Tanker segment PBT
₹1,190 crore
+75% YoY
Tanker profitability surged due to elevated freight rates from Middle East conflict.
SHIPPINGOFINDIA
Other
28 Apr 2026
Shipping Corporation of India Ltd — Q4 FY26
SCI delivered its highest-ever consolidated PBT of ₹1,423 crore, up 67% YoY, driven by a robust tanker segment (PBT up 75% to ₹1,190 crore) amid elevated freight rates due to Middle East conflict.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
SCI delivered its highest-ever consolidated PBT of ₹1,423 crore, up 67% YoY, driven by a robust tanker segment (PBT up 75% to ₹1,190 crore) amid elevated freight rates due to Middle East conflict. Standalone PAT rose to ₹1,326 crore (vs ₹814 crore). Revenue grew modestly 3.3% to ₹5,778 crore as some vessels were stuck in the Strait of Hormuz, deferring revenue recognition. The company maintains a strong balance sheet with net worth of ₹8,489 crore and debt-equity of 0.29. Management guided for fleet expansion via JVs (oil PSUs and Bharat Container Line) targeting 110+ vessels over 5-20 years, with an IRR threshold of 10-12%. Near-term, elevated spot rates and release of stuck vessels should boost Q1 FY27 earnings. Key risk: a rapid de-escalation of the Middle East conflict could sharply reduce tanker rates and earnings.
Key Numbers
Fleet size (owned)
58 vessels
+2 vessels YoY
Inducted two VLGCs (Shahadri and Shivalik) during the year.
Coastal liner utilization
99%
flat YoY
High utilization reflects strong domestic demand and operational reliability.
Debt-equity ratio
0.29
flat YoY
Conservative leverage provides financial flexibility for expansion.
Management Guidance
Fleet expansion of 59 vessels under oil & gas JV
Demand aggregation for 59 vessels identified; JV under ministry consideration.
Management guidance expansionBharat Container Shipping Line targeting 51 vessels
JV with CONCOR and ports; SCI to hold ~30% stake; vessels to be added over 5 years up to 2047.
Management guidance expansionIRR threshold of 10-12% for vessel acquisitions
Management targets 10-12% IRR on new projects; will not proceed if below threshold.
Management guidance growthPlan to add secondhand and new vessels in FY27
Will purchase secondhand vessels in near term and order new builds in India for delivery in 2+ years.
Management guidance capexKey Risks
Middle East conflict de-escalation
A rapid resolution could cause tanker rates to fall sharply, reducing earnings from spot-exposed vessels.
high · management_commentaryVessels stuck in Strait of Hormuz
Four vessels remain stuck, unable to trade freely; revenue recognition deferred and potential loss if situation worsens.
high · analyst_questionHigh asset prices for new vessels
Elevated tanker rates have pushed secondhand and newbuild prices higher, risking poor returns if acquired at cycle peak.
medium · analyst_questionJV execution and approval delays
Oil & gas JV still under ministry consideration; no timeline provided, delaying fleet expansion benefits.
medium · management_commentaryNotable Quotes
We have delivered a momentous performance this year despite global market volatility and mixed freight trends across segments.
The tanker market is definitely very very high but the cargos are very few.
We look for at least a 10 to 12% range of IRR.
Frequently Asked Questions
What was Shipping of India's revenue in Q4 FY26?
Shipping of India reported revenue of ₹1,513 Cr in Q4 FY26, representing a +3.3% change compared to the same quarter last year.
What guidance did Shipping of India management give for FY27?
Fleet expansion of 59 vessels under oil & gas JV: Demand aggregation for 59 vessels identified; JV under ministry consideration. Bharat Container Shipping Line targeting 51 vessels: JV with CONCOR and ports; SCI to hold ~30% stake; vessels to be added over 5 years up to 2047. IRR threshold of 10-12% for vessel acquisitions: Management targets 10-12% IRR on new projects; will not proceed if below threshold. Plan to add secondhand and new vessels in FY27: Will purchase secondhand vessels in near term and order new builds in India for delivery in 2+ years.
What are the key risks for Shipping of India in FY27?
Key risks include Middle East conflict de-escalation — A rapid resolution could cause tanker rates to fall sharply, reducing earnings from spot-exposed vessels.; Vessels stuck in Strait of Hormuz — Four vessels remain stuck, unable to trade freely; revenue recognition deferred and potential loss if situation worsens.; High asset prices for new vessels — Elevated tanker rates have pushed secondhand and newbuild prices higher, risking poor returns if acquired at cycle peak.; JV execution and approval delays — Oil & gas JV still under ministry consideration; no timeline provided, delaying fleet expansion benefits..
Did Shipping of India meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Shipping of India Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.