Shipping Corporation of India: Q3 FY26 profit jumps 5x

Stock in focus after sharp moves

Shipping Corporation of India Ltd (SCI), a state-run shipping company, has stayed in focus after a sharp rally around its December-quarter earnings and fresh reports linked to the sector and the company’s strategic sale process. On February 9, 2026, SCI recorded its best day in over six years after it reported its quarterly numbers post market hours on the prior Friday. The stock climbed as much as 20% on the NSE to an intraday high of ₹266.16, while BSE data showed the stock locked in a 20% move amid elevated volumes.

The stock has continued to see active tracking in 2026 due to a combination of quarterly performance, dividend actions, and disinvestment-related updates. Separately, media reports have also linked SCI’s price action to expectations of policy support for the shipping sector.

What the December quarter numbers showed

SCI reported a sharp jump in profitability for Q3 FY26. Net profit for the October to December period rose to ₹405 crore, compared with ₹76 crore in the same quarter last year. Revenue from operations increased 23% to ₹1,612 crore from ₹1,316 crore in the year-ago period.

Operational performance improved meaningfully. EBITDA, also described as operating profit, jumped 90% to ₹678 crore from ₹357 crore a year ago. EBITDA margin expanded to 42% from 27%.

Lower costs supported the earnings surge

The quarterly improvement was also supported by lower expenses. Total expenses declined 2% to ₹1,253 crore, according to the report. Finance cost dropped 24% to ₹48 crore.

The combination of higher revenue, sharply higher EBITDA, and reduced finance costs explains why net profit rose more than five times year-on-year in the quarter cited. The data points to stronger operational leverage in the period, with margin expansion accompanying revenue growth.

Dividend announcement and trading window updates

Along with the results, SCI’s board approved a second interim dividend of ₹10 per share, with payment indicated within 30 days from the date of declaration. The total outgo on this dividend was stated to be approximately ₹163.03 crore.

Corporate filings referenced in the provided data also mention trading window restrictions linked to dividend timelines. One announcement said the trading window that was initially closed from January 1, 2026, was extended and would remain closed up to 48 hours after the record date for payment of the second interim dividend, as decided in the board meeting dated February 6, 2026.

Disinvestment process remains part of the narrative

The strategic disinvestment of SCI has been referenced as being handled by the Department of Investment and Public Asset Management (DIPAM), with a transaction advisor engaged. SCI also stated that a Preliminary Information Memorandum (PIM) to invite expressions of interest was released on December 22, 2020, and that a virtual data room was open for due diligence by qualified interested parties.

In another cited report attributed to Reuters, the government was described as planning to invite financial bids for SCI by mid-May, with a panel headed by the cabinet secretary expected to take a final decision on April 14. The same report stated that SCI owns and operates around one-third of India’s total tonnage.

Policy-related headlines and sector support reports

SCI’s stock has also reacted to sector-level headlines. A separate report said the stock was locked in a 20% upper circuit on reports that the government may set up a maritime development fund to support the shipping sector, aimed at providing low-cost, long-term financial support.

The same set of reports also referred to early talks to form a joint venture between SCI and Indian Oil Corporation to build oil tankers, and to media reports quoting government officials that the government was in an advanced stage of strategic sales of SCI.

Trading volumes spiked during the February rally

The February 9 move was accompanied by heavy trading activity. Trading volume on the NSE was reported at 4.34 crore shares, compared with an average of 14.96 lakh shares, described as a 29-times spike. On the BSE, 25.51 lakh shares were reported to have changed hands versus an average of 2.54 lakh shares traded daily over the prior two weeks.

This kind of volume expansion typically indicates a high-information session for the market, especially when it coincides with results and dividend announcements.

Where the stock traded in May 2026

As per the provided market snapshot, SCI was shown at ₹326.90, down 4.85 points or 1.46% as on May 14, 2026 (03:59). Another update showed ₹327.15, down 4.55 points or 1.37% as on May 14, 2026 (04:01). The day range was listed as ₹321.05 to ₹337.30, with a 52-week range of ₹172.10 to ₹368.50 and volume of 383,484.

The BSE market depth snapshot (May 14, 2026) showed a bid-ask of 328.25 / 329.40 at the time of capture.

Key data points at a glance

Market impact and what investors tracked

The immediate market reaction in February was tied to the scale of earnings improvement, especially the jump in EBITDA and the margin expansion to 42%, alongside a five-fold rise in quarterly profit. Dividend visibility also mattered, with a ₹10 per share second interim dividend and a disclosed approximate cash outgo.

In later sessions, SCI also moved on policy and privatisation headlines, including reports about a maritime development fund and timelines for strategic sale decisions and financial bids. For investors, the mix of company performance and policy-driven catalysts has remained central to SCI’s trading narrative.

Conclusion

SCI’s Q3 FY26 numbers showed a strong year-on-year earnings jump, driven by higher revenue, much higher EBITDA, and lower expenses and finance costs, alongside a declared second interim dividend. The stock has continued to attract attention due to disinvestment-linked updates and policy headlines for the shipping sector, with traders also tracking near-term corporate timelines such as record dates and related trading window restrictions.