ABS Marine Services Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

ABS Marine Services Ltd trades at ₹234, in a confirmed uptrend and 15 weeks into that stage. That is +10.2% against its own 200-day average. It sits at 55% of a 52-week range of ₹154 to ₹301. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹234 it trades +10.2% versus its 200-day average and sits at 55% of its 52-week range (₹154–₹301).

Against the market, two honest reads. Cumulative: over the last 2.2 years the stock moved −3% while the NIFTY 500 moved +11% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

ABS Marine Services Ltd trades at 7.2× P/E, near the bottom of its own range — cheaper only 11% of the time. Its long-run median P/E is 10.0×, measured across 1.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 7.2× is near the bottom of its own range — cheaper only 11% of the time, against a long-run median of 10.0× measured over 1.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +194.9% against a +22.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

ABS Marine Services Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

57.7/100 — rank 1 of 2 in Shipping/Dredging · 53% evidence confidence

ABS Marine Services Ltd scores 57.7 out of 100 against the 2 companies it is compared with in Shipping/Dredging, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 22 + 20.7 + 10 + 5 = 57.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

ABS Marine Services Ltd reported ₹183 Cr of revenue in the Mar 26 quarter, +83.0% year on year. That is the 2nd straight quarter of year-on-year growth. Over 6 years it has compounded at 23.3% a year. The last full year, FY26, came in at ₹319 Cr. The last four reported quarters add to ₹499 Cr.

FY26 revenue came in at ₹319 Cr (+77.2% on the year), capping 6 years at 23.3% compound. The latest quarter (Mar 26) printed ₹183 Cr, +83.0% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +76.5% growth against the decade's 23.3% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

ABS Marine Services Ltd's operating margin is 51.0% in the Mar 26 quarter, +18.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 7 fiscal years the operating margin has ranged 17.0% to 47.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 51.0%, +18.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 17.0%–47.0%, and FY26's 47.0% is the top of that band — a record year.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

ABS Marine Services Ltd earned ₹49.0 Cr of net profit in the Mar 26 quarter, +157.9% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹81.0 Cr. That is 26.8% of the quarter's revenue.

Mar 26 profit was ₹49.0 Cr, +157.9% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹81.0 Cr (+200.0%).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 168% of ABS Marine Services Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹168 Cr of operating cash against ₹81.0 Cr of profit. After ₹355 Cr of capital spending, ₹−187 Cr was left as free cash.

FY26: operating cash of ₹168 Cr against reported profit of ₹81.0 Cr, leaving free cash of ₹−187 Cr after ₹355 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 168% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 168%: the cash cycle stretched 49 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 7.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

ABS Marine Services Ltd's cash conversion cycle runs 113 days in FY26, up from 64 days in FY21. Capital spending ran ₹479 Cr over the last 3 years. At FY26 sales of ₹319 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹99.0 Cr sits inside the business at any moment.

FY26: debtors at 113 days (an asset-light business — no inventory to speak of) — for a full cycle of 113 days, looser than FY21's 64.

In money terms: at FY26 sales of ₹319 Cr, each day of the cycle holds about ₹0.9 Cr — so the 113-day loop keeps roughly ₹99.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹479 Cr over the last 3 fiscal years against ₹62.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

ABS Marine Services Ltd earns a ROCE of 21% in FY26. That is up from a trough of 3% in FY22. Return on invested capital clears the cost of that capital by +4.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 25.4% net margin on 0.43× asset turns.

FY26 ROCE is 21%, recovered from a FY22 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 25.4% net margin × 0.43× asset turns × 2.38× balance-sheet leverage ≈ 26.0% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 16.7% − 12.0% = a +4.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

ABS Marine Services Ltd carries ₹377 Cr of borrowings against ₹312 Cr of equity in FY26, a debt-to-equity of 1.21. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹86.0 Cr to ₹377 Cr. Capital spending ran ₹479 Cr across the last 3 of those years.

FY26: borrowings of ₹377 Cr against equity of ₹312 Cr — a debt-to-equity of 1.21. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹86.0 Cr to ₹377 Cr while capital spending ran ₹479 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of ABS Marine Services Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

ABS Marine Services Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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