Shipwaves Online reported a decline in profit after tax (PAT) for the financial year ended March 31, 2026, on both standalone and consolidated bases. The company's standalone PAT dropped to ₹168.47 lakh from ₹419.27 lakh in the previous year, while consolidated PAT fell to ₹384.87 lakh from ₹1219.87 lakh. Revenue from operations also decreased, with standalone figures at ₹6501.45 lakh compared to ₹7720.60 lakh, and consolidated revenue at ₹9116.72 lakh versus ₹10828.41 lakh in FY25.

The Board of Directors approved the audited financial results for the half year and year ended March 31, 2026, at a meeting held on May 27, 2026. M/s. Shah & Taparia, Chartered Accountants, the Statutory Auditors, issued an unmodified opinion on the audited financial results. The meeting commenced at 5:00 p.m. and concluded at 5:20 p.m.

Financial Performance

The company's earnings per share (EPS) on a standalone basis decreased to ₹0.16 from ₹0.44 in the previous year. Total income for the year stood at ₹6691.05 lakh (standalone) and ₹9286.96 lakh (consolidated). The finance cost for the year increased to ₹341.83 lakh (standalone) and ₹357.28 lakh (consolidated).

Board Decisions and Appointments

The Board approved the appointment of M/s. Chethan Nayak & Associates, Company Secretaries, as Secretarial Auditors for a period of five consecutive years commencing from the financial year 2025-2026 till 2029-2030, subject to shareholder approval. The trading window for designated persons and their immediate relatives, which closed on April 1, 2026, will reopen 48 hours after the declaration of financial results.

Auditor's Report and IPO Utilisation

M/s. Shah & Taparia, Chartered Accountants, the Statutory Auditors, issued an unmodified opinion on the audited financial results. The company completed its Initial Public Offering (IPO) on December 17, 2025, issuing 4,69,60,000 equity shares at ₹12 per share, aggregating to ₹56.35 crores. As of March 31, 2026, the total unutilised amount from the IPO proceeds was ₹503.00 lakh.

Shipwaves Online Limited reported that ₹5.03 crore of its Initial Public Offer (IPO) proceeds remained unutilized as of March 31, 2026, according to a monitoring agency report submitted to BSE Limited. The company raised ₹56.35 crore through a public issue that listed on December 17, 2025. CARE Ratings Limited, the monitoring agency, noted that the delay in utilizing the full amount may impact the viability of the objects specified in the Red-Herring Prospectus, which had a timeline of March 31, 2026.

The disclosure was made by Jessica Juliana Mendonca, Company Secretary & Compliance Officer, on May 27, 2026, under Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report highlights that ₹7.52 crore was utilized by the company's subsidiary, Shipwaves Online LLC, during the quarter for vendor payments and refund of customer advances. The monitoring agency observed that these payments were made to related parties for invoices dating back to FY23 to FY25.

Utilization of IPO Proceeds

The funds were allocated across working capital, subsidiary investment, debt repayment, and general corporate purposes. The following table details the allocation and utilization as of March 31, 2026.

The monitoring agency confirmed that ₹5.03 crore is currently deployed in a fixed deposit with HDFC Bank maturing on April 16, 2026, and a balance in a public issue account. The company stated that the matter regarding the extension of the timeline for utilizing the remaining funds will be placed before the upcoming Board meeting.