Seamec Limited Bags ₹517 Crore Vessel Charter Order for ONGC Operations

Key numbers

Market Cap	₹3,991.7 CrShipping Sector
P/E Ratio	15.54Sector PE 30.95
Promoter Holding	72.72%Stable QoQ
Order from	HAL Offshore Limited
Execution period	1225 days
Deal value	₹517 Cr
Share of market cap	13.0%
Share of annual revenue	49.8%

Key highlights

• Contract value stands at approximately USD 55 million excluding GST
• Deployment period is set for approximately 1,225 days for ONGC operations
• The agreement involves a related party transaction with promoter HAL Offshore Limited
• Order value represents nearly 50% of the company's trailing twelve-month revenue
• Agreement was executed on October 21, 2026, at 16:33 hours

Long-Term Charter for Vessel SEAMEC ANANT

On October 21, 2026, Seamec Limited entered into a contract with HAL Offshore Limited for the long-term charter of the vessel SEAMEC ANANT. This vessel is designated for deployment on Inspection, Maintenance, and Repair (IMR) jobs for the Oil and Natural Gas Corporation (ONGC). The charter period is scheduled for approximately 1,225 days, providing the company with significant revenue visibility over the next three-plus years.

The total contract value is estimated at USD 55 million, which converts to approximately ₹517 crore at current exchange rates, marking a major addition to the company's service order book.

Strategic Revenue Impact and Market Context

• The deal value accounts for 49.8% of Seamec's TTM operating revenue of ₹1,038.46 crore.
• HAL Offshore Limited, the promoter of Seamec, holds a 70.77% stake in the company.
• The transaction is structured on an arm's length basis and aligns with normal business operations.
• Seamec reported a robust operating profit margin of 41.74% in the quarter ended June 2026.
• The company has targeted long-term revenue growth of 15% to 20% CAGR over the next 3 to 5 years.

Recent Order Momentum and Fleet Pipeline

This latest contract follows a series of high-value wins for Seamec in 2026. Earlier in March, the company secured O&M contracts for MSV Samudra Prabha and MSV Samudra Sevak totaling over ₹740 crore. To support this growth, Seamec recently signed an MoU with the Directorate General of Shipping, committing ₹1,000 crore for fleet acquisitions over the next two to three years.

These expansions are aimed at sustaining EBITDA margins within the management-guided range of 40% to 42%. The stock has reflected this operational progress, recording a one-year price appreciation of 85.74%.

What to watch next

• Commencement of subsea deployment for vessel SEAMEC II by October 31, 2026
• Updates on the ₹1,000 crore fleet acquisition pipeline over the next quarter
• Announcement of second-quarter financial results expected in November 2026

Seamec · financial snapshot

Share price	₹1570
Market capitalisation	₹3,991.72 Cr
Revenue (annual)	₹952.46 Cr
Net profit (annual)	₹251.39 Cr
Revenue (latest quarter)	₹296.92 Cr-9.22% vs previous quarter
Net profit (latest quarter)	₹81.22 Cr-21.51% vs previous quarter
P/E (TTM)	15.54×Sector 30.95×
Promoter holding	72.72%0.00% QoQ
FII holding	5.67%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.