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Shipping Corporation of India Q2 FY27 results: net profit ₹577.76 crore vs ₹189.16 crore, revenue up 71.1%
Shipping Corporation of India Ltd reported consolidated revenue of ₹2,291 crore for Q2 FY27, up 71.1% from Q2 FY26. EBITDA rose 121.9% to ₹902.14 crore and the EBITDA margin expanded to 39.4%, while net profit increased to ₹577.76 crore and basic EPS was ₹12.40.
Key points
- Consolidated revenue was ₹2,291 crore in Q2 FY27, up 71.1% from ₹1,339 crore in Q2 FY26.
- EBITDA rose to ₹902.14 crore from ₹406.47 crore, with the margin increasing to 39.4% from 30.4%.
- Net profit was ₹577.76 crore, up 205.4% from ₹189.16 crore, and basic EPS rose to ₹12.40 from ₹4.06.
- Other expenses increased by ₹450.06 crore to ₹1,250 crore, while tax fell by ₹15.51 crore to ₹9.34 crore.
- For H1 FY27, revenue was ₹4,137.29 crore, total income was ₹4,327.84 crore, PBT was ₹1,328.03 crore and PAT was ₹1,197.1 crore.
How did Shipping Corporation of India perform in Q2 FY27?
Shipping Corporation of India reported consolidated revenue of ₹2,291 crore for Q2 FY27, up 71.1% from ₹1,339 crore in Q2 FY26. EBITDA increased by ₹495.67 crore to ₹902.14 crore, and the EBITDA margin rose by 9.0 percentage points to 39.4%. PBT was ₹654.68 crore, up from ₹200.63 crore, while tax was ₹9.34 crore.
Net profit for the quarter was ₹577.76 crore, compared with ₹189.16 crore in the year-ago quarter, and basic EPS was ₹12.40 against ₹4.06. Against Q1 FY27, revenue rose by ₹444.17 crore to ₹2,291 crore and EBITDA rose by ₹19.70 crore to ₹902.14 crore, but the margin fell by 8.4 percentage points to 39.4%.
PBT declined by ₹18.67 crore to ₹654.68 crore from Q1 FY27, while net profit fell by ₹41.58 crore to ₹577.76 crore and basic EPS declined by ₹0.90 to ₹12.40. On the standalone basis, revenue was ₹2,289.59 crore and PAT was ₹646.04 crore, compared with PBT of ₹175.89 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,291 | 1,847 | 1,339 | +71.1% | +24.1% |
| Other income | 80.27 | 110.28 | 97.27 | −17.5% | −27.2% |
| Total expenses | 1,716 | 1,283 | 1,236 | +38.9% | +33.7% |
| EBITDA | 902.14 | 882.44 | 406.47 | +121.9% | +2.2% |
| EBITDA margin | 39.4% | 47.8% | 30.4% | +9.0 pp | −8.4 pp |
| Profit before tax | 654.68 | 673.35 | 200.63 | +226.3% | −2.8% |
| Tax | 9.34 | 8.97 | 24.85 | −62.4% | +4.1% |
| Net profit | 577.76 | 619.34 | 189.16 | +205.4% | −6.7% |
| EPS (₹) | 12.40 | 13.30 | 4.06 | +205.4% | −6.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Shipping Corporation of India's costs and profit?
Other expenses increased by ₹450.06 crore to ₹1,250 crore from Q2 FY26, while total expenses rose by ₹480.81 crore to ₹1,716 crore. Employee cost increased by ₹6.13 crore to ₹138.35 crore, finance costs rose by ₹0.67 crore to ₹48.05 crore and depreciation increased by ₹23.95 crore to ₹279.68 crore. Other income fell by ₹17 crore to ₹80.27 crore.
The company reported no exceptional item in Q2 FY27. Tax was ₹9.34 crore, down ₹15.51 crore from Q2 FY26, while PBT rose by ₹454.05 crore to ₹654.68 crore and PAT increased by ₹388.60 crore to ₹577.76 crore. The filing states that the increase in other expenses was primarily attributable to a provision of Rs. 24,019 lakhs against the loan extended to India LNG Transport Company (No.3) Ltd, including interest receivable of Rs. 1136 lakhs.
Against Q1 FY27, other expenses rose by ₹430.59 crore to ₹1,250 crore and other income fell by ₹30.01 crore to ₹80.27 crore. Employee cost declined by ₹6.12 crore to ₹138.35 crore, finance costs increased by ₹10.66 crore to ₹48.05 crore and depreciation fell by ₹2.30 crore to ₹279.68 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 138.35 | 132.22 | +6.13 | +4.6% |
| Finance costs | 48.05 | 47.38 | +0.67 | +1.4% |
| Depreciation | 279.68 | 255.73 | +23.95 | +9.4% |
| Other expenses | 1,250 | 800.18 | +450.06 | +56.2% |
| Total expenses | 1,716 | 1,236 | +480.81 | +38.9% |
| Other income | 80.27 | 97.27 | −17 | −17.5% |
| Tax | 9.34 | 24.85 | −15.51 | −62.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹4,137.29 crore, compared with ₹2,654.91 crore in H1 FY26, an increase of ₹1,482.38 crore or 55.8%. Total income rose by ₹1,429.31 crore to ₹4,327.84 crore, while PBT increased by ₹772.23 crore to ₹1,328.03 crore.
PAT for the first half was ₹1,197.1 crore, up ₹653.77 crore or 120.3% from ₹543.33 crore in H1 FY26. Basic EPS increased by ₹14.04 to ₹25.70 from ₹11.66. The company also reported standalone revenue of ₹2,289.59 crore and PAT of ₹646.04 crore for the quarter.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,137 | 2,655 | +55.8% |
| Profit before tax | 1,328 | 555.80 | +138.9% |
| Net profit | 1,197 | 543.33 | +120.3% |
| EPS (₹) | 25.70 | 11.66 | +120.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹14,367.38 crore, compared with ₹13,318.5 crore at 31 March 2026, and total equity was ₹10,304.92 crore against ₹9,096.29 crore. Borrowings fell to ₹2,356.26 crore from ₹2,476.93 crore, while cash increased to ₹173.26 crore from ₹114.86 crore. Inventories were ₹395.51 crore, trade receivables ₹1,308.3 crore and trade payables ₹1,135.95 crore.
For H1 FY27, operating cash flow was ₹1,315.51 crore, compared with ₹727.02 crore in H1 FY26. Investing cash flow was negative ₹985.45 crore against negative ₹684.42 crore, financing cash flow was negative ₹272.63 crore against positive ₹441.81 crore, and capital expenditure was ₹116.31 crore compared with ₹1,269.59 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 14,367 | 13,318 |
| Total equity | 10,305 | 9,096 |
| Borrowings | 2,356 | 2,477 |
| Cash and equivalents | 173.26 | 114.86 |
| Inventories | 395.51 | 273.67 |
| Trade receivables | 1,308 | 1,192 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,316 | 727.02 |
| Cash from investing | −985.45 | −684.42 |
| Cash from financing | −272.63 | 441.81 |
| Capital expenditure | 116.31 | 1,270 |
Source: Company's results filing (XBRL).
How has Shipping Corporation of India done over the last 8 quarters?
Revenue rose year on year in each of the last four quarters, and profit also rose year on year in each of the last four quarters. Revenue reached its highest level in the series at ₹2,290.73 crore in Q2 FY27, while the lowest was ₹1,315.6 crore in Q3 FY25. Profit peaked at ₹619.34 crore in Q1 FY27 and bottomed at ₹75.52 crore in Q3 FY25.
The EBITDA margin reached 47.8% in Q1 FY27, the highest point in the reported series, before declining to 39.4% in Q2 FY27. Its lowest level was 27.2% in Q3 FY25. Revenue and profit therefore moved higher over the broader period, while the current quarter showed a lower margin and profit than Q1 FY27.
Which businesses drove the quarter?
The Tanker segment reported revenue of ₹1,582.15 crore in Q2 FY27, up 84.5% from ₹857.58 crore in Q2 FY26, and EBIT of ₹741.4 crore against ₹180.06 crore. Its reported EBIT margin was 46.9%. Liner revenue rose 73.3% to ₹368.96 crore from ₹212.92 crore, while EBIT increased to ₹124.47 crore from ₹11.04 crore, with an EBIT margin of 33.7%.
Bulk Carrier revenue rose 35.6% to ₹272.35 crore from ₹200.89 crore, but EBIT was negative ₹2.14 crore compared with ₹2.11 crore in Q2 FY26; its EBIT margin was negative 0.8%. Technical & Offshore revenue increased 5.4% to ₹77.75 crore from ₹73.79 crore, while EBIT rose to ₹20.53 crore from ₹1.88 crore, with an EBIT margin of 26.4%. Unallocated revenue was ₹69.79 crore against ₹51.08 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Liner | 368.96 | +73.3% | 124.47 | 33.7% |
| Bulk Carrier | 272.35 | +35.6% | −2.14 | -0.8% |
| Tanker | 1,582 | +84.5% | 741.40 | 46.9% |
| Technical & Offshore | 77.75 | +5.4% | 20.53 | 26.4% |
| Unallocated Revenue | 69.79 | +36.6% | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
The standalone limited review report stated that nothing had come to the auditors' attention causing them to believe that the statement had not disclosed the required information or contained a material misstatement. The auditors said their conclusion was not modified in respect of balance confirmations, reconciliation of net tax assets, and the company's non-compliance with provisions concerning the appointment of Independent Directors, including a Woman Independent Director.
The consolidated filing noted that the auditors of ILT 1, ILT 2 and ILT 3 had inserted a paragraph for material uncertainty related to going concern in their respective Independent Review Reports, although these joint ventures were not material to the consolidated level. It also stated that geopolitical developments in the Middle East had affected the operations of ILT 1, ILT 2 and ILT 3, and that the Holding Company believed ILT 1 and ILT 2 had sufficient resources to continue their operations and meet obligations as they fell due.
Quick answers
What was Shipping Corporation of India's revenue in Q2 FY27?
Revenue from operations was ₹2,291 crore, up 71.1% from ₹1,339 crore in Q2 FY26 (consolidated).
Did Shipping Corporation of India make a profit in Q2 FY27?
Yes. Net profit was ₹577.76 crore, against a net profit of ₹189.16 crore in Q2 FY26.
What was Shipping Corporation of India's EPS in Q2 FY27?
Basic earnings per share were ₹12.40, against ₹4.06 in Q2 FY26.
When did Shipping Corporation of India announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting For Approving Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30.09.2026 And Consideration Of Interim Dividend, If Any. (BSE, 28 October 2026) · PDF
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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