Economic Analysis

Growth Rate:

India will dominate the global economic landscape, maintaining its status as the fastest-growing
large economy for the next two fiscal years. The January 2025 edition of the World Bank’s
Global Economic Prospects (GEP) report projects India's economy to grow at a steady rate of
6.7% in FY26 and FY27, significantly outpacing global and regional peers. At a time when
global growth is expected to remain at 2.7 percent in 2025-26, this remarkable performance
underscores India’s resilience and its growing significance in shaping the world’s economic
trajectory.

The IMF forecasts India's growth to remain robust at 6.5% for 2025 and 2026, aligning with
earlier projections from October. This consistent growth outlook reflects India’s stable economic
fundamentals and its ability to maintain momentum despite global uncertainties. The continued
strength of India’s economic performance, as projected by both the World Bank and IMF,
underscores the country’s resilience and highlights the sustained strength of its economic
fundamentals, making India a crucial player in the global economic landscape.

Inflation Rate:

According to a report by Centrum Institutional Research, the recent decline in consumer price
inflation (CPI) for January could provide the Reserve Bank of India (RBI) with enough room for
another 25 basis points (bps) rate cut shortly. "We expect inflation to average 4.8 percent in
FY25. This sharp slowdown in inflation will provide RBI enough room for another 25bps rate
cut," the report said.

According to the report, last month's drop in inflation was primarily due to a fall in food prices,
especially vegetables. As fresh vegetables and pulses enter the market, inflationary pressures will
likely ease further. The report suggested that this trend will help bring overall inflation to an
average of 4.8 percent for the financial year 2025.

The Monetary Policy Committee (MPC), in its latest meeting, has maintained a "Neutral" stance,
indicating that future rate cuts will depend on incoming macroeconomic data. If inflation remains
under control, the RBI may consider another 25 bps rate cut to support economic activity.
Foreign Exchange Rates:
Per capita national income across India from financial year 2015 to 2022, with estimates
until 2025
(in 1,000 Indian rupees)

1. GDP Growth and National Income

A. Key Metrics (2024 Estimates)
●​ Nominal GDP: ~$3.9 trillion
●​ Real GDP Growth Rate: ~6.5% (World Bank projection)
●​ GNP (Gross National Product): ~$3.85 trillion
●​ Per Capita Income: ~$2,850
●​ Sectoral Contribution to GDP:
○​ Agriculture: 17%
○​ Industry: 30%
○​ Services: 53%
B. Growth Trends & Economic Cycle
●​ Recovery from COVID-19 disruptions: Rapid post-pandemic growth due to strong domestic demand.
●​ Manufacturing push under ‘Make in India’ and PLI schemes.
●​ Rising digital economy and fintech expansion.
●​ Indian economy moving from an investment-led to a consumption-driven model.
●​ Concerns: Global slowdown, inflationary pressures, and geopolitical uncertainties.

2. Inflation & Price Stability

A. Current Inflation Trends (2024)
●​ CPI (Consumer Price Index) Inflation: ~5.4%
●​ WPI (Wholesale Price Index) Inflation: ~4.8%
●​ Core Inflation (Excluding Food & Fuel): ~5.0%
●​ Food Inflation: ~6.1% (due to erratic monsoons)

B. Factors Affecting Inflation

●​ Rising food & fuel prices (due to global supply chain issues).
●​ Supply chain disruptions in semiconductor and electronics imports.
●​ Monetary tightening by RBI (high repo rates to control inflation).
●​ Impact of global crude oil price volatility.

C. Impact of Inflation on Economy

●​ Positive: Moderate inflation encourages investment and growth.
●​ Negative: High inflation reduces purchasing power, lowers demand, and increases input costs for businesses.

3. Interest Rates & Monetary Policy

A. Key RBI Policy Rates (2024)
●​ Repo Rate: 6.5% (increased to control inflation)
●​ Reverse Repo Rate: 3.35%
●​ Bank Lending Rates: 8.0% - 9.5%
●​ CRR (Cash Reserve Ratio): 4.5%
●​ SLR (Statutory Liquidity Ratio): 18.0%

B. Impact on the Economy

●​ Higher interest rates reduce borrowing for businesses and individuals.
●​ Increases cost of capital for infrastructure and manufacturing.
●​ Positive for banks (higher lending margins) but negative for startups and MSMEs.
 ●​ Slows down real estate demand due to higher mortgage costs.

4. Exchange Rates & External Trade

A. Currency Trends (2024 Estimates)
●​ USD/INR Exchange Rate: ₹83.5 per USD
●​ EUR/INR Exchange Rate: ₹90 per EUR
●​ GBP/INR Exchange Rate: ₹106 per GBP
●​ Rupee Depreciation: ~3% decline YoY due to trade deficit and FII outflows.

B. Impact of Exchange Rate Movements

1.​ Exports Benefit from INR Depreciation
○​ IT & Pharma industries earn higher revenues in rupee terms.
○​ Textile, auto, and steel exports become more competitive.
2.​ Imports Become Expensive
○​ Crude oil, electronic goods, and machinery costs increase.
○​ Widening current account deficit (CAD) (~2.2% of GDP in 2024).
3.​ Foreign Direct Investment (FDI) & Foreign Portfolio Investment (FPI)
○​ FDI Inflows (2024): ~$80 billion (top sectors: fintech, manufacturing, e-commerce).
○​ FPI Outflows: ~$6-8 billion due to high US interest rates and global uncertainties.

5. Government Revenue, Expenditure & Deficits

A. Budget Highlights (2024-25)
●​ Total Budget: ₹45.5 lakh crore (~$550 billion).
●​ Fiscal Deficit: 5.9% of GDP (aim to reduce to 4.5% by 2026).
●​ Revenue Deficit: 3.6% of GDP.
●​ Tax Revenue Growth: 12% YoY.
●​ CapEx (Capital Expenditure): ₹10 lakh crore (~$120 billion) focused on infrastructure.

B. Key Spending Areas

●​ Infrastructure (₹11.1 lakh crore): Roads, railways, ports, metro expansion.
●​ Defense (₹6.5 lakh crore): Indigenous production push.
●​ Social Welfare (₹4.7 lakh crore): Rural employment (MGNREGA), healthcare, education.
●​ Subsidies (₹3.5 lakh crore): Food, fertilizer, fuel.

C. Debt & Borrowing Trends

●​ Public Debt: ~₹170 lakh crore (~85% of GDP).
●​ Government aims to reduce fiscal deficit but high CapEx spending continues.
6. Infrastructure & Industrial Development
A. Major Infrastructure Projects (2024)
1.​ National Infrastructure Pipeline (NIP) – $1.4 Trillion investment (2019-2025).
2.​ PM Gati Shakti – Multi-modal logistics hub development.
3.​ Sagarmala Project – Port modernization & coastal shipping expansion.
4.​ Bharatmala Project – ₹5.35 lakh crore investment in highways.
5.​ Smart Cities Mission – ₹2.05 lakh crore for urban transformation.

B. Power & Energy Sector

●​ Renewable Energy Capacity: 175 GW (2024).
●​ Solar Power Growth: Fastest-growing segment (~50 GW addition by 2027).
●​ Coal Dependency: Still ~55% of India’s energy mix.

7. Monsoon & Its Impact on the Economy

A. Monsoon Trends (2024)
●​ Above-normal monsoon expected (~103% of LPA).
●​ Good rainfall boosts kharif crop production (rice, pulses, oilseeds).
●​ Deficit rainfall impacts reservoirs, hydroelectric power generation.

B. Impact on Sectors
●​ Agriculture: 55% of farmland depends on monsoons – key for rural consumption.
●​ Food Inflation: Poor rainfall = higher food prices, affecting overall inflation.
●​ Water Availability: Monsoon determines groundwater recharge & urban water supply.

8. Economic & Political Stability

A. Political Stability Index (2024)
●​ India’s score: 74.8/100 (Moderate Stability).
●​ Upcoming 2024 General Elections – Potential policy shifts.
●​ Stable governance under long-term economic policies.

B. Global Geopolitical Risks

 ●​ Russia-Ukraine War Impact: Energy price volatility affecting India.
●​ US-China Trade War: Shift in global supply chains benefiting India’s exports.
●​ Middle East Tensions: Risk of oil supply disruptions.

9. Future Economic Outlook (2025-2030)

●​ GDP Growth Projections: 6.2%-6.8% (2025-30).
●​ Digital Economy to contribute ~20% of GDP by 2030.
●​ Renewable Energy Boom: India aims for 500 GW renewable capacity by 2030.
●​ Manufacturing to expand under ‘Atmanirbhar Bharat’ & PLI schemes.
●​ Rupee stabilization depends on exports, FDI, and fiscal discipline.

Shipping - Industry Analysis

Introduction to the Indian Shipping Industry

The shipping industry is a critical component of India’s trade and economic framework.
Approximately 95% of India's trade volume and 70% of trade value are carried by sea. The sector is
regulated by the Ministry of Ports, Shipping, and Waterways (MoPSW), with active participation
from both public and private players. India's maritime sector is governed by the Sagarmala
Programme, Major Port Authorities Act, 2021, and several other initiatives. With 12 major ports
and over 200 notified minor and intermediate ports, the country's port infrastructure underpins its
growing economy.

With a vast coastline of 7,517 km, India has positioned itself as the 16th largest maritime nation
globally.

Its key aspects include:

●​ Strategic location on global shipping routes;

●​ Significant contribution to trade;
●​ Robust port infrastructure;
●​ Ongoing initiatives like Sagarmala program to enhance port operations;
 ●​ And the ambitious Maritime India Vision 2030 aimed at further maritime sector
development.

Industry Life-cycle Analysis

1. Pioneering Stage (Pre-1950s) – Nascent Development

The Indian shipping industry was largely undeveloped, with trade controlled by British-owned
vessels. Coastal and inland waterways were dominant, with minimal deep-sea operations.
Indigenous shipbuilding was limited, with Bombay Dockyard being a key center. The Scindia
Steam Navigation Company (1919) was India's first major shipping firm. India lacked an
independent fleet, relying on foreign vessels for trade. Post-independence, efforts were made to
nationalize and expand domestic shipping.

2. Growth Stage (1950s–2000s) – Expansion & Modernization

Government policies promoted self-reliance, leading to the formation of the Shipping Corporation
of India (SCI) in 1961. Major ports like Mumbai, Chennai, and Kolkata were modernized to handle
larger cargo volumes. The Maritime Zones Act (1976) expanded India's jurisdiction over coastal
waters. Technological advancements led to containerization, improving efficiency. Private players
like Great Eastern Shipping and Essar Shipping emerged. Global trade liberalization in the 1990s
increased India’s maritime activity.

3. Maturity & Stabilization Stage (2000s–Present) – Infrastructure Boom

India transitioned into a maritime powerhouse, handling 95% of its trade volume by sea.
Government initiatives like Sagarmala (2015) and Maritime India Vision 2030 focused on port
modernization and coastal shipping. The Major Port Authorities Act (2021) gave autonomy to
ports, improving efficiency. Adani Ports and other private players expanded aggressively, increasing
competition. Digitalization and automation began transforming port operations. The shipping
fleet expanded, but reliance on foreign vessels remained high.

4. Future Outlook (2025-Onward) – Sustainable & Digital Transformation

The industry is shifting toward green shipping, with investments in LNG and hydrogen-powered
vessels. The expansion of inland waterways (Ganga, Brahmaputra) will boost domestic cargo
transport. Smart ports with AI-driven logistics and blockchain-based supply chains are being
developed. India is aiming for 50% growth in cargo handling capacity by 2035. Shipbuilding and
repair industries are expected to grow with PLI schemes and FDI inflows. Challenges like high
logistics costs and geopolitical risks need to be addressed for sustained growth.

Key Market Segments in the Indian Shipping Industry

A. By Cargo Type

●​ Bulk Cargo (62%) – Coal, iron ore, fertilizers.

●​ Containerized Cargo (21%) – Electronics, automobiles, textiles.
●​ Liquid Cargo (17%) – Crude oil, LNG, chemicals.

B. By Vessel Type

●​ Tankers (Crude, LNG, LPG, Chemical)

●​ Bulk carriers (Dry, Liquid)
●​ Container ships
●​ Roll-on/Roll-off (RoRo)
●​ Offshore support vessels (OSVs)

C. By Ownership

●​ Public sector: SCI (Shipping Corporation of India) dominates.

●​ Private players: Adani Ports, Essar Shipping, Great Eastern Shipping.
●​ Foreign players: Maersk, MSC, CMA CGM operate extensively.

Demand-Supply Analysis

Demand Factors

1.​ Growth in EXIM trade: India's export-import (EXIM) trade volume is increasing at ~6%
annually.
2.​ Industrial growth: Rising demand for raw materials (coal, iron ore, oil).
3.​ E-commerce boom: Drives container shipping demand.
4.​ Energy security: LNG imports are increasing due to India's push for clean energy.
 5.​ Sagarmala Project: Encourages domestic coastal shipping.

Supply Factors

1.​ Fleet size constraints: India owns only ~1.3% of global tonnage.
2.​ Limited shipbuilding capacity: Only a few major yards (e.g., Cochin Shipyard, L&T
Shipbuilding).
3.​ Port congestion: Inefficiencies in port operations.
4.​ High dependency on foreign vessels: ~90% of India's EXIM cargo is handled by
foreign-owned ships.

Cost Structure & Profitability Analysis

Major Cost Components

1.​ Fuel Costs (40-50%) – Fluctuates with crude oil prices.

2.​ Crew Wages (15-20%) – Dependent on international wage standards.
3.​ Port Charges (10-15%) – Stevedoring, pilotage, berthing fees.
4.​ Maintenance & Repairs (10%) – Dry docking and regulatory compliance.
5.​ Insurance & Compliance (5%) – Marine insurance, environmental taxes.

Profitability Metrics

●​ Net Profit Margins (Avg.): ~5-12%

●​ Return on Assets (ROA): ~3-6%
●​ EBITDA Margins: ~15-25%
●​ Break-even Tonnage (BET): 60-70% utilization

Competitive Landscape (Porter’s Five Forces Analysis)

1. Competitive Rivalry (HIGH)

●​ Intense competition among Indian & global players.

●​ Large dominance of international shipping firms (e.g., Maersk, MSC).
2. Bargaining Power of Suppliers (HIGH)

●​ Heavy reliance on foreign-built ships and marine fuels.

●​ Marine crew wages are dictated by global labor market trends.

3. Bargaining Power of Buyers (MODERATE)

●​ Large exporters/importers (e.g., Reliance, Tata Steel) negotiate better freight rates.
●​ Fragmented SME exporters have limited power.

4. Threat of New Entrants (LOW)

●​ High capital investment (~$50-200 million per vessel).

●​ Stringent government regulations.

5. Threat of Substitutes (LOW)

●​ Rail and road alternatives exist for domestic cargo.

●​ No substitutes for deep-sea trade.

SWOT Analysis

Strengths

●​ Strategic Location: India sits along major global shipping routes.

●​ Growing EXIM Trade: Increasing industrial production and exports.
●​ Government Support: Sagarmala, Bharatmala, PLI schemes.

Weaknesses

●​ Lack of Indian-flagged vessels: High dependence on foreign shipping.

●​ Port Congestion: Inefficient logistics and handling.

Opportunities

●​ Inland Waterways Expansion: National Waterways projects.

●​ Green Shipping: Potential to lead in LNG and hydrogen-based fuel adoption.
Threats

●​ Geopolitical Risks: South China Sea tensions, piracy.

●​ Oil Price Volatility: Affects fuel costs and profitability.

Government Policies & Regulations

Key Policy Initiatives

1.​ Sagarmala Programme (2015): Enhancing port-led development.

2.​ Maritime India Vision 2030: Infrastructure and digitalization roadmap.
3.​ Major Ports Authorities Act (2021): Greater autonomy to major ports.
4.​ Shipbuilding Financial Assistance Policy (2021-2026): Incentives for domestic shipbuilding.

Future Growth Outlook (2025-2035)

Growth Projections

●​ Cargo traffic: Expected to reach 2,500 MMT by 2035.

●​ Container traffic: ~400 MMT by 2035.
●​ Port investment: ~$82 billion planned by 2030.

Emerging Trends

●​ Green Shipping: LNG-powered and hydrogen-based vessels.

●​ Digital Transformation: AI-driven port management, blockchain in logistics.
●​ Rise of Inland Waterways: Lower cost alternative to road & rail transport.

FUNDAMENTAL ANALYSIS
Great Eastern Shipping Company - Fundamental Analysis

Great Eastern Shipping Company has demonstrated remarkable financial performance over the
past decade, with particularly strong results in recent years. The company's revenue has grown
steadily, showing a 10-year CAGR of 4.83%, but more impressively, it has achieved a 16.35%
growth rate over the last three years. This acceleration in growth indicates improving market
conditions and effective business execution.

The company's operational efficiency has been consistently strong, with operating profit margins
expanding from around 41% in FY15 to over 55% in recent periods. This substantial margin
improvement suggests excellent cost management and stronger pricing power in their markets.
The March 2024 trailing operating margin stands at 55.61%, which is significantly above the
historical average.

From a balance sheet perspective, the company has made significant strides in strengthening its
financial position. The borrowings have been consistently reduced from ₹6,539 crores in FY15
to ₹3,048 crores in FY24, indicating a deliberate deleveraging strategy. This debt reduction has
been accompanied by a strong build-up in reserves, which have grown from ₹7,279 crores to
₹12,254 crores over the same period.

Working capital management has improved substantially, with working capital increasing from
₹1,605 crores in FY15 to ₹5,087 crores in FY24. The company maintains healthy debtor days of
around 45, suggesting efficient collection practices and strong client relationships.

The return metrics are particularly impressive, with Return on Equity reaching 21% in FY24, up
from 10% in FY15. The company's consistently positive operating cash flows, which stood at
₹2,808 crores in FY24, demonstrate strong cash generation capabilities. This has enabled the
company to maintain a healthy dividend payout ratio, which has averaged around 20-25% in
recent years.

The market has recognized this improved performance, with the stock price rising from ₹365.80
in FY15 to ₹900.05. Despite this appreciation, the valuation remains reasonable with a P/E ratio
of 4.45x, suggesting potential for further upside if the company maintains its current
performance trajectory.

Mazagon Dock Shipbuilders Ltd - Fundamental Analysis

Looking at the company's financial performance, there's been remarkable growth in recent years.
The sales have shown consistent improvement, increasing from ₹3,605 crores in FY15 to ₹9,466
crores in FY24, representing a compound annual growth rate (CAGR) of approximately 11.32%
over the past decade. What's particularly noteworthy is the acceleration in growth over the last
three years, where the company achieved an impressive 32.74% growth rate.

The operating performance has seen substantial improvement as well. The Operating Profit
Margin (OPM) has expanded significantly from 6.17% in FY15 to 21.95% in recent quarters,
indicating enhanced operational efficiency and better cost management. This improvement in
margins is particularly important as it suggests the company isn't just growing in size but is
becoming more profitable with scale.

The company's balance sheet structure is quite robust. One of the most striking aspects is its
negligible debt, with borrowings reducing from ₹83.21 crores in FY15 to just ₹0.93 crores in
FY24. This near-debt-free status provides financial flexibility and reduces interest burden, which
is reflected in the minimal interest costs in recent years.

Working capital management shows some interesting patterns. While the inventory turnover has
improved from 0.19 in FY15 to 1.65 in FY24, indicating better inventory management, the
debtor days have fluctuated but generally remained manageable, currently standing at 71.21
days. The company maintains a healthy working capital of ₹4,656 crores as of FY24, suggesting
strong liquidity position.

The return metrics are particularly impressive. Return on Equity (ROE) has improved from 19%
in FY15 to 31% in FY24, while Return on Capital Employed (ROCE) shows strong performance
at 44% in recent periods. These numbers indicate efficient utilization of both shareholders' equity
and overall capital.

Cash flow generation has been positive in recent years, with operating cash flow showing
significant improvement. The company generated ₹683.75 crores from operations in FY24, while
also maintaining healthy investment activities, suggesting continued focus on growth and
modernization.

The market values the company at a Price-to-earnings (P/E) ratio of 31.58x, which might seem
slightly elevated compared to historical levels but could be justified given the strong growth
trajectory and improving profitability metrics. The company has also maintained a consistent
dividend payout ratio, averaging around 28-30% in recent years, indicating a balanced approach
to shareholder returns while retaining earnings for growth.
The strong order book position and improving operational metrics suggest continued growth
potential. However, investors should monitor the working capital cycle and margin sustainability,
as these will be crucial for maintaining the current growth trajectory and profitability levels
Transworld Shipping Lines - Fundamental Analysis

Transworld Shipping Lines has shown concerning trends in its financial performance over recent
years. The company's revenue has experienced a significant decline, with a negative 10-year
CAGR of -7.06%, and more worryingly, a steeper decline of -20.40% over the last three years.
The revenue has dropped from ₹545.88 crores in FY15 to ₹282.39 crores in FY24, indicating
substantial business challenges.

Despite the revenue decline, the company has managed to improve its operational efficiency. The
operating profit margin has increased from 22.40% in FY15 to a current trailing margin of
32.60%. However, this improvement in margins hasn't translated into stronger bottom-line
performance, as evidenced by the recent negative net profit of ₹51.01 crores in FY24.

The balance sheet shows some concerning trends. While the company has maintained a relatively
stable equity share capital of ₹21.96 crores, the borrowings have increased significantly over the
years, rising from ₹122.45 crores in FY15 to ₹405.24 crores in FY24. This increased leverage,
combined with declining revenues, could pose financial risks.

Working capital management has shown mixed results. The company has dramatically improved
its debtor days from 55.42 in FY15 to 10.20 in FY24, suggesting better collection efficiency.
However, the inventory turnover has fluctuated between 21 to 69 times over the years, indicating
potential inventory management challenges.

The return metrics have deteriorated significantly. Return on Equity has fallen from a healthy
32% in FY15 to -7% in FY24. The operating cash flows have also weakened considerably,
dropping from ₹78.77 crores in FY15 to just ₹18.96 crores in FY24, raising concerns about the
company's cash-generating ability.

The market valuation reflects these challenges, with the stock price declining from ₹404.40 in
FY15 to ₹275.95 currently. The P/E ratio stands at 14.81x, which seems high considering the
company's current negative earnings and operational challenges.

Additional Sections
1. Macroeconomic Linkages & Impact on Shipping
●​ GDP Growth & Trade: Shipping demand is directly tied to economic growth. India's
expected 6.5-6.7% GDP growth (2024-26) boosts trade, increasing cargo movement.
●​ Inflation & Cost Pressures: High inflation impacts fuel costs (bunker oil prices), port
charges, and maintenance expenses, squeezing profitability.
●​ Exchange Rate Volatility: A weaker rupee (₹83.5/USD in 2024) makes exports
competitive but raises import costs (crude oil, shipbuilding materials).
●​ Government Spending: ₹11.1 lakh crore (2024 budget) for infrastructure (ports, roads,
rail) strengthens trade logistics and shipping efficiency.

2. Technology & Innovation in Indian Shipping

●​ Smart Ports & AI: AI-driven cargo handling, digital tracking, and blockchain-based
logistics are reducing costs and improving efficiency (Jawaharlal Nehru Port,
Visakhapatnam Port).
●​ Green Shipping Initiatives: India is exploring LNG-powered and hydrogen-fueled
vessels, aligned with IMO’s 2050 carbon neutrality goals.
●​ Automation & Robotics: Ports are increasingly using automated cranes, AI-based
berth scheduling, and drone surveillance.

3. Risk & Crisis Analysis in Indian Shipping

●​ Global Supply Chain Disruptions: Red Sea attacks, Suez Canal blockages,
China-Taiwan tensions can disrupt India’s trade routes.
●​ Maritime Security Risks: Piracy in the Indian Ocean, cybersecurity threats to digital
shipping networks, and geopolitical uncertainties pose risks.
●​ Climate Change Impact: Rising sea levels, frequent cyclones (Bay of Bengal,
Arabian Sea), extreme weather disrupt port operations and increase insurance costs.

4. Labor Market & Workforce Challenges

●​ Seafarer Shortages: India is one of the largest suppliers of seafarers globally, but
competition from China & the Philippines is growing.
 ●​ Automation & Job Displacement: AI-based port operations reduce the need for manual
labor, necessitating reskilling programs.
●​ Health & Safety: Harsh working conditions, long sea voyages, mental health concerns,
and outdated labor policies need reform.
●​

5. Benchmarking India’s Shipping Against Global Leaders

Factor India (JNPT, China (Shanghai, Singapor USA (Los Angeles,
Mundra) Ningbo) e New York)

Global Rank 16th largest 1st 2nd 10th

Avg. Turnaround 24-48 hrs 18-24 hrs 12-18 hrs 24-36 hrs
Time

Port Efficiency Moderate High Very High Moderate

Green Initiatives Developing Advanced Leader Moderate

Investment $82B planned $300B planned $50B $150B planned

2024-30

🔹 Takeaway: India improving but lags behind in automation, shipbuilding, and logistics
efficiency.

6. Financial Performance of Key Indian Shipping Players

Company Revenue Profit Debt-to-Equ Key Strengths
(FY24) Margin ity

Great Eastern ₹7,200 Cr 55.61% 0.25x Strong offshore shipping,

Shipping high operating margins

Mazagon Dock ₹9,466 Cr 21.95% 0.03x (near Leading defense shipbuilder,

Shipbuilders debt-free) strong government contracts

Transworld ₹282 Cr -18% 1.5x Declining revenues,

Shipping Lines (loss) increasing financial risks