Sadhav Shipping builds offshore charter portfolio as half-year revenue rises 73%

Sadhav Shipping reported consolidated revenue of ₹29.2 crore and net profit of ₹3.8 crore for the quarter ended 30 September 2026, while advancing offshore support contracts, a specialised vessel arrangement and a collaboration with Asian Energy Services.

The Mumbai-based company’s 5 November results update highlighted the deployment of Adwita for offshore pipeline replacement support in Mumbai and plans to broaden its marine services. Chief executive Vedant K. Choudhury reported an order book of approximately ₹365 crore.

How did Sadhav Shipping perform financially?

Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹8.5 crore for the second quarter of financial year 2026–27. Earnings per share were ₹2.37.

For the six months ended September, revenue reached ₹60.4 crore, EBITDA was ₹16.4 crore and net profit stood at ₹7.2 crore. Management said half-year revenue increased 73% year on year.

The company noted that consolidated results largely reflected standalone operations because its associate, United Sadhav Integrated Maritime Private Limited, remained at an early stage of business operations.

What does the Lamprell charter involve?

Sadhav’s contract with UAE-based Lamprell Energy covers the deployment of Adwita to support an offshore pipeline replacement project in Mumbai. Announced on 1 September, the agreement provides for an initial 120-day charter at US$7,900 per day, plus applicable Goods and Services Tax (GST).

The charter includes an option for a further 56 days. The vessel’s duties comprise supply services and movements within the offshore field, subject to its capabilities and safety requirements.

At the stated daily rate, 120 fully billable days would generate US$948,000 before tax. Exercising the entire extension would add US$442,400, taking the potential total to US$1.3904 million. These are calculations based on the disclosed rate and duration, rather than reported revenue already earned.

The distinction matters because the extension is optional. The initial charter provides a defined deployment period, while any additional earnings depend on the option being exercised and the applicable contract terms.

How is the specialised vessel portfolio expanding?

In a separate transaction, Sadhav entered into a bareboat charter agreement with a purchase obligation with Sweden’s Candela Technology AB on 28 August 2026.

The exchange disclosure described the arrangement as covering a specialised marine boat for services in Mumbai. Sadhav linked the transaction to its strategy of broadening specialised marine services and exploring new business opportunities.

The filing did not disclose the purchase price, charter duration or detailed payment schedule. The arrangement therefore establishes a contractual route towards vessel acquisition, rather than confirming an outright purchase completed at the time of the announcement.

What is planned with Asian Energy Services?

Asian Energy Services’ board approved a strategic collaboration with Sadhav on 21 August 2026, involving a proposed joint venture through AOSL Energy Services Limited.

The structure envisaged the sale of a 26% equity interest in AOSL to Sadhav. Asian Energy Services described the proposed venture as a means of combining the companies’ capabilities to pursue offshore oil and gas opportunities.

In its November update, Sadhav continued to describe the 26% acquisition as proposed. The collaboration should therefore be distinguished from an operating contract or a completed transaction contributing revenue.

Together, the developments cover different stages of business expansion: a contracted offshore deployment, a vessel charter carrying a purchase obligation and a proposed equity partnership. Their commercial contribution will depend on charter execution, vessel deployment and completion of the proposed collaboration.