Seamec Q2: Revenue Doubles to ₹198 Crore; ₹42 Crore Vessel Sale Gain Lifts Profit to ₹50 Crore
When an oil platform needs repairs, a pipeline needs inspecting or a subsea well needs work, nothing happens until a specialist vessel shows up. Diving support and multi-support vessels are the unglamorous workhorses of offshore energy. They are expensive to build, slow to deliver and always in demand, so owners with ships on hire tend to hold the advantage.
The Nifty 50 was closed at 23,810.85, up 1.58%. Meanwhile, Sensex also rose 1.62% to 76,917.85 on Tuesday. Meanwhile, Shares of SEAMEC Ltd. were closed at Rs. 1,596.20, down 1.81 percent from previous close of Rs. 1,625.60. The stock opened at Rs. 1,647.00 and reached an intraday high of Rs. 1,656.00 and low of Rs. 1,580.00. The company currently has a market capitalization of Rs. 4,043 crores.
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What's the News
Seamec's board met on November 3, 2026 and approved its standalone and consolidated results for the quarter and six months ended September 30. The statutory auditors, T R Chadha & Co LLP, completed their limited review with no qualification. The board also re-appointed MCS Share Transfer Agent as registrar and share transfer agent for another three years from December 1, 2026.
The quarter also saw a change in fleet. The group sold its bulk carrier Seamec Gallant, which closed out its dry bulk shipping business. Shareholders had backed the sale of the 15-year-old Panamax vessel in a postal ballot with a 93.87% majority. That leaves the company with a fleet focused on offshore work.
Financial & Business Analysis
Looking at the quarterly results of SEAMEC, the company's consolidated revenue from operations increased by 106.42 percent YoY, from Rs. 107.48 crore in Q2 FY26 to Rs. 221.85 crore in Q1 FY27, and decreased by 29.99 percent QoQ from Rs. 316.89 crore in Q4 FY26.
In Q1 FY27 SEAMEC consolidated net profit turned positive, reaching Rs. 50.48 crore compared to Rs. (25.73) crore during the same period last year. As compared to Q4 FY26, the net profit decreased 37.93 percent YoY, from Rs. 81.34 crore. The basic earnings per share stood at Rs. 19.79 as against Rs. (10.81) recorded in the same quarter in the previous year, FY2026.
Seamec earns mostly from chartering out its vessels, and the domestic side is still the bigger part. But the overseas share has grown. Roughly a quarter of the half-year's revenue now comes from overseas, against about one-sixth a year ago. That gives it a way to keep ships busy when the Indian offshore season slows. Its fleet includes diving support vessels, accommodation barges and other marine assets, so it can serve several kinds of work.
Its order book comes from long-term charters, mainly with ONGC. Samudra Sevak and Samudra Prabha are continuing without interruption, and SEAMEC II, whose charter ended on August 10, is being redeployed for seasonal EPC contracts. The company has also finalised the takeover of SEAMEC Anant. Selling the bulk carrier removes a business with a different cycle, so management can put its attention into the vessels where demand is strongest. The risks are redeployment gaps and technical downtime, since an idle ship earns nothing.
Industry Context
Indian offshore spending is rising. ONGC has planned Rs. 30,000 crore of capex for FY27. Its Western Offshore programme alone has projects worth more than Rs. 40,000 crore under execution. Much of this work needs vessels for subsea installation, inspection and maintenance, which is exactly what Seamec's fleet does.
The long-term pipeline is larger. ONGC plans to invest around Rs. 1 lakh crore over five years in deepwater and ultra-deepwater assets, aiming to drill 87 wells by FY31. The supply side helps owners as well, since global supply of diving support and multi-support vessels remains extremely tight, which has strengthened charter rates.
Company Overview
Seamec Limited, headquartered in Mumbai and a member of the MMG group, was incorporated in 1986. It provides specialised offshore support services to the oil and gas industry, including subsea engineering, diving and platform support, in India and abroad. It is listed on the BSE (526807) and NSE (SEAMECLTD) and counts nine subsidiaries, seven of them foreign. It is a contractor member of the International Marine Contractors Association.
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