CareEdge Reaffirms DREDGECORP Ratings at BBB+; Order Book Grows to ₹1,422 Crore
CareEdge Ratings has reaffirmed DREDGECORP's long-term rating at 'CARE BBB+; Stable', backed by strong promoter support from major Indian ports and a growing order book of ₹1,422 crore. While revenue grew 21% in FY25 to ₹1,142 crore, the company reported net losses due to ₹118 crore in liquidated damages and ₹34 crore in unhedged forex losses. To address an ageing fleet, the company is investing €89.39 million in a new dredger expected to be commissioned by October 2026. Promoter ports have demonstrated commitment by providing ₹315 crore in unsecured loans to support liquidity and capex.
முக்கிய அம்சங்கள்
Order book stood at ₹1,422 crore as of September 2025, providing revenue visibility for 1.25 years.
Revenue grew 21% YoY to ₹1,142 crore in FY25 and 28% YoY in H1FY26 reaching ₹454 crore.
PBILDT margins moderated to 12.23% in FY25 from 21.27% in FY24 due to ₹118 crore liquidated damages.
Promoters provided ₹315 crore in unsecured loans as of March 2025 to clear payables and fund acquisitions.
New dredger 'DCI Dredge Godavari' costing €89.39 million is scheduled for commissioning in October 2026.
👀 கவனிக்க வேண்டியவை
Investors should monitor the company's ability to recover liquidated damages and manage forex risks on its Euro-denominated debt. While the strong parentage provides stability, significant improvement in profitability depends on the successful commissioning of the new dredger in late 2026.
