Shipping Corporation of India Reports Strong FY26 Results; Q4 EBITDA Surges to ₹6.1B
Shipping Corporation of India's Board approved audited FY26 results on May 8, 2026, with standalone net profit nearly doubling to ₹1,32,625 lakhs and consolidated net profit rising to ₹1,35,292 lakhs. Q4 consolidated EBITDA expanded sharply to 6.1B rupees from 3.64B rupees YoY, with EBITDA margin widening to 40.44% from 27.52%. The Board recommended a final dividend of Re. 1 per equity share, with the Tanker segment remaining the dominant revenue contributor at ₹3,94,223 lakhs for FY26.
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Shipping Corporation of India Limited's Board of Directors, at their meeting held on May 8, 2026, approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The results, audited by joint statutory auditors M/s. D.R. Mohnot & Co. and M/s. PSD & Associates, carry an unmodified audit opinion. The Board also recommended a final dividend of Re. 1 per equity share of face value Rs. 10 each, representing 10% per share, subject to shareholder approval at the ensuing Annual General Meeting. If approved, the dividend outgo will be approximately Rs. 46.58 Crores.
Standalone Financial Performance
The company delivered a significantly improved standalone performance for FY26. Total income rose to ₹6,21,836 lakhs from ₹5,78,537 lakhs in FY25, driven by growth in both revenue from operations and other income. Net profit for the year nearly doubled to ₹1,32,625 lakhs from ₹81,410 lakhs in the prior year. The following table summarises key standalone financial metrics:
| Metric: | Q4 FY26 (31.03.2026) | Q3 FY26 (31.12.2025) | Q4 FY25 (31.03.2025) | FY26 | FY25 |
|---|---|---|---|---|---|
| Revenue from Operations (₹ lakhs): | 1,51,273 | 1,61,122 | 1,32,466 | 5,77,813 | 5,59,233 |
| Other Income (₹ lakhs): | 14,457 | 5,492 | 7,482 | 44,023 | 19,304 |
| Total Income (₹ lakhs): | 1,65,730 | 1,66,614 | 1,39,948 | 6,21,836 | 5,78,537 |
| Total Expenses (₹ lakhs): | 1,23,239 | 1,25,117 | 1,24,097 | 4,82,247 | 4,96,292 |
| Profit Before Tax (₹ lakhs): | 42,491 | 41,497 | 15,851 | 1,39,589 | 82,245 |
| Net Profit (₹ lakhs): | 41,376 | 39,337 | 17,217 | 1,32,625 | 81,410 |
| Basic EPS (₹): | 8.88 | 8.45 | 3.70 | 28.47 | 17.48 |
| Diluted EPS (₹): | 8.88 | 8.45 | 3.70 | 28.47 | 17.48 |
Other income for the quarter and year ended March 31, 2026 includes interest income on income tax refund of Rs. 8575 lakhs and Rs. 16912 lakhs respectively. Total comprehensive income for FY26 stood at ₹1,35,514 lakhs, compared to ₹80,354 lakhs in FY25.
Consolidated Financial Performance
On a consolidated basis, which includes subsidiaries Inland & Coastal Shipping Limited (ICSL) and SCI Bharat IFSC Limited, along with four India LNG Transport Company joint ventures (ILT 1, ILT 2, ILT 3, and ILT 4), the company also reported strong results. Consolidated net profit for FY26 was ₹1,35,292 lakhs, up from ₹84,358 lakhs in FY25. Total consolidated income for FY26 was ₹6,22,678 lakhs against ₹5,80,036 lakhs in FY25. On a quarterly basis, Q4 consolidated net profit came in at 4B rupees versus 1.85B rupees in the same period last year, while Q4 revenue stood at 15.1B rupees compared to 13.2B rupees year-on-year. Q4 EBITDA expanded sharply to 6.1B rupees from 3.64B rupees year-on-year, with the EBITDA margin widening to 40.44% from 27.52%.
| Metric: | Q4 FY26 (31.03.2026) | Q3 FY26 (31.12.2025) | Q4 FY25 (31.03.2025) | FY26 | FY25 |
|---|---|---|---|---|---|
| Revenue from Operations (₹ lakhs): | 1,51,321 | 1,61,167 | 1,32,519 | 5,77,979 | 5,60,583 |
| Total Income (₹ lakhs): | 1,65,975 | 1,66,845 | 1,40,055 | 6,22,678 | 5,80,036 |
| Total Expenses (₹ lakhs): | 1,23,551 | 1,25,328 | 1,24,205 | 4,83,156 | 4,97,920 |
| Profit Before Tax (₹ lakhs): | 41,559 | 42,693 | 17,134 | 1,42,281 | 85,179 |
| Net Profit (₹ lakhs): | 40,460 | 40,497 | 18,514 | 1,35,292 | 84,358 |
| Basic EPS (₹): | 8.69 | 8.69 | 3.97 | 29.05 | 18.11 |
| Diluted EPS (₹): | 8.69 | 8.69 | 3.97 | 29.05 | 18.11 |
Q4 Consolidated EBITDA Highlights
The Q4 consolidated EBITDA performance reflects a significant year-on-year improvement, underscoring stronger operational efficiency during the quarter.
| Metric: | Q4 FY26 | Q4 FY25 | Change (YoY) |
|---|---|---|---|
| EBITDA (Rupees): | 6.1B | 3.64B | Expansion |
| EBITDA Margin (%): | 40.44% | 27.52% | +12.92 ppts |
| Net Profit (Rupees): | 4B | 1.85B | Expansion |
| Revenue (Rupees): | 15.1B | 13.2B | Growth |
Segment-Wise Performance
The Tanker segment remained the dominant revenue contributor across both standalone and consolidated results. For FY26, the Tanker segment reported standalone revenue of ₹3,94,223 lakhs compared to ₹3,60,960 lakhs in FY25, and segment profit before tax and interest of ₹1,18,954 lakhs against ₹68,014 lakhs in FY25. The Bulk Carrier segment reported standalone revenue of ₹78,887 lakhs in FY26 versus ₹71,129 lakhs in FY25. The Liner segment recorded standalone revenue of ₹78,427 lakhs in FY26, down from ₹1,03,623 lakhs in FY25. The Technical & Offshore segment contributed standalone revenue of ₹29,785 lakhs in FY26 compared to ₹27,619 lakhs in FY25.
| Segment: | FY26 Revenue (₹ lakhs) | FY25 Revenue (₹ lakhs) | FY26 Profit/(Loss) Before Tax & Interest (₹ lakhs) | FY25 Profit/(Loss) Before Tax & Interest (₹ lakhs) |
|---|---|---|---|---|
| Liner: | 78,427 | 1,03,623 | 7,484 | 16,622 |
| Bulk Carrier: | 78,887 | 71,129 | (1,911) | (2,224) |
| Tanker: | 3,94,223 | 3,60,960 | 1,18,954 | 68,014 |
| Technical & Offshore: | 29,785 | 27,619 | 3,529 | 3,248 |
Balance Sheet and Cash Flow Highlights
On a standalone basis, total assets as at March 31, 2026 stood at ₹12,70,722 lakhs, up from ₹11,13,169 lakhs as at March 31, 2025. Total equity increased to ₹8,48,928 lakhs from ₹7,74,387 lakhs. On a consolidated basis, total assets were ₹13,31,850 lakhs as at March 31, 2026, compared to ₹11,70,106 lakhs as at March 31, 2025, with total equity at ₹9,09,629 lakhs versus ₹8,31,175 lakhs. The standalone cash flow statement reflects net cash inflow from operating activities of ₹1,34,059 lakhs for FY26, compared to ₹84,994 lakhs in FY25. Net cash outflow from investing activities was ₹85,690 lakhs, driven primarily by purchase of property, plant and equipment of ₹1,55,044 lakhs, partially offset by interest received of ₹29,513 lakhs and other deposit recoveries. Net cash outflow from financing activities stood at ₹51,770 lakhs, reflecting long-term loans taken of ₹77,600 lakhs, repayment of ₹40,040 lakhs, and dividend paid of ₹60,879 lakhs. Cash and cash equivalents at the end of the year on a standalone basis stood at ₹11,164 lakhs, compared to ₹13,817 lakhs at the beginning of the year.
| Balance Sheet Metric: | Standalone FY26 | Standalone FY25 | Consolidated FY26 | Consolidated FY25 |
|---|---|---|---|---|
| Total Assets (₹ lakhs): | 12,70,722 | 11,13,169 | 13,31,850 | 11,70,106 |
| Total Equity (₹ lakhs): | 8,48,928 | 7,74,387 | 9,09,629 | 8,31,175 |
| Total Liabilities (₹ lakhs): | 4,21,794 | 3,38,782 | 4,22,221 | 3,38,931 |
Key Notes and Emphasis of Matter
The auditors drew attention to several emphasis of matter items, none of which modified their opinion:
- Geopolitical disruption: Following escalation in the Middle East during February 2026, maritime movement through the Strait of Hormuz was severely disrupted. Four vessels — Desh Garima, Desh Suraksha, Desh Vibhor, and Desh Vaibhav — were stuck west of the Strait of Hormuz as on March 31, 2026. MT Desh Garima subsequently sailed out and reached Mumbai on April 22, 2026, while the remaining vessels were still awaiting clearance for transit. The company assessed no material impact on its financial statements from this disruption.
- Strategic disinvestment: The proposed strategic disinvestment of the company is being handled by the Department of Investment and Public Asset Management (DIPAM). A Preliminary Information Memorandum for inviting expressions of interest was released on December 22, 2020, and the Virtual Data Room remains open for due diligence by Qualified Interested Parties.
- Balance reconciliation: Reconciliation of trade receivables, trade payables, deposits, and agent/vendor/customer balances is an ongoing process; management does not expect any material impact on financial results.
- Tax asset reconciliation: The company is reconciling outstanding receivables related to income tax litigation with assessment orders and other documentation, with no material impact expected.
Historical Stock Returns for Shipping Corporation of India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +6.09% | +11.35% | +45.34% | +27.25% | +101.06% | +192.66% |
How might prolonged disruption at the Strait of Hormuz affect SCI's tanker segment revenues and fleet utilization in FY27 if the remaining three vessels face extended delays?
With DIPAM's strategic disinvestment process still ongoing since 2020, what timeline and valuation expectations could potential acquirers consider given SCI's significantly improved profitability and asset base?
Given the Liner segment's sharp revenue decline from ₹1,03,623 lakhs to ₹78,427 lakhs in FY26, what strategic steps could SCI take to reverse this trend amid intensifying global liner competition?
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