Seamec Limited has successfully completed the deployment of its vessel SEAMEC PRINCESS for the Pipeline Replacement Project VIII (PRP-VIII Gr. B) and the Daman Upside Development Project (DUDP). The vessel finished the second season of these projects on May 26, 2026, at 06:48 hrs. This operational milestone marks the conclusion of the vessel's contracted activities for these specific offshore developments.

The company informed the stock exchanges regarding the completion status under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information was received by the company on May 26, 2026, at 08:52 hours. The disclosure was submitted to BSE Limited and National Stock Exchange of India Limited to update the records regarding the vessel's operational status.

Project Details

The vessel was engaged in two distinct projects during this deployment period. The completion of these projects signifies the fulfillment of contractual obligations for the second season.

Regulatory Filing

The communication was addressed to the Corporate Relations Department of BSE Limited and the Manager, Listing Department of National Stock Exchange of India Limited. The filing was signed by S.N. Mohanty, President - Corporate Affairs, Legal and Company Secretary, on behalf of Seamec Limited.

SEAMEC Limited has reported its highest-ever annual revenue and profitability in FY26, driven by strong operational execution and higher fleet deployment. The Board of Directors, at its meeting held on May 18, 2026, approved the Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026. Additionally, the Board recommended a dividend of ₹2 per equity share (@ 20% on face value of ₹10 each), subject to shareholder approval at the ensuing Annual General Meeting. Following the results announcement, the company conducted an earnings call with analysts and institutional investors on May 19, 2026, the audio recording of which is now available on its website.

Standalone Financial Performance

For the full year FY26, SEAMEC's standalone revenue from operations grew 46% YoY to ₹901.94 crore from ₹617.33 crore in FY25. Total income rose to ₹947.52 crore from ₹659.56 crore. Profit After Tax more than doubled, rising 110% to ₹242.35 crore from ₹115.55 crore. Basic and diluted EPS (not annualised) stood at ₹95.30 for FY26 versus ₹45.44 for FY25.

The following table summarises the key standalone financial metrics:

In Q4 FY26, standalone revenue from operations rose to ₹31,496 lakhs from ₹19,426 lakhs in Q4 FY25, while PAT climbed to ₹8,722 lakhs from ₹5,882 lakhs.

Standalone Segment Performance

On a standalone basis, domestic segment revenue for FY26 stood at ₹74,543 lakhs, while overseas segment revenue grew significantly to ₹15,651 lakhs from ₹5,859 lakhs in FY25. The overseas segment, which reported a loss of ₹2,608 lakhs in FY25, turned around to a profit of ₹798 lakhs in FY26.

Management made a prudent assessment of the recoverability of investments made in overseas subsidiaries and accordingly an impairment provision of ₹1,637 lakhs was made for the financial year ended March 31, 2026, in view of the unprecedented geopolitical scenario.

Consolidated Financial Performance

On a consolidated basis, revenue from operations for FY26 grew 46% YoY to ₹95,246 lakhs from ₹65,182 lakhs. Total income rose to ₹1,00,001 lakhs from ₹68,225 lakhs. Profit After Tax jumped to ₹25,352 lakhs from ₹8,791 lakhs in FY25. Basic and diluted EPS (not annualised) stood at ₹98.87 for FY26 versus ₹35.26 for FY25.

In Q4 FY26, consolidated revenue from operations stood at ₹32,707 lakhs versus ₹19,962 lakhs in Q4 FY25, while PAT rose to ₹10,370 lakhs from ₹4,102 lakhs. Q4 FY26 consolidated EBITDA stood at ₹1.6 billion versus ₹812 million in Q4 FY25, with EBITDA margin expanding to 48.66% from 40.65% YoY. The consolidated results include nine subsidiaries, among them Seamec International FZE, Seamate Shipping FZC, Seamec Nirman Infra Limited, SEAMEC UK Investments Limited, and Searete India IFSC Private Limited, among others.

Q4 FY26 Consolidated Key Metrics

Consolidated Segment Performance

On a consolidated basis, domestic segment revenue for FY26 stood at ₹74,607 lakhs versus ₹55,958 lakhs in FY25, while overseas segment revenue rose to ₹20,639 lakhs from ₹9,224 lakhs. The overseas segment results improved to a profit of ₹2,001 lakhs in FY26 from a loss of ₹4,262 lakhs in FY25.

Standalone Balance Sheet Highlights

As at March 31, 2026, SEAMEC's standalone total assets stood at ₹1,69,320 lakhs compared to ₹1,29,470 lakhs as at March 31, 2025. Total equity increased to ₹1,22,939 lakhs from ₹98,658 lakhs. Key movements include property, plant and equipment rising to ₹51,994 lakhs from ₹35,413 lakhs, and trade receivables increasing to ₹30,853 lakhs from ₹15,920 lakhs. Cash and cash equivalents stood at ₹7,035 lakhs versus ₹2,961 lakhs in the prior year.

Consolidated Balance Sheet Highlights

On a consolidated basis, total assets as at March 31, 2026 stood at ₹1,86,076 lakhs versus ₹1,37,918 lakhs as at March 31, 2025. Equity attributable to owners of the Holding Company rose to ₹1,30,152 lakhs from ₹1,00,787 lakhs. Property, plant and equipment increased to ₹88,084 lakhs from ₹63,960 lakhs.

Cash Flow Summary

On a standalone basis, net cash flow from operating activities for FY26 stood at ₹24,168 lakhs, compared to ₹42,514 lakhs in FY25. Net cash used in investing activities was ₹27,741 lakhs, primarily on account of purchase of property, plant and equipment of ₹27,309 lakhs. Net cash from financing activities was ₹7,647 lakhs, supported by a loan taken of ₹15,000 lakhs.

On a consolidated basis, net cash flow from operating activities was ₹32,130 lakhs versus ₹29,852 lakhs in FY25. Net cash used in investing activities was ₹39,239 lakhs, largely driven by purchase of property, plant and equipment of ₹37,938 lakhs. Net cash from financing activities was ₹9,370 lakhs.

Key Board Decisions

The Board approved several significant resolutions at its meeting on May 18, 2026. The key decisions are summarised below:

The statutory auditors, M/s T R Chadha & Co LLP, Chartered Accountants (Firm Registration No. 006711N/N500028), issued Audit Reports for both Standalone and Consolidated Financial Statements with an unmodified opinion for the financial year ended March 31, 2026.

Management Commentary and Outlook

During the earnings call held on May 19, 2026, management highlighted that FY26 was a defining year, achieved through strong operational execution, higher fleet deployment, and improved vessel utilization. Key operational highlights included the successful completion of the turnkey revamping of ONGC NLM9 platform using MV GOODMAN, the integration of SEAMEC AGASTYA, and the award of two significant O&M contracts in consortium with Supreme Hydro Private Limited for MSV Samudra Prabha and Samudra Sevak covering 2026 till 2028.

Management noted that the offshore sector is entering a period of sustained investment expansion. However, they cautioned regarding geopolitical risks, specifically mentioning that the vessel Seamec Paladin is currently stranded in Dubai due to the ongoing conflict in West Asia, which could affect near-term revenue. For FY27, the company guided for approximately 15% growth in top line and bottom line, with EBITDA margins expected to be in the range of 40% to 42%. The company reported a CAPEX of about ₹300 crore in FY26 and scheduled a CAPEX of roughly $70 million for the acquisition of SEAMEC ANANT in FY27.