Shipping Corp Q4 FY26 profit jumps 118% as sales rise 14%

What Shipping Corporation of India reported

Shipping Corporation of India (SCI) reported a sharp year-on-year jump in profitability for the quarter ended 31 March 2026 (Q4 FY26), supported by higher revenue and lower expenses. Consolidated profit after tax (PAT) rose 118.5% YoY to ₹404.60 crore, compared with ₹185.14 crore in Q4 FY25. Revenue from operations increased 14.2% YoY to ₹1,513.21 crore for the quarter. On a full-year basis, SCI said consolidated net profit rose 60.4% to ₹1,352.92 crore in FY26. Full-year net sales increased 3.1% to ₹5,779.79 crore. The results underline a strong year-on-year swing in earnings, even as some sequential indicators softened.

Q4 FY26: headline numbers across profit and revenue

SCI’s profit before tax (PBT) for Q4 FY26 was reported at ₹415.59 crore, up 142.6% YoY from ₹171.34 crore in Q4 FY25. In another result summary for the same quarter, PBT was stated at ₹424.24 crore, with a 2.2% increase from ₹415.17 crore in Q3 FY26 and a 167.7% jump from ₹158.50 crore in Q4 FY25. The company’s consolidated total income for Q4 FY26 was reported at ₹1,659.75 crore, a 0.5% QoQ decline from ₹1,668.45 crore in Q3 FY26. On a YoY basis, the same total income figure was up 18.5% from ₹1,400.55 crore in Q4 FY25. Expenses were reported at ₹1,235.51 crore in Q4 FY26, down 1.4% QoQ and 0.5% YoY. EPS was stated at ₹8.69 in Q4 FY26, unchanged from Q3 FY26 and up from ₹3.97 in Q4 FY25.

Sequential performance: softer quarter-on-quarter trend

While SCI’s Q4 FY26 performance was strong against the year-ago period, the quarter also showed mild sequential pressure in parts of the P&L. Consolidated revenue was described as down 0.5% QoQ for Q4 FY26. Separately, net sales were also described as down 6.11% sequentially to ₹1,513.21 crore from ₹1,611.67 crore in the December 2025 quarter (Q3 FY26). Net profit was reported as down 0.1% QoQ, with PAT at ₹404.60 crore in Q4 FY26 versus ₹404.97 crore in Q3 FY26. Operating margin (excluding other income) was stated at 40.44% in Q4 FY26, down from 42.08% in the previous quarter. PAT margin was stated at 26.74% in Q4 FY26, up from 25.13% in Q3 FY26.

Segment snapshot: tankers lead, liners decline

SCI’s segment disclosures for Q4 FY26 showed divergent trends across businesses. Revenue from tankers was ₹1,074.46 crore, up 15.84% YoY, making it the dominant contributor among the segments listed. Bulk carriers revenue stood at ₹217.83 crore, up 118.07% YoY, indicating a sharp year-on-year improvement from a low base. Liners revenue was ₹164.67 crore, down 30.99% YoY, marking a contraction in that segment during the quarter. Technical and offshore revenue was ₹72.37 crore, up 11.25% YoY. The mix matters because the tanker segment’s size means it can materially influence consolidated performance in both strong and weak quarters.

Cost line, tax line, and what changed

Total expenses in Q4 FY26 were reported at ₹1,235.51 crore, below ₹1,253.28 crore in Q3 FY26 and slightly below ₹1,242.05 crore in Q4 FY25. A lower cost base alongside higher year-on-year revenue helped expand profits. Tax expense for Q4 FY26 was reported at ₹10.99 crore, down 50.0% QoQ from ₹21.96 crore in Q3 FY26. On a YoY basis, the tax expense comparison was against a negative tax figure of -₹13.80 crore in Q4 FY25, indicating a swing in tax treatment year-on-year. One analysis note in the data also highlighted a low tax rate of 2.64% for Q4 FY26. Such line items can amplify reported profit growth, especially when operating performance is also improving.

Key financial table: Q4 FY26 vs Q3 FY26 vs Q4 FY25

Full-year FY26: profit up 60%, sales up 3%

For FY26, SCI reported consolidated net profit of ₹1,352.92 crore, up 60.38% from ₹843.58 crore in FY25. Full-year net sales were ₹5,779.79 crore, up 3.10% from ₹5,605.83 crore in FY25. The annual picture shows profit growth significantly outpacing sales growth, which is consistent with a period of operating leverage. It also provides context for the strong year-on-year jump in Q4 FY26 profits. Investors typically track whether such profit expansion is driven mainly by operations, tax effects, or non-operating income. One note included in the provided data stated that other income contributed over one-third of pre-tax profits.

Stock reaction and valuation snapshot

SCI’s share price rose 5.96% to close at ₹338.75 on Friday, 8 May 2026, as cited in the provided data. The company’s market capitalisation was stated at ₹15,814 crore. At ₹338.75, the stock was stated to trade at a trailing price-to-earnings (P/E) multiple of 13.92 times, compared with a transport services sector average of 12 times. Another performance datapoint cited was a one-year return of 107.95% for SCI versus a -3.74% return for the Sensex over the same period. These figures frame the earnings update in a market context where the stock has already moved significantly.

How the December 2025 quarter set the base

SCI’s December 2025 quarter (Q3 FY26) was reported as a strong revenue and profit quarter on a YoY basis. Revenue from operations increased 22.5% YoY to ₹1,611.67 crore for the quarter ended 31 December 2025. PBT for that quarter was reported at ₹426.93 crore, up 409.89% YoY from ₹83.73 crore in Q3 FY25. Another headline referenced Q3 PAT of about ₹405 crore with a 436% YoY surge. Against that backdrop, Q4 FY26’s sequential softness in net sales and margin can be read as a moderation from a strong preceding quarter, even though year-on-year growth stayed firm.

What investors will likely track next

The immediate watchpoints from the disclosed numbers include the sustainability of operating margins after the QoQ decline to 40.44% (excluding other income). Investors will also track how the liners segment performs after the 30.99% YoY revenue fall in Q4 FY26, and whether bulk carrier gains remain elevated after the 118.07% YoY jump. Given that total expenses were slightly lower both QoQ and YoY in Q4 FY26, the next set of results will show whether cost control persists through changing freight conditions. Finally, the contribution of other income to profits, flagged as meaningful in the provided note, will remain a key point in assessing earnings quality.

Conclusion

SCI’s Q4 FY26 results showed a large year-on-year jump in profitability, with PAT at ₹404.60 crore and revenue from operations at ₹1,513.21 crore. Full-year FY26 profit rose to ₹1,352.92 crore on net sales of ₹5,779.79 crore. The quarter also showed mild sequential pressure in revenue and operating margins versus the December 2025 quarter. Segment performance was mixed, led by tankers and bulk carriers, while liners declined year-on-year. The next earnings update will be watched for confirmation on margins, segment momentum, and the balance between operating and non-operating drivers of profit.