Shipping & Maritime Industry in India

India’s shipping and maritime industry connects domestic coasts with global sea routes through vessel operators serving trade and movement by water.

Top shipping & maritime companies in India (listed and private)

Frequently asked questions

How large is the shipping & maritime industry in India?

269 shipping & maritime companies with statutory filings (4 listed, 265 private) reported combined revenue of ₹34,815 crore in FY2025, +13.6% on the same companies, and aggregate EBITDA of ₹15,443 crore. As filed each year, combined revenue was ₹10,521 crore in FY2018, reached ₹34,815 crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 4 listed companies with an exchange price are worth ₹38,972 crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of shipping & maritime companies was 44.4% in FY2025, 0.5 pts below FY2024, against a peak of 44.8% in FY2024. Profit after tax margin was 28.6% (+0.5 pts on FY2024). Aggregate EBITDA of listed and private shipping & maritime companies moved +98% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹15,443 crore (+16.0% on FY2024).

Which companies are leading the shipping & maritime industry?

By FY2025 revenue the largest shipping & maritime companies are Shipping Corporation of India (₹5,606 crore, 34.9% EBITDA margin); Great Eastern Ship (₹5,323 crore, 66.0% EBITDA margin); Adani Harbour Services (₹3,460 crore, 111.3% EBITDA margin, private); Adani International Container Terminal (₹1,902 crore, 53.8% EBITDA margin, private); Seven Islands Shipping (₹1,454 crore, 86.4% EBITDA margin, private). Among the ten largest, Adani Harbour Services (111.3%) and BW Global United LPG India (99.1%) earn the widest EBITDA margins and Bothra Shipping Services (28.1%) the thinnest. 21 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Net tone of shipping policy stories fell from +52 to -14 (-66 pts) over 268 stories, the largest drop of any theme. In buyer searches: Stories pairing shipping & maritime with international shipping services rose +72% as a share of India news in the last four quarters to Q1 FY27 vs the four before (115 stories).

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Coverage of shipping policy turned more negative (Shipping & Maritime in the news). Shipping & Maritime EBITDA grew 98% since FY2022 (Industry financials). 5 private shipping & maritime shipping operators pass an IPO-readiness screen (Top shipping & maritime companies in India). International shipping services gained the most ground in shipping & maritime news (Search & demand signals). Median EV/EBITDA is 6.9× and median P/E 15.7× across 4 priced shipping & maritime companies. (Market capitalisation & valuation).

How are shipping & maritime stocks valued?

The median trailing P/E is 15.7× and the median EV/EBITDA 6.9× across 4 priced companies.

What does the shipping and maritime industry include?

It includes businesses that operate vessels for movement by sea, along coastal routes, and on inland waterways.

Why does the shipping and maritime industry matter in India?

It supports trade links, connects coastal regions, and enables movement between India and overseas markets.

Research information, not investment advice.