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SCI - S C I

📊 NSE: SCI 🏢 Shipping 📅 Last Updated: 12/14/2025 12:31

📢 Recent Corporate Announcements

SCI Announces Cessation of 3 Independent Directors Following Completion of 1-Year Tenure

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Apr 2026, 05:58 PM

Shipping Corporation of India (SCI) has notified the exchanges regarding the cessation of three Non-Official Independent Directors: Shri Satish Kumar Chawla, Dr. Priya Sheel Hada, and Shri Gulabbhai Rohit. Their departure, effective April 10, 2026, marks the completion of their specific one-year tenure which began in April 2025. This move follows the protocol established by the Ministry of Ports, Shipping and Waterways and the Appointments Committee of the Cabinet. The cessation is a routine administrative process for the PSU and does not indicate any internal conflict or governance issues.

Cessation of 3 Independent Directors effective April 10, 2026, at 17:15 hours.
Directors involved: Shri Satish Kumar Chawla, Dr. Priya Sheel Hada, and Shri Gulabbhai Rohit.
The 1-year tenure was based on Search Committee recommendations dated March 12, 2025.
The change is in compliance with Regulation 30 of SEBI Listing Regulations.

💡 No immediate action is required as this is a routine board rotation for a PSU. Investors should watch for upcoming notifications regarding new independent director appointments to ensure board quorum and compliance.

SCI Announces Cessation of Three Independent Directors on Completion of Tenure

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Apr 2026, 05:50 PM

Shipping Corporation of India (SCI) has announced the cessation of three Non-Executive Independent Directors effective April 10, 2026. The directors, Shri Satish Kumar Chawla, Dr. Priya Sheel Hada, and Shri Gulabbhai Rohit, have completed their one-year tenure as mandated by the Appointments Committee of the Cabinet. This transition is a routine administrative procedure for a Public Sector Undertaking (PSU) following the recommendations of the Search Committee and the Ministry of Ports, Shipping and Waterways. The change is not expected to impact the company's operational strategy or financial performance.

Cessation of 3 Non-Executive Independent Directors effective from April 10, 2026
Directors involved are Shri Satish Kumar Chawla, Dr. Priya Sheel Hada, and Shri Gulabbhai Rohit
The cessation follows the completion of a fixed 1-year tenure starting from April 11, 2025
The appointments were originally based on Search Committee recommendations dated March 12, 2025

💡 No action is required as these are routine board rotations typical for government-owned companies. Investors should monitor for upcoming notifications regarding the appointment of new independent directors to ensure board compliance.

SCI Announces Cessation of 3 Independent Directors Following Completion of 1-Year Tenure

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Apr 2026, 05:37 PM

Shipping Corporation of India Limited (SCI) has announced the cessation of three Non-Official Independent Directors effective April 10, 2026. The directors, Shri. Satish Kumar Chawla, Dr. Priya Sheel Hada, and Shri. Gulabbhai Rohit, have completed their designated one-year tenure as per the Ministry of Ports, Shipping and Waterways' proposal. This transition follows the approval of the Appointments Committee of the Cabinet based on recommendations from March 2025. The move is a routine administrative change and not due to any internal disputes or resignations.

Cessation of 3 Independent Directors: Satish Kumar Chawla, Priya Sheel Hada, and Gulabbhai Rohit.
The directors completed a fixed 1-year tenure which concluded on April 10, 2026.
The appointments were originally based on Search Committee recommendations dated March 12, 2025.
The notification is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine board transition for a PSU. Investors should monitor for upcoming notifications regarding new appointments to ensure the board maintains its required independent strength.

SCI Submits Quarterly Compliance Certificate under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 04:27 PM

Shipping Corporation of India Limited (SCI) has filed its quarterly compliance certificate for the period ending March 31, 2026, as required under SEBI (Depositories and Participants) Regulations. The company's Registrar and Share Transfer Agent, Alankit Assignments Limited, confirmed that no securities were received for dematerialization during this quarter. Consequently, no share certificates were mutilated or cancelled, and no changes were made to the register of members in this regard. This is a standard administrative filing and does not reflect any change in the company's operational or financial status.

Compliance certificate submitted for the quarter ended March 31, 2026.
RTA Alankit Assignments Limited confirmed zero securities received for dematerialization during the period.
No share certificates were required to be mutilated or cancelled as per Regulation 74(5).
The filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming financial results for material performance indicators.

SCI Announces Leadership Transition at Kolkata Regional Office

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Apr 2026, 05:15 PM

Shipping Corporation of India (SCI) has announced a change in its senior management at the Kolkata Regional Office effective April 1, 2026. Shri Sujoy Baug, Deputy General Manager, retired from the company on March 31, 2026, following his superannuation. He is succeeded by Shri Debanjan Nandi, who has taken charge as the head of the Kolkata Regional Office. Mr. Nandi is a veteran within the organization, bringing over 31 years of experience since joining SCI in 1995.

Shri Sujoy Baug retired as Deputy General Manager of the Kolkata Regional Office on March 31, 2026.
Shri Debanjan Nandi appointed as the new In-charge of the Kolkata Regional Office effective April 1, 2026.
New appointee Shri Debanjan Nandi has over 31 years of tenure with SCI, having joined in 1995.
Mr. Nandi previously served as Regional Head at Port Blair and held HOD roles in Commercial and B&T divisions.

💡 This is a routine management change due to retirement and internal promotion. No immediate action is required as it does not impact the company's financial fundamentals or strategic direction.

SCI Announces Cessation of Government Nominee Director Rajesh Kumar Sinha

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Mar 2026, 03:57 PM

Shipping Corporation of India Limited (SCI) has announced that Shri Rajesh Kumar Sinha, IAS, ceased to be a Government Nominee Director effective March 31, 2026. This change occurred due to his retirement from government service upon reaching the age of superannuation. Mr. Sinha served as a Special Secretary in the Ministry of Ports, Shipping and Waterways. The transition is a routine administrative matter following government service rules and does not reflect any internal company conflict.

Shri Rajesh Kumar Sinha, IAS (KL: 1994), retired from Government service on March 31, 2026.
He ceased to be the Official (Government) Nominee Director on the SCI Board on the same date.
The cessation was triggered by his superannuation as Special Secretary at the Ministry of Ports, Shipping and Waterways.
The official intimation was recorded by the company on March 31, 2026, at 10:37 hours.

💡 This is a routine board update due to government retirement rules. Investors should treat this as a neutral administrative event with no impact on the company's operational strategy.

SCI to Close Trading Window from April 1, 2026, for Q4 and FY26 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Mar 2026, 02:29 PM

Shipping Corporation of India Limited (SCI) has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is ahead of the announcement of financial results for the fourth quarter and the full financial year ending March 31, 2026. The window will remain shut for all designated persons and their relatives until 48 hours after the results are officially declared. This is a standard regulatory procedure for listed companies in India to prevent insider trading.

Trading window closure begins on April 1, 2026, for the Q4 FY 2025-26 period.
The restriction applies to all designated persons and their immediate relatives as per SCI's Code of Conduct.
The window will reopen 48 hours after the declaration of the financial results for the quarter and year ending March 31, 2026.
The filing is a mandatory compliance under SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine administrative filing with no impact on company fundamentals. Investors should monitor the upcoming earnings announcement date for actual performance metrics.

SCI Signs Contract with MDL for 3000 DWT Methanol Dual Fuel Platform Supply Vessel

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 18 Mar 2026, 02:23 PM

Shipping Corporation of India (SCI) has executed a shipbuilding contract with Mazagon Dock Shipbuilders Ltd (MDL) for the construction of a 3000 DWT Platform Supply Vessel (PSV). This marks a strategic shift as it will be the first vessel in SCI's fleet to operate on Green Methanol, an alternate fuel. The project is aligned with the National Green Hydrogen Mission (NGHM) to promote green shipping in India. The contract was finalized on March 18, 2026, highlighting SCI's commitment to fleet modernization and sustainability.

Contract signed with Mazagon Dock Shipbuilders Ltd on March 18, 2026
Construction of one 3000 DWT Methanol Dual Fuel Platform Supply Vessel (PSV)
First vessel in SCI's fleet to be powered by Green Methanol alternate fuel
Project initiated under the aegis of the National Green Hydrogen Mission (NGHM)

💡 Investors should view this as a positive step towards ESG compliance and fleet modernization. Monitor the delivery timeline and potential for further green-fuel vessel orders which could enhance long-term competitiveness.

SCI Receives Revised GST Demand Order of ₹60.07 Crore, Down from ₹160.37 Crore

🔵 WATCH ⭐ 6/10

LEGAL 📅 13 Mar 2026, 07:09 PM

The Shipping Corporation of India (SCI) has received a revised tax demand order from the Joint Commissioner of State Tax, Mumbai, amounting to ₹60.07 crore. This represents a significant reduction from the original demand of ₹160.37 crore previously contested by the company. The demand includes a tax component of ₹29.09 crore plus applicable interest and penalties, primarily due to Input Tax Credit (ITC) mismatches with GSTR-2A. SCI is currently evaluating the order and intends to explore further legal options to contest the remaining demand.

Revised tax demand of ₹60,06,97,357 (approx ₹60.07 Cr) issued on March 13, 2026.
Original demand of ₹1,60,37,35,973 (approx ₹160.37 Cr) reduced by over ₹100 crore.
Tax component of the revised demand stands at ₹29,08,88,754 plus interest and penalties.
The dispute is centered on the mismatch of Input Tax Credit (ITC) with GSTR-2A filings.
Company believes there is strong merit in the case and is preparing for further appeals.

💡 Investors should view the reduction in the tax demand as a partial legal victory, though the remaining ₹60.07 crore liability remains a factor to watch. Monitor for updates on further appeals and any potential provisions made in upcoming financial statements.

SCI Fined ₹10.85 Lakh by BSE and NSE for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Feb 2026, 10:27 AM

Shipping Corporation of India (SCI) has been penalized a total of ₹10,85,600 by BSE and NSE for failing to comply with SEBI Regulation 17(1) regarding Board composition. The fine, amounting to ₹5,42,800 per exchange (including 18% GST), is due to the absence of the required number of Independent Directors and an Independent Woman Director. As a Navratna PSU, SCI clarified that director appointments are managed by the Government of India, and the company is currently coordinating with the Competent Authority to fill these vacancies. The company expects no significant impact on its financial or operational activities and is appealing to the exchanges for a waiver.

Total fine of ₹10,85,600 levied by BSE and NSE (₹5,42,800 each) including GST.
Non-compliance pertains to SEBI Regulation 17(1) regarding the number of Independent Directors.
SCI is a Navratna PSU where the power to nominate directors rests with the Government of India.
Management confirms the penalty has no significant impact on financial or operational activities.
The company is in the process of submitting request letters to stock exchanges for waiver of the fine.

💡 Investors should treat this as a routine regulatory matter common to PSUs and not a reflection of the company's operational health. No immediate portfolio action is required based on this disclosure.

SCI Appoints Mukesh Mangal as Government Nominee Director Effective Feb 23, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Feb 2026, 03:48 PM

Shipping Corporation of India (SCI) has appointed Shri Mukesh Mangal as a Part-time Government Nominee Director, effective February 23, 2026. Mr. Mangal is an Additional Secretary at the Ministry of Ports, Shipping and Waterways and a 1992 batch Indian Telecom Service officer. With over 31 years of experience, he has worked extensively in internal security, cyber security, and maritime infrastructure. His current responsibilities include heading the Sagarmala Wing and the development of the National Maritime Heritage Complex.

Appointment of Shri Mukesh Mangal as Part-time Government Nominee Director effective February 23, 2026
Mr. Mangal is a 1992 batch Indian Telecom Service (ITS) officer with over 31 years of professional experience
Currently serves as Additional Secretary in the Ministry of Ports, Shipping and Waterways (MoPSW)
Oversees critical maritime projects including the Sagarmala Wing and DGLL
Confirmed to have no relationship with other directors and is not debarred by SEBI

💡 This is a routine management update for a PSU and does not require immediate portfolio changes. Investors should continue to monitor the company's operational performance and progress on government-led maritime initiatives.

SCI Appoints Mukesh Mangal as Govt Nominee Director; R. Lakshmanan Steps Down

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Feb 2026, 06:40 PM

Shipping Corporation of India (SCI) has announced a change in its Board of Directors following a directive from the Ministry of Ports, Shipping and Waterways (MoPSW) dated February 23, 2026. Shri Mukesh Mangal, Additional Secretary at MoPSW, has been appointed as the new Government Nominee Director. Simultaneously, Shri R. Lakshmanan, Joint Secretary at MoPSW, has ceased to be a Part-time Director on the board with immediate effect. This transition represents a routine administrative update typical for Public Sector Undertakings (PSUs).

Shri Mukesh Mangal appointed as Government Nominee Director effective February 23, 2026
Shri R. Lakshmanan ceased his role as Part-time Director on the same date
Change directed by MoPSW letter no. SS-11025/1/2024-SU
The official event occurred at 15:43 hours on February 23, 2026

💡 No immediate action is required as this is a routine administrative change in government nominees. Investors should remain focused on the company's operational performance and any updates regarding the divestment process.

SCI Appoints Shri Mukesh Mangal as Government Nominee Director; Shri R. Lakshmanan Steps Down

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Feb 2026, 06:12 PM

Shipping Corporation of India Limited (SCI) has announced a change in its Board of Directors as per the directive from the Ministry of Ports, Shipping and Waterways (MoPSW). Shri Mukesh Mangal, Additional Secretary at MoPSW, has been appointed as the new Government Nominee Director effective February 23, 2026. Concurrently, Shri R. Lakshmanan, Joint Secretary at MoPSW, has ceased to be a Part-time Director on the board. This transition is a routine administrative update typical for Public Sector Undertakings (PSUs) where government representatives are rotated.

Shri Mukesh Mangal, Additional Secretary (MoPSW), appointed as Government Nominee Director.
Shri R. Lakshmanan, Joint Secretary (MoPSW), ceased to be a Director effective February 23, 2026.
The appointment was conveyed via MoPSW letter dated February 23, 2026, at 15:43 hours.
The change is compliant with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 This is a routine administrative change in a PSU board and does not require any immediate portfolio action. Investors should remain focused on the company's operational metrics and any updates regarding its divestment process.

SCI Appoints Nitin Khamesra as Director (Finance) Effective February 23, 2026

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 23 Feb 2026, 06:08 PM

Shipping Corporation of India (SCI) has appointed Mr. Nitin Khamesra as Director (Finance) effective February 23, 2026. Mr. Khamesra is a highly qualified professional with over 28 years of experience, including a significant tenure as Chief General Manager at Indian Oil Corporation Limited (IOCL). He replaces Capt. Som Raj, who was holding the additional charge of the finance portfolio. This appointment fills a critical leadership gap with an expert in maritime logistics and financial management.

Mr. Nitin Khamesra appointed as Director (Finance) effective Feb 23, 2026, following ACC approval.
Appointee brings over 28 years of experience in financial management, maritime logistics, and energy trade.
Previously served as Chief General Manager at IOCL and was a 4th Rank holder Chartered Accountant.
Capt. Som Raj ceases to hold the additional charge of Director (Finance) with this regular appointment.
Experience includes managing complex financial portfolios and implementing SAP-based automation.

💡 This is a positive development as it brings specialized financial leadership to the board; investors should monitor for improvements in financial reporting and strategic capital allocation.

SCI Appoints Shri Som Raj as Interim Director (Finance) for 3 Months

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 18 Feb 2026, 12:05 PM

The Shipping Corporation of India (SCI) has announced that Shri Som Raj, the current Director (Personnel & Administration), has been given the additional charge of Director (Finance). This appointment was approved by the Appointments Committee of the Cabinet (ACC) and is effective retrospectively from January 1, 2026. The arrangement is slated for a period of three months or until a regular incumbent is appointed. This move ensures leadership continuity in the finance department during the transition period.

Shri Som Raj assigned additional charge of Director (Finance) effective from January 1, 2026.
The interim appointment is for a duration of 3 months or until a permanent replacement is found.
Approval received from the Appointments Committee of the Cabinet (ACC) via the Ministry of Ports, Shipping and Waterways.
Shri Som Raj concurrently holds the position of Director (Personnel & Administration) at SCI.

💡 This is a routine management update for a Public Sector Undertaking; investors should monitor for the eventual appointment of a permanent Director of Finance to ensure long-term strategic stability.

View All SCI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, Tanker revenue was INR 858 Cr (down 6% from INR 913 Cr in Q2 FY25), Liner revenue was INR 213 Cr (down 28.5% from INR 298 Cr), Technical & Offshore (T&OS) was INR 201 Cr (up 51% from INR 133 Cr), and Bulk was INR 74 Cr (up 5.7% from INR 70 Cr). Overall FY24 revenue stood at INR 5,083.60 Cr, a 12.9% decrease from INR 5,838.82 Cr in FY23 due to increased vessel overhauling periods.

Geographic Revenue Split

Not specifically disclosed in available documents, though the company operates a direct 'India – Middle East Shipping Service' connecting the East & West Coast of India with Jebel Ali and Hamad (Persian Gulf).

Profitability Margins

Operating profit margins improved to 28.73% in FY24 from 27.45% in FY23. However, PAT margins declined to 13.36% in FY24 from 14.90% in FY23, primarily due to high depreciation costs. Historical PAT margins were 17.25% in FY22 and 18.82% in FY21.

EBITDA Margin

Operating profit margin stood at 28.73% in FY24. Core profitability is impacted by bunker rates and forex variations; FY23 operating margins were 26.86% compared to 32.11% in FY21, representing a 525 bps compression over two years.

Capital Expenditure

Planned capital expenditure for a new Joint Venture involves an investment of INR 10,000 Cr to INR 15,000 Cr to acquire 59 new vessels. SCI will hold a 50% stake in this entity.

Credit Rating & Borrowing

The company maintains a 'Stable' outlook with a healthy financial profile. Interest coverage ratio was 9.93x in FY24 (up from 9.45x in FY23). Debt-service-coverage ratio (DSCR) was 2.07x in FY24 and improved significantly to 4.24 in Q2 FY26.

⚙️ Operational Drivers

Raw Materials

Bunker fuel (marine fuel) is the primary raw material/operating cost, representing a significant portion of the voyage expenses. Other costs include spare parts for vessel repair and maintenance.

Import Sources

Global sourcing at various international ports depending on vessel routes; specific countries not listed, but operations include the Middle East and Indian coasts.

Key Suppliers

Key partners for demand aggregation and cargo include IOCL, BPCL, HPCL, and ONGC.

Capacity Expansion

Current fleet consists of 59 vessels with an average age of 11-12 years. Planned expansion includes the procurement of 59 additional vessels through a JV to double or triple current revenue capacity.

Raw Material Costs

Bunker rates are a major driver of margin volatility; a deterioration in PAT margins to 15.02% in FY23 was attributed to an increase in average bunker rates and forex variations.

Manufacturing Efficiency

Fleet average age is 11-12 years, which is considered relatively young for the industry, enhancing operational efficiency.

Logistics & Distribution

The company is a logistics provider; its distribution costs are its operating costs for the fleet.

📈 Strategic Growth

Expected Growth Rate

100-200%

Growth Strategy

The company plans to achieve 2x to 3x revenue growth by acquiring 59 new vessels through a Joint Venture where SCI holds 50% and oil PSUs (IOCL, BPCL, HPCL) hold 40%. The JV will target an operating margin of 50% and leverage the Maritime Development Fund (MDF) for 10% of the funding, with the remaining 70% likely raised through debt.

Products & Services

Crude oil transportation (Tankers), dry bulk transport, liner and passenger services, offshore services (T&OS), and technical management fees.

Brand Portfolio

Shipping Corporation of India (SCI), SCI Bharat IFSC LTD, Inland & Coastal Shipping Ltd (ICSL).

New Products/Services

Expansion into Very Large Gas Carriers (VLGC) and Very Large Crude Carriers (VLCC) through the new JV, with one VLGC already earning approximately $12 million annually on long-term charter.

Market Expansion

Direct 'India – Middle East Shipping Service' and strategic alliances with the governments of Maldives and Andaman & Nicobar Islands.

Market Share & Ranking

SCI is the largest Indian shipping company by tonnage capacity.

Strategic Alliances

Joint Ventures include India LNG Transport Co. (No. 1, 2, 3, and 4) and alliances with DRDO, ONGC, and GSI for specialized maritime services.

🌍 External Factors

Industry Trends

The industry is shifting toward larger, more efficient vessels (VLCC/VLGC) and stricter environmental norms. SCI is positioning itself by aggregating demand from domestic oil PSUs to ensure long-term charter security.

Competitive Landscape

Competes with global shipping lines and domestic private players; SCI maintains an advantage through its diversified fleet (59 vessels) and government partnerships.

Competitive Moat

Moat is based on its status as a National Carrier, its 60-year track record, and deep-rooted relationships with Indian PSUs. This is sustainable due to the high capital intensity and regulatory requirements of the shipping industry.

Macro Economic Sensitivity

Highly sensitive to global trade volumes and the health of the global economy; weakness in the global economy led to a decline in operating margins from 32.11% (FY21) to 26.86% (FY23).

Consumer Behavior

Shift in Indian oil companies toward demand aggregation and long-term chartering to secure supply chains.

Geopolitical Risks

Exposure to international maritime routes makes the company vulnerable to regional conflicts and trade barriers in the Persian Gulf and Middle East.

⚖️ Regulatory & Governance

Industry Regulations

Highly regulated by the Companies Act 2013, maritime safety norms, and environmental regulations regarding GHG emissions and air pollutants.

Environmental Compliance

Investments in Ballast Water Treatment plants, eco-friendly refrigerants, and TBT-free paints to meet international maritime standards.

Taxation Policy Impact

Not specifically detailed, but subject to standard Indian corporate tax and international maritime tax norms.

Legal Contingencies

The company is undergoing a strategic divestment process by the Government of India (63.75% stake), which is a key rating sensitivity.

⚠️ Risk Analysis

Key Uncertainties

Fluctuations in global freight rates and bunker prices (potential 10-15% impact on PAT). The outcome of the GoI divestment remains a major uncertainty for management control.

Geographic Concentration Risk

Significant revenue concentration in Indian coastal and Middle East routes.

Third Party Dependencies

High dependency on PSU clients (IOCL, BPCL, HPCL) for cargo and charter contracts.

Technology Obsolescence Risk

Risk of fleet aging; mitigated by the plan to acquire 59 new vessels and the current average fleet age of 11-12 years.

Credit & Counterparty Risk

Low risk due to primary clients being sovereign-backed PSUs; however, ECL (Expected Credit Loss) provisions of INR 30 Cr were taken in recent quarters.