SCILAL Q2FY27: standalone PAT jumps 180% YoY to ₹11.75 Cr on lower opex, down 16% QoQ

Shipping Corporation of India Land and Assets (standalone, its only reported basis) posted Q2 FY27 PAT of ₹11.75 Cr, up 180% YoY from ₹4.19 Cr, with net margin expanding to 41.9% of total income from 15.2% a year ago. Revenue from operations grew a more modest 25% YoY to ₹7.67 Cr. Sequentially, the print is softer: PAT fell 16% from ₹14.02 Cr in Q1 FY27 and NPM eased from 50.4%, so the YoY strength should not be read as a clean acceleration. No brokerage or analyst coverage could be found for this micro-cap PSU land-holding entity, so there is no street estimate to grade the print against (vsStreet unknown); the company also carries no formal guidance on record, so there is nothing to compare the result to on that front either.

The YoY profit jump is driven almost entirely by lower costs rather than core operating improvement: total expenses nearly halved YoY to ₹12.29 Cr from ₹21.68 Cr, with the 'other expenses' line falling to ₹6.62 Cr from ₹14.46 Cr — a swing the company's own notes tie partly to forex movements, though it is not broken out as an exceptional item in either period (the exceptional-items row is nil both quarters). That makes part of the YoY comparison a base effect from an elevated year-ago quarter rather than a sustained efficiency gain. The core MTI (training institute) segment stayed loss-making, at ₹0.71 Cr pre-tax loss versus ₹3.76 Cr in Q1 FY27 and ₹2.32 Cr a year ago; essentially all profit (₹16.44 Cr segment result) came from the 'Others' segment — investment-property rental and interest income — underscoring that SCILAL remains primarily a non-core land/asset-holding vehicle carved out of Shipping Corporation of India rather than an operating business.

The stock went into the print at ₹35.04, down 5.7% over the past month of trading.

EPS ₹0.25 (basic & diluted) vs ₹0.30 in Q1 FY27 and ₹0.09 a year ago

This is the first quarter reviewed by newly appointed auditor B.D. Jokhakar & Co. (appointed 9 September 2026), who issued an unmodified review report; the predecessor auditor had reviewed Q1 FY27 and audited FY26. The quarter also followed an August 2026 BSE/NSE fine of ₹26.7 lakh for compliance lapses and a revised FY26 annual report filing, neither of which ties directly to this quarter's P&L. No management press release accompanies the filing, so there is no qualitative commentary to reconcile against the numbers beyond the regulatory notes.