Key Metrics of Sandhya Marines Limited
About Sandhya Marines Limited
Company details
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
PositiveUpgraded by ICRA on 10 Aug 2026
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 10 Aug 2026 | ICRA | Upgraded | AA- | A1+ | Stable | ₹366 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Established track record of business and vast experience of the promoters
Established in 1987, SML has been involved in the seafood business for more than three decades.
+ Strong financial risk profile
SML’s consolidated revenue grew by around 20% in FY2026 on a YoY basis to Rs. 2,609.6 crore, supported by an increase in shrimp realisation as well as volume.
+ Location-specific advantages
SML’s processing facilities are located in proximity to the major aquaculture belt of AP, ensuring continuous availability of raw materials at low transportation costs.
Credit challenges
− Exposed to high geographical and customer concentration risks
SML remains exposed to high geographical concentration risk as it derives around 62% of revenues from the processing segment on a consolidated basis.
− Vulnerable to adverse changes in export incentives, international trade policies and forex risk
SML, on a consolidated basis, derived around 55% of its OI from the export market.
− Fragmented nature of the industry and exposure to inherent industry risks
Indian shrimp exporters face stiff competition from countries such as Ecuador, Indonesia and Vietnam in the export markets.
Could lead to an upgrade
ICRA may upgrade the company’s ratings upon a sustained improvement in its scale of business, supported by customer and geographical diversification, while maintaining profitability and debt protection metrics.
Could lead to a downgrade
Pressure on the ratings could arise if there is a material deterioration in the consolidated earnings, cash flows or debt protection metrics. Any large debt-funded capex/inorganic growth or a significant elongation in the working capital cycle, resulting in weakening of cash flows and material deterioration in cash reserves of the company may also cause a downward rating revision. Specific credit metrics that may trigger a ratings downgrade include Total Debt/OPBDITA of more than 1.2 times on a sustained basis.
Agency-reported financials (ICRA, 10 Aug 2026)
| Metric | FY2025 | FY2026 | FY2025 | FY2026 |
|---|---|---|---|---|
| Operating income (OI) | ₹1,662 Cr | ₹2,028 Cr | ₹2,184 Cr | ₹2,610 Cr |
| PAT | ₹174 Cr | ₹211 Cr | ₹222 Cr | ₹283 Cr |
| OPBDITA/OI | 14.3% | 15.1% | 13.8% | 15.2% |
| PAT/OI | 10.5% | 10.4% | 10.2% | 10.8% |
| Total outside liabilities/Tangible net worth (times) | 0.30× | 0.30× | 0.30× | 0.30× |
| Total debt/OPBDITA (times) | 0.70× | 0.50× | 0.80× | 0.50× |
| Interest coverage (times) | 20.70× | 20.60× | 18.50× | 20.90× |
| Revenue growth (YoY) | — | 22.0% | 7.7% | 19.5% |
| EBITDA (margin × income) | ₹238 Cr | ₹306 Cr | ₹301 Cr | ₹397 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹166 Cr | ₹153 Cr | ₹241 Cr | ₹198 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹11.48 Cr | ₹14.87 Cr | ₹16.29 Cr | ₹18.98 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Cash credit | Working capital & bank lines | ₹35.0 Cr | ₹35.0 Cr | 0.0% | AA- (Stable) | Upgraded | ICRA |
| Long-term – Packing credit Foreign bill discounting | Working capital & bank lines | ₹192 Cr | ₹267 Cr | 39.1% | A+ (Stable) | Upgraded | ICRA |
| Standby letter of credit Long-term – Standby line of | Non-fund based limits | ₹38.0 Cr | ₹38.0 Cr | 0.0% | AA- (Stable) | Upgraded | ICRA |
| credit Short-term – Bank guarantee | Non-fund based limits | ₹15.5 Cr | ₹15.5 Cr | 0.0% | A+ / A1+ (Stable) | Upgraded | ICRA |
| Short-term – Forward contract | Working capital & bank lines | ₹10.0 Cr | ₹10.0 Cr | 0.0% | A1 | Upgraded | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
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) | 49% |
| Information on file | 56% · missing: Annual results history (3+ years), 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: 74% chance the next rating action is stable or better
- Current rating AA- (investment grade)
- Interest coverage 20.9×
- Working-capital limits 48% utilised on average
Rated limits by facility
Timeline
From the report
SML’s capital structure, on a consolidated basis remains strong, as reflected by TOL/TNW of 0.3 times as on March 31, 2026, supported by cash and liquid investments worth Rs. 747.5 crore.
From the report
The average working capital utilisation over the last 12 months ending in April 2026 stood at around 48% of the sanctioned limit of Rs. 425.0 crore.
From the report
The average working capital utilisation over the last 12 months ending in April 2026 stood at around 48% of the sanctioned limit of Rs. 425.0 crore.
From the report
Against these sources of cash, the entity has minimal capex plans and has repayment obligations of Rs. 1.3 crore in FY2027 and Rs. 2.0 crore in FY2028.
From the report
On a standalone basis, SML had free cash and liquid investments of Rs. 554.8 crore and a cushion in its working capital limits of Rs. 143.1 crore as on March 31, 2026.
From the report
The average working capital utilisation over the last 12 months ending in April 2026 stood at around 52% of the sanctioned limit of Rs. 265.0 crore.
From the report
The average working capital utilisation over the last 12 months ending in April 2026 stood at around 52% of the sanctioned limit of Rs. 265.0 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.
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.