SEAMEC Limited is a premier provider of specialized offshore and subsea services, primarily catering to the oil and gas industry. The company has established itself as a leader in the Indian market, operating the country's largest fleet of multi-functional Diving Support Vessels (DSVs). Its evolution traces back to 1986 as Peerless Leasing Pvt Ltd, later becoming part of the Technip Group before being acquired by HAL Offshore in 2014, integrating it into the MMG Group. This strong parentage provides significant financial and strategic backing. The company's core operations revolve around its Offshore Shipping division, which includes a robust fleet of six DSVs, one Offshore Support Vessel (OSV), and one accommodation barge. These assets are critical for a wide array of complex subsea activities, including inspection, maintenance, and repair (IMR) of platforms and pipelines, remotely operated vehicle (ROV) support, subsea construction, and rescue operations.

In addition to its core offshore business, SEAMEC has diversified its portfolio through strategic subsidiaries. Its wholly-owned subsidiary, Seamec International FZE, operates in the bulk transportation sector with two bulk carriers. The company is further expanding in this area through a joint venture, Seamate Shipping FZC. While it had ventured into tunnel construction via Seamec Nirman Infra Limited, it has since withdrawn from that project. SEAMEC is committed to the highest standards of quality, health, safety, and environmental (QHSE) management, holding multiple ISO certifications (9001, 14001, 45001) and ISM certification, reinforcing its reputation for operational excellence and safety. The company serves a marquee client base that includes industry giants like ONGC and L&T Hydrocarbon Engineering, underscoring its technical expertise and trusted market position.

Official Website: https://www.seamec.in/

• Q3 FY26 Standalone Performance: The company reported exceptional performance for the quarter ended December 31, 2025.

• Revenue: Grew to ₹316.5 crore, a 139% increase year-over-year (YoY) from ₹132.7 crore and a 246% increase quarter-over-quarter (QoQ) from ₹91.4 crore. This was driven by higher vessel deployment and a significant turnkey project.

• EBITDA: Surged to ₹143.7 crore, a 296% increase YoY from ₹36.3 crore. The growth was attributed to higher vessel deployment, though partially offset by increased manpower and finance costs.

• Profit After Tax (PAT): Reached ₹101.3 crore, a substantial turnaround from ₹2.3 crore in Q3 FY25 and a loss of ₹25.8 crore in Q2 FY26.

• 9M FY26 Standalone Performance: The nine-month performance shows sustained growth.

• Revenue: Increased by 40% YoY to ₹630.9 crore from ₹452.2 crore.

• EBITDA: Grew by 69% YoY to ₹268.5 crore from ₹159.0 crore.

• Profit After Tax (PAT): Increased by 173% YoY to ₹155.1 crore from ₹56.8 crore.

• Q3 FY26 Consolidated Performance: The consolidated figures, including subsidiaries, reflect a similar strong growth trajectory.

• Revenue: Grew to ₹331.4 crore, a 138% increase YoY and a 208% increase QoQ.

• EBITDA: Reached ₹150.2 crore, a 338% increase YoY, driven by higher vessel deployment and improved performance from overseas subsidiaries.

• Profit After Tax (PAT): Stood at ₹99.8 crore, compared to a loss of ₹3.2 crore in Q3 FY25.

• Key Financial Ratios (Consolidated 9M FY26): The company maintains a healthy balance sheet.

• Gross Debt: ₹349 crore.

• Net Debt: A negative ₹50 crore, indicating a net cash position.

• Net Debt/Equity: (0.04)x, demonstrating very low leverage.

• Return on Capital Employed (ROCE): 15%.

• Return on Equity (ROE): 16%.

The company demonstrated record-breaking financial performance in Q3 FY26, driven by exceptional operational execution and high asset utilization, resulting in substantial growth in revenue and profitability with a very strong, low-leverage balance sheet.

• Dominant Market Position: SEAMEC operates India’s largest fleet of multi-support vessels, making it a formidable player in the domestic offshore shipping sector.

• Strong Parentage: As part of the MMG Group, the company benefits from a strengthened financial position and enhanced market reputation, providing a significant competitive advantage.

• Technical and Financial Superiority: The company's combination of technical expertise and financial strength positions it as a leading contender in the tendering process for complex offshore projects.

• High Revenue Visibility: Competent commercial management ensures superior vessel deployment rates, leading to predictable and visible revenue streams.

• Cost Efficiency: A proactive and preventive maintenance strategy results in lower overall maintenance costs for its vessel fleet, contributing to better profitability.

• Strong Leadership: The company is guided by a vibrant leadership team with deep industry experience and strong execution capabilities.

SEAMEC's competitive advantage is built on its market-leading fleet, strong financial backing from the MMG Group, and superior operational management, which together ensure high asset deployment and cost efficiency.

• Rising Domestic Energy Demand: India's energy demand is projected to grow faster than all major global economies, with its global share expected to double by 2035. This fundamental trend underpins the long-term demand for oil and gas.

• High Import Dependency: India imports approximately 88% of its crude oil and 50% of its gas. This high dependency creates a strong strategic imperative for the government to boost domestic exploration and production (E&P), directly benefiting offshore service providers.

• Strong Growth Forecasts:

• Natural Gas Consumption: Expected to grow at a 12.2% CAGR, reaching 550 MCMPD by 2030.

• Crude Oil Consumption: Forecast to grow at a 4.59% CAGR, reaching 500 million tonnes by FY40.

• India's Oilfield Services Market: Projected to grow at a 14% CAGR from FY2024 to FY2031, expanding from USD 629 million to USD 1,614 million.

• Government Support and Investment: The Indian government plans to facilitate a USD 67 billion investment in the gas sector over the next 5-6 years, signaling strong support for expanding domestic energy infrastructure.

• Offshore Support Vessel (OSV) Market: The OSV market is forecast to grow by USD 525.58 million between 2022 and 2027, at a CAGR of 5.41%, driven by increased global E&P activities.

The outlook for the oil and gas services industry is robust, supported by India's rapidly growing energy needs, high import dependency, and significant government investment aimed at increasing domestic production.

• Shift to Offshore Exploration: With onshore reserves depleting, the focus of E&P activities is shifting to offshore oilfields, which have lower depletion rates and greater production capacity. This industry-wide shift is a primary growth driver for SEAMEC's vessel services.

• Key Client Expansion: ONGC, a key client, is a dominant player in securing new exploration blocks, winning seven out of ten blocks in the recent OALP-VIII bid round. ONGC reported 8 new discoveries in FY25, indicating a strong pipeline of future development projects that will require offshore support services.

• Fleet Expansion: The company is actively growing its asset base to capitalize on rising demand. It completed the acquisition of the DSV 'Seamec Agastya' in August 2025 and is currently in the process of acquiring 'Seamec Anant' from its parent company, HAL Offshore.

Growth is being driven by the structural shift towards offshore exploration, robust activity from key clients like ONGC, and the company's own strategic fleet expansion to meet rising demand.

• Increased Offshore E&P Investment: A surge in investment in deepwater and ultra-deepwater drilling projects presents a direct opportunity for SEAMEC's specialized fleet of DSVs and OSVs.

• Favorable Policy Environment: Strong government support and policies aimed at enhancing India's energy security are creating a conducive environment for offshore exploration and, consequently, for service providers like SEAMEC.

• Geographic Advantage: India's extensive 7,517 km coastline offers vast untapped potential for offshore drilling and production activities, representing a long-term opportunity for the company.

The combination of rising investment in offshore projects, supportive government policies, and India's geographic potential creates significant and sustained opportunities for SEAMEC's specialized services.

• Capacity Utilization: The company experienced its "highest ever vessel deployment" in Q3 FY26. The commentary explicitly notes "full deployment of vessels" post-monsoon, indicating that the fleet is operating at or near maximum capacity, which was a key driver of the record financial results.

• Capital Expenditure (Capex): SEAMEC is actively investing in expanding its fleet.

• The acquisition of 'Seamec Agastya' (a 2010-built DSV) was formally completed in August 2025.

• The company is in the process of acquiring another vessel, 'Seamec Anant,' from its parent company.

The company is running its existing fleet at very high utilization rates while simultaneously deploying capital to acquire new assets to expand its operational capacity for future growth.

• Fleet Acquisition: The most defined future plan is the ongoing acquisition of the vessel 'Seamec Anant' from the parent company, HAL Offshore. This move is consistent with the strategy of expanding the asset portfolio to meet growing market demand.

The company's immediate future plan is centered on strategic fleet expansion through the acquisition of new vessels to enhance its service capacity.

• Significant Margin Expansion: EBITDA margins improved dramatically in Q3 FY26.

• Standalone EBITDA Margin: Reached 45.4%, a significant increase from 27.4% in Q3 FY25 and 10.0% in Q2 FY26.

• Consolidated EBITDA Margin: Reached 45.3%, up from 24.6% in Q3 FY25 and 16.6% in Q2 FY26.

• Drivers of Margin Improvement: The expansion was driven by several factors:

• Full deployment of vessels at favorable charter rates.

• Successful and timely completion of a high-value special turnkey project (revamping of ONGC's NLM 9 platform).

• Improved financial performance from the company's overseas subsidiaries, which reduced losses and contributed positively to the consolidated bottom line.

Margins saw exceptional improvement in Q3 FY26, driven by a powerful combination of high asset utilization, execution of a profitable turnkey project, and better performance from subsidiary operations.

• Forward-Looking Statement Risks: The company's presentation includes a safe harbor statement, acknowledging that future performance is subject to known and unknown risks and is not guaranteed.

• Economic and Industry Dependence: The company's performance is intrinsically linked to the health of the Indian and global economies, as well as the performance and investment cycles of the worldwide oil and gas industry. A downturn in either could adversely affect demand for its services.

• Competition: Although not detailed, the offshore services industry is competitive, and the company's ability to secure contracts depends on its ability to remain competitive on price, technology, and service quality.

The primary risks are external and macro in nature, related to the economic cycle and the investment sentiment within the global oil and gas industry.

• Record Operational Quarter: Q3 FY26 was described as a "trailblazer quarter," marked by the highest-ever vessel deployment, which translated directly into record quarterly revenue and profit.

• Successful Project Execution: The company successfully completed the turnkey job of revamping the NLM 9 platform for ONGC ahead of its scheduled time, demonstrating strong project management and execution capabilities.

• New Contract Commencements: Several vessels began new charters during the period, securing future revenue:

• Seamec Glorious: Commenced a 150-day firm contract with L&T in November 2025.

• Seamec III: Sailed for a project with effect from December 25, 2025.

• Seamec Agastya: Commenced operations with ONGC via HAL Offshore in January 2026 after completing its dry dock.

• Scheduled Vessel Maintenance: The 'Seamec Paladin' sailed for a statutory drydocking in Dubai on January 17, 2026. This is a planned maintenance activity expected to last around 70 days, after which it will return to its long-term charter with ONGC.

The quarter was characterized by exceptional operational performance, successful completion of a major project ahead of schedule, and the securing of new contracts for multiple vessels.