Shreeji Shipping Global IPO

Shreeji Shipping Global claims to be a prominent player in providing integrated shipping and logistics services for dry bulk cargo, operating at both major and non-major ports in India and Sri Lanka. The company offers a range of services, including cargo handling, transportation, fleet chartering, and equipment rentals, across multiple sectors.

The company claims to have a fleet of over 80 vessels, including barges, mini bulk carriers, tugboats, and floating cranes, alongside more than 370 earthmoving machines. It states that this extensive fleet supports its diverse service offerings, allowing it to handle large-scale logistics and cargo operations efficiently.

Shreeji Shipping Global claims to have built long-term relationships with a significant portion of its customer base, particularly in the oil and gas, fast-moving consumer goods (FMCG), and energy sectors.

Shreeji Shipping Global has established a robust cargo handling business, specialising in dry bulk cargo across a range of ports in India and Sri Lanka. The company provides key services such as STS lightering, stevedoring, and cargo management, handling a variety of commodities like coal, salt, and iron ore. With 15.71 million metric tonnes (mmt) of cargo handled in FY25, 13.78 mmt in FY24, and 13.87 mmt in FY23, the company demonstrates strong operational capacity and expertise in cargo logistics, especially at non-major ports with tidal and draft restrictions.

As of FY25, Shreeji Shipping Global operated a total of 83 vessels, with an in-house maintenance team of 94 employees ensuring the fleet’s operational efficiency.

The company has reported a consistent increase in profit after tax (PAT). It increased from Rs 118.88 crore in FY23 to Rs 124.51 crore in FY24 and Rs 141.24 crore in FY25.

The company has reported a consistent decline in revenue from operations. It decreased from Rs 827 crore in FY23 to Rs 731.00 crore in FY24 and Rs 607.61 crore in FY25.

The top three customers accounted for Rs 238.68 crore (39.28 percent) of the company’s revenue in FY25, Rs 282.91 crore (38.70 percent) in FY24, and Rs 324.51 crore (39.24 percent) in FY23. Furthermore, the top customer alone accounted for Rs 126.75 crore (20.86 percent) of the company’s revenue in FY25, Rs 111.12 crore (15.20 percent) in FY24, and Rs 139.17 crore (16.83 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from even one of these clients can adversely affect the company’s business and financial standing.

A substantial portion of the company’s revenue is derived from clients in the oil and gas industry. They accounted for Rs 141.30 crore (23.25 percent) of the company’s revenue in FY25, Rs 197.57 crore (27.03 percent) in FY24, and Rs 232.35 crore (28.10 percent) in FY23. Any adverse changes in the performance of this sector, such as fluctuations in demand, economic conditions, or regulatory changes, could result in a loss of customers or a decrease in the volume of cargo handled, negatively impacting the company's revenue and overall financial health.

A significant portion of Shreeji Shipping Global’s cargo handling operations is conducted through non-major ports. They accounted for 13.09 mmt of total cargo handled in FY25, 11.32 mmt in FY24, and 11.03 mmt in FY23. Unlike major ports, which are centrally managed, non-major ports are regulated by state maritime boards and governments, each with its own set of policies, tariffs, and approval processes. Any adverse political, regulatory, or operational changes at the state level could significantly impact the company's ability to operate efficiently and maintain its cargo handling volumes.

The company’s cargo handling services are heavily dependent on ports and jetties concentrated on the west coast of India, particularly in Gujarat. They accounted for Rs 438.85 crore (72.23 percent) of the company’s revenue in FY25, Rs 464.78 crore (63.58 percent) in FY24, and Rs 517.70 crore (62.60 percent) in FY23. Any adverse developments affecting the operations at these ports, including inclement weather, could hit the company’s operations, financial condition, and cash flows.

Shreeji Shipping Global is significantly dependent on dry bulk commodities, particularly coal, which constitutes a substantial portion of its cargo handling operations. It accounted for 13.24 mmts (84.26 percent) of the company’s total cargo handled in FY25, 12.27 mmts (89.04 percent) in FY24, and 10.90 mmts (78.64 percent) in FY23. Any adverse change in regulations or demand for coal may significantly affect the company’s operations.

Shreeji Shipping Global experiences significant seasonal fluctuations in its business, with a substantial portion of its annual revenue generated in the second half of the fiscal year. Revenue from operations in the second half of the fiscal year accounted for Rs 308.26 crore (50.73 percent) of the company’s total revenue in FY25, Rs 367.26 crore (50.24 percent) in FY24, and Rs 525.76 crore (63.58 percent) in FY23. Furthermore, the company’s operations, particularly at seasonal ports like Magdalla and Hazira, are affected by the monsoon season (June to September), which leads to operational slowdowns, reduced capacity, or temporary suspensions at these ports. This uneven revenue distribution and operational disruption can impact cash flows, business performance, and profitability, posing challenges in forecasting and resource allocation.

As of July 5, 2025, the company had outstanding financial indebtedness amounting to Rs 235.40 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.