Strong YoY growth masks QoQ decline; monsoon headwind ahead

Revenue +41% YoY, but PAT +6.6% YoY; QoQ revenue -9.2%, PAT -21.6%

Sunil Gupta clarified: Q1 had cost but no revenue; Q2 is operational with results expected

Acquisition end of Aug, ~1 month cooling period after acquisition; operational Q2/Q3

Q1 delivered 41.8% (₹124Cr EBITDA / ₹297Cr revenue), within range

Naveen cited Iran sanctions potential lift, Saudi/Qatar/UAE focus; no contradicting evidence

Management now guiding 15-20% CAGR for next 3-5 years (vs prior ~15% single-year FY27). Reflects confidence in sustained DSV demand and fleet expansion.

Reiterated 40-42% EBITDA margins sustainable annualized. Q1 delivered 41.8%, confirming track record. No movement despite cost pressures.

Resumed service after Strait of Hormuz disruption. Cost drag in Q1 expected to reverse in Q2 as revenue resumes.

ANANT USD 70M acquisition confirmed (vs prior exploratory stance). MOU with DG Shipping for ₹1000 Cr over 2 years under consideration.

Vessel deployment higher offshore. Paladin (onshore support) was off-hire, incurring costs without revenue, pulled onshore margins down.

Yes, already resumed. Contribution from Q1 itself. [Follow-up clarification: Q1 was cost-only, Q2 recovery expected.]

End of Aug 2026 acquisition. USD 70 Mn purchase price. 50-50 equity-debt financing. Contract with ONGC resumes after ~1 month cooling period for statutory formalities.

Cannot specify rate levels; demand-supply dependent. Strong demand expected for 3-5 years. Iran sanctions lift could unlock incremental DSV demand.

FY27 and FY28 both will see growth. Target 15-20% CAGR for 3-5 years. Management committed to this number.

Sustaining 40-42% annualized basis. Quarterly variability due to off-hires and dry-docks. Mid-40s not sustainable.

Don't disclose vessel-wise. These are high-ROCE (no fixed capital employed). Combined with others, maintain 40-42% margins.

See strong demand for sector for next 3-5 years. Customer mix is long-term (3-5 years) and seasonal EPC.

Independent directors asked GT for reassurance. Submitted satisfactory report under consideration. No requirement to share; it's internal document. 4% continues.

2 years too short. Oil exploration is long gestation (3-5 years). Benefit visible after that. Right direction for sector.

Yes, that helps reputation. Middle East (Saudi, Qatar, UAE) remains key growth area. Selective evaluation for suitable tonnage ongoing.

IMR contract typically 95-98% utilization from day 1 rolling. Contribution expected post-Q2 cooling period.

ANANT joining Q2, Paladin recovery, stable order book for offshore/IMR work. Growth capex planned via DG Shipping MOU.

Ambitious target anchored on DSV demand (3-5 years), fleet expansion, and Middle East opportunity. Contingent on oil prices and rig counts.

Q1 delivered 41.8%. Management emphasized 'annualized basis' to account for seasonal off-hire and dry-dock periods. Quarterly variability expected.

Binding agreement with HAL Offshore, 50-50 equity-debt financing. Operational by Q2/Q3 FY27.

Strategic intent clear, but selective evaluation ongoing. Capital will be deployed as suitable vessels identified.

Paladin stranded during Strait of Hormuz conflict; Middle East (Saudi, Qatar, UAE, Iran) accounts for growing share of fleet deployment. Sanctions lift is upside but uncertain timing.

EPC contracts work Oct-May only; Jun-Sep monsoon forces idle. Princess, III, Glorious off-hire 5 months/year. Quarterly margin variability and cash flow lumpy.

DSV demand and charter rates tied to oil exploration and production investment. Oil price decline or rig count reduction could pressure utilization and rates. Management admits rates are demand-supply driven, no pricing power.

ANANT acquisition pending completion (end Aug). Cooling-off period (~1 month) before contract resumes. Delays could impact Q2 revenue guidance.

While DSV supply is currently tight, disciplined fleet addition industry-wide could ease supply-demand balance. Management remains selective but growth capex (ANANT + DG Shipping MOU) indicates expansion.