SCI September-quarter profit triples as tanker revenue rises

The Shipping Corporation of India Limited (SCI) reported consolidated profit after tax of Rs 577.76 crore for the quarter ended September 30, 2026, compared with Rs 189.16 crore a year earlier, as tanker revenue increased to Rs 1,582.15 crore from Rs 857.58 crore. Revenue from operations rose to Rs 2,290.73 crore.

How did SCI perform in the September 2026 quarter?

SCI’s consolidated profit after tax was Rs 577.76 crore in the quarter ended September 30, 2026, more than three times Rs 189.16 crore in the September 2025 quarter. Profit before tax increased to Rs 587.10 crore from Rs 214.01 crore, while basic and diluted earnings per share rose to Rs 12.40 from Rs 4.06.

Revenue from operations reached Rs 2,290.73 crore, against Rs 1,338.87 crore a year earlier and Rs 1,846.56 crore in the quarter ended June 30, 2026. Total income, including other income, was Rs 2,371 crore in the September quarter, compared with Rs 1,436.16 crore a year earlier. Other income declined to Rs 80.27 crore from Rs 97.29 crore.

The quarter-on-quarter comparison was mixed despite the higher revenue. SCI’s September-quarter profit after tax declined from Rs 619.34 crore in the June 2026 quarter, and profit before tax fell from Rs 628.31 crore. Total expenses rose to Rs 1,716.32 crore from Rs 1,283.49 crore, including cost of services rendered of Rs 945.98 crore against Rs 772.41 crore.

Which SCI segment drove the revenue increase?

SCI’s tanker segment was the principal contributor to the revenue increase, reporting Rs 1,582.15 crore of September-quarter revenue, compared with Rs 857.58 crore a year earlier and Rs 1,295.46 crore in the June quarter. The tanker segment accounted for the largest share of the Rs 2,371 crore total segment revenue reported for the quarter.

Tanker profit before interest and tax increased to Rs 741.40 crore from Rs 180.06 crore in the September 2025 quarter and Rs 525.23 crore in the June 2026 quarter. Tanker interest expense was Rs 14.77 crore, compared with Rs 8.68 crore a year earlier, before the segment results were reconciled with consolidated profit before tax of Rs 587.10 crore.

Liner revenue rose to Rs 368.96 crore from Rs 212.92 crore a year earlier, and its profit before interest and tax increased to Rs 124.47 crore from Rs 11.04 crore. Technical and Offshore revenue was Rs 77.75 crore against Rs 73.79 crore, while its profit before interest and tax rose to Rs 20.53 crore from Rs 1.88 crore.

Bulk Carrier revenue increased to Rs 272.35 crore from Rs 200.89 crore, but the segment posted a Rs 2.14 crore loss before interest and tax, compared with a Rs 2.11 crore profit a year earlier. The unallocable segment recorded a Rs 249.11 crore loss before interest and tax, versus a Rs 66.30 crore profit in the September 2025 quarter.

What changed in SCI’s half-year earnings and financial position?

SCI reported consolidated profit after tax of Rs 1,197.10 crore for the half year ended September 30, 2026, compared with Rs 543.33 crore in the corresponding half of 2025. Half-year revenue from operations rose to Rs 4,137.29 crore from Rs 2,654.91 crore, while total income increased to Rs 4,327.84 crore from Rs 2,898.57 crore.

The tanker business generated Rs 2,877.61 crore of half-year revenue, compared with Rs 1,770.86 crore in the prior-year period. Its profit before interest and tax was Rs 1,266.63 crore, against Rs 424.80 crore a year earlier. Bulk Carrier reported half-year profit before interest and tax of Rs 41.04 crore after a Rs 45.90 crore loss in the prior-year half.

Total assets stood at Rs 14,367.38 crore at September 30, 2026, compared with Rs 13,318.50 crore at March 31, 2026. Total equity increased to Rs 10,304.92 crore from Rs 9,096.29 crore, while total liabilities declined to Rs 4,062.46 crore from Rs 4,222.21 crore.

Within assets, property, plant and equipment declined to Rs 6,584.57 crore at September 30 from Rs 7,031.49 crore at March 31. Current assets increased to Rs 6,583.04 crore from Rs 4,810.87 crore, including other financial assets of Rs 4,322.92 crore compared with Rs 2,710.95 crore. Cash and cash equivalents were Rs 173.26 crore, up from Rs 114.86 crore.

What did SCI disclose about joint ventures and the limited review?

SCI recorded a Rs 67.58 crore share of loss from associates and joint ventures in the September 2026 quarter, compared with a Rs 13.38 crore share of profit in the September 2025 quarter. The half-year share of loss was Rs 112.62 crore, compared with a Rs 24.48 crore share of profit in the corresponding prior-year period.

The auditors conducted a limited review rather than an audit of the September 2026 consolidated results and concluded that nothing had come to their attention indicating a material misstatement. They highlighted balance-confirmation and reconciliation processes for trade receivables, trade payables, agent balances and deposits; management asserted that these matters would not have a consequential material impact on the consolidated results.

The auditors said the auditors of India LNG Transport Co. No. 1 Ltd., India LNG Transport Co. No. 2 Ltd. and India LNG Transport Co. No. 3 Ltd. had included material uncertainty related to going concern in their review reports. The filing also states that these joint ventures were not material at the consolidated level, while their aggregate September-quarter loss included in SCI’s results was Rs 67.58 crore.

What governance and strategic matters remain unresolved at SCI?

SCI was non-compliant during the September 2026 quarter with specified Companies Act and listing-regulation provisions because the Government of India had not appointed the requisite number of independent directors, including a woman independent director. The filing says the non-compliance relating to appointment of a woman independent director continued until August 18, 2026.

The Government of India’s strategic disinvestment process for SCI remains in progress, according to the filing’s notes. The announcement did not disclose a transaction value, timetable or outcome for the process as of the auditors’ report dated November 4, 2026.

SCI’s auditors also relied on other auditors’ review of Inland and Coastal Shipping Ltd., which reported September-quarter revenue of Rs 1.68 crore and a net loss of Rs 77 lakh. SCI Bharat IFSC Limited reported revenue of Rs 82 lakh and net profit of Rs 8 lakh for the same quarter, based on financial information certified by SCI’s management.

Conclusion

SCI’s September-quarter performance reflected a substantial increase in tanker activity, with Rs 1,582.15 crore of tanker revenue and Rs 741.40 crore of segment profit before interest and tax. Higher liner and Technical and Offshore results added to the improvement, while Bulk Carrier moved into a Rs 2.14 crore operating loss and unallocable operations reported a Rs 249.11 crore loss before interest and tax.

The next disclosed matters to watch are the Government of India’s strategic disinvestment process, which remains in progress, and SCI’s reconciliation of receivable, payable, agent-balance and deposit confirmations. Developments at the four India LNG Transport joint ventures also remain relevant after their Rs 112.62 crore aggregate half-year loss reduced SCI’s consolidated earnings.