ABS Marine Services Ltd Research Report LONG TERM ANALYSIS

ABS Marine Services Ltd (NSE SME: ABSMARINE) was founded in 1992 in Chennai by Master Mariner Captain ***** and listed on the NSE Emerge platform in May 2024 (IPO of Rs 96 Cr, subscribed ~133x). The company operatesacross four verticals — vessel ownership, ship management, marine services and port services — managing 38 vessels (including six national research vessels such as Sagar Nidhi for MoES/NIOT), with 12 owned ships and a 2,000+ seafarerpool. Clients include ONGC, port authorities, government bodies and global oil-service majors. The transformation — from asset-light manager to asset-backed owner. Since the IPO, ABS has deployed the proceeds plus~Rs 350 Cr of debt (70:30 debt-equity vessel fi nancing model) into owned tonnage: DP-2 PSVs Ocean Diamond and Emerald (FY25), OSV HADES and an MPSV (FY26/Q1 FY27). Owned/chartered vessel revenue grew from Rs 61 Cr (FY24) to Rs 251 Cr(FY26) . The fi nancial result: FY26 consolidated total income Rs 322.64 Cr (+75% YoY) , EBITDA Rs 152.55 Cr (47.3% margin vs29.7% in FY25), net profi t Rs 80.80 Cr , EPS Rs 32.59, ROE 25.97% . Owning the asset instead of managing it has re-rated themargin structure of the entire P&L. Revenue visibility keeps building. In June 2026 the company signed a 5-year, Rs 126.12 Cr charter for AHTS MV ARTEMIS with Hardy Exploration (with ONGC and Invenire Petrodyne), extendable by 5 more years — on top of a Rs 197 CrSchlumberger charter (2024), ONGC Cluster-II and multi-year port contracts. Management states two recently acquiredvessels on short-term deployment are expected to migrate to long-term charters, and it continues to bid in oil-majortenders. !ABS MARINE