Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,627.10 last close on 16 Oct 2026 −0.13%
Research updated
Shipping Corporation of India Ltd.
NSE: SCIIndustrialsMarine Shipping
- Last close
- ₹284.90
- Day change
- +₹0.90 (+0.32%)vs
- Market cap
- ₹13,271 crIndian rupees
- Research updated
- 1 report
About Shipping Corporation of India
Shipping Corporation of India Ltd. is a premier shipping company that plays a pivotal role in India's maritime trade. Established in 1961 and headquartered in Mumbai, this public sector enterprise is involved in transporting bulk cargo, including crude oil, petroleum products, and liquefied natural gas, as well as operating container services. The company serves a diverse clientele, catering to the transportation needs of industries like oil and gas, steel, and fertilizers, making it integral to India's export-import dynamics. Shipping Corporation of India Ltd. operates a robust fleet that includes tankers, bulk carriers, and support vessels, facilitating international and coastal trade. As one of Asia's largest shipping companies, it holds strategic importance in ensuring the efficient movement of goods, thereby supporting global trade networks. Furthermore, its operations contribute significantly to India's economic growth by enhancing maritime infrastructure and connectivity.
- Sector
- Industrials
- Industry
- Marine Shipping
- Listing
- NSE: SCI
- Employees
- 1,443
- Headquarters
- Mumbai, India
- ISIN
- INE109A01011
- Website
- shipindia.com
Public research · Report of
Business model & financial foundation
Shipping Corporation of India (NSE: SCI), Marine shipping - crude and product tankers, dry bulk, liner, offshore: revenue of ₹5,780 crore in FY26 (+3.1% on FY25), an EBITDA margin of 37.8%, net profit of ₹1,353 crore and net debt of ₹2,042 crore.
- Revenue, FY26 (₹ crore)
- 5,780
- consolidated
- Revenue growth, FY26
- +3.1%
- on FY25
- EBITDA margin, FY26
- 37.8%
- EBITDA (computed) / revenue
- Net profit, FY26 (₹ crore)
- 1,353
- to owners
- Return on equity, FY26
- 15.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,042
- Net debt (borrowings less cash, other bank balances, current investments)
- Market capitalisation (₹ crore)
- 12,432
- at the close of 18 Oct 2026
Company profile
SCI is India's largest ship owner and the national flag carrier, majority-owned by the Government of India. It owns 58 vessels of 5.26 million DWT (March 2026) — crude and product tankers, VLGCs, dry bulk carriers, two container ships and ten offshore vessels — and manages 40 more for government bodies. Tankers earn about two-thirds of revenue, largely carrying crude and products for Indian state refiners on a mix of spot and term charters. The government has put SCI up for strategic sale and is using it to anchor a fleet-expansion JV with the oil PSUs.
| Item | Value |
|---|---|
| Legal name | The Shipping Corporation of India Limited |
| Exchange and ticker | NSE: SCI; BSE: 523598 |
| ISIN | INE109A01011 |
| CIN | L63030MH1950GOI008033 |
| Sector | Industrials |
| Industry | Marine shipping - crude and product tankers, dry bulk, liner, offshore |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | PSD Associates and D. R. Mohnot & Co. (joint statutory auditors appointed by C&AG) (since FY26) |
| Market capitalisation | ₹12,432 crore (18 Oct 2026) |
| Shares outstanding | 46.58 crore shares (FY26) |
| Price | ₹284.9 (close, 18 Oct 2026) |
| 52-week range | ₹195.6 - ₹368.8 (to 18 Oct 2026) |
| Website | https://www.shipindia.com |
Corporate structure and shareholding
Parent: Government of India (Ministry of Ports, Shipping and Waterways), 63.75% promoter.
| Entity | Holding | Business |
|---|---|---|
| Inland & Coastal Shipping Ltd | 100% | Inland and coastal shipping |
| SCI Bharat IFSC Ltd | 100% | GIFT City ship-owning/leasing subsidiary |
| India LNG Transport Co. (No. 1) Ltd | 29.08% | LNG carrier JV (Petronet charters) |
| India LNG Transport Co. (No. 2) Ltd | 29.08% | LNG carrier JV |
| India LNG Transport Co. (No. 3) Ltd | 26% | LNG carrier JV |
| India LNG Transport Co. (No. 4) Pvt Ltd | 26% | LNG carrier JV |
Non-core assets (Shipping House, training institute land) demerged to SCI Land and Assets Ltd (SCILAL), listed 19 Mar 2024, as the precursor to strategic disinvestment.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 63.75% | 63.75% | 63.75% | 63.75% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.49% | 7.13% | 8.98% | 8.98% |
| Domestic institutions | 2.58% | 2.41% | 2.49% | 2.09% |
| of which mutual funds | 0.17% | 0.46% | 0.60% | 1.21% |
| Retail | 27.19% | 26.72% | 24.79% | 25.20% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
The Shipping Corporation of India owns 58 vessels of 5.261 mn DWT (31 Mar 2026; average age 15.5 years) and manages 40 more for government bodies. Tankers (17 crude, 11 product, 3 gas carriers) earned INR 3,942 cr of FY26 consolidated revenue of 5,780 cr and 1,190 cr of segment PBIT; bulk (15 ships) 789 cr revenue and a -19 cr result; liner and passenger 784 cr and 75 cr; technical and offshore 298 cr and 35 cr. About 60% of the tanker fleet trades on voyage (spot) charters and 40% on time charter, largely carrying crude and products for the Indian state refiners. SCI controls fleet deployment and the timing of purchases; it does not control freight rates, bunker prices or, as a 63.75% government-owned CPSE, its board composition and strategic sale. Four LNG carrier JVs (26-29% owned) are equity-accounted.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Liner | 784.3 | 12.6% | 74.8 | 4.7% |
| Bulk carriers | 788.9 | 12.7% | -19.1 | -1.2% |
| Tankers | 3,942 | 63.3% | 1,190 | 74.5% |
| Technical & Offshore (T&OS) | 297.9 | 4.8% | 35.3 | 2.2% |
| Unallocated | 413.6 | 6.6% | 315.7 | 19.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Great Eastern Shipping Company (GESHIP) | Largest private Indian tanker and dry bulk owner; same freight cycles |
| Seamec (SEAMEC) | Indian offshore vessel operator, peer to T&OS segment |
| Essar Shipping (ESSARSHPNG) | Indian dry bulk owner |
| Transworld/ Shreyas Shipping (SHREYAS) | Indian coastal container liner, peer to liner segment |
| Dredging Corporation of India (DREDGECORP) | Maritime PSU under MoPSW, similar ownership and disinvestment overhang |
| Cochin Shipyard (COCHINSHIP) | Maritime PSU; Indian shipbuilding policy beneficiary |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,931 | 5,770 | 5,047 | 5,606 | 5,780 |
| Cost of revenue (vendor classification) * | 4,019 | 4,658 | 4,341 | 4,567 | 4,373 |
| Other operating costs (vendor classification) * | 63.0 | 103.3 | 145.4 | 129.7 | 83.1 |
| EBITDA (vendor classification) * | 1,560 | 1,654 | 1,625 | 1,947 | 2,571 |
| EBIT * | 970.0 | 922.4 | 799.0 | 1,019 | 1,578 |
| Finance costs | 65.6 | 119.4 | 171.3 | 186.3 | 173.4 |
| Profit before tax | 904.5 | 803.0 | 645.3 | 851.8 | 1,423 |
| Tax expense | 43.9 | -67.1 | -33.7 | 8.21 | 69.9 |
| Profit for the period | 860.5 | 870.2 | 679.0 | 843.6 | 1,353 |
| Diluted EPS (₹) | 18.47 | 18.68 | 14.58 | 18.11 | 29.05 |
| Other income | 215.5 | 194.5 | 447.0 | ||
| Operating expenses (fleet) | 2,965 | 3,105 | 2,770 | ||
| Employee benefits expense | 502.7 | 568.5 | 584.2 | ||
| Other expenses | 156.1 | 167.7 | 240.3 | ||
| EBITDA (computed) | 1,423 | 1,764 | 2,185 | ||
| Depreciation and amortisation | 889.4 | 951.3 | 1,064 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit/(loss) of JVs | 67.8 | 30.6 | 27.6 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 679.0 | 843.6 | 1,353 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 5,974 | 6,902 | 7,540 | 8,312 | 9,096 |
| Borrowings (non-current + current, excl. lease liabilities) | 3,200 | 2,605 | 2,914 | 1,934 | 2,477 |
| Cash and cash equivalents | 283.1 | 316.8 | 838.4 | 139.6 | 114.9 |
| Trade receivables | 637.3 | 1,018 | 1,411 | 1,193 | 1,192 |
| Inventories | 174.8 | 150.0 | 174.1 | 192.8 | 273.7 |
| Trade payables * | 1,236 | 1,393 | 1,335 | 807.7 | 1,211 |
| Net property, plant and equipment * | 7,625 | 7,403 | 7,003 | 6,711 | 7,198 |
| Capital work in progress * | 58.3 | 33.5 | 42.1 | 4.35 | 4.95 |
| Total assets * | 10,859 | 11,443 | 12,100 | 11,701 | 13,318 |
| Lease liabilities (non-current + current) | 294.1 | 202.3 | |||
| Net debt (borrowings less cash, other bank balances, current investments) | 1,177 | 2,042 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 418.5 | 560.2 | 181.8 | 462.2 | 1,343 |
| Free cash flow (vendor definition) * | 948.5 | 989.6 | 482.3 | 557.6 | -207.2 |
| Dividends paid (the provider's sign: an outflow is negative) * | -11.6 | -15.3 | -20.4 | -23.2 | -608.8 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -491.5 | -475.8 | -447.6 | -291.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 46.58 | 46.58 | 46.58 | 46.58 | 46.58 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,451 | 1,316 | 1,325 | 1,316 | 1,339 | 1,612 | 1,513 | 1,847 |
| Cost of revenue (vendor classification) * | 1,134 | 1,177 | 1,061 | 1,066 | 1,071 | 1,154 | 1,126 | 1,199 |
| Other operating costs (vendor classification) * | 17.4 | 36.1 | 40.5 | 10.3 | 117.2 | 50.6 | 62.2 | 47.2 |
| EBITDA (vendor classification) * | 341.6 | 147.7 | 167.5 | 396.8 | 261.4 | 475.3 | 462.7 | 665.7 |
| EBIT * | 341.6 | 147.7 | 191.2 | 396.8 | 261.4 | 475.3 | 462.7 | 665.7 |
| Finance costs | 43.2 | 63.9 | 38.8 | 30.5 | 47.4 | 48.4 | 47.1 | 37.4 |
| Profit before tax | 298.4 | 83.7 | 171.3 | 366.3 | 214.0 | 426.9 | 415.6 | 628.3 |
| Tax expense | 6.98 | 8.21 | -13.8 | 12.1 | 24.9 | 22.0 | 11.0 | 8.97 |
| Profit for the period | 291.4 | 75.5 | 185.1 | 354.2 | 189.2 | 405.0 | 404.6 | 619.3 |
| Diluted EPS (₹) | 6.26 | 1.62 | 3.97 | 7.60 | 4.06 | 8.69 | 8.69 | 13.30 |
| Other income | 40.5 | 34.5 | 75.4 | 146.4 | 97.3 | 56.8 | 146.5 | 110.3 |
| Operating expenses (fleet) | 778.0 | 759.1 | 713.2 | 689.7 | 683.0 | 728.8 | 668.4 | 772.4 |
| Employee benefits expense | 122.7 | 163.0 | 163.4 | 127.1 | 132.2 | 154.2 | 170.8 | 144.5 |
| Other expenses | 17.4 | 36.1 | 83.9 | 10.3 | 117.2 | 50.6 | 62.2 | 47.2 |
| EBITDA (computed) | 532.6 | 357.4 | 364.6 | 489.0 | 406.5 | 678.1 | 611.9 | 882.4 |
| Depreciation and amortisation | 233.8 | 255.1 | 242.7 | 249.7 | 255.7 | 271.4 | 287.1 | 282.0 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of JVs | 2.30 | 10.9 | 12.8 | 11.1 | 13.4 | 11.8 | -8.65 | -45.0 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 291.4 | 75.5 | 185.1 | 354.2 | 189.2 | 405.0 | 404.6 | 619.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 33.6% | 17.0% | -12.5% | 11.1% | 3.1% |
| EBITDA margin | 28.2% | 31.5% | 37.8% | ||
| Net margin | 13.5% | 15.0% | 23.4% | ||
| Return on equity | 9.4% | 10.6% | 15.5% | ||
| Return on capital employed | 9.2% | 9.9% | 8.0% | 9.8% | 14.5% |
| Return on assets | 5.8% | 7.1% | 10.8% | ||
| Net debt (₹ crore) | 1,177 | 2,042 | |||
| Net debt / EBITDA | 0.67x | 0.93x | |||
| Interest cover | 14.8x | 7.72x | 4.66x | 5.47x | 9.10x |
| Asset turnover | 0.41x | 0.52x | 0.43x | 0.47x | 0.46x |
| Receivable days | 47 | 64 | 102 | 78 | 75 |
| Inventory days (on revenue) | 13 | 9 | 13 | 13 | 17 |
| Payable days (on revenue) | 91 | 88 | 97 | 53 | 76 |
| Cash conversion | 0.27x | 0.55x | 0.99x | ||
| Capex intensity | 10.0% | 8.2% | 8.9% | 5.2% | |
| Free cash flow (₹ crore) | -73.0 | 84.4 | -265.8 | 170.3 | |
| Dividend payout | 3.0% | 2.8% | 45.0% | ||
| EPS, diluted (₹) | 18.47 | 18.68 | 14.58 | 18.11 | 29.05 |
| Book value per share (₹) | 128.3 | 148.2 | 161.9 | 178.4 | 195.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (computed) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash, other bank balances, current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (computed).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Shipping Corporation of India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Shipping Corporation of India
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 18 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.