Key Metrics of Apeejay Shipping Limited
About Apeejay Shipping Limited
Sectors
Company details
Operational Areas of Apeejay Shipping Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
WatchNegative outlook (ICRA)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 10 Apr 2026 | ICRA | Reaffirmed | A+ | A1 | Negative | ₹600 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Vast experience in dry bulk shipping industry with established market position in coastal coal trade
ASL has an extensive operating history, spanning more than five decades.
+ Comfortable LTV and established relationship with banks provides considerable financial flexibility
The total loan-to-market value of the ships is around 58% at present.
Credit challenges
− Moderate leverage and coverage indicators
In FY2025 and 9M FY2026, the company’s shipping business moderated with the operating income at Rs. 275 crore (vis-à-vis Rs.326 crore in FY2024) and Rs .215 crore, respectively.
− Inherent cyclicalityin shipping business; segmental concentration risk
ASL remains exposed to segmental concentration risk as the dry bulk segment accounts for its entire operating income.
− Exposed to high client concentration risk
The client concentration risk is high with five of the eight vessels on the books of ASL standalone deployed with TANGEDCO/PSC.
Could lead to an upgrade
The long-term rating outlook can be revised to Stable if healthy charter rates are sustained, leading to a steady improvement in the company’s leverage and debt coverage indicators.
Could lead to a downgrade
Pressure on ASL’s ratings may arise if the credit metrics and return indicators weaken owing to a substantial decline in the charter rates. Besides, any large support to the weaker Group entities may result in a negative rating action.A specific credit metric for downgrade includes total debt/OPBDITA (for consolidated shipping operations) of more than 2.0 times on a sustained basis.
Agency-reported financials (ICRA, 10 Apr 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Operating income | ₹326 Cr | ₹275 Cr | ₹215 Cr |
| PAT | ₹-13.00 Cr | ₹-,115.00 Cr | ₹-20.40 Cr |
| OPBDITA/OI (%) | 43.0% | 37.0% | 38.0% |
| PAT/OI (%) | -4.0% | -42.0% | — |
| Total outside liabilities/Tangible net worth (times) | 0.60× | 1.00× | — |
| Total debt/OPBDITA (times) | 2.40× | 4.60× | — |
| Interest coverage (times) | 3.00× | 2.30× | 2.30× |
| Revenue growth (YoY) | — | −15.6% | — |
| EBITDA (margin × income) | ₹140 Cr | ₹102 Cr | ₹81.70 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹336 Cr | ₹468 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹46.73 Cr | ₹44.24 Cr | ₹35.52 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Rated facility | Other | ₹55.0 Cr | ₹55.0 Cr | 0.0% | A+ (Negative) | Reaffirmed | ICRA |
| Rated facility | Other | ₹434 Cr | ₹543 Cr | 25.1% | — | Other | ICRA |
| Rated facility | Other | ₹2.00 Cr | ₹2.00 Cr | 0.0% | A+ / A1 (Negative) | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | upto FY | Term loans | — | — | 31 Mar 2036 | ₹543 Cr | A+ | Outstanding |
Credit assessment · Services
Rating Methodology – Service Sector Companies · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 29% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 30% chance the next rating action is stable or better
- Current rating A+ (investment grade)
- Interest coverage 2.3×
Rated limits by facility
Timeline
From the report
Reaffirmed Long-term - Fund-based - Term loan [ICRA]A+(Negative);Reaffirmed/Assigned 434.00 543.00 for enhanced amount Long-term/Short-term - Non-fund 2.00 2.00 [ICRA]A+(Negative)/ [ICRA]A1;
From the report
Liquidity position: Adequate The company’s liquidity position is adequate on expectation of a healthy fund flow from operations in FY2027 vis-à-vis debt repayment obligations of ~Rs. 100 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Apeejay Shipping Limited
Top competitors by location
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|---|---|---|---|---|
 Tata Passenger Electric Mobility Limited |
Courier, Express & Freight · Logistics & Supply Chain | ev.tatamotors.com | — | Mumbai, Maharashtra, India |
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| Quess Corp Limited | Discovered Companies · Other Industries | — | — | Bangalore, Karnataka, India |
| Courier, Express & Freight · Logistics & Supply Chain | concorindia.co.in | — | New Delhi, India | |
 Mahindra Logistics |
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 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
 Transport Corporation of India |
Courier, Express & Freight · Logistics & Supply Chain | tcil.com | — | Secunderabad, India |
| MSTC Limited | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
| Jitf Infralogistics Limited | Courier, Express & Freight · Logistics & Supply Chain | — | — | Chhattisgarh, India |
 VRL Logistics |
Courier, Express & Freight · Logistics & Supply Chain | vrlgroup.in | — | Hubli, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.