Transworld Shipping Lines financials and balance sheet

NSE: TRANSWORLDBSE: 520151Transport ServicesSmall Cap

Formerly Shreyas Shipping & Logistics

₹164.60₹19.96 (10.81%)BSE ₹165.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹184.56.

52-week range of traded prices to 23 Oct 2026

₹111.56Low, 30 Mar 2026₹258.00High, 28 Oct 2025

Under NSE's short-term additional surveillance, stage I, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
Next results date: the board meets on 6 Nov 2026 to consider: financial results and dividend.

Market cap: ₹361 Cr2,056th largest listed
P/E: Earlier quarters restated in the year
P/B: 0.5
Dividend yield: Nonein the last 12 months
ROCE: −12.8%
Debt to equity: 0.37
Volume, NSE: 83,80248.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Transworld Shipping Lines annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹721 Cr, year to Mar 2017A loss in the year to Mar 2026, −₹75 Cr

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue548
Employee costs−134
Other expenses−371
Operating profit43
Depreciation−100
Other income+8.7
One-off items+2.8
Finance costs−26
Profit before tax−71
Tax−3.6
Joint ventures0.0
Net profit−75

What the company owns

Plant, investments and other assets₹1,037 Cr
Receivables₹46 Cr
Cash and bank₹35 Cr
Inventory₹12 Cr
Current investments₹11 Cr

What pays for it: net worth and liabilities

Net worth₹674 Cr
Borrowings₹290 Cr
Owed to suppliers₹106 Cr
Other liabilities₹72 Cr

Transworld Shipping Lines business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Transworld Shipping Lines segment results by quarter

Revenue by segment

₹554 CrTotal

Shipping₹357 Cr64.4% of total
Freight Forwarding₹182 Cr32.8% of total
Others₹15 Cr2.8% of total

Profit by segment

Shipping₹77.8 Cr69.3% of total
Freight Forwarding₹31.9 Cr28.4% of total
Others₹2.6 Cr2.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Shipping
Revenue, ₹ crore
357
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
78
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Freight Forwarding
Revenue, ₹ crore
182
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
32
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	–	–	–	554
Company revenue, as in its results	625	612	560	536	484	282	446	548
Revenue	–	–	–	–	–	–	–	357
Profit	–	–	–	–	–	–	–	78
Margin	–	–	–	–	–	–	–	21.8%
Return on capital	–	–	–	–	–	–	–	11.5%
Assets	–	–	–	–	–	–	–	1,057
Liabilities	–	–	–	–	–	–	–	378
Capital employed	–	–	–	–	–	–	–	679
Revenue	–	–	–	–	–	–	–	182
Profit	–	–	–	–	–	–	–	32
Margin	–	–	–	–	–	–	–	17.6%
Assets	–	–	–	–	–	–	–	79
Liabilities	–	–	–	–	–	–	–	85
Capital employed	–	–	–	–	–	–	–	−6
Revenue	–	–	–	–	–	–	–	15
Profit	–	–	–	–	–	–	–	3
Margin	–	–	–	–	–	–	–	16.7%
Return on capital	–	–	–	–	–	–	–	235.8%
Assets	–	–	–	–	–	–	–	5
Liabilities	–	–	–	–	–	–	–	4
Capital employed	–	–	–	–	–	–	–	1

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Transworld Shipping Lines quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 22 Jul	Mar 2021Filed 27 May	Mar 2022Filed 3 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 Jul
Revenue from operations	721	541	625	612	560	536	484	282	446	548
	–	429	554	570	496	305	238	259	290	505
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	–	74	73	68	77	95	118	129	134
Other expenses	–	–	481	497	428	227	143	140	161	371
Operating profit before depreciation	–	112	70	43	64	231	246	24	156	43
Operating margin	–	20.6%	11.3%	7.0%	11.4%	43.2%	50.9%	8.4%	35.0%	7.9%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	11.8%	11.9%	12.2%	14.4%	19.6%	41.8%	28.9%	24.5%
Other expenses, % of revenue	–	–	76.9%	81.1%	76.4%	42.4%	29.5%	49.7%	36.1%	67.6%
Depreciation and amortisation	21	19	21	18	15	19	48	80	84	100
Operating profit after depreciation	–	93	49	25	49	212	199	−56	73	−57
Other income	6	4	2	4	4	6	19	46	8	9
Finance costs	13	13	19	19	17	12	18	37	31	26
Profit before one-off items and tax	–	83	33	9	37	206	199	−47	49	−74
One-off items	−23	−1	1	−86	2	6	0	0	−13	3
Profit before tax	16	82	34	−76	39	212	199	−48	36	−71
	5	4	0	−19	3	7	2	3	2	4
Current tax	–	1	1	1	1	18	2	3	2	3
Deferred tax	–	3	0	−20	2	−11	1	0	0	1
Share of profit of joint ventures and associates	0	14	−4	−9	9	6	–	0	0	0
Net profit	10	92	30	−66	44	211	197	−51	34	−75
Other comprehensive income	–	–	−4	−4	7	1	−2	2	0	−24
Total comprehensive income	–	–	25	−70	52	212	195	−49	34	−99
Net margin	1.4%	17.0%	4.8%	−10.8%	7.9%	39.4%	40.7%	−18.1%	7.6%	−13.7%
Net margin without joint ventures and associates	1.4%	14.4%	5.4%	−9.4%	6.4%	38.2%	–	−18.1%	7.6%	−13.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: revenue, other income and exceptional items less the total expenses stated do not come to the profit before tax the same statement states, so the operating expenses cannot be told apart from the rest.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 22 Jul	Mar 2021Filed 27 May	Mar 2022Filed 3 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 Jul
	444	370	422	629	819	767	800	674
Share capital	22	22	22	22	22	22	22	22
Reserves	422	348	400	607	797	745	778	652
	248	191	159	235	499	405	329	290
Repayable after a year	173	110	86	177	392	309	253	221
Repayable within a year	75	82	73	58	107	96	76	69
	207	234	181	106	144	164	137	216
Trade payables	62	61	48	36	23	50	41	106
Other financial liabilities	59	82	49	3	5	11	13	29
Other liabilities	10	8	10	8	7	6	6	10
Provisions	1	1	1	1	1	1	1	2
	202	120	97	179	395	316	261	252
Other financial liabilities	0	1	1	1	2	5	6	25
Provisions	0	0	0	1	1	1	2	5
Deferred tax	29	9	11	0	1	1	1	0
	853	724	700	914	1,357	1,247	1,198	1,141
Held for sale or for a demerger	–	–	–	–	–	–	–	54
	600	488	459	668	1,188	1,031	979	852
Plant in use, after depreciation	409	400	373	618	1,043	944	902	790
Plant being built	3	0	0	0	0	0	–	0
Intangible assets	0	0	2	0	0	0	0	0
Intangible assets being developed	0	1	0	0	0	0	–	0
Property held to earn rent	0	0	0	22	0	0	–	15
Investments	15	2	2	1	67	0	0	0
Stakes in joint ventures and associates	147	55	62	0	0	0	0	0
Other financial assets	6	4	5	20	67	52	49	36
Deferred tax	20	27	–	–	11	0	11	2
Other assets	0	0	17	6	0	35	16	8
	252	236	241	246	170	216	220	235
Inventories	23	13	26	8	19	10	10	12
Trade receivables	149	155	129	11	6	8	8	46
Cash and cash equivalents	9	5	7	62	22	8	20	21
Other bank balances	1	11	1	3	5	9	46	14
Current investments	0	0	0	0	0	34	16	11
Other financial assets	34	2	18	111	71	106	102	69
Tax paid in advance	0	4	–	–	0	0	0	10
Other assets	36	46	60	51	46	41	18	51
Net debt	238	176	150	170	471	354	248	244

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 27 May	Mar 2022Filed 3 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 Jul
	58	118	231	19	169	92
	44	124	243	30	168	97
	−22	−108	−20	−9	19	40
Receivables	26	−17	5	−2	0	−10
Inventories	−14	−1	−11	8	1	−2
Payables	−14	0	−12	27	−9	35
Other working capital	−21	−89	−2	−42	28	17
Tax paid	15	−5	−6	−6	0	−6
Capital spending	11	284	493	43	0	39
Free cash flow	47	−166	−262	−25	169	52
	13	−79	−498	96	−42	24
Plant and property sold	14	0	54	89	−33	0
Interest received	1	1	5	12	0	6
Dividends received	0	0	0	0	0	0
	−69	15	227	−129	−115	−116
Borrowings raised	0	160	325	8	25	0
Borrowings repaid	−54	−127	−74	−99	−107	−70
Interest paid	−16	−14	−18	−35	0	−1
Lease payments	0	0	0	0	0	−5
Dividends paid	0	4	5	3	1	3
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	2	55	−40	−15	12	0

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Transworld Shipping Lines dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 22 Jul	Mar 2021Filed 27 May	Mar 2022Filed 3 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 Jul
Earnings per share	₹4.68	₹41.92	₹13.56	−₹30.12	₹20.16	₹96.12	₹89.67	−₹23.23	₹15.44	−₹34.18
Diluted earnings per share	₹4.68	₹41.92	₹13.56	−₹30.12	₹20.16	₹96.12	₹89.67	−₹23.23	₹15.44	−₹34.18
Dividend per share	₹1.00	₹1.50	₹1.20	–	₹2.00	₹2.50	₹1.50	–	₹1.50	–
Book value per share	–	–	₹202.11	₹168.68	₹192.21	₹286.60	₹372.89	₹349.10	₹364.45	₹306.82
Dividend payout	21.4%	3.6%	8.9%	–	9.9%	2.6%	1.7%	–	9.7%	–
Shareholder yield	–	–	–	–	0.0%	0.5%	1.0%	0.6%	0.1%	1.3%
Market cap at the year end (₹ crore)	695	1,110	442	85	156	820	526	569	552	253

Ratios

Consolidated, years to March.Transworld Shipping Lines PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 22 Jul	Mar 2021Filed 27 May	Mar 2022Filed 3 Jun	Mar 2023Filed 6 Jun	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 Jul
Revenue growth	21.1%	−25.0%	15.6%	−2.0%	−8.6%	−4.3%	−9.7%	−41.6%	58.0%	22.9%
Operating profit growth	–	–	−36.9%	−38.9%	49.2%	260.8%	6.4%	−90.3%	554.3%	−72.2%
Net profit growth	−79.1%	795.7%	−67.7%	–	–	376.8%	−6.7%	–	–	–
Earnings per share growth	−78.6%	795.7%	−67.7%	–	–	376.8%	−6.7%	–	–	–
	–	–	6.7%	−16.2%	11.2%	40.2%	27.2%	−6.4%	4.3%	−10.2%
	–	–	–	−23.0 pts	27.4 pts	29.0 pts	−13.0 pts	−33.6 pts	10.8 pts	−14.5 pts
From the net margin	–	–	–	−21.9 pts	28.1 pts	44.5 pts	1.3 pts	−39.3 pts	9.1 pts	−12.1 pts
From asset turnover	–	–	–	−0.9 pts	0.1 pts	−8.7 pts	−14.9 pts	5.9 pts	1.8 pts	−2.2 pts
From borrowing	–	–	–	−0.1 pts	−0.9 pts	−6.9 pts	0.6 pts	−0.3 pts	−0.2 pts	−0.2 pts
Return on capital employed	–	–	7.2%	4.5%	8.4%	24.5%	15.1%	−4.8%	6.4%	−5.9%
Cash conversion	–	–	–	–	131.2%	56.1%	117.5%	–	497.7%	–
Interest cover	–	7.2	2.6	1.3	2.9	17.6	10.8	–	2.3	–
Debt to equity	–	–	0.56	0.52	0.38	0.37	0.61	0.53	0.41	0.43
Receivable days	–	–	87	92	84	8	5	10	7	31
Working capital days	–	–	64	41	81	90	79	125	63	27
Asset turnover	–	–	0.73	0.78	0.79	0.66	0.43	0.22	0.37	0.47
Assets per rupee of net worth	–	–	1.92	1.94	1.80	1.54	1.57	1.64	1.56	1.59
Sales per rupee of plant	–	–	1.53	1.53	1.50	0.87	0.46	0.30	0.49	0.69
Capital spending to depreciation	–	–	–	–	0.73	14.82	10.39	0.55	0.00	0.39
Plant being built, % of plant in use	–	–	0.7%	0.0%	0.0%	0.1%	0.0%	0.0%	–	0.0%

Interest cover is left blank for the years to Mar 2024 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −6.4%
Cash from operations against operating profit: 211.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−0.8%	−0.4%	4.3%
Return on equity, average	–	11.0%	−4.1%
Return on capital employed, average	–	7.1%	−1.4%
Operating margin, average	21.7%	29.1%	17.1%
Net margin, average	7.6%	11.2%	−8.1%
Asset turnover, average	–	0.43	0.35
Debt to equity, average	–	0.47	0.46

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	629	279	92
Cash from investing	−499	78	24
Cash from financing	−118	−360	−116
Capital spending	861	83	39
Dividends paid	17	7	3
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	518	33	0
Borrowings repaid	477	276	70

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	5	4	5	8	5
Altman Z-scorePublished threshold 1.1	–	–	3.51	2.16	4.55	7.14	4.71	3.84	5.06	3.22
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.70	−2.97	−3.10	−2.14	−2.74	0.34
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.81	21.22	40.83	−12.72	−7.63	−16.29
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.90	1.03	2.33	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	5.99	−8.30	−87.02	−34.56	68.48	−52.33	428.45
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.92	4.45	15.72	−9.18	10.59	−6.05	1.92
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	–	0.00	0.00	–	–	–
Effective tax ratePublished threshold 17.16 per cent	34.66	5.25	1.04	–	8.06	3.35	1.24	–	4.67	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.09	−1.96	–	3.88	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
23 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil A-/Watch DevelopingRating continues on Watch Developing	38.12
23 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil A-/Watch DevelopingRating continues on Watch Developing	48.44
23 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil A-/Watch DevelopingRating continues on Watch Developing	389.44

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.