S C I Q1 FY27 Results (NSE: SCI)
Signal: Margins at cyclical peak
The read
The operating inflection is meaningful: consolidated operating profit before depreciation reached ₹88,244 lakh, +49.8% YoY, ahead of revenue growth of +40.3%, while tanker result more than doubled to ₹52,523 lakh; however, the ₹4,504 lakh JV loss shows that group earnings remain less clean than standalone performance.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,846.56 Cr | +40.3% | +22.0% |
| EBIT | ₹600.46 Cr | +76.9% | |
| Net profit | ₹619.34 Cr | +74.9% | |
| EPS | ₹13.3 | +75.0% | |
| EBIT margin | 47.8% |
P&L walk
Consolidated operating profit before depreciation increased to ₹88,244 lakh, +49.8% YoY, and PAT rose to ₹61,934 lakh, +74.9%, although ₹4,504 lakh of associate/JV losses reduced conversion from operating profit to net profit.
Segments
Tanker was the clear earnings driver, with revenue of ₹1,29,546 lakh, +41.8% YoY, and segment result of ₹52,523 lakh, +114.6%; Bulk Carrier turned profitable at ₹4,318 lakh from a ₹4,801 lakh loss, while consolidated earnings were dragged by ₹4,504 lakh of associate/JV losses.
Key positives
- Consolidated revenue from operations rose to ₹1,84,656 lakh, +40.3% YoY and +22.0% QoQ, led by tanker revenue of ₹1,29,546 lakh, +41.8% YoY.
- Operating profit before depreciation increased to ₹88,244 lakh, +49.8% YoY versus revenue growth of +40.3%, with operating costs up only 20.7% YoY.
- Bulk Carrier segment result turned positive at ₹4,318 lakh from a ₹4,801 lakh loss YoY, while EPS rose 75.0% to ₹13.30.
Key concerns
- Associate and JV contribution swung to a ₹4,504 lakh loss from a ₹1,110 lakh profit YoY, reducing consolidated PAT to ₹61,934 lakh versus standalone PAT of ₹66,429 lakh.
- Three overseas JVs reported aggregate share of net loss of ₹5,037.54 lakh and their auditors included material-uncertainty-to-going-concern paragraphs.
- Shipping earnings remain concentrated in Tanker, which contributed ₹52,523 lakh of the ₹66,671 lakh segment result before unallocated items.
Research and educational content only. Not investment advice.