Bhagwan Marine Ltd
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Bhagwan Marine Ltd
Bhagwan Marine Pty Ltd. supplies vessels to the oil, gas and resources industries. The company is headquartered in Perth, Western Australia and currently employs 830 full-time employees. The company went IPO on 2024-07-30. The firm provides a diverse range of marine solutions within ports, nearshore, offshore and subsea locations to industries including oil and gas, subsea, port, civil construction, renewables and defense. Its offshore services include dive support, ROV support, crew change operations, metocean equipment deployment, geophysical surveys, geotechnical surveys, offshore accommodation services, decommissioning support, pilot transfers, FPSO offtake assist, oil field support services, coastal towage, coastal freight and others. Its port services include wharf & jetty construction support, crew change/transfers, harbor towage, line boats, inshore survey and ship supply runs. The company has a fleet of approximately 95+ vessels comprising various vessel types, including dive support vessels, tugboats, multi-cats, utility vessels, barges and crew transfer boats, as well as other specialist vessels.
Bhagwan Marine Pty Ltd. supplies vessels to the oil, gas and resources industries. The company is headquartered in Perth, Western Australia and currently employs 830 full-time employees. The company went IPO on 2024-07-30. The firm provides a diverse range of marine solutions within ports, nearshore, offshore and subsea locations to industries including oil and gas, subsea, port, civil construction, renewables and defense. Its offshore services include dive support, ROV support, crew change operations, metocean equipment deployment, geophysical surveys, geotechnical surveys, offshore accommodation services, decommissioning support, pilot transfers, FPSO offtake assist, oil field support services, coastal towage, coastal freight and others. Its port services include wharf & jetty construction support, crew change/transfers, harbor towage, line boats, inshore survey and ship supply runs. The company has a fleet of approximately 95+ vessels comprising various vessel types, including dive support vessels, tugboats, multi-cats, utility vessels, barges and crew transfer boats, as well as other specialist vessels.
Revenue: Group revenue was $116.9 million for H1 FY26, down 8.5% on H1 2025 largely due to timing of major contract awards.
Margins: Core EBITDA margins improved to 19% (from 18%), with pro forma EBITDA of $22.4 million, down 4.3% on the prior comparable period when adjusting for the TVI timing.
Cash generation: Operating cash flow was strong at $25.4 million (up 21%) and free cash flow rose to $8.6 million (from $1.0 million).
Balance sheet: Net debt is minimal — net financial debt around $1.0 million and net debt to equity approximately 1% (both excluding operating leases); net tangible assets per share $0.61.
Acquisition: Agreement signed to acquire Riverside Marine — expected to be highly accretive in FY26 with Riverside forecasting revenue of $63.3 million and EBITDA of $26.2 million (41.3% margin).
Integration & growth: Management expects Riverside to lift repeatable revenue from ~40% to ~50% and expand group EBITDA margin from 18% to 24% post-acquisition, with EPS accretion of ~14%.
Outlook: Management expects a rebound in the core business in H2 driven by higher activity and improved margins; medium-term EBITDA margin target of 20%.
