Shipping Corporation of India Ltd

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Shipping Corporation of India Ltd

₹ 305 -1.25%
07 Aug - close price
shipindia.com BSE: 523598 NSE: SCI
About

Shipping Corporation of India is engaged involved in business of transporting goods and passengers.

Key Points

Business Overview: [1] [2]
The company is the largest Indian shipping company in terms of capacity, with a diversified fleet engaged in transporting goods and passengers across domestic and international routes. It owns and operates around one-third of India’s shipping tonnage and has a presence across almost all segments of the shipping industry, including break-bulk, international container, liquid and dry bulk, offshore, and passenger services. It also manages vessels on behalf of various government departments and organizations. The company was conferred with the “Navratna” status in Aug 2008.

Website BSE NSE
  • Market Cap ₹ 14,195 Cr.
  • Current Price ₹ 305
  • High / Low ₹ 369 / 195
  • Stock P/E 8.62
  • Book Value ₹ 182
  • Dividend Yield 2.13 %
  • ROCE 14.8 %
  • ROE 16.3 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 19.1%

Cons

  • The company has delivered a poor sales growth of 9.31% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 12.2% over last 3 years.
  • Contingent liabilities of Rs.4,305 Cr.
  • Company might be capitalizing the interest cost
  • Working capital days have increased from 60.4 days to 146 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Services Services Transport Services Shipping

Part of BSE CPSE Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 Nifty India Infrastructure & Logistics

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
1,200 1,093 1,341 1,412 1,514 1,451 1,303 1,325 1,316 1,338 1,611 1,513 1,845
837 857 923 1,005 1,004 917 945 960 826 930 931 898 960
Operating Profit 363 236 417 407 510 534 358 365 490 409 680 614 885
OPM % 30% 22% 31% 29% 34% 37% 27% 28% 37% 31% 42% 41% 48%
27 69 22 98 44 40 34 75 146 95 55 145 108
Interest 35 56 40 40 40 43 64 39 30 47 48 47 37
Depreciation 197 200 251 241 220 234 255 243 250 256 271 287 282
Profit before tax 157 49 149 224 294 297 73 159 355 201 415 425 673
Tax % 6% 16% 11% -30% 2% 2% 11% -9% 3% 12% 5% 3% 1%
147 41 132 292 287 290 65 172 343 176 393 414 664
EPS in Rs 3.16 0.87 2.83 6.27 6.16 6.23 1.39 3.70 7.37 3.78 8.45 8.88 14.26
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
4,186 4,050 3,447 3,469 3,873 4,425 3,703 4,988 5,794 5,046 5,592 5,778 6,307
3,361 2,688 2,667 2,793 3,160 3,283 2,544 3,455 4,234 3,622 3,824 3,585 3,719
Operating Profit 826 1,362 780 677 713 1,143 1,159 1,533 1,560 1,424 1,768 2,193 2,588
OPM % 20% 34% 23% 20% 18% 26% 31% 31% 27% 28% 32% 38% 41%
401 165 145 143 232 243 126 97 111 215 193 440 402
Interest 180 195 174 180 362 367 22 161 185 171 187 173 180
Depreciation 770 542 566 610 658 671 628 635 753 889 951 1,064 1,096
Profit before tax 276 789 186 29 -75 348 635 834 733 578 822 1,396 1,714
Tax % 27% 5% 23% -761% 63% 13% 3% 5% -9% -6% 1% 5%
201 753 142 254 -122 302 618 790 800 612 814 1,326 1,647
EPS in Rs 4.31 16.17 3.05 5.45 -2.62 6.49 13.27 16.96 17.18 13.14 17.48 28.47 35.37
Dividend Payout % 0% 0% 0% 0% 0% 12% 2% 2% 3% 4% 38% 16%
Compounded Sales Growth
10 Years: 4%
5 Years: 9%
3 Years: 0%
TTM: 17%
Compounded Profit Growth
10 Years: 6%
5 Years: 17%
3 Years: 19%
TTM: 89%
Stock Price CAGR
10 Years: 19%
5 Years: 30%
3 Years: 45%
1 Year: 51%
Return on Equity
10 Years: 8%
5 Years: 12%
3 Years: 12%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 466 466 466 466 466 466 466 466 466 466 466 466
Reserves 6,068 6,258 6,367 6,632 6,515 6,832 7,436 5,111 5,906 6,498 7,278 8,023
6,833 5,845 5,492 5,585 5,277 4,767 3,679 3,200 2,605 2,914 2,228 2,679
1,562 2,148 2,162 1,686 1,896 1,668 1,556 1,684 1,936 1,646 1,160 1,539
Total Liabilities 14,929 14,717 14,487 14,369 14,155 13,733 13,137 10,461 10,912 11,523 11,132 12,707
11,444 11,827 11,411 11,348 11,119 10,653 10,174 7,624 7,403 7,004 6,711 7,198
CWIP 491 0 27 8 8 3 33 58 34 42 4 5
Investments 90 66 75 131 77 77 77 78 79 79 286 196
2,903 2,824 2,975 2,882 2,951 3,000 2,853 2,700 3,396 4,398 4,131 5,308
Total Assets 14,929 14,717 14,487 14,369 14,155 13,733 13,137 10,461 10,912 11,523 11,132 12,707

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2,100 1,490 683 228 668 945 1,341 1,441 1,466 995 850 1,341
-253 -11 -86 -471 -72 324 -207 -730 -502 -574 -318 -857
-1,609 -1,095 -522 -87 -743 -1,120 -1,154 -653 -930 103 -1,235 -518
Net Cash Flow 237 384 74 -329 -146 149 -21 59 34 524 -703 -34
Free Cash Flow 1,508 976 508 -241 471 959 1,144 950 990 548 558 -156
CFO/OP 264% 116% 96% 47% 103% 92% 118% 98% 97% 69% 48% 56%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 69 61 70 70 56 50 62 47 64 102 78 75
Inventory Days
Days Payable
Cash Conversion Cycle 69 61 70 70 56 50 62 47 64 102 78 75
Working Capital Days -136 -143 -290 -236 -264 -255 -115 -66 -41 -42 78 146
ROCE % 2% 7% 3% 1% 1% 5% 6% 10% 10% 7% 10% 15%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Bulk Carrier fleet count (owned)
vessels

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Tanker fleet count (owned)
vessels
Total fleet deadweight tonnage (DWT)
million DWT
Total number of owned vessels
vessels
Number of managed vessels (third-party)
vessels
Average age of owned fleet
years

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Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
63.75% 63.75% 63.75% 63.75% 63.75% 63.75% 63.75% 63.75% 63.75% 63.75% 63.75% 63.75%
3.23% 3.27% 4.66% 4.56% 5.61% 4.79% 4.68% 6.14% 6.49% 7.13% 8.98% 8.98%
6.97% 7.99% 7.87% 8.69% 3.64% 3.63% 3.16% 2.57% 2.58% 2.41% 2.49% 2.09%
26.05% 24.98% 23.74% 23.01% 27.00% 27.83% 28.41% 27.55% 27.19% 26.72% 24.79% 25.20%
No. of Shareholders 2,09,1992,19,4633,04,5273,24,1564,41,5354,52,4814,60,8084,63,9654,47,5554,19,7053,96,7203,85,658

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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