At a Glance
The Shipping Corporation of India (SCI), the Navratna PSU, is like that giant cargo ship—takes forever to turn, but when it does, it makes waves. With a market cap of ₹9,769 Cr and a P/E of 11.6, SCI is the largest Indian shipping company by capacity, running everything from bulk carriers to offshore supply vessels. But don’t get too comfy—working capital days have exploded from 1.83 to 88.8, sales growth crawls at 4.84% (about as fast as a turtle dragging a container), and contingent liabilities of ₹5,241 Cr loom like an iceberg.
Introduction
Imagine running India’s largest shipping company but still struggling to deliver shareholder returns faster than an Amazon Prime delivery. Welcome to SCI—a Navratna with a badge, but no cape.
SCI’s fleet spans oil tankers, LPG carriers, passenger-cargo ships, and offshore support vessels. It even manages ships for various government departments, giving it a monopoly-ish edge. However, the company’s revenue growth is like its ships—slow, steady, but often caught in regulatory storms.
Throw in the recent director-level musical chairs and the upcoming Q1 FY26 results (August 8, 2025), and you’ve got a classic PSU drama—corporate governance meets maritime uncertainty.
Business Model (WTF Do They Even Do?)
SCI’s business is simple on paper—transport goods and passengers by sea. In practice, it’s juggling multiple segments:
- Crude Oil & Product Tankers: Carry the lifeblood of the economy—oil.
- Bulk Carriers & Container Vessels: Transport coal, iron ore, and random cargo your Amazon seller forgot about.
- LPG Carriers: Deliver liquefied gas to ports that still argue about pipelines.
- Passenger-cum-Cargo Vessels: Rare, but they exist.
- Offshore Supply Vessels: Support oil exploration.
It also manages ships for the government, meaning guaranteed contracts but slower decision-making. The catch? Rising costs, volatile freight rates, and competition from private players like GE Shipping.
Financials Overview
FY25 Snapshot:
- Revenue: ₹5,606 Cr (up from ₹5,047 Cr FY24)
- EBITDA: ₹1,764 Cr (EBITDA margin ~31%)
- PAT: ₹844 Cr (EPS ₹18.1)
- 3-Year PAT CAGR: 0% (hello stagnation!)
- Debt: Reduced to ₹2,228 Cr (from ₹2,914 Cr FY24)
Quarterly Q4 FY25 EPS was ₹3.97, giving an annualized EPS of ~₹15.9.
At CMP ₹210, P/E ≈ 13.2, slightly higher than the 5-year average but still below global shipping peers.
