Amrut Dredging & Shipping Ltd

Indicative price history

Key highlights

• FY24 revenue ₹38.76 Cr (+65%), EBITDA ₹17.75 Cr, PAT ₹5.00 Cr; Q1 FY25 revenue ₹18.09 Cr and PAT ₹10.5 Cr (DRHP restated).
• Net worth ₹110 Cr and debt ₹14 Cr at March 2024 (debt-equity 0.17) after a pre-IPO capital step-up; total assets ₹147 Cr.
• DRHP filed with BSE SME 21 Nov 2024 for up to 49.1 lakh fresh shares; indicative band ₹100–105; IPO not completed as of Oct 2026.
• No UnlistedZone price — rate is wwipl's ₹200 last trade (52-week ₹190–₹200), about ₹274 Cr market cap on 1.37 Cr pre-issue shares.

About Amrut Dredging

Amrut Dredging and Shipping Limited is a Rajkot-based marine contractor that executes capital and maintenance dredging for India's major and non-major ports, shipyards and waterfront projects, and charters marine vessels on short- and long-term hire. It owns and operates a fleet of cutter-suction and bucket-ladder dredgers, hopper barges, jack-up platforms, tugboats and other specialised marine equipment, deployed in India and occasionally abroad; dredging databases list the 1983-built bucket-ladder dredger 'Kamal' and a tug/harbour-craft registered to the company, with an operating office in Mumbai's Ballard Estate area.

The company was incorporated on 27 March 1995 as Amrut Securities Limited (CIN U67120GJ1995PLC025194, RoC Ahmedabad — the 67120 activity code still reflects the original securities-dealing objects) and was later renamed Amrut Dredging and Shipping Limited when the Gandhi family moved it into marine contracting. Pavan Anilbhai Gandhi is the sole promoter named in the DRHP, holding about 64.32% before the issue; Amrutlal Jivandas Gandhi, after whom the company is named, appears as a director in older registry records. The company filed a draft red herring prospectus with BSE SME on 21 November 2024 for a fresh issue of up to 49,10,000 equity shares of ₹10 (including a 2,50,000-share market-maker reservation), with Mark Corporate Advisors as lead manager; aggregator pages later showed an indicative band of ₹100–105 and a 1,200-share lot with tentative dates of 13–16 January 2026 and listing on 21 January 2026, but as of October 2026 no subscription figures, allotment or listing price have been published and IPO trackers still show the issue as pending. The IPO should therefore be treated as not completed; confirm on BSE before trading.

Restated financials in the DRHP show a sharp step-up: revenue of ₹20.37 Cr in FY22, ₹23.44 Cr in FY23 and ₹38.76 Cr in FY24 (up 65%), EBITDA of ₹8.83 Cr, ₹8.34 Cr and ₹17.75 Cr, and profit after tax of ₹1.95 Cr, ₹0.36 Cr and ₹5.00 Cr. The quarter to June 2024 alone produced ₹18.09 Cr of revenue, ₹15.26 Cr of EBITDA and ₹10.50 Cr of PAT — figures that trackers annualise to ₹72 Cr and ₹42 Cr, which overstates a seasonal, project-driven business. Net worth jumped from ₹39.0 Cr at March 2023 to ₹110.0 Cr at March 2024 and ₹120.5 Cr at June 2024, far more than retained profit, indicating pre-IPO share issuance (paid-up capital rose from about ₹7.15 Cr to ₹13.72 Cr) and possibly asset revaluation; total debt fell from ₹21.8 Cr to ₹14.2 Cr, a debt-equity ratio of 0.17. Total assets were ₹147.2 Cr at March 2024 (₹72.9 Cr a year earlier).

UnlistedZone lists the company but shows no indicative price (₹0, 'price history not available'), so the rate used is the most recent dealer quote: wwipl's last traded ₹200 a share (52-week range ₹190 on 26 February 2026 to ₹200 on 8 July 2026), in a 100-share lot. On the DRHP's 1,37,21,600 pre-issue shares that is a market capitalisation of about ₹274 Cr (wwipl's own ₹285 Cr figure implies roughly 1.43 Cr shares, so a small later allotment is possible) — about 55 times FY24 profit, 2.5 times March-2024 book value and roughly 6.5 times the annualised June-2024 quarter. It is also about double the ₹100–105 band indicated for the IPO, which would value the company at only ₹137–144 Cr pre-issue: buyers at ₹200 are paying a large premium to the price at which the company itself proposed to sell shares.

Verification status (10 Oct 2026): incorporation date, CIN, registration number, RoC, original name and promoter are from the DRHP as summarised by Chittorgarh, m.Stock and ipoplatform and from registry aggregators; FY22–FY24 and June-2024 revenue, EBITDA, PAT, net worth and debt are the DRHP's restated figures as reproduced by ipoplatform, cross-checked against wwipl's balance-sheet totals; the ISIN, price and 52-week range are from wwipl. The registered office address is the DRHP-era one (older registry records show Star Chamber, Harihar Chowk, Rajkot). Expense breakdown, depreciation, interest, tax, asset composition, cash flows, the FY24 capital structure, headcount, non-promoter shareholding and the board beyond the promoter are estimates or unverified and are marked as such. No UnlistedZone price exists — the ₹200 rate is a wwipl quote.

Where the revenue comes from

• Dredging contracts (capital & maintenance)65%

  Execution of dredging projects for major and non-major ports, shipyards and waterfront works (estimate)

• Charter hire of marine vessels35%

  Short- and long-term charter of dredgers, hopper barges, jack-ups and tugs (estimate)

Products & services