1. Fleet expansion - 2-3 mid-size vessels by 2028 - The board has approved acquiring up to two additional vessels, with one 80-ton AHTSV already bought, and management targets 2-3 mid-size vessels (80T AHTSV / 3000 DWT PSV) through JVs and debt over 2026-2028. Each new vessel that secures a term contract can add annual revenue of ₹25-36 crore based on recent fixtures for similar tonnage, materially scaling a company whose FY26 gross income was ₹40 crore.
2. M.V. Mahanadi - 80-ton AHTSV on term contract - The acquired M.V. Mahanadi commenced a term contract in September 2025 at an annual value of \~₹36 crore, and a 3-5 year follow-on contract was under negotiation as of Q4 FY26. This single vessel alone can nearly double the company’s operating income once a multi-year charter is locked in.
3. M.V. Kamet - DP2 upgrade and 5-year contract negotiation - M.V. Kamet was upgraded from DP1 to DP2 and a 5-year contract effective August 2026 was under negotiation, following a short-term fixture for a PSV in December 2025 at an annualised \~₹25 crore. A five-year award would provide multi-year revenue visibility and higher utilisation for an asset that has already been capex-upgraded.
4. 4+1 year charter award - ₹31 crore annual contract - On 17 June 2026, the company received a Letter of Award for a four-year plus one-year charter at an annual contract value of \~₹31 crore. This contract locks in a large, multi-year revenue stream and, combined with existing fixtures, would push fleet utilisation toward the fully-contracted threshold management has set before ordering further expansion.
5. M.V. Mahananda - 3-year contract with Cairn - M.V. Mahananda is contracted until December 2027 with a one-year extension option at \~₹15 crore per annum. The contract provides a stable base-load of earnings from the smallest vessel in the fleet, supporting the cash flows needed to fund the next acquisition.
6. Letter of Award - 3-year contract for proposed vessel - In January 2025, the company received a Letter of Award for a proposed vessel at \~₹34 crore per annum for three years. A contract already in hand for a vessel not yet acquired de-risks the next purchase and strengthens the case for committing capital to fleet expansion.
7. Financial restructuring complete - net debt below USD 2 million - Post-restructuring net debt stood under USD 2 million, with FY26 EBITDA rising to ₹11.68 crore from ₹7.19 crore in FY25. A clean balance sheet and returning operating profitability allow the company to raise acquisition debt on viable terms without straining interest coverage.