Shipping Corporation of India (SCI) is India's state-owned shipping line, moving crude, products, dry bulk and containers with a 58-vessel fleet, and it heads into Q2 FY27 results with tanker rates at extraordinary levels after the July re-escalation of the Strait of Hormuz conflict. The print will speak to how much of the July-to-September tanker rate spike flowed through the ~60% voyage-charter book, and whether bunker costs, forex marks and tax normalisation cloud the translation into earnings.
| Results date | November 04, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,844.64 Cr (standalone, Q1 FY27) |
| Previous quarter PAT | Rs. 664.29 Cr (standalone, Q1 FY27) |
| Market cap | Rs. 11,384.15 Cr |
| CMP | Rs. 244.4 |
A board meeting is scheduled on 04.11.2026 to approve the Q2/H1 FY27 audited financial results and consider an interim dividend. The trading window has been closed since 01.10.2026.
SCI enters this quarter with the Tanker segment contributing 70.23% of Q1 FY27 standalone revenue at a 40.54% segment margin, and the July re-escalation of the Strait of Hormuz conflict took VLCC TCEs from $344,250/day on 10 July to $1,235,414 on 25 September — an order of magnitude above the FY26 peak of $80,000–150,000/day cited on the Q4 FY26 call.
The dry bulk backdrop was the strongest since 2021, with the BDI averaging 2,791 in July, 2,942 in August and ~3,430–3,483 in September against a year-ago Q2 FY26 average of ~1,800, supporting the Bulk Carrier segment that posted Rs. 257.09 Cr revenue in Q1 FY27.
The counterweights are bunker costs — Singapore VLSFO rose from $755/mt in July to $870/mt in September, ~77% above the year-ago level, a direct squeeze on the ~60% voyage-charter fleet — and the rupee's slide, which repeats the Q2 FY26 risk of a foreign-currency-loan mark-to-market hit like the Rs. 67 Cr forex loss booked last year.
Below the line, Q1 FY27's unusually low tax of Rs. 8.91 Cr against PBT of Rs. 673.20 Cr and other income of Rs. 107.84 Cr both carry normalisation risk, while the promised Liner ECL reversals and any residual Hormuz voyage revenue recognition are call questions.
Execution of the 10–12 second-hand vessel target for FY '26-'27 remains untested — only two vessels were added in FY26 and no acquisition was announced in the 06 Aug–03 Nov 2026 window — with the OMC oil & gas JV still 'under consideration of our Ministry' as of the Q4 FY26 call. The upcoming call is likely to cover the tanker margin bridge versus Q1 FY27's 40.54%, Hormuz residual revenue, forex and tax lines, and the interim dividend decision at the 04.11.2026 meeting.
Guidance scorecard: fleet additions and JV execution: Management's stated targets and where each stands ahead of the call.
Tanker realisation and the rate curve: Whether voyage-charter earnings captured the July-to-September escalation.
Hormuz residual revenue and forex/ECL lines: Carry-over items that could shape the quarter's clean earnings translation.
Operating metrics to track: Segment KPIs management has historically anchored commentary on.
The CMD has said 59 vessels fall under oil & gas demand aggregation with OMCs and 51 under the Bharat Container Shipping Line, with the remainder to be added by SCI or further JVs. The plan of roughly 216 vessels at an estimated INR 1 lakh crore investment runs up to 2047 and will be reviewed periodically by the SCI and JV boards.
The CMD confirmed the target of 10 to 12 second-hand vessel additions in FY '26-'27, subject to Board approval, after two vessels were added in FY26. No new vessel-acquisition announcement appeared in the 06 Aug–03 Nov 2026 window, so progress on this target is a key call question.
Per the CMD on the Q4 FY26 call, nearly 60% of the tanker fleet is on voyage charters and nearly 40% on time charter. Spot rates at that time were described as multiple times pre-war levels.
Management has guided to an IRR of 10% to 12% over the project life, which it notes is distinct from ROCE. The JV with Bharat Petroleum, Hindustan Petroleum and Indian Oil is structured with SCI as the leading shareholder and long-term cargo commitments linked to market indexes.
In Q1 FY27, standalone revenue from operations was Rs. 1,844.64 Cr, up 21.93% QoQ and 40.20% YoY, with standalone PAT of Rs. 664.29 Cr, up 60.55% QoQ and 93.54% YoY. The Tanker segment drove the quarter, contributing 70.23% of standalone revenue.
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