Amrut Dredging and Shipping

About

Amrut Dredging and Shipping Limited (ISIN: INE08T601019, CIN: U67120GJ1995PLC025194) is a Rajkot-based marine and dredging contractor serving major and non-major ports, shipyards and large infrastructure contractors. It owns or leases 28 vessels — dredgers, hopper barges, jack-ups and tugs — and earns most of its revenue from charter hire, alongside capital and maintenance dredging, beach nourishment, land reclamation, coastal protection and allied services including salvage and bunkering. Customers named in the DRHP include Larsen & Toubro, HOWE Engineering and Coastal Marine Construction and Engineering. Incorporated on 27 March 1995 as Amrut Securities Limited, a BSE sub-broker; renamed in August 2014, with the objects clause altered to dredging and chartering in 2018. Vessel services income was ₹0.13 Cr in FY22 and ₹0.36 Cr in FY23 before reaching ₹28.54 Cr in FY24, so the marine business is recent at scale. A DRHP was filed on 21 November 2024 for a BSE SME listing of 49,10,000 fresh equity shares, with Mark Corporate Advisors and Catalyst Capital Partners as lead managers and KFin Technologies as registrar. As of November 2026 no price band, issue dates or final prospectus had been announced, and no audited accounts for FY25 or FY26 have been published. Board: Pavan Gandhi (Managing Director), Drushti Gandhi, Capt. Banshi D. Mishra, CS Manoj Lotia and Girdhari Lal Kundalwal. Promoter and promoter group held 72.88% pre-issue.

Valuation Ratios

Profitability & Returns

Income Statement

ⓘSource: restated consolidated financial statements in the DRHP dated 21 November 2024, audited by Bilimoria Mehta & Co (FRN 101490W). FY24 revenue from operations ₹38.77 Cr (FY23: ₹23.44 Cr; FY22: ₹20.38 Cr); total income ₹39.79 Cr. PAT ₹5.00 Cr (FY23: ₹0.36 Cr; FY22: ₹1.97 Cr). Net cash from operating activities was ₹5.67 lakh in FY24 and negative ₹5.34 Cr in FY23; trade receivables ₹29.52 Cr at 31-Mar-24, about 278 days of revenue. Net worth ₹110.03 Cr at 31-Mar-24 and ₹120.54 Cr at 30-Jun-24, of which ₹98.57 Cr is securities premium — cumulative retained earnings were negative ₹1.04 Cr at 31-Mar-24. FY24 raised ₹67.09 Cr of equity at ₹125/share and spent ₹56.45 Cr on vessels; last primary allotment was 2,00,000 shares at ₹130 on 3 August 2024. Borrowings ₹14.18 Cr. Top five customers were 79.90% of FY24 revenue; charter hire 73.21%. Order book ₹32.01 Cr at 31-Aug-24. Nine permanent employees; crew contracted through a manning agent. Contingent liabilities ₹3.90 Cr at 30-Jun-24, almost entirely direct tax. CAUTION on derived ratios: epsActual here is FY24 PAT divided by the CURRENT 1,42,74,725 shares, so price ÷ epsActual gives market cap ÷ FY24 profit; the reported FY24 EPS on the 1,25,18,600 shares then outstanding was ₹3.99, and the DRHP peer table's widely-copied ₹8.39 is the three months to 30-Jun-24 mislabelled as a full year. bookValuePerShare likewise divides 30-Jun-24 net worth by the current share count, so it understates book value and overstates P/B to the extent equity was issued after that date. The company has published no audited accounts for FY25 or FY26; its only FY25 disclosure is an income tax return acknowledgement (AY 2025-26, filed 9 December 2025) showing book profit under MAT of ₹2.27 Cr for the full year, against ₹12.87 Cr of profit before tax reported for Q1 FY25 alone. Prices are indicative dealer quotations, not traded prices: ₹232 (11 Nov 2026), ₹199.40 (12 Nov 2026) and ₹200 (undated) were quoted across desks.

Tags

Also tracked

Other pre-IPO companies we track and price the same way.

Frequently Asked Questions