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Bhagwan Marine Ltd.
(Sydney:BWN)
Bhagwan Marine Ltd. (BWN) vs. iShares MSCI Australia ETF (EWA)
Bhagwan Marine Ltd. Business Overview & Revenue Model
Bhagwan Marine Ltd. Financial Statement Overview
| Breakdown | TTM | Jun 2024 | Jun 2024 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 245.75M | 283.04M | 269.84M |
| Gross Profit | 24.85M | 264.76M | 247.03M |
| EBITDA | 45.77M | 50.58M | 32.50M |
| Net Income | 6.60M | 12.49M | 5.55M |
Balance Sheet | |||
| Total Assets | 281.84M | 281.79M | 254.15M |
| Cash, Cash Equivalents and Short-Term Investments | 17.29M | 16.19M | 1.35M |
| Total Debt | 95.54M | 66.10M | 93.75M |
| Total Liabilities | 112.03M | 113.98M | 176.08M |
| Stockholders Equity | 169.82M | 167.81M | 78.08M |
Cash Flow | |||
| Free Cash Flow | 6.96M | -2.54M | 15.39M |
| Operating Cash Flow | 40.19M | 35.82M | 29.04M |
| Investing Cash Flow | -33.33M | -37.46M | -12.06M |
| Financing Cash Flow | 10.32M | 16.48M | -15.66M |
Bhagwan Marine Ltd. Technical Analysis
Bhagwan Marine Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | AU$59.40M | 4.98 | 20.77% | 4.55% | 66.80% | 625.00% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | AU$135.54M | 11.17 | 10.16% | 1.06% | 5.28% | 124.75% | |
52 Neutral | AU$83.23M | -20.20 | -16.49% | ― | ― | -40.28% |
Bhagwan Marine Ltd. Corporate Events
Bhagwan Marine Ltd. has declared its inaugural fully franked interim dividend of AUD 0.005 per ordinary share for the six months ended 31 December 2025. The dividend will be paid on 9 April 2026 to shareholders on the register as of 12 March 2026, marking a notable step in the company’s capital management and providing a new income stream for investors.
The stock will trade ex-dividend on 11 March 2026, defining which investors qualify for this first interim payout. This move may enhance Bhagwan Marine’s appeal to income-focused shareholders and signals management’s confidence in the company’s earnings capacity over the reported period.
The most recent analyst rating on (AU:BWN) stock is a Hold with a A$0.46 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine released a presentation summarising its first-half 2026 results and operational performance for investors. The company highlighted that the figures include non-IFRS financial measures, which are unaudited and may not be comparable with peers, and directed investors to its prospectus, annual report and other ASX disclosures for full context.
The release emphasised extensive disclaimers around the use of forward-looking statements, stressing that actual outcomes may differ materially due to industry and business risks beyond management’s control. Bhagwan underscored that it provides no assurance on projections and is not obliged to update forward-looking information, signalling a cautious stance on earnings visibility and future performance for stakeholders.
The most recent analyst rating on (AU:BWN) stock is a Hold with a A$0.46 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine reported 1H26 net core revenue of $116.9 million, down 8.5% due to contract timing, but expanded EBITDA margins to 19%, generated $25.4 million in operating cash flow and $8.6 million in free cash flow, and declared a fully franked interim dividend of 0.5 cents per share. The half-year performance was supported by strong safety metrics, governance enhancements, a five-year Coral Knight offshore contract worth about $75 million, new subsea and desalination projects, innovation trials in remote and electric-powered vessels, and the transformational, EPS-accretive acquisition of Riverside Marine to drive scale and diversification.
The most recent analyst rating on (AU:BWN) stock is a Hold with a A$0.46 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine Limited has called a general meeting of shareholders for 24 March 2026 in Perth to seek approval for a series of resolutions linked to its recently announced acquisition of Riverside Marine. The company has begun distributing the notice of meeting and proxy forms according to shareholder communication preferences, and has also made the meeting materials available via its investor website, underscoring the procedural step toward completing the Riverside Marine transaction.
The meeting notice and documentation dispatch marks a key governance milestone in progressing the Riverside Marine acquisition, which is expected to influence Bhagwan Marine’s scale and positioning in Australia’s marine services market. By moving to secure shareholder approval, the board is advancing the regulatory and corporate approvals needed to integrate Riverside Marine and potentially expand its operational footprint across its core offshore energy, ports, subsea, and defence service segments.
The most recent analyst rating on (AU:BWN) stock is a Hold with a A$0.46 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine Ltd., an ASX-listed marine services provider trading under the code BWN, primarily offers marine logistics and offshore support services through its fleet and related assets. The company’s capital structure is centered on ordinary fully paid shares, which are quoted on the Australian Securities Exchange.
The company has announced a proposed placement of up to 40,000,000 ordinary fully paid shares, with an expected issue date of 17 February 2026. The additional equity issuance is intended to be quoted on the ASX and, once completed, will expand Bhagwan Marine’s share base, potentially providing new capital for operations or growth while diluting existing shareholders’ holdings.
The most recent analyst rating on (AU:BWN) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine Ltd. has prepared an investor presentation dated 9 February 2026 outlining a proposed placement of fully paid ordinary shares to institutional, professional and sophisticated investors to raise approximately $30 million. The funds are being sought via a share offer under section 708A of the Corporations Act, with the material framed as general information rather than financial advice and accompanied by extensive disclaimers around past performance, forward-looking statements and the need for investors to make independent assessments of the company’s prospects.
The release underscores that all financial details are in Australian dollars and stresses that neither historical results nor projections for Bhagwan Marine or Riverside Marine Holdings should be taken as indicators of future performance. It also highlights the heightened uncertainty in the current economic climate and clearly allocates risk to investors by warning that assumptions and forward-looking statements may change, signalling a cautious approach to disclosure as the company seeks fresh equity capital to support its operations and strategic plans.
The most recent analyst rating on (AU:BWN) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine Limited has agreed to acquire 100% of Riverside Marine Holdings for an enterprise value of up to $130 million on a debt-free, cash-free basis, in a deal that materially enlarges its fleet, service range, and geographic footprint. Riverside, a Brisbane-based group founded in 1926 and operating around 30 vessels across several brands, brings forecast FY26 revenue of $63 million and EBITDA of about $26 million, with strong exposure to industrial, research, transport, and logistics clients.
The acquisition deepens Bhagwan’s diversification into third-party vessel operations, harbour tugs, sand dredging, and commercial ferries, and broadens its presence into North Queensland, Mackay, and the Pilbara, while adding exposure to iron ore, metallurgical coal, and industrial sand. Funded through a mix of a three-year $70 million debt facility, $20 million in vendor equity, and a $30 million institutional placement, the transaction is expected to be earnings and return accretive, lifting pro forma FY25 revenue to $364.3 million, EBITDA to $77.2 million, and EBITDA margins to 24%, and increasing recurring revenue to about half of the group’s total, with Riverside’s management and the Campbell family remaining as significant shareholders to support continuity and alignment.
The most recent analyst rating on (AU:BWN) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine Limited has requested and been granted a trading halt on its securities on the ASX while it prepares an announcement regarding a potential material acquisition and associated equity raising. Trading in BWN shares will remain halted until either the company releases this announcement or normal trading resumes on Monday, 9 February 2026, signaling that a significant corporate transaction and capital-raising initiative may soon alter its balance sheet, growth trajectory and risk profile for investors.
The most recent analyst rating on (AU:BWN) stock is a Buy with a A$0.80 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine has flagged solid first-half FY26 performance, guiding to EBITDA of $21.8 million to $22.8 million from core operations, broadly in line with recent periods and underpinned by sustained demand across its key sectors and regions. The group generated markedly stronger free cash flow of $8.5 million to $9.0 million, cut net financial debt to $1.0 million, lifted capex to $12.5 million including growth investment, and, after paying a maiden fully franked dividend for FY25, plans an interim dividend for 1H26, signalling confidence in its balance sheet and cash generation as it pursues expansion in core and growth markets and seeks accretive opportunities to enhance shareholder returns.
The most recent analyst rating on (AU:BWN) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.
Bhagwan Marine Limited has announced a change in its registered office and principal place of business to a new location in Perth, Western Australia. This move reflects the company’s ongoing efforts to streamline operations and maintain its position as a leader in the marine solutions industry. The change is expected to have minimal impact on stakeholders as the company’s main contact details remain unchanged.
The most recent analyst rating on (AU:BWN) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.