Shipping Corporation Of India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Tanker: 66.7% • Bulk Segment: 13.4% • Liner Segment: 13.3%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 74.9% YoY, showing strong momentum
- Operating margins have improved to 37.7% from 28.8%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.11x)
- Company comfortably covers its interest (9.2x coverage)
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (31.9% of PBT)
- Company has a low return on capital employed of 11.0%
- Effective tax rate is unusually low at 4.9% - earnings may be flattered
- Working capital days have increased from 127 to 168 days
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GESHIP | 1410.95 | 5.38 | 20143.73 | 2.49 | 1308.84 | 159.43 | 2005.36 | 66.91 | 18.37 | 66.71 |
| SCI | 280.20 | 8.07 | 13051.69 | 2.68 | 619.34 | 74.87 | 1846.56 | 40.31 | 14.64 | 45.35 |
| SHREEJISPG | 690.15 | 70.37 | 11243.80 | 0.00 | 44.29 | 19.03 | 208.85 | 29.57 | 33.77 | 29.54 |
| SEAMECLTD | 1787.25 | 17.69 | 4544.08 | 0.11 | 81.34 | 7.32 | 296.92 | 40.77 | 10.08 | 41.74 |
| DREDGECORP | 1039.90 | 77.55 | 2911.72 | 0.00 | 11.23 | 148.16 | 355.43 | 46.72 | 4.28 | 17.41 |
| SCILAL | 38.14 | 62.34 | 1776.56 | 1.44 | 140.20 | -2.23 | 78.60 | 37.65 | 1.31 | -13.74 |
| ESSARSHPNG | 16.27 | 3.70 | 336.75 | 0.00 | 230.41 | 742.14 | 0.04 | -97.63 | 0.00 | -7475.00 |
| GLOBOFFS | 43.20 | 0.00 | 132.93 | 0.00 | -2.87 | -51.27 | 11.79 | 177.29 | 4.19 | 35.10 |
| HRYNSHP | 99.75 | 14.91 | 61.51 | 0.00 | 4.42 | 546.41 | 0.00 | — | 3.20 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,200 | 1,093 | 1,341 | 1,413 | 1,514 | 1,451 | 1,316 | 1,325 | 1,316 | 1,339 | 1,612 | 1,513 | 1,847 | |
| 837 | 858 | 924 | 1,005 | 1,005 | 918 | 958 | 961 | 827 | 932 | 934 | 901 | 1,283 | |
| Operating Profit | 363 | 236 | 417 | 407 | 510 | 533 | 357 | 365 | 489 | 406 | 678 | 612 | 563 |
| OPM % | 30.24% | 21.56% | 31.10% | 28.82% | 33.66% | 36.71% | 27.16% | 27.52% | 37.16% | 30.36% | 42.08% | 40.44% | 30.49% |
| 27 | 69 | 22 | 98 | 44 | 40 | 35 | 75 | 146 | 97 | 57 | 147 | 110 | |
| Interest | 35 | 56 | 40 | 40 | 40 | 43 | 64 | 39 | 31 | 47 | 48 | 47 | 37 |
| Depreciation | 197 | 200 | 251 | 241 | 220 | 234 | 255 | 243 | 250 | 256 | 271 | 287 | 282 |
| Profit before Tax | 157 | 48 | 148 | 224 | 294 | 296 | 73 | 158 | 355 | 201 | 415 | 424 | 628 |
| Tax % | 6.31% | 16.53% | 11.21% | -30.52% | 2.32% | 2.36% | 11.27% | -8.71% | 3.41% | 12.39% | 5.29% | 2.59% | 1.43% |
| Net Profit | 172 | 657 | 0 | 0 | 291 | 291 | 76 | 185 | 354 | 189 | 405 | 405 | 619 |
| 3.68 | 1.41 | 2.88 | 6.60 | 6.26 | 6.26 | 1.62 | 3.97 | 7.60 | 4.06 | 8.69 | 8.69 | 13.30 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,447 | 3,469 | 3,873 | 4,425 | 3,703 | 4,988 | 5,794 | 5,047 | 5,606 | 5,780 | 6,310 | |
| 2,678 | 2,798 | 3,160 | 3,283 | 2,545 | 3,457 | 4,237 | 3,624 | 3,841 | 3,600 | 4,051 | |
| Operating Profit | 769 | 671 | 713 | 1,142 | 1,158 | 1,531 | 1,557 | 1,423 | 1,765 | 2,179 | 2,260 |
| OPM % | 22.31% | 19.34% | 18.41% | 25.82% | 31.28% | 30.69% | 26.88% | 28.19% | 31.49% | 37.71% | 35.81% |
| 156 | 149 | 232 | 243 | 212 | 99 | 113 | 216 | 195 | 454 | 411 | |
| Interest | 174 | 180 | 362 | 367 | 108 | 161 | 185 | 171 | 187 | 174 | 180 |
| Depreciation | 566 | 610 | 658 | 671 | 628 | 635 | 753 | 889 | 951 | 1,064 | 1,096 |
| Profit before Tax | 226 | 82 | -16 | 382 | 713 | 904 | 803 | 645 | 852 | 1,423 | 1,668 |
| Tax % | 19.25% | -272.74% | -303.74% | 11.83% | 2.34% | 4.85% | -8.36% | -5.22% | 0.96% | 4.91% | 4.00% |
| Net Profit | 182 | 306 | -63 | 336 | 696 | 861 | 870 | 679 | 844 | 1,353 | 1,602 |
| EPS | 3.92 | 6.58 | -1.35 | 7.22 | 14.94 | 18.47 | 18.68 | 14.58 | 18.11 | 29.05 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 10.38% | 1.67% | 1.79% | 2.36% | 3.43% | 36.39% | 25.82% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 9%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 6%
- 5 Years:
- 14%
- 3 Years:
- 16%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 21%
- 3 Years:
- 25%
- 1 Year:
- 32%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 12%
- 3 Years:
- 12%
- Last Year:
- 16%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 466 | 466 | 466 | 466 | 466 | 466 | 466 | 466 | 466 | 466 |
| 6,428 | 6,769 | 6,717 | 7,018 | 7,702 | 5,508 | 6,437 | 7,074 | 7,846 | 8,630 | |
| 5,493 | 5,586 | 5,078 | 4,844 | 3,400 | 2,872 | 2,285 | 1,856 | 1,694 | 2,003 | |
| Trade Payables | 1,152 | 984 | 1,273 | 956 | 833 | 1,236 | 1,393 | 1,335 | 808 | 1,211 |
| 1,010 | 701 | 823 | 635 | 1,002 | 776 | 863 | 1,369 | 887 | 1,008 | |
| Total Liabilities | 14,549 | 14,506 | 14,357 | 13,919 | 13,403 | 10,859 | 11,443 | 12,100 | 11,701 | 13,318 |
| 11,411 | 11,348 | 11,119 | 10,653 | 10,174 | 7,624 | 7,403 | 7,004 | 6,711 | 7,199 | |
| Capital Work in Progress | 27 | 8 | 8 | 3 | 33 | 58 | 34 | 42 | 4 | 5 |
| 136 | 269 | 279 | 298 | 354 | 476 | 611 | 657 | 826 | 774 | |
| 115 | 117 | 160 | 131 | 88 | 175 | 150 | 174 | 193 | 274 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,411 | 1,193 | 1,192 | |
| Cash & Bank | 1,376 | 1,111 | 998 | 938 | 1,036 | 386 | 554 | 1,314 | 581 | 349 |
| 1,484 | 1,654 | 1,793 | 1,895 | 1,718 | 2,140 | 2,692 | 1,497 | 2,192 | 3,526 | |
| Total Assets | 14,549 | 14,506 | 14,357 | 13,919 | 13,403 | 10,859 | 11,443 | 12,100 | 11,701 | 13,318 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 746 | 318 | 779 | 1,052 | 1,370 | 1,501 | 1,515 | 994 | 850 | 1,343 | |
| Cash from Investing | -86 | -471 | 12 | 319 | -206 | -730 | -519 | -559 | -316 | -858 |
| Cash from Financing | -522 | -87 | -866 | -1,120 | -1,154 | -653 | -930 | 103 | -1,236 | -518 |
| 74 | -330 | -141 | 144 | -21 | 57 | 16 | 538 | -702 | -32 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Shipping Corporation Of India Limited has informed the Exchange regarding Change in Auditors of the company.
2026-09-08 - Shipping Corporation Of India Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-31 - Shipping Corporation Of India Limited has informed the Exchange regarding 'Board Comments on Fine levied by the Exchange'.
2026-08-27 - Shipping Corporation Of India Limited has informed the Exchange about letter sent to shareholders providing the web link including the exact path for the 76th Annual Report for Financial Year 2025-26.
2026-08-27 - Shipping Corporation Of India Limited has informed the Exchange about Copy of Newspaper Publication under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulation,2015
2026-08-26 - Shipping Corporation Of India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026.
2026-08-26 - Shipping Corporation Of India Limited has informed the Exchange about Disclosure under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
2026-08-25 - Shipping Corporation Of India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-20 - Shipping Corporation Of India Limited has informed the Exchange regarding Appointment of Mrs Bharati Raman Gotarna as Non- Executive Independent Director of the company w.e.f. August 19, 2026.
News
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