Shipwaves Online Ltd has secured a purchase order worth USD 43,000 from OiLSERV FZCO to implement its AI-powered FleetMon platform for land transportation management. The three-year project aims to digitize domestic road operations, improve efficiency, and reduce costs following the successful deployment of the company's cross-border Transportation Management System.

The order, valued at approximately Rs. 40,65,650, involves the implementation of the FleetMon platform to revolutionize land transportation management by embedding Artificial Intelligence at the core of logistics operations. This new engagement expands the existing relationship between the entities, as Shipwaves Online had previously implemented a cross-border Transportation Management System (TMS) for OiLSERV FZCO's international cargo movements across multiple transport modes including Ocean, Air, Road, RoRo, Breakbulk, and Express.

The new solution is designed to streamline and digitize domestic road transportation operations. By leveraging the latest AI-powered capabilities, the platform will enable smarter planning, automation, and data-driven decision-making. The company stated that the module will provide greater visibility and optimization of the moving asset fleet, significantly enhancing overall logistics operations.

Order Details

The disclosure regarding the order was submitted to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The key particulars of the contract are detailed below:

The filing confirmed that the promoter, promoter group, or group companies do not hold any interest in the entity awarding the order. The contract does not fall within related party transactions.

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.