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Shipping Corporation of India Ltd

| Statement Of Audited Standalone Financial Results For The Quarter And Year Ended March 31, 2026

Report Source

⬤8th May 26

Summary : The Shipping Corporation of India reported strong financial results for FY26, recommended a dividend, and is progressing with strategic disinvestment, despite geopolitical challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone (Year Ended 31.03.2026): Cost of services rendered: 2,76,347 lakhs, Employee benefits: 58,385 lakhs, Finance costs: 17,335 lakhs, Depreciation: 1,06,363 lakhs, Other expenses: 23,817 lakhs.
  2. Consolidated (Year Ended 31.03.2026): Cost of services rendered: 2,76,979 lakhs, Employee benefits: 58,420 lakhs, Finance costs: 17,341 lakhs, Depreciation: 1,06,383 lakhs, Other expenses: 24,033 lakhs.
  3. Standalone (Year Ended 31.03.2026): Liner: 78,427 lakhs, Bulk Carrier: 78,887 lakhs, Tanker: 3,94,223 lakhs, Technical & Offshore: 29,785 lakhs.
  4. Consolidated (Year Ended 31.03.2026): Liner: 78,427 lakhs, Bulk Carrier: 78,887 lakhs, Tanker: 3,94,223 lakhs, Technical & Offshore: 29,785 lakhs.
  5. Standalone (Year Ended 31.03.2026): Net Cash from Operating Activities: 1,34,059 lakhs, Net Cash from Investing Activities: (85,690) lakhs, Net Cash from Financing Activities: (51,770) lakhs, Cash and Cash Equivalents at year end: 11,164 lakhs.
  6. Consolidated (Year Ended 31.03.2026): Net Cash from Operating Activities: 1,34,321 lakhs, Net Cash from Investing Activities: (85,757) lakhs, Net Cash from Financing Activities: (51,790) lakhs, Cash and Cash Equivalents at year end: 11,486 lakhs.
  7. Standalone (As at 31.03.2026): Total Assets: 12,70,722 lakhs, Total Equity: 8,48,928 lakhs, Total Liabilities: 4,21,794 lakhs.
  8. Consolidated (As at 31.03.2026): Total Assets: 13,31,850 lakhs, Total Equity: 9,09,629 lakhs, Total Liabilities: 4,22,221 lakhs.
  9. Consolidated results include subsidiaries and joint ventures.
  10. Subsidiaries: Inland & Coastal Shipping Limited, SCI Bharat IFSC Limited.
  11. Joint Ventures: India LNG Transport Company No.1, 2, 3, 4.

Corporate Overview

  1. International operations, with joint ventures outside India.
  2. Geopolitical events in Middle East affect operations.
  3. Geopolitical escalation in Middle East affecting maritime movement.
  4. Vessels stuck in Strait of Hormuz awaiting clearance.
  5. Ongoing strategic disinvestment process by Government of India.
  6. Reconciliation of various financial balances and tax assets.
  7. Geopolitical stability in Middle East for maritime movement.
  8. Liner segment: break-bulk, container transport, passenger/research vessels.
  9. Bulk Carriers segment: dry bulk carriers.
  10. Tankers segment: crude, product, gas carriers.
  11. Technical & Offshore segment: company-owned/managed offshore vessels, technical consultancy services.
  12. Formal and compliant with regulatory requirements.
  13. Confident in financial reporting and operational assessments.
  14. Liner
  15. Bulk Carrier
  16. Tanker
  17. Technical & Offshore

Risk Factors

  1. Geopolitical escalation impacts maritime movement.
  2. Vessels awaiting clearance in Strait of Hormuz.
  3. Uncertainty from strategic disinvestment process.
  4. Outstanding income tax litigation receivables.

Key Drivers

  1. Strong financial performance for the year.
  2. Board recommended Re. 1 dividend.
  3. Strategic disinvestment process is progressing.
  4. Unmodified audit opinion on financial results.

Auditor’s Report

  1. Unmodified opinion on standalone and consolidated financial results.
  2. Geopolitical escalation in Middle East and restricted maritime movement.
  3. Strategic disinvestment process by Government of India.
  4. Reconciliation of trade receivables, payables, and deposits.
  5. Reconciliation of agent/vendor/customer balances and foreign exchange impact.
  6. Reconciliation of tax assets and corresponding tax returns/assessment orders.
  7. Geopolitical escalation in Middle East and restricted maritime movement.
  8. Strategic disinvestment process by Government of India.
  9. Reconciliation of trade receivables, payables, and deposits.
  10. Reconciliation of agent/vendor/customer balances and foreign exchange impact.
  11. Reconciliation of tax assets and corresponding tax returns/assessment orders.

Board Commentary

  1. Board recommended Re. 1/- per equity share (10%) dividend.
  2. Subject to shareholder approval at Annual General Meeting.
  3. Dividend to be paid within 30 days of AGM approval.
  4. Geopolitical escalation in Middle East and restricted maritime movement.
  5. Strategic disinvestment process by Government of India.
  6. Reconciliation of trade receivables, payables, and deposits.
  7. Reconciliation of tax assets and corresponding assessment orders.
  8. Outstanding receivables in ongoing income tax litigation.

Corporate Governance

  1. Auditors complied with ICAI Code of Ethics.
  2. Audit Committee reviewed and recommended financial results.

Management Discussion & Analysis

Macroeconomic Outlook

  1. Geopolitical escalation in Middle East impacting maritime routes.

Risk Control Measures

  1. Management asserts no material financial impact from geopolitical issues.
  2. Management asserts no material impact from balance reconciliations.

Critical Risks

  1. Geopolitical escalation and restricted maritime movement.
  2. Uncertainty surrounding the strategic disinvestment process.
  3. Ongoing reconciliation of trade balances and tax assets.