Order Book Or Contract Wins
Expected: 5 yearsHIGH confidence
What: JV Vessel Count: 59 vessels
Impact: 2x-3x revenue growth
“MOPNG oil companies have done the demand aggregation. And total 59 vessels are identified by them as an end user.”
Shipping Corporation of India Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +54.2%Average11w Streak
In , Shipping Corporation of India Ltd (Shipping) is outperforming Nifty 500 with +54.2% relative strength. Fundamentals: Average. On a 11-week streak.
Shipping Corporation of India Ltd Key Facts
- PE Ratio
- 11.7x
- Market Cap
- ₹15,793 Cr
- PAT Growth YoY
- +119%
- Revenue Growth YoY
- +14%
- OPM
- 40.0%
- RS vs Nifty 500
- +54.2%
PE: Mid ContractionRiding Wave
What's Happening
🌐FII stake increased 0.9% this quarter
🏛️DII reducing — stake down 1.1%
💰Trading 31% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
5 yearsHIGH
2. Operating Leverage Inflection
5 yearsHIGH
3. Geographical Expansion
ImmediateMEDIUM
Key Risks
1. Forex loss of INR 67 crores due to rupee depreciation by INR 3
MEDIUM2. Container market impacted by prevailing geopolitical environment and Red Sea sit
MEDIUM3. Volatility in freight rates (BDI and World Scale)
LOWSector-Specific Signals
Owned Fleet Count58 vessels
Average Fleet Age15.5 years
Average Baltic Dry Index (BDI)1,800
VLCC World Scale100
Key Numbers
PAT Growth YoY
+119%
Stable
Revenue YoY
+14%
Inflection Up
Operating Margin
40.0%
+1200 bps YoY
PE Ratio
11.7
Current Price
₹339
Dividend Yield
1.94%
Fundamental Score
44/100
Average
3Y PAT CAGR
+16%
Market Cap
15.8K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Shipping Corporation of India Ltd's Earnings Accelerating?
Based on Q2 FY26 earnings • Updated Apr 18, 2026
Operating Leverage Inflection
Expected: 5 yearsHIGH confidence
What: Target Operating Margin: 50%
Impact: Margin expansion from current levels
“Better, more efficient, lesser age, and the firm commitment of the cargo back to back, this all should ensure this.”
Geographical Expansion
Expected: ImmediateMEDIUM confidence
What: New Vessel Deployment: Persian Gulf-India route
“Both vessels will be deployed on the Persian Gulf-India route, enhancing our energy transportation capacity.”
New Product Or Brand Launch
Expected: Not GivenLOW confidence
What: Green Tug Initiative: MoU signed
“MoU with our PSUs, it’s with the green tug, right? ... Honorable PM has announced the SCI business plan during India Maritime Week.”
Interest Cost Reduction Deleveraging
Expected: CurrentLOW confidence
What: Debt-Equity Ratio: 0.32
“This translates to a debt-equity ratio of 0.32 and a DSCR of 4.24, underscoring our sound financial position.”
Bulk carrier segment turnaround to INR 2 crores profit.
HIGH confidence
What: Bulk carrier segment turnaround to INR 2 crores profit.
“This has turned around the results of our bulk carrier segment from a loss of INR 48 crores in the Q1 of this financial year to a profit of INR 2 crores in Q2.”
What Are the Key Risks for Shipping Corporation of India Ltd?
Earnings deceleration risks from management commentary
Forex loss of INR 67 crores due to rupee depreciation by INR 3
MEDIUMTrigger: Depreciation of the rupee against the dollar affecting foreign currency loans.
Impact: PAT impact: INR 67 crores
Management view: Not explained on call
Monitor: fx
Container market impacted by prevailing geopolitical environment and Red Sea sit
MEDIUMTrigger: Uncertainty in global trade routes affecting the liner segment.
Management view: Monitoring the situation; demand in Europe needs to improve.
Monitor: geopolitical
Volatility in freight rates (BDI and World Scale)
LOWTrigger: Market-linked pricing for tankers and bulk carriers.
Management view: Locking units for longer periods when rates are favorable.
Monitor: commodity
What Is Shipping Corporation of India Ltd's Management Saying?
Key quotes from recent conference calls
“SCI will have 50% shareholding there. And 40% will be IOC, BPCL, HPCL, and 10% is expected from MDF, Maritime Development Fund. [Initiative: Joint Venture with IOC, BPCL, HPCL]”
“The other expenses, basically the FOREX loss of INR 67crores because of our rupee depreciation by INR 3. [Risk (fx): MEDIUM]”
“Container market will depend on the Red Sea situation, basically. Let’s see how this evolves. [Risk (geopolitical): MEDIUM]”
“Whenever we feel comfortable, we are locking our units for the longer period like we did for VLGC. [Risk (commodity): LOW]”
What Did Shipping Corporation of India Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 1,339 crores
QoQ +1.8%
Why: Operating revenue increased slightly from INR 1,315 crores in the previous quarter despite global market volatility and mixed freight trends.
Revenue growth was modest at 1.8% sequentially as the company navigated a dynamic global shipping environment.
EBITDA
INR 504 crores
Margin 37.6%
The company maintained a healthy EBITDA margin of 37.6% for the quarter.
PAT
INR 189 crores
QoQ -46.6%
Why: Profit declined sequentially due to a non-recurring interest income of INR 79 crores in the previous quarter and foreign currency hits this quarter.
Consolidated PAT saw a sharp sequential drop primarily due to the absence of a one-time tax refund interest and forex losses.
Other Highlights
• Interim dividend of 30% declared by the Board.
• Net worth stands at INR 7,963 crores with a debt-equity ratio of 0.32.
• Inducted two very large gas carriers, VLGC Sahyadri and VLGC Shivalik.
What Sector Metrics Matter for Shipping Corporation of India Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Owned Fleet Count
58 vessels
Average Fleet Age
15.5 years
Average Baltic Dry Index (BDI)
1,800
QoQ +300
Why: Improvement in the bulk market during the quarter.
VLCC World Scale
100
QoQ +51.24
Why: Anticipated seasonal improvement in the tanker market.
VLGC Daily Charter Hire
$38,000 - $40,000
Why: Fixed for a firm period of 5 years with IOC.
VLGC Daily Operating Cost
$27,000 - $28,000
Why: Standing cost for a 15-year-old vessel.
NAV (Market Value Basis)
INR 272
Why: Based on valuation as of 31st March 2025.
Revenue from Managed Vessels
INR 84 crores
Why: Service provided to government departments on a cost-plus basis.
What Is Shipping Corporation of India Ltd's Management Guidance?
Forward-looking targets from management for Next 5 years
Revenue Growth Target
250%
OPM Guidance
50%
Capex Plan
₹15000 Cr
Revenue Outlook
200-300% growth
Margin Outlook
Targeting operating margin of 50%
Capex Plan
INR 10,000 to 15,000 crores
Acquisition of 59 vessels including offshore, VLGC, and VLCC through a Joint Venture.
Volume
Inducting 10 to 12 vessels for SCI standalone
Management Tone: BULLISH
How Fast Is Shipping Corporation of India Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +14% | 0% | Inflection Up |
| PAT (Net Profit) | +119% | +16% | Stable |
| OPM | 40.0% | +1200 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Shipping Stocks Beating Nifty 500
Frequently Asked Questions: Shipping Corporation of India Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Shipping Corporation of India Ltd's latest quarterly results?
Shipping Corporation of India Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +118.9% (stable)
- Revenue Growth YoY: +14.2%
- Operating Margin: 40.0% (volatile)
Is Shipping Corporation of India Ltd's profit growing or declining?
Shipping Corporation of India Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +118.9% (latest quarter)
- PAT Growth QoQ: 0.0% (sequential)
- 3-Year PAT CAGR: +15.9%
- Trend: Stable — consistent growth pattern
What is Shipping Corporation of India Ltd's revenue growth trend?
Shipping Corporation of India Ltd's revenue growth trend is turning around (inflection up).
- Revenue Growth YoY: +14.2%
- Revenue Growth QoQ: -6.1% (sequential)
- 3-Year Revenue CAGR: -0.1%
How is Shipping Corporation of India Ltd's operating margin trending?
Shipping Corporation of India Ltd's operating margin is volatile.
- Current OPM: 40.0%
- OPM Change YoY: +12.0% basis points
- OPM Change QoQ: -2.0% basis points
What is Shipping Corporation of India Ltd's 3-year profit and revenue CAGR?
Shipping Corporation of India Ltd's long-term compounding rates
- 3-Year Profit CAGR: +15.9%
- 3-Year Revenue CAGR: -0.1%
Is Shipping Corporation of India Ltd's growth accelerating or decelerating?
Shipping Corporation of India Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: 0.0% bps
- Sequential Acceleration: -50.0% bps
What is Shipping Corporation of India Ltd's trailing twelve month (TTM) performance?
Shipping Corporation of India Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹1,000 Cr
- TTM PAT Growth: +60.5% YoY
- TTM Revenue: ₹6,000 Cr
- TTM Revenue Growth: +3.1% YoY
- TTM Operating Margin: 37.6%
Is Shipping Corporation of India Ltd overvalued or undervalued?
Shipping Corporation of India Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 11.7x
- Price-to-Book: 1.7x
What is Shipping Corporation of India Ltd's current PE ratio?
Shipping Corporation of India Ltd's current PE ratio is 11.7x.
- Current PE: 11.7x
- Market Cap: 15.8K Cr
- Dividend Yield: 1.94%
How does Shipping Corporation of India Ltd's valuation compare to its history?
Shipping Corporation of India Ltd's current PE is 11.7x.
- Current PE: 11.7x
- Valuation Assessment: Significantly Overvalued
What is Shipping Corporation of India Ltd's price-to-book ratio?
Shipping Corporation of India Ltd's price-to-book ratio is 1.7x.
- Price-to-Book (P/B): 1.7x
- Book Value per Share: ₹195
- Current Price: ₹339
Is Shipping Corporation of India Ltd a fundamentally strong company?
Shipping Corporation of India Ltd is rated Average with a fundamental score of 43.7/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +14.2% (10% weight)
- PAT Growth YoY: +118.9% (10% weight)
- PAT Growth QoQ: 0.0% (10% weight)
- Margins stable (10% weight)
Is Shipping Corporation of India Ltd debt free?
Shipping Corporation of India Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹3,000 Cr
What is Shipping Corporation of India Ltd's return on equity (ROE) and ROCE?
Shipping Corporation of India Ltd's return ratios over recent years
- FY2024: ROCE 8.0%
- FY2025: ROCE 10.0%
- FY2026: ROCE 14.0%
Is Shipping Corporation of India Ltd's cash flow positive?
Shipping Corporation of India Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹1,000 Cr
- Free Cash Flow (FCF): ₹485 Cr
- CFO/PAT Ratio: 99% (strong cash conversion)
What is Shipping Corporation of India Ltd's dividend yield?
Shipping Corporation of India Ltd's current dividend yield is 1.94%.
- Dividend Yield: 1.94%
- Current Price: ₹339
Who holds Shipping Corporation of India Ltd shares — promoters, FII, DII?
Shipping Corporation of India Ltd's shareholding pattern (Mar 2026)
- Promoters: 63.8%
- FII (Foreign): 9.0%
- DII (Domestic): 2.5%
- Public: 24.8%
Is promoter holding increasing or decreasing in Shipping Corporation of India Ltd?
Shipping Corporation of India Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 63.8% (Mar 2026)
- Previous Quarter: 63.8% (Dec 2025)
- Change: 0.00% (stable)
How long has Shipping Corporation of India Ltd been outperforming Nifty 500?
Shipping Corporation of India Ltd has been outperforming Nifty 500 for 11 consecutive weeks, indicating consistent outperformance.
Is Shipping Corporation of India Ltd a new momentum entry or an established outperformer?
Shipping Corporation of India Ltd is an established outperformer with 11 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Shipping Corporation of India Ltd?
Shipping Corporation of India Ltd has 6 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — MoUs signed with IOC, BPCL, and HPCL for demand aggregation of 59 vessels.
- Operating Leverage Inflection — Newer vessels will command better charters and have lower operating costs compared to the current 15-year-old fleet.
- Geographical Expansion — Newly inducted VLGCs Sahyadri and Shivalik are being deployed on key energy routes.
- New Product Or Brand Launch — Part of the new business plan announced during India Maritime Week.
What are the key risks in Shipping Corporation of India Ltd?
Shipping Corporation of India Ltd has 3 key risks worth monitoring
- [MEDIUM] Forex loss of INR 67 crores due to rupee depreciation by INR 3 — Depreciation of the rupee against the dollar affecting foreign currency loans.
- [MEDIUM] Container market impacted by prevailing geopolitical environment and Red Sea sit — Uncertainty in global trade routes affecting the liner segment.
- [LOW] Volatility in freight rates (BDI and World Scale) — Market-linked pricing for tankers and bulk carriers.
What did Shipping Corporation of India Ltd's management say in the latest earnings call?
In Q2 FY26, Shipping Corporation of India Ltd's management highlighted
- "SCI will have 50% shareholding there. And 40% will be IOC, BPCL, HPCL, and 10% is expected from MDF, Maritime Development Fund. [Initiative: Joint Ve..."
- "The other expenses, basically the FOREX loss of INR 67crores because of our rupee depreciation by INR 3. [Risk (fx): MEDIUM]"
- "Container market will depend on the Red Sea situation, basically. Let’s see how this evolves. [Risk (geopolitical): MEDIUM]"
What is Shipping Corporation of India Ltd's management guidance for growth?
Shipping Corporation of India Ltd's management has provided the following forward guidance for Next 5 years
- Revenue growth target: 250%
- OPM guidance: 50%
- Capex plan: ₹15000 Cr for Acquisition of 59 vessels including offshore, VLGC, and VLCC through a Joint Venture.
- Management tone: bullish
What sector-specific metrics matter most for Shipping Corporation of India Ltd?
Shipping Corporation of India Ltd's most important sub-sector-specific KPIs from the latest concall
- Owned Fleet Count: 58 vessels
- Average Fleet Age: 15.5 years
- Average Baltic Dry Index (BDI): 1,800 (QoQ +300) — Improvement in the bulk market during the quarter.
- VLCC World Scale: 100 (QoQ +51.24) — Anticipated seasonal improvement in the tanker market.
- VLGC Daily Charter Hire: $38,000 - $40,000 — Fixed for a firm period of 5 years with IOC.
- VLGC Daily Operating Cost: $27,000 - $28,000 — Standing cost for a 15-year-old vessel.
Is Shipping Corporation of India Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Shipping Corporation of India Ltd may be worth studying
- Earnings growing at +118.9% YoY
- Cash flow is positive — CFO ₹1,000 Cr
What is the investment thesis for Shipping Corporation of India Ltd?
Shipping Corporation of India Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +14.2% YoY
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Forex loss of INR 67 crores due to rupee depreciation by INR 3
What is the future outlook for Shipping Corporation of India Ltd?
Shipping Corporation of India Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: turning around (inflection up)
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Forex loss of INR 67 crores due to rupee depreciation by INR 3
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.