SCI consolidated PAT jumps 75% YoY to ₹619 Cr on tanker-led margin expansion
PAT +74.87% YoY · revenue +40.32% · margins expanding · beat vs street
₹1,846.56 Cr
+40.32% YoY
₹619.34 Cr
+74.87% YoY
31.65%
+7.4pp YoY
₹13.3
SCI's consolidated PAT for Q1 FY27 rose 74.9% YoY to ₹619.34 Cr (from ₹354.17 Cr) on revenue up 40.3% YoY to ₹1,846.56 Cr, beating Street estimates that had pegged the quarter's PAT at ₹468-595 Cr and revenue at ₹1,612-1,854 Cr (Stock Yaari poll) — the print landed near the top of the revenue range and above the high end of the profit range. Sequentially PAT rose 53.1% QoQ and revenue 22.0% QoQ off a Q4 base of ₹404.60 Cr PAT on ₹1,513.21 Cr revenue, but the YoY read is the primary signal since the driver (tanker freight rates) is structural for the quarter rather than a seasonal Q4-to-Q1 artifact.
Q1 FY-2027 vs prior quarters
The growth was margin-led. Consolidated OPM (revenue less services, employee and other operating costs, over revenue) expanded to 47.79% from 37.16% a year ago and 40.44% last quarter, while NPM (PAT/total income) rose to 31.65% from 24.22% YoY and 24.38% QoQ. The Tanker segment carried the quarter: segment revenue grew 41.9% YoY to ₹1,295.46 Cr and segment PBIT more than doubled, up 114.6% YoY to ₹525.23 Cr — directly bearing out management's May concall statement that the high freight-rate environment, especially in tankers, was expected to positively impact near-term results. No formal quantitative guidance was given, so this is judged qualitatively as met; no separate management press release was extracted for this filing, so the concall is the only management framing on record.
The stock went into the print at ₹308.6, up 11.2% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Management did not provide specific quantitative financial guidance but indicated that the current high freight rate environment, especially in the tanker segment, is expected to positively impact near-term results. The long-term strategic guidance is centered on significant fleet expansion and growth through two major
— This quarter: met
Reported consolidated growth understates the underlying improvement because of a swing in the Group's share of joint-venture results: the equity-method share of net profit from associates/JVs was a loss of ₹45.04 Cr this quarter versus a ₹11.10 Cr profit a year ago. The auditors' review flags that three of the four overseas LNG JVs (ILT-1, ILT-2, ILT-3) carry material-uncertainty-to-going-concern paragraphs, attributed to Middle East geopolitical disruption, though management asserts the JVs have sufficient resources to continue operations. Stripping this swing out, adjusted consolidated PAT growth is roughly +93.7% YoY — closely matching standalone PAT growth of +93.5% YoY (to ₹664.29 Cr) — confirming the JV item, not core shipping operations, drives the standalone/consolidated divergence. No exceptional items were booked in either statement, this quarter or a year ago.
W1
Resolution of the going-concern flags at LNG JVs ILT-1, ILT-2, ILT-3 (₹45.04 Cr equity-loss share this quarter) amid Middle East disruption
W2
Durability of tanker freight rates driving the +114.6% YoY tanker segment PBIT, against management's own caution on being at 'the peak of the market cycle'
W3
Status of the DIPAM-led strategic disinvestment process, still 'in progress' per company notes with no timeline disclosed
Clean typed statements, both standalone and consolidated read unambiguously; converted from ₹ Lakhs to ₹ Crore (÷100). Consolidated PBT carries a ₹45.04 Cr share-of-JV-loss (vs +₹11.10 Cr YoY) from three overseas LNG JVs flagged for going-concern uncertainty — this swing, not core operations, explains most of the gap between standalone PAT growth (+93.5% YoY) and reported consolidated growth (+74.9% YoY); adjusted consolidated YoY growth ex-swing is ~93.7%. No exceptional items in either period. Q4 FY26 QoQ base included extra PRP (performance pay) provisioning per company's stated practice.