DREDGING CORPORATIONDredging Corporation of India LimitedNSE:DREDGECORPTechnicalAnalystSucritDredging Corporation of India Ltd. (currently trading near ₹889.35) – Overview Headquartered in Visakhapatnam, Dredging Corporation of India Ltd. (DCI) is a government-owned marine infrastructure company specializing in capital dredging, maintenance dredging, beach nourishment, and land reclamation. It serves major ports, naval bases, and inland waterways across India. With a fleet of trailing suction hopper dredgers, cutter suction dredgers, and survey vessels, DCI plays a critical role in India’s maritime and coastal development. FY22–FY25 Snapshot • Sales – ₹770 Cr → ₹860 Cr → ₹950 Cr → ₹1,050 CrGrowth driven by port modernization, inland waterway projects, and strategic dredging contracts • Net Profit – ₹65 Cr → ₹95 Cr → ₹115 Cr → ₹135 CrEarnings supported by fleet utilization, cost control, and government-backed contracts • Operating Performance – Moderate → Strong → Strong → StrongEBITDA margins improving with better asset deployment and project mix • Dividend Yield (%) – 0.80% → 0.90% → 1.00% → 1.10%Modest payouts; reinvestment into fleet upgrades and equipment modernization • Equity Capital – ₹28.00 Cr (constant)No dilution; government holding ensures strategic continuity • Total Debt – ₹320 Cr → ₹290 Cr → ₹260 Cr → ₹230 CrGradual deleveraging supported by internal accruals and contract cash flows • Fixed Assets – ₹1,200 Cr → ₹1,250 Cr → ₹1,300 Cr → ₹1,350 CrCapex focused on dredger refurbishment, new vessel acquisition, and digital hydrographic systems Institutional Interest & Ownership Trends Promoter holding stands at ~73.47% (Ministry of Shipping and major ports), with no pledging. FIIs and DIIs have selectively accumulated DCI citing its strategic role in maritime infrastructure and inland waterway development. Delivery volumes reflect long-term positioning by infra, logistics, and ESG-focused funds. Business Growth Verdict DCI is scaling across port dredging, inland waterways, and beach nourishmentMargins improving via fleet optimization, cost control, and government project visibilityDebt is declining steadily with strong operating cash flows and contract stabilityCapex supports long-term competitiveness in marine infrastructure and coastal resilience Management Highlights • FY25 fleet utilization at 92%; new contracts secured in Gujarat, Tamil Nadu, and West Bengal• Hydrographic survey division digitized; AI-based sediment mapping pilot launched• FY26 Outlook: 10–12% revenue growth, margin retention, PAT expected to cross ₹150 Cr Final Investment Verdict Dredging Corporation of India Ltd. offers a strategic infrastructure story built on marine engineering, port modernization, and inland waterway development. Its improving profitability, disciplined capital structure, and government-backed visibility make it suitable for accumulation by investors seeking exposure to India’s maritime infrastructure and coastal resilience.