Shipping Corporation of India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,289.59 Cr (+71.10% YoY) and PAT growth of +267.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,289.59 Cr (+71.10% YoY) |
| PAT (Q2) | Rs. 646.04 Cr (+267.30% YoY) |
| EBITDA margin | 39.49% (+896 bps YoY) |
| EPS (Q2) | Rs. 13.87 (+267.00% YoY) |
SCI delivered 71.1% YoY revenue growth and 267.3% PAT growth with EBITDA margin at 39.49%, driven by the Tanker segment (46.86% margin) and a Liner recovery, while normalized PAT of Rs.882.81 Cr strips out the Rs.240.19 Cr ILT-3 JV loan provision. Cash conversion (CFO/PAT 1.00x), deleveraging (D/E 0.24), and a Rs.4.00/share interim dividend support earnings quality. Key watch items are the ILT JV going-concern uncertainty, the Bulk Carrier segment loss, ongoing Audit Committee/NRC non-compliance, and a heavily H2-weighted vessel-induction target.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "YoY revenue direction is clearly ahead" on the tanker rate surge | +71.1% YoY, +24.1% QoQ | Played out |
| Tanker margin | "further expansion… vs Q1 FY27's 40.54%" | 46.86% | Played out |
| Bulk Carrier | "should stay profitable on BDI levels roughly double the year-ago" | −Rs.2.14 Cr result, −0.79% margin | Contradicted |
| Forex MTM hit | "repeats the exact Q2 FY26 risk" (Rs.67 Cr loss precedent) | No repeat — net FX gain of Rs.3.18 Cr in H1 — favourably | Contradicted |
| Tax normalization | tax to normalize after Q1's Rs.8.91 Cr | ETR again 1.42% (Rs.9.32 Cr) | Contradicted |
| Bunker squeeze | "direct voyage-cost squeeze on the 60% voyage-charter mix" | Cost of services +38.6% YoY < revenue +71.1%; margin expanded | Absorbed |
| Interim dividend | "the interim dividend decision at the 04.11.2026 meeting" | Rs.4.00/share (40%), ~Rs.186.32 Cr | Played out |
| Fleet additions / Hormuz residual revenue | call questions | Not addressed in the filing — remain open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| 10–12 second-hand vessels into SCI books | Q2 FY26 earnings call, "FY '26-'27", subject to Board approval | No vessel acquisition in the 06 Aug–03 Nov 2026 announcement window; H1 capex just Rs.116.31 Cr (FY26: Rs.1,550.44 Cr, H1-weighted) — but execution risk visibly rising at half-year | Too Early |
| JV-linked 2x–3x revenue growth, 50% operating margin | Q4 FY26 earnings call | JV not yet operationalized (OMC JV was "under consideration of our Ministry" at the Q4 FY26 call) | Too Early |
| 216 vessels / Rs.1 lakh Cr fleet by 2047 | Q4 FY26 earnings call | Long-range; no interim milestone this quarter | Too Early |
| "The performance of the tanker segment would be much better in the current ongoing quarter" | Q2 FY26 call (management assurance) | Tanker result Rs.741.40 Cr, margin 46.86% vs 21.00% a year ago | Confirmed |
| Liner ECL provisions "once we receive it… post much better results in the forthcoming quarters" | Q2 FY26 call | Liner result Rs.124.47 Cr vs Rs.11.04 Cr; margin 33.74% | Confirmed |
| High spot-rate gains "expected to show in the following quarter's P&L" | Q4 FY26 call | Q2 revenue +71.1% YoY on the tanker book | Confirmed |
| Disinvestment process "in progress" | filing note | Status unchanged — no change | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.