1. At a Glance
If Indian PSU stocks had a personality, Shipping Corporation of India Ltd would be that old-school uncle who quietly lifts heavy weights while everyone else argues about macro. Market cap sitting around ₹10,331 crore, stock price near ₹222, and a P/E of ~9 — SCI is not here to impress momentum traders, it’s here to move oil, gas, bulk cargo, containers, passengers, and occasionally the entire Indian logistics ecosystem.
Q3 FY26 numbers? Revenue of ₹1,612 crore, PAT of ₹405 crore, and operating margins touching a spicy 42%. That’s not PSU behaviour — that’s private shipping-cycle peak energy. Add a ₹3.5 interim dividend (again), promoter holding of 63.75% (Government of India, obviously), zero pledge, and suddenly this “boring” shipping PSU is throwing better cash than half the midcap universe.
But before we declare victory and start humming sea shanties — shipping is cyclical, volatile, and allergic to straight-line forecasts. So let’s open the logbook properly.
2. Introduction – From PSU Dinosaur to Cash-Throwing Tanker
Shipping Corporation of India has existed long enough to witness multiple shipping cycles, oil shocks, wars, freight booms, freight busts, and more committee meetings than most investors have had hot dinners. Incorporated as India’s national carrier, SCI’s job has always been simple: ensure India doesn’t depend entirely on foreign ships to move its strategic cargo.
That sounds noble, but noble businesses often underperform. Except SCI occasionally flips the script. When freight rates rise, vessel utilization improves, and costs stay controlled, SCI suddenly looks less like a PSU and more like a cash-printing tanker sailing with favourable winds.
FY24–FY26 has been one such phase. Tankers are earning well, offshore services are contributing meaningfully, and the company
has been pruning older vessels, reducing debt, and paying dividends like a polite but rich uncle.
The question investors keep asking: is this sustainable, or just another shipping-cycle sugar rush?
3. Business Model – WTF Do They Even Do?
Think of SCI as India’s logistics Swiss Army knife — but floating.
Core Segments:
- Tankers (67% of 9M FY24 revenue)
Crude oil tankers, product tankers, and gas carriers. Basically, if India imports oil, SCI is somewhere in the background, invoice in hand. - Bulk Carriers (13%)
Dry bulk like coal, iron ore, fertilizers. Less glamorous, more cyclical, but essential. - Liner Segment (9%)
Containers and break-bulk cargo. Smaller share today, but strategically important for coastal and feeder services. - Technical & Offshore Services (11%)
Offshore supply vessels, consultancy, passenger-cum-cargo vessels, research vessels — the “miscellaneous but profitable” bucket.
SCI owns 59 vessels with ~5.31 million DWT. No flashy asset-light nonsense here — this is capital-intensive, steel-heavy, depreciation-loving business.
In simple terms: SCI makes money when ships are busy, freight rates are decent, and fuel doesn’t go berserk.
4. Financials Overview – Numbers That Actually Matter
Quarterly Comparison Table (₹ crore)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,612 | 1,316 | 1,339 | 22.5% | 20.4% |
| EBITDA | 678 | 357 | 406 | 89.9% | 67.0% |
| PAT | 405 | 76 | 189 | 436% | 114% |
| EPS (₹) | 8.69 | 1.62 | 4.06 | 436% | 114% |
