October 2026
Largest Marine Transportation Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Mazagon Dock Shipbuilders, JSW Infrastructure, Garden Reach Shipbuilders, Great Eastern Shipping Co and Swan Defence and Heavy.
 | Mazagon Dock Shipbuilders Ltd is a defense public sector undertaking shipyard under the Ministry of Defence. The company is engaged in building and repairing ships, submarines, various types of vessels, and related engineering products for its customers. The company's activities are the construction of warships, ferries, tugs, dredgers, barges, submarines, merchant ships, etc., with facilities situated in Mumbai and Nhava. It also offers ship designing, ship repairs and refit, tug support, and other related services. The company is organized into two segments: Shipbuilding and Submarine (New Construction and Repairs) and others. | $20 | -36% | $7.9B | $6.6B | 4.8x | 26.3x | ||
| JSW Infrastructure Ltd is predominantly engaged in one business segment, namely developing, operating, and maintaining the Ports services, Ports-related Infrastructure development activities, and development of infrastructure. It derives a majority of its revenue in India. | $3 | +2% | $7.7B | $8.3B | 14.8x | 30.7x | ||
| Garden Reach Shipbuilders and Engineers builds warships, patrol vessels, auxiliary ships and engines, and is a state-owned defence shipyard. Main customer is the Indian Navy and Coast Guard. Headquartered in Kolkata. | $20 | -32% | $2.3B | $1.9B | 2.6x | 22.1x | ||
| Great Eastern Shipping owns and operates crude oil and product tankers, dry bulk carriers and gas carriers, and has an offshore drilling and energy services arm. Customers are oil majors and commodity traders. Headquartered in Mumbai. | $16 | -- | $2.2B | $1.5B | 2.6x | 3.6x | ||
| Swan Defence and Heavy Industries, formerly Reliance Naval and Engineering, runs a large shipyard at Pipavav in Gujarat. It builds and repairs naval vessels, offshore vessels and heavy engineering structures. After its restructuring it operates under new ownership and focuses on defence and commercial shipbuilding. | $29 | -- | $1.5B | $1.6B | 53.8x | (93.5x) | ||
| Shreeji Shipping Global provides marine logistics, including chartering of barges, tugs and dredgers, cargo handling and port support in Gujarat. Customers are port operators and bulk commodity traders. It is a small coastal logistics operator. Headquartered in Mumbai. | $8 | +173% | $1.3B | $1.4B | 18.4x | 57.8x | ||
| The Shipping Corporation of India is a state-owned shipping company operating tankers, bulk carriers, container ships and passenger vessels. It earns freight and charter income from oil companies, traders and the government. It is the largest Indian-flag shipping line. Headquartered in Mumbai. | $3 | -14% | $1.2B | $1.2B | 1.9x | 4.8x | ||
| Knowledge Marine & Engineering Works provides marine services, including dredging, offshore support vessels and port projects. Customers are ports and infrastructure agencies. Based in Mumbai. | $33 | +144% | $843M | $858M | 32.4x | 82.7x | ||
| Operates a multi-cargo port at Pipavav on the Gujarat coast, handling containers, bulk, liquid cargo and roll-on cargo, with rail links to inland markets. Controlled by a global terminal operator. Based in Mumbai. | $2 | -12% | $801M | $715M | 6.6x | 8.9x | ||
| Integrated logistics company offering freight, supply chain, and seaways and energy services. It also operates a coastal shipping line and wind power. Based in Gurugram. | $9 | -33% | $693M | $699M | 1.3x | 10.5x | ||
| Seamec owns and operates specialised offshore support vessels, including multi-support and diving support vessels, for the oil and gas industry. Customers are mainly offshore energy operators in India and abroad, served under time charters. It is part of the Great Eastern group of companies and is headquartered in Mumbai. | $16 | +60% | $410M | $438M | 4.4x | 9.9x | ||
| Dredging Corp of India is a state owned company providing dredging services to ports and waterways in India and abroad. It operates a dredger fleet. Headquartered in Visakhapatnam. | $8 | -- | $237M | $326M | 2.7x | 15.7x | ||
| Provides underwater services such as air, mixed gas and saturation diving to the offshore oil and gas industry in India. Also owns and leases offshore vessels, including a DP2 accommodation barge, through overseas subsidiaries. Customers are oil and gas operators. | $6 | +41% | $233M | $250M | 20.4x | 26.4x | ||
| Median | $9 | -5% | $1.2B | $1.2B | 4.8x | 15.7x |
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