Shreeji Shipping Global Ltd (SHREEJISPG) Q2 FY27 Results Analysis: PAT Falls 14%, Margin Compresses 655 bps
Shreeji Shipping Global Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 226.18 Cr (+39.45% YoY) and PAT growth of -13.75% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 14, 2026 |
|---|---|
| Revenue (Q2) | Rs. 226.18 Cr (+39.45% YoY) |
| PAT (Q2) | Rs. 36.83 Cr (-13.75% YoY) |
| EBITDA margin | 28.58% (-655 bps YoY) |
| EPS (Q2) | Rs. 2.26 (-18.71% YoY) |
Quarter Snapshot
Revenue grew 39.45% YoY to Rs.226.18 Cr but PAT fell 13.75% YoY to Rs.36.83 Cr as EBITDA margin compressed 655 bps YoY to 28.58% on diesel-driven cost of operating services rising to 66.72% of revenue. Roughly two-thirds of the PAT decline is a tax base effect (year-ago ETR of 10.31% vs 24.96% now), while fuel/opex pressure is real and continuing. The balance sheet remains net cash Rs.56.77 Cr, but the Rs.251.18 Cr Supramax IPO allocation is still 0% utilised past its original fiscal 2026 timeline.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead to in-line" on firm port volumes/coal imports | +39.45% YoY, +8.30% QoQ | Played out |
| Margins | "sequential pressure easing, YoY compression risk persisting" | Margin fell 503 bps QoQ (33.61% → 28.58%) and 655 bps YoY — sequential easing did not happen | Contradicted |
| Fuel line stabilising (diesel flat in window) | "the sequential fuel spike that hit Q1 appears to have stalled" | Cost of services rose to 66.72% of revenue from 65.26% | Contradicted |
| Other income a modest tailwind (FX + FD interest) | tailwind | Rs.7.77 Cr, −8.58% QoQ (+101.32% YoY) | Partially |
| MBC deliveries on track | 3 by H1 FY27 | 4 new MBCs delivered per FY26 annual report | Played out |
| Kolkata commencement within window | start in Jul–Sep | Filing silent | Not observable |
| Supramax deployment/change-of-objects signal | watch for signal | Still Rs.251.18 Cr unutilised, no signal — remains open | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| 3 MBC deliveries by H1 FY27; all-weather count to 4 by Q3 FY27 | FY26 annual report | Per the FY26 annual report (published 7-Sep-2026): four new MBCs already delivered as of report date | On Track |
| Supramax acquisition, Rs.251.18 Cr IPO allocation | FY26 annual report / Crisil monitoring report (orig. Fiscal 2026 timeline) | Rs.0.00 Cr utilised till 30-Sep-2026 — delayed; open-ended | Missed |
| Kolkata floating-crane lighterage commencement (Q1/Q3 FY27 guided three ways) | FY26 annual report | Not addressed in the Q2 filing | Too Early |
| Coal JV: consents Mar-2027, mine Apr-2027, first coal May-2027 | FY26 annual report | Not addressed in the Q2 filing | Too Early |
| ETR under Tonnage Tax (22.67% FY26) | FY26 annual report (approval order May 27, 2026) | 24.96% Q2 / 23.21% H1 | On Track |
Key Investment Insights
Key Positives
- Revenue from operations grew 39.45% YoY to Rs.226.18 Cr and 8.30% QoQ
- EBITDA (company definition) grew 13.45% YoY to Rs.64.63 Cr
- H1 PAT grew 1.51% YoY on 34.52% revenue growth
- Net cash position of Rs.56.77 Cr with debt/equity improved to 0.30x from 0.34x
- Trade receivables fell Rs.24.67 Cr in H1, releasing working capital
- Corporate guarantee of Rs.263.00 Cr for Shreeji Coke and Energy Pvt Ltd ceased during the quarter
- Four new MBCs delivered against the target of 3 by H1 FY27
- Stock split of each Rs.10 share into 5 shares of Rs.2 approved by the board
Risk Factors
- PAT declined 13.75% YoY to Rs.36.83 Cr despite 39.45% revenue growth
- EBITDA margin compressed 655 bps YoY and 503 bps QoQ to 28.58%
- Cost of operating services rose to 66.72% of revenue (Q1: 65.26%; year-ago: 60.93%) on diesel prices
- Other expenses nearly doubled QoQ from Rs.8.27 Cr to Rs.15.73 Cr with no decomposition disclosed
- Supramax IPO allocation of Rs.251.18 Cr remains 0% utilised past the original fiscal 2026 timeline
- IFSC/coastal revenue fell 29.64% QoQ to Rs.6.75 Cr (2.98% of revenue) despite management calling it a central priority
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.