Seamec Limited Bags ₹182.59 Crore Charter Contract from G R Infraprojects

Key numbers

Order Value	₹182.59 CrApprox. USD 19.02M
Market Cap	₹4,203.26 CrShipping Sector
ROE Annual	19.31%Efficiency Metric
Piotroski Score	8Strong Financials
Order from	G R Infraprojects Limited
Execution period	180 days

Key highlights

• Contract valued at approximately USD 19.02 million, translating to ₹182.59 crore
• Deployment of multi-support vessel SEAMEC II for offshore installation
• Works involve ONGC's Part Replacement Pipeline (PRP-8A) and DSF 2 Project
• Fixed tenure of 180 days with provision for extension on mutual terms
• Charter commencement window set between October 15 and October 31, 2026

What Is the Order?

Seamec Limited has entered into a Bimco Charter Party agreement with G R Infraprojects Limited for the charter hire of its vessel, SEAMEC II. This vessel is designated for subsea installation operations within the Part Replacement Pipeline (PRP-8A) and DSF 2 Project of Oil and Natural Gas Corporation Limited (ONGC). The total value of the subcontract is approximately USD 19.02 million, which converts to nearly ₹182.59 crore based on current exchange rates.

The tenure for this subcontract is established at 180 days, with the flexibility for extension based on mutually agreed terms. Operations are expected to commence within a two-week window during the second half of October 2026.

Client Profile

The contract was awarded by G R Infraprojects Limited, a leading Indian infrastructure company with a robust presence in the engineering, procurement, and construction (EPC) space. While traditionally recognized for its extensive work in the road and highway sectors, G R Infraprojects has successfully diversified into railways, power transmission, and specialized subsea projects. This subcontract indicates G R Infra's expanding role in offshore energy infrastructure, where it serves as a primary contractor for ONGC.

By partnering with Seamec, G R Infraprojects leverages specialized marine assets to meet the technical requirements of large-scale subsea pipeline replacements and development projects.

Business Impact

This order provides substantial revenue visibility for Seamec Limited, as the contract value of ₹182.59 crore accounts for approximately 19% of the company's total annual operating revenue of ₹952.46 crore. Securing a 180-day fixed-term deployment for SEAMEC II ensures high vessel utilization and consistent cash flow. The project reinforces Seamec's strategic positioning within the subsea support segment of the Indian shipping industry.

Furthermore, the inclusion of an extension clause offers potential for prolonged asset deployment, which could further enhance the company's top-line performance in the following quarters without the need for immediate vessel mobilization.

Financial Context

Seamec demonstrates a strong financial profile, evidenced by a 180.52% year-on-year growth in annual net profit and a return on equity (ROE) of 19.31%. The company currently maintains a Piotroski Score of 8, signifying high operational health and capital efficiency. Market performance reflects this strength, with the stock delivering an 82.87% return over the past year.

From a valuation perspective, Seamec trades at a TTM P/E of 16.37, which sits comfortably below the industry P/E of 26.42. This new contract aligns with the company's recent growth trajectory, following a TTM operating revenue of ₹1038.46 crore and steady institutional interest shown by a 2.1% increase in institutional holding.

Seamec · financial snapshot

Share price	₹1653.2
Market capitalisation	₹4,203.26 Cr
Revenue (annual)	₹952.46
Net profit (annual)	₹251.39
P/E (TTM)	16.37×Sector 32.17×
Promoter holding	72.72%0.00% QoQ
FII holding	5.93%Current quarter

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