Shipping Land Q1 FY27 Results (NSE: SCILAL)
Signal: Earnings declined
The read
Earnings quality poor: other income equals 109.5% of PBT; core training segment loss-making. Revenue growth of 37.7% YoY on a small base does not compensate for dependence on non-operating income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7.86 Cr | 37.7% | -66.3% |
| EBIT | ₹18.22 Cr | -5.8% | |
| Net profit | ₹14.02 Cr | -2.2% | |
| EPS | ₹0.3 | -3.2% |
P&L walk
Profit is entirely non-operating; core revenue grew strongly but MTI segment continues to lose money.
Segments
OTHERS segment (rental/interest) drives all profit; MTI segment loss widened to ₹3.76 Cr from profit ₹0.02 Cr a year ago, dragging consolidated PBT.
Key positives
- Revenue from operations grew 37.7% YoY (to ₹7.86 Cr).
- Company is debt-free; D/E ratio 0.
Key concerns
- Other income accounts for 109.5% of PBT – flagged earnings quality issue.
- MTI segment turned from profit to loss (₹0.02 Cr profit → ₹3.76 Cr loss YoY).
- EPS growth (-3.2%) lags PAT growth (-2.2%) – possible dilution.
- P/E ratio of 68.6x is elevated vs industry P/E 34.9x.
Earnings quality: includes non-operating other income
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