Shipping Corporation of India Ltd
SCI NSE
Shipping Corporation of India Ltd
ServicesNSE: SCI BSE: 523598 Transport Services
Shipping Corporation of India is engaged involved in business of transporting goods and passengers.
AI Verdict: HOLD Confidence: 5%
SCI trades at an attractive PE of 10.6x with strong 62% TTM profit growth and 42% one-year stock CAGR, but near-zero sales growth over 3 years and deteriorating working capital (60 to 146 days) signal operational stress. The stock is fairly valued for a cyclical shipping PSU but lacks growth catalysts to justify aggressive buying.
Key Fundamentals
SmallcapShippingTransport ServicesMarket Cap
₹14,973 Cr
Volatility
Moderate
P/E Ratio
10.74
EBITDA
₹2,185 Cr
Return on Equity
12.61%
Debt to Equity
0.32
Book Value
₹195.28
EPS
₹17.15
52W High
₹368.75
52W Low
₹195.55
Technical Indicators
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 18.4%
Weaknesses
4- The company has delivered a poor sales growth of 9.31% over past five years.
- Tax rate seems low
- Company has a low return on equity of 11.8% over last 3 years.
- Working capital days have increased from 60.3 days to 146 days
Growth Rate
Revenue Growth
-0.36% ↗
Net Income Growth
60.39% ↗
Cash Flow Change
-14.54% ↘
ROE
12.65% ↗
ROCE
15.97% ↗
EBITDA Margin (Avg.)
3.46% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoHOLD
Risk high
SCI trades at an attractive PE of 10.6x with strong 62% TTM profit growth and 42% one-year stock CAGR, but near-zero sales growth over 3 years and deteriorating working capital (60 to 146 days) signal operational stress. The stock is fairly valued for a cyclical shipping PSU but lacks growth catalysts to justify aggressive buying.
Bull Case 8
- Attractive valuation at PE of 10.6x, well below broader market multiples, offering margin of safety in a cyclical sector
- TTM profit growth of 62% demonstrates strong earnings momentum and improving profitability
- Stock CAGR of 42% over 1 year and 44% over 3 years reflects sustained re-rating by the market
- ROE improved to 16% last year from 3-year average of 12%, indicating better capital efficiency
- Healthy dividend yield of 2.1% with consistent payout ratio of 18.4% provides income support
- Price-to-book of 1.58x is reasonable for a company with ₹14,668 Cr market cap and tangible shipping assets
- 5-year compounded profit growth of 14% outpaces sales growth, suggesting margin expansion and cost discipline
- 10-year stock CAGR of 20% shows long-term wealth creation despite shipping cycle volatility
Bear Case 8
- Near-zero 3-year compounded sales growth (0%) indicates complete revenue stagnation and lack of organic growth
- Working capital days ballooned from 60.3 days to 146 days, signaling severe deterioration in cash conversion cycle
- Poor 5-year sales growth of only 9.31% (under 2% annualized) in a capital-intensive sector
- No analyst coverage whatsoever (0 buy, 0 hold, 0 sell ratings) limits institutional interest and price discovery
- Low 3-year average ROE of 11.8% is subpar for the risk profile of a cyclical shipping business
- 10-year compounded sales growth of just 4% suggests structural inability to scale revenues
- TTM sales growth of only 3% despite strong profit growth implies earnings are driven by cost cuts or one-offs rather than sustainable top-line expansion
- Shipping sector is highly cyclical and current elevated freight rates may normalize, compressing the 16% ROE back toward the 8% ten-year average
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Headwinds 1
- BSE/NSE fine for board non-compliance May 28
BSE and NSE each fined SCI Rs 5.31 lakh for non-compliance with board composition norms regarding independent directors. The company is still coordinating with authorities to appoint independent directors.
Positives 3
- Disinvestment reversal, merger with SCILAL Jun 11
Shipping ministry is seeking to reverse the 2019 Cabinet approval for SCI disinvestment and remerge SCI with SCI Land Assets Ltd, potentially giving SCI access to ~₹1,000 crore cash balance and ₹2,500 crore from a 5-year dividend exemption.
- ₹1 trillion fleet expansion to 216 vessels Jun 11
Government announced a ₹1 trillion plan for SCI to expand its fleet to 216 vessels by 2047, with SCI expected to contribute ₹5,000-6,000 crore as equity infusion into new shipping ventures including Bharat Container Shipping Line.
- Lead role in national shipping lines Jun 11
SCI will lead both the proposed Bharat Container Shipping Line (₹60,000 crore long-term capex) and a JV with oil-marketing companies for crude-oil tankers, positioning it as a central enabler of India's maritime expansion.
Neutral 2
- New Head-Legal appointed Jun 1
SCI appointed Mr. Panduranga Vittal Pamidimokkala as Head-Legal effective June 1, 2026, while four Deputy General Managers ceased roles due to internal reorganization.
- Director Technical retires Jun 1
Vikram Dingley retired as Director (Technical & Offshore Services) effective June 1, 2026, with Rear Admiral Jaswinder Singh holding additional charge for three months.
TL;DR: SCI is positioned as the cornerstone of India's maritime ambitions, with potential access to ₹3,500 crore through a SCILAL remerger and a central role in ₹1 trillion+ fleet and container line expansions. The minor BSE/NSE fine and board composition gaps are manageable headwinds. The trend is strongly improving as government policy pivots from disinvestment to strategic capacity building around SCI.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,418 | 1,200 | 1,093 | 1,341 | 1,413 | 1,514 | 1,451 | 1,316 | 1,325 | 1,316 | 1,339 | 1,612 | 1,513 |
| Expenses | 954 | 837 | 858 | 924 | 1,005 | 1,005 | 918 | 958 | 961 | 827 | 932 | 934 | 910 |
| Operating Profit | 465 | 363 | 236 | 417 | 407 | 510 | 533 | 357 | 365 | 489 | 406 | 678 | 603 |
| OPM % | 33% | 30% | 22% | 31% | 29% | 34% | 37% | 27% | 28% | 37% | 30% | 42% | 40% |
| Other Income | 55 | 51 | 94 | 25 | 113 | 49 | 43 | 45 | 88 | 157 | 111 | 69 | 147 |
| Interest | 50 | 35 | 56 | 40 | 40 | 40 | 43 | 64 | 39 | 31 | 47 | 48 | 47 |
| Depreciation | 196 | 197 | 200 | 251 | 241 | 220 | 234 | 255 | 243 | 250 | 256 | 271 | 287 |
| PBT | 274 | 182 | 74 | 151 | 239 | 298 | 298 | 84 | 171 | 366 | 214 | 427 | 416 |
| Tax % | -39% | 5% | 11% | 11% | -29% | 2% | 2% | 10% | -8% | 3% | 12% | 5% | 3% |
| Net Profit | 380 | 172 | 66 | 134 | 307 | 291 | 291 | 76 | 185 | 354 | 189 | 405 | 405 |
| EPS in Rs | 8.16 | 3.68 | 1.41 | 2.88 | 6.6 | 6.26 | 6.26 | 1.62 | 3.97 | 7.6 | 4.06 | 8.69 | 8.69 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,311 | 4,050 | 3,447 | 3,469 | 3,873 | 4,425 | 3,703 | 4,995 | 5,794 | 5,047 | 5,606 | 5,780 |
| Expenses | 3,396 | 2,688 | 2,667 | 2,793 | 3,160 | 3,283 | 2,544 | 3,465 | 4,237 | 3,624 | 3,841 | 3,594 |
| Operating Profit | 916 | 1,362 | 780 | 677 | 713 | 1,143 | 1,159 | 1,530 | 1,557 | 1,423 | 1,765 | 2,185 |
| OPM % | 21% | 34% | 23% | 20% | 18% | 26% | 31% | 31% | 27% | 28% | 31% | 38% |
| Other Income | 395 | 193 | 185 | 196 | 292 | 277 | 204 | 175 | 184 | 283 | 225 | 475 |
| Interest | 239 | 195 | 174 | 180 | 362 | 367 | 22 | 161 | 185 | 171 | 187 | 173 |
| Depreciation | 801 | 542 | 566 | 610 | 658 | 671 | 628 | 635 | 753 | 889 | 951 | 1,064 |
| PBT | 270 | 818 | 226 | 82 | -16 | 382 | 713 | 909 | 803 | 645 | 852 | 1,423 |
| Tax % | 28% | 4% | 19% | -273% | 304% | 12% | 2% | 5% | -8% | -5% | 1% | 5% |
| Net Profit | 195 | 782 | 182 | 306 | -63 | 336 | 696 | 865 | 870 | 679 | 844 | 1,353 |
| EPS in Rs | 4.19 | 16.78 | 3.92 | 6.58 | -1.35 | 7.22 | 14.94 | 18.57 | 18.68 | 14.58 | 18.11 | 29.05 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 10% | 2% | 2% | 2% | 3% | 36% | 15% |
Balance Sheet
| Mar 2015 | Mar 2016 | 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 | 466 | 466 |
| Reserves | 6,053 | 6,272 | 6,428 | 6,769 | 6,717 | 7,018 | 7,702 | 8,631 | 6,437 | 7,074 | 7,846 | 8,630 |
| Borrowings | 7,739 | 5,845 | 5,492 | 5,585 | 5,277 | 4,767 | 3,679 | 3,200 | 2,605 | 2,914 | 2,228 | 2,679 |
| Other Liabilities | 1,580 | 2,148 | 2,162 | 1,686 | 1,896 | 1,668 | 1,556 | 1,956 | 1,936 | 1,646 | 1,161 | 1,543 |
| Total Liabilities | 15,839 | 14,731 | 14,549 | 14,506 | 14,357 | 13,919 | 13,403 | 14,253 | 11,443 | 12,100 | 11,701 | 13,318 |
| Fixed Assets | 12,280 | 11,827 | 11,411 | 11,348 | 11,119 | 10,653 | 10,174 | 7,625 | 7,403 | 7,004 | 6,711 | 7,199 |
| CWIP | 567 | 0 | 27 | 8 | 8 | 3 | 33 | 58 | 34 | 42 | 4 | 5 |
| Investments | 77 | 80 | 136 | 269 | 279 | 298 | 354 | 476 | 611 | 657 | 826 | 774 |
| Other Assets | 2,915 | 2,824 | 2,975 | 2,882 | 2,951 | 2,964 | 2,841 | 6,094 | 3,395 | 4,397 | 4,159 | 5,341 |
| Total Assets | 15,839 | 14,731 | 14,549 | 14,506 | 14,357 | 13,919 | 13,403 | 14,253 | 11,443 | 12,100 | 11,701 | 13,318 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 2,197 | 1,490 | 683 | 228 | 712 | 945 | 1,340 | 1,644 | 1,465 | 994 | 850 | 1,343 |
| Investing | -308 | -11 | -86 | -471 | 7 | 324 | -206 | -1,079 | -501 | -573 | -316 | -858 |
| Financing | -1,675 | -1,095 | -522 | -87 | -866 | -1,120 | -1,154 | -653 | -930 | 103 | -1,236 | -518 |
| Net Cash Flow | 214 | 384 | 74 | -329 | -146 | 149 | -20 | -88 | 34 | 524 | -702 | -32 |
| Free Cash Flow | 1,538 | 976 | 508 | -241 | 594 | 959 | 1,144 | 1,151 | 990 | 546 | 558 | -154 |
| CFO/OP | 248 | 116 | 96 | 47 | 109 | 92 | 118 | 111 | 97 | 69 | 48 | 56 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 68 | 61 | 70 | 70 | 56 | 50 | 62 | 47 | 64 | 102 | 78 | 75 |
| Cash Conversion Cycle | 68 | 61 | 70 | 70 | 56 | 50 | 62 | 47 | 64 | 102 | 78 | 75 |
| Working Capital Days | -161 | -143 | -290 | -236 | -264 | -255 | -115 | 74 | -41 | -42 | 77 | 146 |
| ROCE % | — | 7% | 3% | 2% | 2% | 5% | 6% | 9% | 9% | 8% | 10% | 14% |
Documents
1
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
27 May - BSE and NSE levied Rs. 5.31 lakh each fine on 27 May 2026 for board composition non-compliance. 27 May - BSE and NSE levied Rs. 5.31 lakh each fine on 27 May 2026 for board composition non-compliance.
2
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations 2015- Audio Recording Of Conference Call Held For Discussion Of Results Of Q4 FY 2025-26
4h - Audio recording of Q4 FY2025-26 results conference call uploaded on May 11, 2026. 4h - Audio recording of Q4 FY2025-26 results conference call uploaded on May 11, 2026.
3
Board Meeting Outcome for Outcome Of Board Meeting And Compliance Of Regulation 30 And 33 Of SEBI (LODR) Regulations, 2015
2d - Board approved FY26 audited standalone and consolidated results; recommended final dividend of Re.1 per share on 08.05.2026. 2d - Board approved FY26 audited standalone and consolidated results; recommended final dividend of Re.1 per share on 08.05.2026.
4
Results - Financial Results For Quarter And Financial Year Ended 31.03.2026
2d - Board approved audited FY2026 standalone and consolidated results; recommended Rs.1 final dividend per share. 2d - Board approved audited FY2026 standalone and consolidated results; recommended Rs.1 final dividend per share.
5
Board Meeting Outcome for Outcome Of Board Meeting And Compliance Of Regulation 30 And 33 Of SEBI (LODR) Regulations, 2015
8 May - Board approved audited standalone/consolidated FY26 results and recommended Rs1 dividend per share. 8 May - Board approved audited standalone/consolidated FY26 results and recommended Rs1 dividend per share.
Frequently Asked Questions about Shipping Corporation of India Ltd
What does Shipping Corporation of India Ltd do?
Shipping Corporation of India is engaged involved in business of transporting goods and passengers.
Where is Shipping Corporation of India Ltd (SCI) listed?
Shipping Corporation of India Ltd is listed on the Indian stock exchanges. It is listed on NSE: SCI and BSE: 523598. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Shipping Corporation of India Ltd belong to?
Shipping Corporation of India Ltd operates in the Services sector within the Transport Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Shipping Corporation of India Ltd?
Shipping Corporation of India Ltd has a market capitalisation of approximately ₹14973.11 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Shipping Corporation of India Ltd?
The Price-to-Earnings (PE) ratio of Shipping Corporation of India Ltd is 10.74. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Shipping Corporation of India Ltd?
Over the past 52 weeks, Shipping Corporation of India Ltd has traded between a low of ₹195.55 and a high of ₹368.75. This range helps investors understand the stock's price volatility and recent trading levels.
Does Shipping Corporation of India Ltd pay dividends?
Yes, Shipping Corporation of India Ltd has a dividend yield of 2.01%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Shipping Corporation of India Ltd?
Shipping Corporation of India Ltd has a Return on Equity (ROE) of 12.61%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Shipping Corporation of India Ltd on Tapetide?
On Tapetide, you can view Shipping Corporation of India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Shipping Corporation of India is engaged involved in business of transporting goods and passengers.
Website shipindia.com
CEO Captain Binesh Kumar Tyagi
Employees 1,393
Listed 1997-08-13
Face Value ₹ 10
Issued Size 46,57,99,010