CRISIL Ratings has upgraded the bank facility ratings of ABS Marine Services Limited (NSE: ABSMARINE), a leading maritime company offering vessel ownership, ship management, marine and port services. The long-term rating was raised to CRISIL A-/Stable from CRISIL BBB+/Stable, and the short-term rating was upgraded to CRISIL A2+ from CRISIL A2.
Rating Upgrade Details
The upgrade reflects the company's strong and sustained improvement in operating and financial performance, supported by robust revenue growth, improving profitability, healthy cash flows from long-term charter contracts, and a strong financial risk profile. CRISIL also enhanced the total bank loan facilities rated to ₹505.50 crore from ₹370.50 crore.
According to CRISIL, the upgrade is driven by the company's established market position in the shipping services industry, long-term contracts with reputed clients including ONGC and Schlumberger, strong operating margins, comfortable debt protection metrics, and healthy liquidity. The rating agency also highlighted the company's growing charter business, expanding fleet, and strong revenue visibility backed by long-term contracts.
Management Comment
Commenting on the development, Captain P.B. Narayanan, Managing Director of ABS Marine Limited, said, "We are delighted with the upgrade in our credit ratings by CRISIL, which reflects the sustained progress we have made in strengthening our operational performance and financial profile. This recognition underscores the resilience of our business model, the quality of our long-term customer relationships, and our disciplined approach towards growth.
As we continue to expand our fleet and strengthen our offshore services portfolio, this rating upgrade further reinforces the confidence of our banking partners, customers, and investors. We remain committed to delivering sustainable growth while maintaining prudent financial management and operational excellence."
About ABS Marine Services Limited
ABS Marine Services Limited, established in 1992 and headquartered in Chennai, is one of the leading maritime companies specializing in ship management, vessel ownership, marine, and port services. With offices in Mumbai, Kochi, Singapore, and Kakinada, ABS provides comprehensive maritime solutions worldwide, emphasizing professionalism, local expertise, and regulatory compliance for efficient operations. With over three decades of experience in third-party technical and crew management, the company focuses strongly on safety and energy conservation both onboard and ashore, driving excellence in the maritime industry.
For FY26, the company reported consolidated total income of ₹322.64 crore, EBITDA of ₹152.55 crore, and net profit of ₹80.80 crore on a consolidated basis.
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