S C I H1FY27 Results (NSE: SCI)
Signal: Growth reaccelerated
The read
H1FY27 marks a sharp operating inflection: standalone revenue rose 49.2% to ₹432,097 lakh and EBIT rose 123.1% to ₹141,397 lakh, led by tankers and aided by turnarounds in bulk carriers and technical/offshore; however, the ₹24,019 lakh ILT-3 provision and continuing board-committee non-compliance temper earnings quality.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,320.97 Cr | +49.2% | N/A |
| EBIT | ₹1,413.97 Cr | +123.1% | |
| Net profit | ₹769.14 Cr | +38.3% | |
| EPS | ₹28.13 | +152.5% | |
| EBIT margin | 32.7% |
P&L walk
H1FY27 revenue was ₹432,097 lakh, up 49.2% YoY, while profit before interest and tax rose 123.1% to ₹141,397 lakh; tanker profitability was the principal earnings driver, with bulk carrier and technical/offshore operations also turning profitable.
Segments
Tanker was the clear driver: H1 revenue rose 62.5% to ₹287,761 lakh and segment result rose 198.2% to ₹126,663 lakh, while Bulk Carrier moved from a ₹4,590 lakh loss to a ₹4,104 lakh profit and Technical & Offshore improved from ₹31 lakh to ₹3,623 lakh.
Key positives
- Tanker segment result rose 198.2% YoY to ₹126,663 lakh on revenue growth of 62.5% to ₹287,761 lakh, making it the dominant earnings engine.
- Bulk Carrier turned profitable at ₹4,104 lakh from a ₹4,590 lakh H1 loss, while Technical & Offshore rose to ₹3,623 lakh from ₹31 lakh.
- Operating cash flow was ₹131,547 lakh in H1FY27, broadly matching profit before tax of ₹132,856 lakh.
- Interim dividend of ₹4.00 per equity share was declared, with 16 November 2026 as the record date.
Key concerns
- ₹24,019 lakh was provided against the ILT-3 joint-venture loan and related interest receivable because of geopolitical developments, directly weighing on reported expenses.
- Unallocable items generated a ₹13,700 lakh loss in H1FY27 versus ₹19,581 lakh profit in the year-ago period.
- Property, plant and equipment declined to ₹658,452 lakh from ₹703,144 lakh at March 2026 despite CWIP increasing to ₹6,732 lakh, indicating a harvesting or replacement phase rather than broad fixed-asset expansion.
Research and educational content only. Not investment advice.