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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Acquisition of Supramax dry bulk carriers
Purchase of second hand dry bulk carriers in the Supramax class from the secondary market, extending the company from port side handling into owning ocean going vessels.
Repayment of borrowings
Prepayment or repayment, in part or in full, of certain outstanding borrowings of the company.
General corporate purposes
The balance of the fresh proceeds, applied to general corporate purposes at the board's discretion.
(₹ in Crore)
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Shreeji Shipping Global Limited, in operation since 1995 and converted into a public limited company in November 2024, provides integrated shipping and logistics services for dry bulk cargo. Its work covers the chain of moving bulk material at a port: lightering and transhipment between larger vessels and the shore, stevedoring, loading and unloading, intra port movement and stockyard handling. The company was founded by the Lal family and remains closely held by its two promoters. The business is built around owned equipment rather than subcontracting. The company operates a fleet of more than 75 marine assets, including barges, mini bulk carriers, tugboats and floating cranes, supported by upwards of 370 pieces of shore handling equipment such as excavators, loaders and tippers, and a permanent workforce running into the thousands. It works chiefly at non major ports and jetties along the west coast of India, at around 20 Indian port locations in total, and at one port in Sri Lanka, and it handles on the order of 14 million metric tonnes of cargo a year for customers in sectors such as oil and gas, power, minerals and consumer goods. Revenue declined across the three years to March 2025, from roughly Rs 827 crore in FY2023 to about Rs 610 crore in FY2025, while profit after tax rose over the same span from about Rs 119 crore to Rs 141 crore, reflecting a shift towards higher margin work and tighter cost control rather than volume growth. The proceeds of the fresh issue are directed mainly at buying second hand Supramax class dry bulk carriers, which would extend the company from port side handling into owning ocean going tonnage, alongside repaying part of its borrowings.
Shreeji Shipping Global raised about Rs 123.2 crore from anchor investors on 18 August 2025, allotting 48,89,400 shares at the upper band price of Rs 252 each to 15 funds. The anchor book drew a mix of domestic and offshore names, among them Bank of India Mutual Fund, Morgan Stanley Asia (Singapore), BNP Paribas Financial Markets, Aarth AIF Growth Fund, Viney Growth Fund, Golden Equity Fund, SB Opportunities Fund II, Invicta Continuum Fund I, Khandelwal Finance and Rajasthan Global Securities. The anchor allocation accounted for 60 per cent of the qualified institutional portion.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 6:45 PM
Three decades in a specialised niche
The company has handled dry bulk cargo since 1995, and its two promoters bring more than fifty years of combined experience in the trade. Long tenure matters in a business where port relationships and operating know how are built slowly.
Owns its equipment rather than hiring it
A fleet of over 75 marine assets, including barges, mini bulk carriers, tugs and floating cranes, plus more than 370 pieces of shore handling equipment, lets the company control capacity and cost instead of depending on third party charter.
Presence across many non major ports
Operating at around 20 Indian ports and jetties plus one in Sri Lanka spreads the business across locations, so a slowdown at any single port has a limited effect on the whole.
Repeat business from established customers
Most revenue comes from customers the company has served over a long period, across oil and gas, power, minerals and consumer goods, which gives volumes a degree of predictability.
Profits rose even as revenue fell
Profit after tax grew from about Rs 119 crore in FY2023 to Rs 141 crore in FY2025 while revenue declined, indicating a deliberate move towards better margin work rather than chasing volume.
Healthy returns and moderate leverage
Return on capital employed of roughly 28 per cent and a debt to equity ratio near 0.75 leave the balance sheet with room to fund the planned vessel purchases.
Working capital intensive operations
The business ties up substantial working capital, so any stretch in customer collections or a swing in volumes can put pressure on cash flow.
Revenue has been shrinking
The top line fell in each of the three reported years, from about Rs 827 crore to Rs 610 crore. Profit growth so far has come from margins rather than from growing the business.
Port modernisation could erode the model
The company earns from handling cargo at non major ports and jetties that lack deep water berths. If those ports are upgraded so large vessels can berth directly, the need for lightering and transhipment falls.
Shreeji Shipping Global Limited
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Unsecured borrowings and cross default exposure
Part of the debt is unsecured and repayable on demand, and a default under one facility could trigger cross default provisions in others.
Insurance may not cover a large loss
Cover on the marine fleet and shore equipment is limited relative to the value at risk, so a major casualty or disruption could result in an uninsured loss.
Currency exposure on overseas work
Revenue and costs from the Sri Lanka operations and from any foreign currency contracts are exposed to exchange rate movements.
Execution risk on the vessel purchase
The bulk of the fresh proceeds is earmarked for buying second hand Supramax carriers on the open market. Pricing, timing and the condition of the vessels acquired will determine whether that capital earns a return.
Cyclical end markets
Dry bulk volumes track commodity and freight cycles, and a downturn in coal, minerals or bulk trade would feed straight through to cargo handled.