Shipping Land Q2 FY27 Results (NSE: SCILAL)
Signal: Earnings grew
The read
The headline inflection is PAT growth to ₹1,175 lakh, +181.8% YoY, but earnings quality remains weak: other income of ₹2,035 lakh was 2.6 times operating revenue, MTI still lost ₹71 lakh, and operating cash flow was -₹20 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7.87 Cr | +26.7% | +0.1% |
| EBIT | ₹15.73 Cr | +168.0% | |
| Net profit | ₹11.75 Cr | +181.8% | |
| EPS | ₹0.25 | +177.8% | |
| EBIT margin | 55.8% |
P&L walk
Standalone total income was ₹2,822 lakh, +2.4% YoY and +1.5% QoQ, while EBIT rose to ₹1,573 lakh, +168.0% YoY, and PAT reached ₹1,175 lakh, +181.8% YoY; the result remains driven by ₹2,035 lakh of other income rather than the ₹787 lakh operating-revenue base.
Segments
The Others segment drove the group with ₹2,307 lakh of revenue and ₹1,644 lakh of pre-tax result, while MTI remained loss-making at -₹71 lakh on ₹495 lakh of revenue despite narrowing its loss from -₹232 lakh YoY.
Key positives
- Operating revenue reached ₹787 lakh, +26.7% YoY, although sequential growth was only 0.1%.
- MTI's loss narrowed to ₹71 lakh from ₹232 lakh YoY and ₹376 lakh QoQ.
- PAT of ₹1,175 lakh, +181.8% YoY, tracked EPS growth of 177.8%, with no dilution signal from the reported figures.
- Borrowings and finance costs were nil, limiting balance-sheet interest drag.
Key concerns
- Other income of ₹2,035 lakh was 2.6 times operating revenue of ₹787 lakh, leaving the earnings profile investment-income-led.
- MTI remained loss-making at -₹71 lakh despite ₹495 lakh of segment revenue, so the core training operation is still dragging performance.
- Operating cash flow was -₹20 lakh despite ₹1,573 lakh of pre-tax profit, highlighting weak cash conversion.
- A forex loss of ₹4,107 lakh was disclosed for the quarter and was presented within other expenses, creating material earnings volatility.
Research and educational content only. Not investment advice.