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Bhagwan Marine (BWN) investor relations material
Bhagwan Marine Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Transaction highlights and overview
Acquisition of Riverside Marine Holdings for $120m upfront, with up to $10m earnout based on FY26 EBITDA performance.
Funded by $70m debt, $20m vendor shares, and $30m investor share placement.
Completion expected around 31 March 2026, on a cash-free, debt-free basis.
Transaction is highly EPS and return accretive, with pro forma EPS up 14% and return on equity up over 20%.
EBITDA margin increases from 18% to 24% post-acquisition.
Riverside business overview
Riverside operates ~30 vessels (9 owned) across 5 brands, serving tier-1 customers in industrial resources, research, and logistics.
Forecasts for FY26: $63.3m revenue, $26.2m EBITDA (41.3% margin), and $17.2m EBIT.
88% of revenue is repeatable, supported by multi-year contracts.
Capital-light model with sustaining capex at 30–35% of EBITDA.
Experienced management and high-quality crew underpin operational excellence.
Strategic rationale and growth outlook
Acquisition diversifies service, geography, and commodity exposure, increasing recurring revenue from ~40% to ~50%.
Riverside’s capital-light model generates strong free cash flow and high margins.
Opportunities for revenue synergies, cross-selling, and increased vessel utilisation.
Growth drivers include increased demand for marine research, construction, and tourism, especially with the upcoming Brisbane Olympics.
Combined group targets sustainable earnings growth and higher returns on assets.
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