Mercantile Ports & Logistics Limited
Mercantile Ports & Logistics Limited (MPL), formerly SKIL Ports & Logistics Ltd, is a UK (AIM)-listed, Guernsey-incorporated infrastructure developer focused on creating, owning and operating a single strategic port and logistics asset — Karanja Port in Navi Mumbai, India — through its Indian subsidiary Karanja Terminal & Logistics Private Limited (KTLPL). The port handles bulk cargo (principally coal), cargo handling/stevedoring, storage, wharfage and offshore oil & gas logistics support (notably for ONGC), and leases land/equipment to customers. During the year KTLPL was placed into India's Corporate Insolvency Resolution Process (CIRP), materially disrupting operations and Group control of its sole operating asset.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 30 Jun 2026 · 81 pages · Company website
Mercantile Ports & Logistics runs a single port, Karanja Port near Mumbai in India, which mainly handles coal and supports offshore oil and gas work. In the year to 31 December 2025, revenue fell to £1.4m from £4.4m, and the loss after tax grew to £28.7m from £18.6m.
The main reason was that the Indian company that owns the port was placed into insolvency proceedings in November 2025, handing control to an outside official, and key customer ONGC gave notice to end its contract. The loss also includes £6,984k of balances written off and a £6.34m cut in the value of port assets, accounting charges rather than cash spent.
At the year end the group had £460k of cash and £50.0m of bank borrowings, which are in default. No money was raised from shareholders and no dividend was declared. The board says it will keep pursuing a fair outcome and is looking at opportunities in other countries. The auditor refused to give an opinion because it could not get enough evidence, and the directors note serious doubt about whether the group can keep going.
Cargo handling (coal, bulk, project cargo)
Coal continued to constitute the principal cargo handled through the facility; ~1.2 million MT of cargo handled in 2025 vs 1.33 million MT in 2024
page 15Impairment charge on port assets
Net impairment charge of £6.34m in FY2025 (£6.77m FY2024) within operating loss
page 17The Board and Chairman remain unanimous that Karanja is a highly valuable strategic infrastructure asset and that shareholder interests have not been served by the events of the past year; the Company will continue to pursue every available avenue to achieve a fair outcome
page 311 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
9 figures restated in a later report
Every figure is read again from the following year’s report: 313 confirmed, 13 differ, 9 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
9 more figures were restated in FY2015 to FY2022, which a free account opens.