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SCI - S C I

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

📢 Recent Corporate Announcements

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.

SCI Q3 Net Profit Jumps 175% to ₹180 Cr; Declares ₹3.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:52 PM

Shipping Corporation of India (SCI) reported a robust performance for Q3 FY26, with standalone net profit surging 175% year-on-year to ₹180.06 crore. Revenue from operations grew by 23.6% to ₹1,611.22 crore, driven primarily by strong performance in the tanker and bulk carrier segments. The board has rewarded shareholders with a second interim dividend of ₹3.50 per share, fixing February 17, 2026, as the record date. The company also confirmed that the strategic disinvestment process by the Government of India is still in progress.

Standalone Net Profit rose to ₹180.06 crore in Q3 FY26 from ₹65.47 crore in Q3 FY25.
Revenue from operations increased 23.6% YoY to ₹1,611.22 crore.
Declared a second interim dividend of ₹3.50 per equity share (35% of face value).
The Tanker segment contributed the majority of revenue at ₹1,096.91 crore for the quarter.
Basic Earnings Per Share (EPS) improved significantly to ₹3.87 from ₹1.41 YoY.

💡 The strong earnings growth and healthy dividend payout are positive triggers for the stock; however, investors should remain focused on the progress of the government's strategic disinvestment.

SCI Q3 Net Profit Surges to ₹415 Cr; Declares ₹3.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:42 PM

Shipping Corporation of India (SCI) reported a massive jump in standalone net profit to ₹414.97 crore for Q3 FY26, compared to ₹65.47 crore in the same quarter last year. Revenue from operations grew by 23.6% YoY to ₹1,611.22 crore, driven largely by the tanker and bulk carrier segments. The board declared a second interim dividend of ₹3.50 per share (35%) with a record date of February 17, 2026. The company also noted that the strategic disinvestment process by the Government of India remains ongoing.

Standalone Net Profit rose significantly to ₹414.97 crore in Q3 FY26 from ₹65.47 crore in Q3 FY25
Revenue from operations increased to ₹1,611.22 crore, up from ₹1,302.97 crore YoY
Declared a second interim dividend of ₹3.50 per equity share (35% on face value of ₹10)
Tanker segment revenue contributed ₹1,096.91 crore, showing strong performance compared to ₹817.05 crore YoY
The record date for the dividend is fixed as February 17, 2026

💡 Investors should note the exceptionally strong operational performance and the healthy interim dividend payout. The stock remains a key watch for developments regarding the government's strategic disinvestment process.

SCI Q3 Net Profit Surges to ₹180 Cr; Declares ₹3.50 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 08:33 PM

Shipping Corporation of India (SCI) reported a massive turnaround in its Q3 FY26 results, with standalone net profit jumping to ₹180.06 crore from just ₹12.15 crore in the year-ago period. Revenue from operations grew 23.6% year-on-year to ₹1,611.22 crore, primarily driven by strong performance in the Tanker segment. The board has rewarded shareholders with a second interim dividend of ₹3.50 per share. Additionally, the company confirmed that the strategic disinvestment process by the Government of India is still in progress.

Standalone Net Profit increased significantly to ₹180.06 crore in Q3 FY26 vs ₹12.15 crore in Q3 FY25.
Revenue from operations rose to ₹1,611.22 crore, a growth of 23.6% compared to the same quarter last year.
Declared a second interim dividend of ₹3.50 per equity share (35% of face value) for FY 2025-26.
The Tanker segment was the major profit contributor with a segment result of ₹402.03 crore.
The record date for the interim dividend is set for February 17, 2026.

💡 Investors should view the strong earnings growth and healthy dividend payout positively. The ongoing strategic disinvestment remains a critical long-term trigger for the stock's valuation.

SCI Declares ₹3.50 Interim Dividend; Q3 Net Profit Surges 533% YoY to ₹415 Crore

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 06 Feb 2026, 08:28 PM

Shipping Corporation of India (SCI) has declared a second interim dividend of ₹3.50 per share for FY 2025-26, fixing February 17, 2026, as the record date. The company reported an exceptional standalone net profit of ₹414.97 crore for Q3 FY26, a massive jump from ₹65.47 crore in the previous year's corresponding quarter. Revenue from operations grew 23.6% YoY to ₹1,611.22 crore, largely supported by the Tanker segment's strong performance. The company also confirmed that the strategic disinvestment process by the Government of India is still in progress.

Declared a second interim dividend of ₹3.50 per equity share (35% of face value).
Standalone net profit for Q3 FY26 surged to ₹414.97 crore versus ₹65.47 crore YoY.
Revenue from operations increased to ₹1,611.22 crore from ₹1,302.97 crore in the same quarter last year.
Tanker segment contributed the bulk of profitability with a segment profit of ₹402.03 crore.
Record date for dividend eligibility is set for February 17, 2026, with payment within 30 days.

💡 Investors should view the strong earnings growth and dividend payout positively; however, the primary long-term trigger remains the progress of the government's strategic disinvestment.

SCI Q3 Net Profit Surges 508% YoY to ₹393 Cr; Declares ₹3.50 Interim Dividend

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 06 Feb 2026, 08:07 PM

Shipping Corporation of India (SCI) reported a stellar performance for Q3 FY26, with standalone net profit jumping over 500% year-on-year to ₹392.96 crore. Revenue from operations grew 23.6% YoY to ₹1,611.22 crore, driven by strong performance in the Tanker and Bulk Carrier segments. The Board has declared a second interim dividend of ₹3.50 per share, with February 17, 2026, set as the record date. While operational metrics show significant improvement, the strategic disinvestment process by the Government of India remains a key ongoing development for the company.

Standalone Net Profit rose sharply to ₹392.96 crore in Q3 FY26 from ₹64.62 crore in the same quarter last year.
Revenue from operations increased to ₹1,611.22 crore, a 23.6% growth compared to ₹1,302.97 crore in Q3 FY25.
Declared a second interim dividend of ₹3.50 per equity share (35%) for FY 2025-26 with a record date of Feb 17, 2026.
Earnings Per Share (EPS) improved significantly to ₹8.45 for the quarter from ₹1.39 YoY.
The Tanker segment remains the primary driver, contributing ₹1,096.91 crore to revenue and ₹402.03 crore to segment profit.

💡 Investors should react positively to the massive bottom-line growth and the healthy dividend payout. The stock remains a key play on global shipping rates and the eventual progress of the government's strategic disinvestment plan.

SCI Receives ₹199.76 Crore Income Tax Refund Following Favorable ITAT Order

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 04 Feb 2026, 03:32 PM

The Shipping Corporation of India (SCI) has successfully received an income tax refund totaling ₹199.76 crore on February 3, 2026. This follows a favorable ruling from the Income Tax Appellate Tribunal (ITAT) concerning disputes from the financial year 2009-10. The refund includes a substantial interest component of approximately ₹85.75 crore, which will provide a significant boost to the company's cash reserves and potentially its quarterly profitability.

Total income tax refund of ₹199.76 crore received on February 3, 2026
Refund includes an interest component of approximately ₹85.75 crore
Favorable order pertains to various tax disputes for the financial year 2009-10
The ITAT Mumbai ruling addressed additions to sundry receipts and interest income classification

💡 Investors should note this as a positive one-time cash inflow that strengthens the balance sheet. The interest component will likely reflect as 'Other Income' in the upcoming quarterly results, potentially boosting net profit.

SCI Signs Strategic MoU with CONCOR and Major Port Authorities for Integrated Logistics

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 03 Feb 2026, 04:55 PM

Shipping Corporation of India (SCI) has entered into a significant Memorandum of Understanding (MoU) with Container Corporation of India (CONCOR), JNPA, VOCPA, CPA, and Sagarmala Finance Corporation. This collaboration aims to acquire, own, lease, and operate container vessels and related assets for both EXIM and Coastal trade. The partnership is designed to provide comprehensive end-to-end logistics solutions by integrating port-based services with land and sea transportation. This initiative is backed by the Ministry of Ports, Shipping and Waterways and the Ministry of Railways, signaling strong government support for maritime infrastructure.

MoU signed with CONCOR, JNPA, VOCPA, CPA, and Sagarmala Finance Corporation Ltd.
Focus on acquiring and operating container vessels and assets for EXIM and Coastal trade.
Integration of land and sea transportation with port-based services for end-to-end logistics.
Strategic initiative supported by the Ministry of Ports, Shipping and Waterways and Ministry of Railways.

💡 Investors should view this as a positive long-term strategic development that strengthens SCI's position in the container segment. Monitor for future disclosures regarding specific capital expenditure and the operational framework of this multi-entity partnership.

SCI Appoints Nitin Khamesra as Director (Finance) for a 5-Year Tenure

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 02 Feb 2026, 06:41 PM

The Shipping Corporation of India (SCI) has announced the appointment of Shri Nitin Khamesra as its new Director (Finance). The appointment, approved by the Appointments Committee of the Cabinet, is for a five-year term starting from the date he assumes charge. Mr. Khamesra transitions to SCI from Indian Oil Corporation Limited (IOCL), where he served as Chief General Manager. The approved pay scale for this senior leadership role is Rs. 1,80,000 to Rs. 3,40,000 (IDA).

Shri Nitin Khamesra appointed as Director (Finance) for a 5-year term.
The appointee was previously Chief General Manager at Indian Oil Corporation Limited (IOCL).
The approved pay scale for the post is Rs. 1,80,000 - 3,40,000 (IDA).
The appointment follows approval from the Appointments Committee of the Cabinet (ACC) on January 31, 2026.

💡 Investors should monitor for any shifts in the company's financial strategy or capital allocation under the new Director. No immediate action is required as this is a standard executive appointment in a PSU.

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.