Shreeji Shipping Global Limited

Shreeji Shipping Global Limited provides shipping and logistic solution for dry bulk cargo at various Ports and Jetties at India and Sri Lanka. As of March 31, 2025, they have fleet of more than 80 vessels (consisting of barges, mini bulk carriers (MBCs), tug boats and floating cranes) and more than 370 earthmoving equipment (consisting of material handling machines, excavators, pay loaders, tippers including trailers, tankers and other vehicles). They have a legacy of more than three decades in the shipping and logistic industry with prominent experience in cargo handling, transportation, fleet chartering and equipment rentals and other ancillary services. As of March 31, 2025, they have provided the services at more than twenty (20) ports and jetties including major Indian ports at Kandla, non-major ports at Navlakhi, Magdalla, Bhavnagar, Bedi and Dharmatar and overseas port at Puttalam Port (Sri Lanka). Company offers comprehensive shipping and logistic solutions for dry bulk cargo, including cargo handling and transportation services. Under the cargo handling segment, they provide STS (Ship to Ship) Lighterage, Stevedoring and other port services including cargo management services. Further, as a part of logistic supply chain, they also provide transportation services for dry bulk cargo including port to premise drop-off and vice versa. For the period ended March 31, 2025, and for the Fiscal ended 2024, and 2023, the company handled total cargo volume of 15.71 MMTs, 13.78 MMTs, and 13.87 MMTs respectively. For the same period, volume of cargo transported by the company was 2.49 MMTs, 2.74 MMTs, and 2.96 MMTs, respectively. Company primarily caters to the customers in various sectors including Oil and Gas, Energy and Power, Fast Moving Consumer Goods (FMCG), coal and metal industry. The business is conducted on a business-to-business basis.For the Fiscal 2025, 2024, and 2023 they have served 106, 102, 96 customers, respectively. For Fiscal 2025, 2024, and Fiscal 2023, we derived approximately 92.21%, 93.87%, and 96.59% respectively, of the consolidated restated revenues from operations from existing customers. As of March 31, 2025, they had relationships of over 5 years with eight (8) of the top 10 customers. As per financial performance, Shreeji Shipping Global Limited has posted total income / net profits of Rs 827.32 Cr / 118.88 Cr (FY23), Rs 736.17 Cr / Rs 124.51 Cr (FY24) and Rs 610.45 Cr / 141.24 Cr (FY25). So as per previous financials data, company has shown declining sales, but net-profit increased. Company has an average EPS of Rs 9.29 and average RoNW of 45.68% for last three fiscals. Issue is priced at a P/BV of 10.76 as per NAV of Rs 23.41/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 34.53, 32.97 and 29.07 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Beeline Capital Advisors Private Limited and Elara Capital (India) Private Limited (two) are associated with this IPO, and have handled 55 IPOs (SME and Mainboard) in last three fiscal years. ( As on 11.08.25 ) As per financials, Shreeji Shipping Global Limited has shown declining sales, RoNW is 42.91% and P/E is 34.53, 32.97 and 29.07 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced. Company is in business of shipping and logistic solution for dry bulk cargo at various Ports and Jetties at India and Sri Lanka. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Ashokkumar Haridas Lal
• 2 Jitendra Haridas Lal