Shipping Corporation Of India Limited (SCI)

Services · Transport Services · NSE · Updated 15 July 2026

₹285.2 ↑ 30.09% (1Y)

🎯 Key Takeaways

Shipping Corporation of India Limited (SCI) is in a strategic expansion phase, transitioning from stable profitability to growth-oriented reinvestment. Management is actively modernizing its fleet and expanding coastal and EXIM services to capture rising trade demand, particularly amid geopolitical shifts.
Revenue declined 9.3% QoQ to ₹1,316 in Q3FY25.
⚠️ 1) Governance risks persist due to SEBI non-compliance fines and delays in appointing Independent Directors, including a woman director, pending gover

Market Cap

₹15,437

P/E Ratio

16.0

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Shipping Corporation of India Limited (SCI) is in a strategic expansion phase, transitioning from stable profitability to growth-oriented reinvestment. Management is actively modernizing its fleet and expanding coastal and EXIM services to capture rising trade demand, particularly amid geopolitical shifts. The company has demonstrated consistent PAT growth and margin resilience, supported by freight rate increases and new vessel acquisitions. This phase reflects a deliberate shift toward long-term value creation rather than pure cash generation.

📰 What's Happening

In FY25-26, SCI reported consolidated revenue of ₹5,046 crores and PAT of ₹1,353 crores, driven by 10% YoY freight rate increases in liner services and strategic fleet expansion. Management announced plans to induct 4 MR tankers, 6 container ships, and 4 aframax tankers, alongside expanding coastal operations to Goa, Mangalore, and Kolkata. A second 'Saksham Niveshak' campaign was launched to address unclaimed dividends, with a deadline of July 9, 2026. The Board acknowledged SEBI listing non-compliance fines totaling ₹5.43 crores and is pursuing waivers while working on Independent Director appointments, including a woman director.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,418	1,200	1,093	1,341	1,413	1,514	1,451	1,316
Operating Profit	499	390	304	439	505	554	573	392
OPM %	32.8%	30.2%	21.6%	31.1%	28.8%	33.7%	36.7%	27.2%
Net Profit	380	172	66	134	307	291	291	76
EPS	₹8.16	₹3.68	₹1.41	₹2.88	₹6.60	₹6.26	₹6.26	₹1.62

Quarterly financials show revenue stabilization around ₹1,300–1,500 crores per quarter, with OPM holding firm near 27–37% despite minor fluctuations. However, profitability has declined sequentially: PAT dropped from ₹76 crores in Q3FY25 to ₹291 crores in Q2FY25 and Q1FY25, though this appears inconsistent with the FY25-26 PAT of ₹1,353 crores — suggesting a possible data anomaly or reclassification. Earlier quarters (Q4FY23–Q2FY24) show rising EPS trends peaking at ₹8.16, followed by a sharp decline. The recent PAT spike may reflect one-time gains or consolidation benefits from fleet expansion, but the sequential dip in Q3FY25 warrants scrutiny.

🔮 Management Outlook & What's Next

Management maintains a positive outlook, citing geopolitical shifts as catalysts for EXIM and coastal trade growth. They are actively expanding the fleet with methanol dual-fuel and VLGC vessels to enhance energy transport capabilities. No formal financial guidance was provided in the filings, but strategic investments in new vessels and network expansion signal confidence in sustained demand. Management emphasized compliance remediation and governance improvements as part of ongoing operational discipline.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Transport Services

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
InterGlobe Aviation Limited	1.67 L Cr	27.4	—	—	—
Container Corporation of India Limited	39,513	30.1	—	—	—
Delhivery Limited	35,620	1640.5	—	—	—
The Great Eastern Shipping Company Limited	21,899	7.6	—	—	—
Shipping Corporation Of India Limited	15,437	16.0	—	—	—
Blue Dart Express Limited	12,032	43.8	—	—	—
Shadowfax Technologies Limited	11,005	—	—	—	—
BLACKBUCK LIMITED	9,653	25.4	—	—	—
Shreeji Shipping Global Limited	7,028	—	—	—	—
Transport Corporation of India Limited	6,836	17.3	—	—	—

🔗 Peer Stock Analyses

INDIGO CONCOR DELHIVERY GESHIP BLUEDART

⚠️ Risk Factors

1) Governance risks persist due to SEBI non-compliance fines and delays in appointing Independent Directors, including a woman director, pending government approval. 2) Leadership transition with the retirement of Director Vikram Dingley may introduce short-term operational uncertainty in technical and offshore services. 3) The apparent inconsistency in PAT trends across quarters raises questions about earnings sustainability and potential one-time impacts from fleet expansion or accounting changes.

📋 Recent Filings

🧠 Analyst's Read

SCI is executing a clear strategic shift toward fleet modernization and coastal expansion to capitalize on evolving trade dynamics. While financial performance shows stability in revenue and margins, the recent PAT volatility and governance-related penalties require monitoring. Investors should watch for clarity on earnings quality, timeline for Independent Director appointments, and progress on vessel deliveries to assess execution risk and long-term profitability trends.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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