Key Highlights

  • Bhagwan Marine (ASX:BWN) shares traded at $0.29 on 11 September 2026, unchanged for the day, and down 42% over the past year.
  • Bhagwan Marine is a marine solutions provider servicing offshore energy, decommissioning and marine construction markets.
  • FY26 net Revenue declined 16.6% to $235.9 million, with a statutory net loss after tax of $0.2 million, compared with a $12.5 million profit in FY25.
  • The company completed the Acquisition of Riverside Marine on 31 March 2026, which it described as transformational.

Bhagwan Marine Limited (ASX:BWN) shares traded at $0.29 on 11 September 2026, unchanged for the day. Over the past 12 months, the stock is down 42%. Bhagwan Marine is a marine solutions provider offering vessel and logistics services to the offshore energy, decommissioning and marine construction sectors.

Latest Developments: FY26 Results

Revenue Declines Amid Project Deferrals

Bhagwan Marine reported FY26 net revenue of $235.9 million, down 16.6% from $283.0 million in FY25, which the company attributed to the deferral of short-term projects linked to Middle East uncertainty, though it noted activity recovered in May and June. The Group recorded a statutory net loss after tax of $0.2 million, compared with a $12.5 million profit in FY25, including $3.6 million of acquisition-related transaction and integration costs. Pro forma EBITDA Margin improved to 20% from 18%, even as pro forma EBITDA declined to $46.1 million.

Riverside Marine Acquisition and Fleet Expansion

A central feature of FY26 was the completed acquisition of Riverside Marine on 31 March 2026, which the company described as transformational for expanding recurring revenue, fleet scale and capability. Bhagwan also secured a five-year contract with Jadestone Energy for the Coral Knight vessel and acquired the Bhagwan Ocean vessel. The Board declared a fully franked final Dividend of 0.3 cents per share, bringing total fully franked dividends for FY26 to 0.8 cents per share, up from 0.5 cents in FY25.

Catalysts on Investors' Watch

  • Integration of the Riverside Marine acquisition, expanding Recurring Revenue and fleet scale.
  • The five-year Jadestone Energy contract for the Coral Knight vessel, validating Investment in larger-vessel capability.
  • Pursuit of organic growth opportunities in decommissioning, offshore wind and defence markets in FY27.
  • Pro forma net cash from operations increasing 9.6% to $40.0 million during FY26.

Risks to Watch

  • Net revenue declined 16.6% in FY26, reflecting deferral of short-term projects linked to Middle East uncertainty.
  • The Group recorded a statutory net loss after tax of $0.2 million, a swing from a $12.5 million profit in FY25.
  • Pro forma EBITDA declined to $46.1 million from $50.9 million despite the margin improvement.
  • Net tangible Assets per share, excluding leased assets, declined slightly during the year.

Conclusion

Bhagwan Marine's share price on 11 September 2026 was unchanged on the day but remains well below its level of a year ago, a period that included short-term revenue deferrals alongside the transformational Riverside Marine acquisition. The daily price movement and the FY26 results are separate developments, with the company's FY27 outlook centred on integration and organic growth opportunities.