.7 | Dec 2022 17.9 | Mar 2023 18.6 | Jun 2023 30.3 | Sep 2023 18.8 | Dec 2023 31.4 | Mar 2024 78.8 | Jun 2024 85.8 | Sep 2024 — | Dec 2024 35.8 | Mar 2025 15.5 | Jun 2025 17.0 | Sep 2025 9.6 | Dec 2025 17.1 | Mar 2026 —

### 20-quarter P/BV history
- GESHIP: Jun 2021 0.8 | Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 0.8 | Dec 2022 1.1 | Mar 2023 1.1 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.7 | Sep 2024 1.4 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.3
- SCI: Jun 2021 0.5 | Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 0.5 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.4 | Jun 2024 1.7 | Sep 2024 1.6 | Dec 2024 1.2 | Mar 2025 1.0 | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.2
- KMEW: Jun 2021 — | Sep 2021 1.6 | Dec 2021 — | Mar 2022 6.6 | Jun 2022 — | Sep 2022 9.2 | Dec 2022 — | Mar 2023 19.3 | Jun 2023 — | Sep 2023 12.2 | Dec 2023 10.2 | Mar 2024 9.6 | Jun 2024 10.8 | Sep 2024 11.3 | Dec 2024 13.3 | Mar 2025 7.9 | Jun 2025 10.5 | Sep 2025 12.4 | Dec 2025 17.0 | Mar 2026 15.6
- SEAMECLTD: Jun 2021 2.3 | Sep 2021 4.7 | Dec 2021 4.1 | Mar 2022 4.3 | Jun 2022 3.3 | Sep 2022 3.5 | Dec 2022 2.8 | Mar 2023 2.0 | Jun 2023 2.3 | Sep 2023 2.0 | Dec 2023 3.3 | Mar 2024 3.5 | Jun 2024 4.1 | Sep 2024 4.0 | Dec 2024 3.0 | Mar 2025 2.6 | Jun 2025 2.3 | Sep 2025 2.3 | Dec 2025 2.5 | Mar 2026 3.3
- DREDGECORP: Jun 2021 0.8 | Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 0.5 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 1.1 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 2.5 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 1.3 | Jun 2025 1.6 | Sep 2025 1.4 | Dec 2025 2.4 | Mar 2026 2.0
- ESSARSHPNG: Jun 2021 -0.1 | Sep 2021 -0.1 | Dec 2021 -0.1 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 -0.1 | Sep 2023 -0.1 | Dec 2023 -0.2 | Mar 2024 -0.2 | Jun 2024 -0.4 | Sep 2024 -0.3 | Dec 2024 -0.3 | Mar 2025 -0.2 | Jun 2025 -0.2 | Sep 2025 -0.2 | Dec 2025 -0.2 | Mar 2026 —

## Market action

Knowledge Marine & Engineering Works Ltd has the strongest one-year price move in Shipping at +163.7%. It also leads on Mansfield relative strength against NIFTY at +52.4%. 5 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Knowledge Marine & Engineering Works Ltd (KMEW): 164%
2. SEAMEC Ltd (SEAMECLTD): 62%
3. Dredging Corporation of India Ltd (DREDGECORP): 41%
4. Great Eastern Shipping Company Ltd (GESHIP): 36%
5. Shipping Corporation of India Ltd (SCI): 29%

### Strongest relative strength versus NIFTY 500
1. Knowledge Marine & Engineering Works Ltd (KMEW): 52%
2. SEAMEC Ltd (SEAMECLTD): 15%
3. Dredging Corporation of India Ltd (DREDGECORP): 13%
4. Shipping Corporation of India Ltd (SCI): 11%
5. Great Eastern Shipping Company Ltd (GESHIP): 8.3%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Great Eastern Shipping Company Ltd (GESHIP) — market value ₹20.5K Cr; latest fundamentals Mar 2026
- Shipping Corporation of India Ltd (SCI) — market value ₹12.8K Cr; latest fundamentals Mar 2026
- Knowledge Marine & Engineering Works Ltd (KMEW) — market value ₹6.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- SEAMEC Ltd (SEAMECLTD) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Dredging Corporation of India Ltd (DREDGECORP) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- Essar Shipping Ltd (ESSARSHPNG) — market value ₹457 Cr; latest fundamentals Dec 2025

## Source standing of each company

Cross-checked: 4. Unverified: 1. Withheld: 1. Graded companies: 6.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Knowledge Marine & Engineering Works Ltd (KMEW) — its two data sources disagree by up to 50% on reported income across 11 comparable periods, so its derived ratios are withheld.

- WITHHELD | KMEW | Knowledge Marine & Engineering Works Ltd | diff_gt_2pct | disagreement up to 49.55% over 11 comparable periods

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Shipping index?

The Nifty Shipping index tracks India's listed Shipping companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Shipping sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Shipping stocks in India?

Ranked by this page's four-factor score, SEAMEC Ltd places first among 6 listed Shipping companies, followed by Great Eastern Shipping Company Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Shipping stocks are listed in India?

This comparison covers 6 listed Shipping companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Shipping company is the biggest?

Shipping Corporation of India Ltd is the largest, with trailing-twelve-month revenue of ₹5,780 crore, ahead of Great Eastern Shipping Company Ltd at ₹5,408 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Shipping company is growing fastest?

SEAMEC Ltd has the fastest revenue growth at 46% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Shipping company has the best profit margins?

Great Eastern Shipping Company Ltd has the highest operating margin at 62%, from 5 of 6 comparable companies. Great Eastern Shipping Company Ltd shows the biggest recent improvement, at +21 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Shipping company makes the most profit?

Great Eastern Shipping Company Ltd earns the most, at ₹2,942 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Dredging Corporation of India Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Shipping company earns the highest return on capital?

SEAMEC Ltd leads on return on capital employed at 20%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Shipping stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Great Eastern Shipping Company Ltd screens cheapest at 0.24×. Only 3 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Shipping company has the strongest balance sheet?

Knowledge Marine & Engineering Works Ltd carries the lowest comparable gross debt at ₹222 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Shipping stock has the strongest price momentum?

Knowledge Marine & Engineering Works Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Shipping company scores highest for research priority?

SEAMEC Ltd scores 78 out of 100 with 100% evidence confidence, from 29.8 points on growth and earnings, 20.4 on capital efficiency, 18 on valuation and 9.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Shipping companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Shipping sector?

The 6 Shipping companies on this page carry ₹46,137 crore of combined market value. Great Eastern Shipping Company Ltd is the largest at ₹20,528 crore, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Shipping sector's P/E ratio?

The median price-to-earnings ratio across the 6 Shipping companies on this page is 14.1×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Shipping sector performing?

5 of the 6 covered Shipping companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/shipping