{"id":182619,"date":"2026-05-11T07:58:53","date_gmt":"2026-05-11T11:58:53","guid":{"rendered":"https:\/\/alphastreet.com\/india\/shipping-corporation-of-india-ltd-sci-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-11T08:05:22","modified_gmt":"2026-05-11T12:05:22","slug":"shipping-corporation-of-india-ltd-sci-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/shipping-corporation-of-india-ltd-sci-q4-2026-earnings-call-transcript\/","title":{"rendered":"Shipping Corporation Of India Ltd (SCI) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Shipping Corporation Of India Ltd (NSE: SCI) Q4 2026 Earnings Call dated May. 11, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Binesh Kumar Tyagi<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Vikram Dingley<\/strong> \u2014 Director (Technical & Offshore Services) & Holding Additional Charge of Director (Finance)<\/em><\/p>\n

Analysts:<\/h2>\n

Varatharajan Sivasankaran<\/strong> \u2014 Analyst<\/em><\/p>\n

Digant Haria<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Anushree Gandhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Rakesh Roy<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to the Shipping Corporation of India Q4FY26 results conference call hosted by Antique Stockbroking Limited. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance please signal for an operator by pressing star and then zero on your touchstone telephones. Please note that this conference call is being recorded. I now hand the conference over to Mr.<\/p>\n

Vartharajan Sivasankaran from Antique Stock Broking Limited. Thank you. And over to you sir.<\/p>\n

Varatharajan Sivasankaran<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Farav. Very good evening to everyone. It’s my pleasure to welcome all the participants on the call. I’m the top management of SEI. We have with us the senior management team of SEI represented by Captain D.K. Tiagi, Chairman Managing Director. Mr. Vikram Bingley, Director Technical and Offshore Services holding additional charge of Director. Sorry. And Rear Admiral Jasmine Singh, Director Liner and passenger services. Captain Somraj, Director Personal and Administration. Mr. Nitin Kamsara, Director, Finance and Capital.<\/p>\n

Daniel Chandran, General Manager Inc. Bulk Carriers and Tankers. I’d like to hand over the floor to Captain B.K. Chiagi for initial remarks. The floor is yours.<\/p>\n

Binesh Kumar Tyagi<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Thank you Varjarajan. Very warm welcome to all our investors, analysis and stakeholders who have joined us today for the Shipping Corporation of India’s earning call to discuss our financial performance for FY2526. Let me by thanking you for your continued trust and partnership as we navigate a dynamic global shipping environment and to strengthen SBI’s leadership in India’s maritime sector. I am pleased to share that we have delivered a momentous performance this year despite global market volatility and mixed freight trends across segments.<\/p>\n

Our standalone net profit stood at rupees 1326 crore while the consolidated net profit was 1353 crore. Last financial year we had posted standalone profit of rupees 814 crores and consolidated profit of rupees 844 crores. The operating revenue came in at rupees 5778 crore. Visa based 5592 crore. In last FY EBITDA for the financial 26 is 2633 crores. We continue to maintain a strong balance sheet with a net worth of Rupees 8,489 crore. Cash and liquid investment of Rupees 26. 76 crore and long term debt of Rupees 2,409 crore.<\/p>\n

This translates to a debt equity ratio of 0.29 and a DSCR of 4.61 demonstrating our sound financial position and liquidity. The board has also declared total dividend of 75% I.e. Rupees 7.5 per share reflecting our commitment to delivering consistent value to our shareholders. Coming to operations, our own fleet now stand at 58 vessels and we manage an additional 40 vessels across various categories for government organization with an Average age of 15.5 years this financial year we were proud to induct two very large gas carriers she Hadri and shivalik built by HHI.<\/p>\n

Each has a capacity of around 82,000 cubic meters and their index run significantly strengthens our position LG transport segment. We have also entered into a contract with MDL that is a Mazgaon Dock Limited for building a 3,000 deadweight methanol dual fuel diesel electric PSV. This is a pilot project under a National Green Hydrogen mission of Government of India. We are proud to mention that SCI was the first Indian ship owner to clear its gas carrier from State of Hormuz to serve the LPG requirement of the nations.<\/p>\n

Ladies and gentlemen, you must have heard the name of the LPG Sivalik and Nanda Devi on the TV for good reasons. Let me briefly touch upon our key business segments now. Tanker segments Crude Tanker Market the tanker market during FY25 26 Q4 has seen very high volatility due to the conflict in the Middle East Gulf. After the low of end December 25, tanker market rapidly picked up in January 26 and February 26 and VLCC earning on key routes such as TD2 and TD3 were in the range of 80,000 to $150,000 per day.<\/p>\n

After the beginning of the conflict the rates rose to very high level. While there were hardly any westward transit through State of Hormuz, a few fixtures at substantially high freight levels from Red Sea ports were reported. Presently the State of Army’s transit are disrupted for more than two months now. Since the beginning of the war in Meg, Global CIBO crude oil shipments have fallen drastically compared to prior last year. While the tanker market is elevated, it is seen that many owners are competing for the available cargo from Gulf of Oman or the Red Sea ports.<\/p>\n

Last Friday TD3 was at 460. That itself speak a very very different level. The Aframex market benefited from the broader bullish sentiments in food tankers, but the rally was not uniform across all trading areas and were reasonably concentrated. In January 26, Aframex earning were relatively modest. February 26 saw a gradual strengthening in Aframex rates with earning increasing to approximately 47,000 to $56,000 per day for TD14 and TD8 respectively. In March 26, the Aframex segment displayed divergent performance across routes.<\/p>\n

TD3 experienced a sharp spike with time charter earnings rising to around $138,000 per day. However, other routes such as D14 remain relatively stable with earning around $42,000 per day. Clean Petroleum Product the disruption to supply chains due to the closure of the state of Armos and ongoing attack on refineries in the region have created a shortage of refined products. LR2 and LR1 segments also demonstrated steady improvement through quarter with a more balanced growth profile. In terms of bulk areas, the dry bulk market showed a notable recovery led by former freight indices.<\/p>\n

Last Friday BDI was at nearly 3011 and this saw the stable demand for coal and grain exports. Earnings and Panamax and subramics category rose nearly 30 to 35% quarter on quarter. Liner and Coastal Shipping Our coastal liner business remains a key growth driver with freight rates up by 10% year on year and utilization levels as high as 99% reflecting strong domestic demand and high operational reliability. While the global EXIM container trade continues to face pricing pressure, we maintain 95% utilization and uninterrupted services by proactively rerouting vessels via the Cape of Good Hope to ensure reliability amid Red Sea disruptions.<\/p>\n

Offshore and Technical Services the offshore segment continues to gain momentum with ONGC Oil India and private operators expanding exploration and production activity. SEI DP2 class vessels remain well positioned to gain benefit from this rising demand in terms of strategic developments, Ladies and gentlemen, a key strategic decision of the company involves the signing of MoU. This happened on 19th September 2025. This MoU was signed with Oil PSUs and Sagar Mala Financial Corporation Ltd. Further, one more MoU was signed on 3rd February 2026.<\/p>\n

This was to form Bharat Container Shipping Line and MOU assigned with Concord and other major ports. Overall objective of Bharat Container Shipping Line is to have the Indian container fleet. Currently Indian container fleet is as good as negligible. These proposed initiatives support the vision of AT Nirbhar Bharat, strengthen India’s shipping capacity and reinforce SCI role as a critical partner in enhancing national energy security and self sufficiency for transportation of Indian cargoes wide Indian containers.<\/p>\n

I now hand over to Sri Nitin Kamshera, Director of Finance of SCI to provide a brief overview of the financial performance of the company during 2025, 2025 and 26. Thank you ladies and gentlemen. Over to you nitinjay.<\/p>\n

Vikram Dingley<\/strong> \u2014 Director (Technical & Offshore Services) & Holding Additional Charge of Director (Finance)<\/em><\/p>\n

Thank you CMD sir. Good evening everyone and warm welcome for today’s SCI’s earnings call for financial year 2526. It gives me immense pride to speak on the performance of the pillar of India’s maritime infrastructure that is Shipping Corporation of India limited as the largest Indian shipping company with a Navratna status, FCI is more than just a commercial venture, it is a national carrier and has consistently maintained India’s supply line through challenging times. Today I am pleased to share that SCI is sailing on a path of exceptional performance setting new records in financial and operational excellence.<\/p>\n

I am pleased to share that FY25 26 has been an exceptional year for SCI with the company delivered its highest ever consolidated PBT of 14,23 crores representing a growth of nearly about 67% over the previous year. Consolidated total income increased by rupees 426 crores during the year reflecting a growth of nearly 7% year on year basis. The strong performance was delivered driven primarily by the robust earning in the tanker segment supported by the favorable global shipping dynamics and disciplined operational execution.<\/p>\n

During the FY26, revenue from the tanker segment increased to Rs. 3942 crores from 3609 crores in the previous year. Segmental profitability witnessed a substantial improvement increase from Rupees 680 crores in FY25 to 1190 crores in FY26 representing a growth of nearly 75%. The strong tanker performance was supported by highly favorable freight market environment during the year. Another important development during the year was the induction of two VLDC carriers I.e. Shayadri and Shivalik. This vessel have been deployed on the parishion Gulf India route and further strengthened SCI presence in the gas transport segment while diversifying the earning portfolio of the tanker business.<\/p>\n

The bulk area segment recorded an improvement in revenue which increased to rupees 789 crores in FY26 from 711 crores in FY25, reflecting the growth of around 11%. The segment also reported a reduction in losses during the year. The improvement in revenue was mainly driven by the higher number of void charter and improved deployment in the line of segment. Revenue from operations stood at 74 crores in FY26 as against 1036 crores in FY25 while segment profit declined rupees 75 crores from rupees 166 crores in the previous year.<\/p>\n

The decline in both revenue and profitability was primarily on account of moderation in the freight rate and lower cargo volume during the year. From the financial perspective, SPI continues to maintain a strong and healthy balance sheet. Operating cash flow during the year has grown by 58% enabling the company to further strengthen its liquidity position while continuing to pursue its growth and fleet expansion plan. Our capital allocation policy and strategy remains focused on the three key priorities I.e.<\/p>\n

Reinvestment in the business, maintaining a financial strength and delivering value to the stakeholders. During the year, company added two VLDCs to its fleets and recently also placed an order of a dual flare PSV vessel. In addition, SCI currently has some vessel acquisition tender in the market which we intend to conclude expeditiously as a part of our long term fleet renewal and expansion strategy. In line with the improved financial performance, the Board has recommended a dividend of rupees 7.5 per share for FY 2526.<\/p>\n

The company also delivered a healthy return of equity of more than 16% during the year. I would also like to highlight that SCI continue to maintain a very comfortable debt equity position which provides us with significant financial flexibility and sufficient headroom to support our future expansion and capital expenditure plan. Overall, financial year 2526 has been a landmark year for SCI, reflecting the strength of our diversified business model, student financial management and dedication of our employees and stakeholders.<\/p>\n

To conclude, I would like to reassure that the Shipping Corporation of India is not just riding the wave of the current market. It is shaping them. With a strong commitment to safety, a robust financial strategy and a proactive growth. SCI is and will continue to be the flagship Indian maritime prosperity. Thank you once again for joining us today. We would now open the floor for the Q and A. Thank you. Thank<\/p>\n

Operator<\/strong><\/p>\n

You very much. Thank you, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press STAR and one on the touchtone telephones. If you wish to remove yourself from the question queue, you may enter Star and 2. Participants are requested to please use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Vignant Harai from Green Edge Wealth.<\/p>\n

Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Digant Haria<\/strong><\/p>\n

Yeah, hi. Thank you for the opportunity and congratulations for the performance. And also you know in the presentation you put a lot of details. So thank you for that. I have two questions. First question is, you know on our tanker segment that you know we have around 31 vessels and you know in your presentation and in your speech you wrote that you know the rates have gone up quite significantly in March. But when we look at your revenue and your profit before tax in the tanker segment on a QOQ basis, there has been very little growth, so to say.<\/p>\n

So just wanted to know if all of these 31 tankers that we have, do they operate on spot rates or are the rates predetermined? Do we get any benefit when the rates go up or down or we lose something? So if you can just explain that part, that would be great.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Okay, thank you very much for your question. Cscie we have got a majority fleet is the tanker vessels and some of these vessels are on time charter with the Indian industry. In the month of March after the war some of the vessel got stuck inside the Persian Gulf. They could not transit state of Hormuz. The difference what we could have got if this was state of farmers was operational then this number would have been much, much better than this. And what we have explained is overall scenario for the year 2526 towards quarter four the numbers have gone up and the market was firm.<\/p>\n

And after break of all definitely those numbers March was as good as idle for the most of the shipping which were operating in the state of hormones. So this number what we are giving you is a basically Q4s. The numbers have gone up for the tanker fleet and is whatever the results you see the major contribution is from the tanker sideback.<\/p>\n

Digant Haria<\/strong><\/p>\n

So now, now are there any ships stuck or you know we are on track like all our 31 tankers they operate now regularly.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See I’ll give you update. Three tankers of sci, two lpg. One crude carrier is already out of state of almost as we speak now three crude carrier are still inside and one LNG which is a part of ILT company has a joint venture. So total four vessels of SCI are still inside. Government of India is trying coordinating with various agencies and efforts are on to get these four vessels also out of Australia bonds.<\/p>\n

Digant Haria<\/strong><\/p>\n

All right. All right sir, so thank you for that. So second question is on Our joint venture, you know, with the oil marketing companies there, you know, we have ordered, you know, quite a few number of ships. So with this entire disturbance in the market, you know, have we finalized the rates at which those ships will be procured or, you know, will those rates also go up? Because generally when the market is so tight, the rate to purchase those, you know, the AFRA Max and you know, the orders that we have given, they may also vary.<\/p>\n

So just wanted, you know, your views on that that, you know, have we been able to. These are rates of buying those<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See so far only one vessel that is a platform supply vessel that we have finalized. Order is placed with the MDL remaining. They are in the tank at this tender stage at various stages. So far we are not finalized any tender. And your observations are absolutely right. Today our tanker market is basically very, very abnormal. So the price of assets would be also in the same range. So we will take definitely note of this all things when we finalize the numbers and when we give the contract to the necbr.<\/p>\n

Digant Haria<\/strong><\/p>\n

Right, right. So we will not rush because I think we had vendors for four Afra Max and you know, some six container vessels and you know, four Mr. Tankers. Right. So, so we may wait, right. If the prices become too duration because if we buy at this peak of the cycle, you know, then maybe our future revenues can, you know, actually suffers. So that, that was my point of asking.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Very well noted and definitely bored when we take the decision will definitely take this point into account.<\/p>\n

Digant Haria<\/strong><\/p>\n

Right, right. So and last question would mean April, you know, we are like 40 days into this quarter also. So are the rates still as firm and like, you know, our ships are earning all the profits out of, you know, whatever rates are there.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

You can monitor the market, how the tanker indices are behaving. That is only indication which I have given in my speech also. But the rest performance of the SCI in terms of the April and all at this stage it will be inappropriate to comment.<\/p>\n

Digant Haria<\/strong><\/p>\n

Thank you. Thank you very much and all the best, sir. Thank you.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Chetan Gindoria from Mahindra Manulife Mutual Fund. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. Hi sir. Thank you for the opportunity. I wanted to understand regarding the JV with the OVC company, has there been any more details if you can share now that we have finalized with some bit of ordering and some started as you said. So how the financial model will sort of work on what, what proportion of the vessels will be at spot or fixed rate and what sort of, you know, ROE or IRR we can generate from this or any revenue, EBITDA or any sort of, you know, financial metrics that you can share regarding, you know, over three to five years.<\/p>\n

What we can get based on this. Yeah, that’s it.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yeah. See this oil and gas proposed JV with the OMCs. This is at this stage is under constitution of our ministry parallel. We have, we have floated some tender which are meant for SCI ton H and maybe some of this vessel will be for the proposed JVC also. So at this stage that is update as far as this what will be the irr, what will be the revenue and all this we will see once we have those tenders going further and once we have the approval in place and how the financial quotes will be received during those tendering then we will have better information and at appropriate time we will definitely share with the all the stakeholders through the stock exchange.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Thank you sir. And just nasty this Q4 as you said because some of our vessels got stuck in the strait of almost, we couldn’t realize the full potential at the current rate. So fair to say that over the next coming 1-2\/4 the numbers could improve substantially for us. As you know, the rates continue to stay elevated and there is free movement of our vessels.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See the vessels which are stuck inside the state of Hormuz, SCI vessels and any other shipowners, they are basically at this stage whatever the market, they are not able to tap those market. But the vessels which are outside the state of Hormuz, whatever few fixtures are there, few cargoes are there. Definitely they will have a lot of basically potential in terms of the freight. But let’s see. This is a very dynamic, very volatile situation and we will have clarity because every day some negotiations are happening between Iran, between us and other parties also.<\/p>\n

So we have to wait and watch and then see the how the situation, how fast this war settles and then we can evaluate overall how good and bad the impact will be there. But the currently the tanker market is definitely very very high. But the cargoes are very few.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Understood, thank you. Thanks a lot sir. And all the questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Hitesh Doshi from NIRZAR Securities. Please go ahead. Mr. Doshi, your line is unmuted. Please go ahead. There appears to be no response from the participant. We’ll take the next question from the line of Chetan Falke from Tirthan Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you for the opportunity sir. In last con call you mentioned that we would prefer to go ahead with vessel acquisitions and have an IRR of 10 to 11% at least. Otherwise we would not go ahead. And also there is some transparent formula which will be worked out wherein it will be linked to certain underlying global indexes and there will be some plus or minus formula. So if you can just you know help us understand around these two pointers. I mean how will we navigate through the shipping cycle volatility by using these two things and still achieve our expected IRR or has have things changed after the recent volatility that we have seen?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See this current war and this current uncertainty volatility is a temporary<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Piece.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

This will not last long. We are very confident as a sci. Further any project, any vessels, when we purchase second hand assets or the new assets as a vessel we evaluate as a project each and every vessel separately independently. And if IRR is making commercial sense then only our board approves this. That is our procedure. One second, when we will out charter this vessel to maybe OMC or outside market. Then if it is OMC definitely it will be linked to the some market indexes so that there is a basically at arm’s length earnings and the expenses for both the sides.<\/p>\n

And that will be quite fair for the prevailing market. So it will capture what is a prevailing market sentence sentiments and the whatever the prevailing market rates basically. So these are the two points which you have asked. Hope I have clarified.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes sir. But any minimum IRR threshold that we have in mind, considering the full cycle in mind or let’s say over the longer run<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

As earlier also I mentioned we look for at least a 10 to 12% range of IRR.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. And sir, if you can just help us understand that plus or minus formula that you are mentioning. Is there any precedent, I mean in let’s say in other countries like Japan, Korea was the same formula followed. How is it being worked out? How it will be different in Indian context. I mean if you can just give us some more color with that respect. I mean so from what I understand there will be. It will be linked to global index plus. There will be some plus minus formula and plus or and above the shipping corporation will have some management fees.<\/p>\n

Am I right?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See as far as this global indexes as you said it’s a global. It is not restricted to India. Entire world shipping use this indices. One second. This formulas what we have in mind. This kind of formulas are being used by various international ship owners, charterers, even India. Also when we have the COA with the OMCs, similar kind of formulas are Used they use the prevailing market condition and some plus minus factors. Some of the factors may be the bunker adjustment factor and maybe some floor, some ceiling also may be there.<\/p>\n

Just to rule out any abnormal variations in freight. So this is a normal practice in shipping and we have used as SCI and this is what we are thinking also to keep it transparent from the JV Pro perspective also and from the charter perspective.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. And just in case if the shipping cycle turns the other way, what downside protection does this kind of arrangement gives us? Or is it, how is it embedded into this arrangement?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See normally in this kind of formula we have order two ceilings, floor and the top also. So that just in case it goes beyond some certain level then basic operating costs are covered and top side also it goes in a normal manner. Then charter also is not penalized and necessary. So.<\/p>\n

Operator<\/strong><\/p>\n

The management line got disconnected. We’ll just try connecting again. Please be connected. We have the management line reconnected. Please go ahead.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

So Mr. Chetan, I was explaining this. We have got the limits upper also in the lower limits to take care of this kind of situation.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Got it sir. And sir, with respect to this JV on the oil psu, jv, what percentage of their overall demand will be routed through this jv?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See you know this India today we are basically nearly $80 billion is going out of country in terms of freight. So this proposed concept, this model is an action in that direction to basically minimize that. This demand aggregation done by sei, by our ministry and by oil companies is just its initial phase in the direction. Currently this is to Capture basically maybe 25 to 30% of that component.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. But eventually it can go up as well.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yeah. See our overall idea is this. Whatever the money is going out of country, directly, indirectly, that all should be basically it should be retained within the country and the economy.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Because we have done similar GV with I think SALE or other PSU organizations as well. So can we expect the extension of this model into other areas of the economy as well or other imports that we are doing?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See Sale we have not done yet, but there will be definitely. This is just an experiment and this model will work. We are very sure we have got the support from the oil companies. SCI is there and this is under direct control of the basically ministry. So we will take similar model in other areas also. This is in the oil and gas, maybe in the dry bulk also. We may go ahead with the same formula.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, answer. You know what’s the status of the GV at what stage of Approval it is. When is it going to come online?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

At this stage this is under active consideration of our ministry.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Any expected timelines for it to get operationalized?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

This says timeline. We do not have the information. But once we have the information, once this is approved, definitely will inform all the shareholders. We will disclose at the stock exchange.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay? Okay, sure. Thank you very much sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ronak Singh B. From Nafa Asset managers. Please go ahead.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Hello, can you hear me? Hello. So I want to know the dry docking schedule for the next two financial years.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Dry docking schedule for next two financial years. Just a little take help of my concern director. How many tankers, bulkhead plants just be online please.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Yeah,<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Otherwise what we can do, we can share this information with you and see the dry dock is done normally twice in five. And it’s a requirement how many bulkheads are planned this time. What we’ll do, we’ll share this information with you after this call.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Okay,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Isha Shah from Nirzar Enterprise. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, Good afternoon. Am I audible?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yes, good afternoon. Loud and clear. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hope you’re doing well sir. And congratulations on good set of numbers. Sir, I had two questions. Okay, soft one. It is on the. As you mentioned in the notes to accounts, you know of the recent quarter that our three vessels are still stuck in state of Hormuz. And there you have explained that the freight has been recognized on the basis of how much ever the void percentage of voids completion. So I’m trying to understand is this accounting treatment irrespective of the type of agreement we are into like time, charter, voyage, charter or spot.<\/p>\n

Or is it only for the voyage contract that we have these accounting and also like how much revenue can be recognized from these vessels or would we get any revenue<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See number one vessels, three vessels which are mentioned. All three are on the voyage<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Void. Okay.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Correct. And whatever the this proportionate revenue we have recorded in our books. That is as per accounting system and that is as per the charter party.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So going forward we can expect more revenue to be recognized for this. Right?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Remaining part once the voice gets over rest will come in the next.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so. So and recently or to one of the questions about that you mentioned that operate or like you know if the cycle goes down then the operate like what the the flooring would be in such a way that the operating cost gets covered. But what about the interest cost? Would that also get covered? Interest, cost and depreciation<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Part of that formula. But this formula is normally for the only way or at the most in can be in time charter. Also if it is in exports for the void, then the prevailing market condition we have to basically use it.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So for time charter will the interest and depreciation cost also be covered?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Would you like to comment on this?<\/p>\n

Vikram Dingley<\/strong><\/p>\n

Yeah, good evening, this is Nitin Kaminstra, Director of finance this side. Hello friends. Yeah, good evening. From the time charter perspective, whenever we are basically deploying any vessel on the time charter, it has standing charges built into, has the basically the interest and the other indirect operating expenses also built into it. Then return on the asset is also built into it to ensure that the time charter market is basically giving the adequate financial benefit to sci. Now to answer your question, whether in the formula, we can build any floor or gap normally, whenever it’s a contractual task, whenever in the future, let’s say for the example of the JV when we are trying to build it, definitely we would like to cover as much as of the cost, standing cost, indirect operating expense and to the extent whatever will be financial cost, we can basically build into the floor.<\/p>\n

But it all depends on the commercial agreement with the counterparty. So it’s very.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So sir, the standing cost, does. Does it also include depreciation?<\/p>\n

Vikram Dingley<\/strong><\/p>\n

Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

It includes depreciation. Right. And Also in the JV can then can we expect like a 10 year, 10 to 12 year of time char?<\/p>\n

Vikram Dingley<\/strong><\/p>\n

As an FCI would love to have the maximum possible of the useful life of the asset covered through the time charter model. But that modalities will be finalized once. Once we have the vessel acquisition process in place, we will sit with the counterparty for the commercial terms and condition. Then these terms can be worked out.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And any minimum ROE or anything that you would have planned for the JV or at least would have thought of since we are going with the acquisition.<\/p>\n

Vikram Dingley<\/strong><\/p>\n

It’s a similar lines what CMD sir has also mentioned for the SBI acquisition plan, we would like to have basically IRR in range of around 10 to 12% broadly.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So IRR would be what covering your depreciation, interest and operating cost or roc. Like what’s the definition of IRR here?<\/p>\n

Vikram Dingley<\/strong><\/p>\n

The IRR is basically the over the project life. What is the return is generated out of that particular project on a discounted basis. That is the definition of irr.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, it’s not roc, right?<\/p>\n

Vikram Dingley<\/strong><\/p>\n

It’s not roc.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. And so one more question I had. Like if the expiring contracts were to be renewed at prevailing market rates today. Then what could be the estimated impact on earnings? Ebitda, profitability, visa? With the current charter book?<\/p>\n

Vikram Dingley<\/strong><\/p>\n

It’s a very hypothetical question. Means once we’ll enter into the agreement with any counterparties, then only we can basically assign any number to it.<\/p>\n

Anushree Gandhi<\/strong><\/p>\n

Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But any delta that you can like you all would have thought of,<\/p>\n

Vikram Dingley<\/strong><\/p>\n

That’s the market indices. You can compare three months before market to the current market. The delta will be available to you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Thank you so much sir.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Thank you. Thank you. It will be basically all prevailing market conditions.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Aditya Ladha from Stallion Asset. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello sir. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. So congratulations firstly on a great set of numbers. From what I understand broadly the TAM for us is huge. As you mentioned, $80 billion of freight to overseas, you know, overseas shipping companies. And I guess the top three OMCs also spend close to 40,000 cr on their freight bill. And then with the Bharat and Marine Time mission last year we really sort of put the trigger into the shipping sector of India. So with this JV announced also 59 vessels. So right now I wanted to know is given the importance of this sector to our country right now, is the government having any other additional incentives to for the procurement of ships that would, that we would do in the JV or outside the jv?<\/p>\n

Maybe in terms of some tax, tax write backs or GST taken off or any other way of incentive.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

The government of India has taken various initiatives today as a country there are two clear cut priorities for the government of India. One is have the ship construction now done in India. Especially the commercial big vessels should be built in India. That is a priority one parallel that Indian tonnage should increase. These are the two clear cut priorities now to support the ecosystem for the shipbuilding in India. Already various schemes have been announced and these are the shipbuilding financial assistance even at the time of scrapping of vessels, credit notes, policies announced.<\/p>\n

So this is working all in the circular economy. Government of India at every stage is trying to support especially the ship builders so that this they become competitive to build the vessels in India and they can we can compete as a country with the China maybe South Korea now coming to the ship owner side. Also there are some minor incentives are there and with the help of this assistance going to the ship holder then that benefit we expect this will be transferred to the ship owners also. So these are the overall basically ecosystem what government of India, especially our Ministry of Shipping is working on and this various schemes policies are already announced.<\/p>\n

They are published. They are available for the industry today.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Understood. So what would be the name of current ships?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Sorry, can you repeat your question please?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

What would be the NAV of the ships that we have in our portfolio currently?<\/p>\n

Vikram Dingley<\/strong><\/p>\n

Yeah, I’ll answer your question. The NAV on a consolidated basis is roughly around 300.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

300. Got it. And so lastly on this Bharat shipping line, that also sounds like a very interesting JV that you’re going ahead with. So just wanted a few more details on that. What sort of investment are we going to make over here? How many vessels would we procure and you know, what would be our share of and what will be our share in the JV overall?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See this purpose JV for the container is Bharat Container shipping line. In this SCI will be the one of the partner. Concord also will be the one of the partner where Concord and SCI. We are expected to have around 30% shareholding this number of vessels at the initial phase. We have identified 51 vessels as a demand aggregation for this Bharat container shipping line.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So any timeline for this 51 vessels?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

These are. This is. Or basically next five years.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Next five years. Sorry,<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

This is for up to 2047. 51 vessels.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, up to 2047. Got it. Understood. And so any. Mr.<\/p>\n

Operator<\/strong><\/p>\n

LA, could you just return to the question queue? We have many participants. Last. Last<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Question ma’. Am. So it’s a requ.<\/p>\n

Operator<\/strong><\/p>\n

Please return to the question queue. Thank you. Participants, please limit your questions to one question per participant so that all the participants can address their questions. The next question is from the line of Div Agrawal from Fitcom family office. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi sir. Thanks for taking my question. So sir, I just had one question. So given the current geopolitical scenario, can you give us a sense of how the mix has changed between the long term contract versus the spot contact? And can you give us a sense of the mix that we have right now for our 58 vessels between the long term contract and the spot contracts<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See today, especially in the tanker segment, spot rates are very very high. Multiple times what were prevailing pre war. And we are sure after war these numbers will definitely will come down to the whatever were prevailing pre war. As sci, we have got this voyage and the time charter. We have nearly 60% of a tanker fleet on voyage and nearly 40% on the time chart.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. So just to follow up on this. So the. The freight increase that we are witnessing right now, revenue recognition would be in the coming quarters, is that right?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yes. Yes. This all impact should be visible. Should be reflected in any onus PNL in the next quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. Thanks. Thanks a lot sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rakesh Roy from Boring amc. Please go ahead.<\/p>\n

Rakesh Roy<\/strong><\/p>\n

Hi sir, my first question regarding as you mentioned on the 31st of March 4cp stuck in almost. How much revenue is impacted for this one? Sir, in Q4 can you tell me.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See what will be the total impact these voyages. Unfinished voyages. So overall final tuning as far as the revenue is concerned will happen once the voyage gets over.<\/p>\n

Rakesh Roy<\/strong><\/p>\n

Okay.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yeah. In progress. Unfinished.<\/p>\n

Rakesh Roy<\/strong><\/p>\n

Okay. Any idea? Any. Any rough figure as per us estimate how much revenue come to a Q1 and how much revenue will recognize in Q4?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

No, no. It will be very difficult to give you number at this stage. We can watch and get this voyages completed. Then we can. This will reflect in the Q1 definitely.<\/p>\n

Rakesh Roy<\/strong><\/p>\n

Okay. One more question sir. Ad plan to add old or new ship in sci books in FY27 as you mentioned. Because in FY27 old, second hand or new ships.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yes, yes. We have the clear cut plans and we would be. Our plan is to order some new vessels as well as purchase some second NSS<\/p>\n

Rakesh Roy<\/strong><\/p>\n

Need for in FY27 to add in FY27.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yes, yes. In current 2627 we have plans. And in fact on the 29th of October Honorable Prime Minister has announced our long term business plan which is up to 2047.<\/p>\n

Rakesh Roy<\/strong><\/p>\n

Okay. Right. One more question. Sir,<\/p>\n

Operator<\/strong><\/p>\n

Please return to the question. Yeah. Please.<\/p>\n

Rakesh Roy<\/strong><\/p>\n

Yeah. Yeah. Thank you<\/p>\n

Operator<\/strong><\/p>\n

So much. The next question is from the line of Anushree from Alpha and Mesco. Please go ahead. Anushree. Ma’, am, your line is unmuted. Please go ahead.<\/p>\n

Anushree Gandhi<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes ma’. Am. Please go ahead.<\/p>\n

Anushree Gandhi<\/strong><\/p>\n

Yeah. Hello. Sir. Congratulations on a good set of members. So I had a question. So earlier during Maritime India Vision we had indicated that we are going to purchase around 216 vessels approximately with investments of 1 lakh crore by 2047. So can you just clarify how this larger fleet expansion will be executed? Will it be through the JV route? Like you mentioned, there is also some planned vessels under the Bharat Shipping line. So how much will be through the JV route and how much will be independently done by SBI?<\/p>\n

And also does this 216 vessels also include the 59 vessels demand that we have planned under the SCUs? And so how much of these vessels do you think are you planning will be secondhand vessels and how much of it will be new Build vessels.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yeah. See the number of vessels you have already read in various publications. 59 vessels are scheduled under oil and gas at this stage as a part of demand aggregation. Nearly 51 ships are planned under Bharat Container Shipping Line and rest of the vessels this will be basically under SCI or maybe then some further plans of this. Both the JVs or maybe some new JVS also. But this plan is up to 2047 long term plan. So this definitely will be reviewed periodically by the CI board and by the board of this proposed JVS also.<\/p>\n

Anushree Gandhi<\/strong><\/p>\n

And so my last question was what was what is the plan of the new build versus secondhand vessels? How many are going to be new build versus secondhand?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See at this stage if we order new vessels as a company and our intention, clear cut intention is that we order this vessel in India so that Indian shipbuilding get some orders from order and it grows. By the time we get the delivery of those new vessels built in India, it will take at least couple of years. So in meantime to basically augment our fleet we will be purchasing secondhand vessels also. So this will be the initial phase where first, second, third year we’ll be adding second and tenage and then a new fleet will start joining the fleet.<\/p>\n

Anushree Gandhi<\/strong><\/p>\n

So any number you have in your plans, how many are you going to add in the first three years? The second hand version<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

At this stage. In fact this will go to the board maybe next board meeting and then we’ll have a clarity. We’ll share with you.<\/p>\n

Anushree Gandhi<\/strong><\/p>\n

Okay. Yeah. Thank<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

You. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Amitabh Bhatsia from Sadhanan Ventures. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Thank you for the opportunity. My question is with respect to the land asset holding company sil Silal. So can. Can. Is there are some rumors or some news about reverse merger of SIL with sci? Is there a possibility or. Because some development is happening with NBCC contract. MOU has been signed. So some color on that.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See number one, this NBCC MOU was signed a few days back. And idea is we have a one big training institute in Pawai. Company wants to upgrade that. And that company has already done the MoU with one of the big international ship manager synergy. So we want to upgrade. We want to utilize that capacity to the best possible way. As far as this SCI law and SCI reversal is concerned. SCI Lal is a separate legal entity. And this is a matter where the government, our ministry will take decision if at all anything is there.<\/p>\n

We have no information regarding the setback. Thank<\/p>\n

Operator<\/strong><\/p>\n

You. The next Question is from the line of Suraj from Bidget Global. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good evening sir.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Good evening.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

First question is that during the last phone call it was mentioned that all the vessels that are going to be acquired would be second end vessels. But since you mentioned recently and also on the tenders page, all I could see is new vessels being acquired. So are there any changes in plans or any sense on that? And secondly I wanted to understand on the insurance thing recently we heard that India would be having its own insurance setup for shipping instead of the global insurance setup which everyone’s following.<\/p>\n

Would that have any impact on our financials?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See first your question. SCI always had the plan to purchase new vessel as well as a second hand. And this number may vary with the time, age and when we review with the dynamic condition of the market. Today we have got a still same plan. We will purchase new as well as the second vessel. Coming back to the insurance part, during this war situation we all have seen the insurance cost for the vessels has gone multiple times. Especially vessels which were stuck inside the Strait of Hormuz or operating in the high risk area.<\/p>\n

So to realize that in fact some of the vessels were not getting even the insurance cover. So government of India came forward and they already created a pool insurance pool. Their pool will help in this situation for the ship owners with the help of our insurance companies public sector so that Indian ship owners can get the insurance cover at a reasonable price. And international market should not basically make money out of this. There this food will come in picture and this is a very good initiative taken by government of India.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood sir. Thank you.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Thank<\/p>\n

Operator<\/strong><\/p>\n

You. The next question is from the line of Harsh Shah from GM Financial pms. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thanks for the opportunity. Just one question from my end. So basically in terms of what you all mentioned in the last con call with respect to the aspiration of growing the revenue by two to three times in the next four to five years. So that is basically taking into account whatever is happening in the jv. Right. So the accounting of that GV would be done via the equity method or the numbers would be consolidated. Just wanted a clarification on that.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Yeah, Mr. Nitin will answer. This<\/p>\n

Vikram Dingley<\/strong><\/p>\n

Means the question what you are asking whether the once the JV is in place how the revenue will flow to the fci?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes,<\/p>\n

Vikram Dingley<\/strong><\/p>\n

That’s the precise question. That will be on the equity. That will be on equity method.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So basically the numbers would not be consolidated just before the ppt. It would be share of.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Correct. Okay, got it. Yeah, that’s it from?<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Bhavya Gandhi from Bajaj Alternative Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hello, can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

Yes, yes, please go ahead. Yeah,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just wanted to understand is there any mandatory requirement for oil companies to use the services of SCI as of now?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

No, no, no. There is no compulsion either side. In fact SCI or good company operate in international and very serious competition.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, and with respect to JV because already we were doing business with all these oil companies, right? So special purpose of forming this JV is it just to purchase assets and then rent it out.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

See the overall purpose as I mentioned, we have got the cargo in hands of OMCs. And if OMCs or the proposed JV has got the ships also then this freight which was going out of country can be retained to a certain extent. That is a basic intention of this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, and what is the spend currently by all this oil companies?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

What is. Can you repeat your question? What<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Is the total spend by all these top 34 companies?<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

This number with the help of the McAble to answer at this stage.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, got it, got it. That’s it from my end. Thank you so much.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Thank<\/p>\n

Operator<\/strong><\/p>\n

You. The next question is from the line of Akshaya J. Mehra, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you so much for the opportunity, sir and congratulations on good performance. So. December 25th around.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Or concentrated? So we had to wait for some more time or clarity. It’s basically a strategic need for the country.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

11% 11 12% broad range minimum floor. Going forward floor and ceiling.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Normally generally strategic need Ho Yao Strategic implementation importance of project key. So then board has got the power to take some decisions.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello,<\/p>\n

Operator<\/strong><\/p>\n

The management lines being disconnected. I’m just calling them again. Just a minute please. Yes, the lines reconnected.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, Igbarik request. Thank you, thank you so much.<\/p>\n

Vikram Dingley<\/strong><\/p>\n

Nothing abnormal. It’s a normal ECL provision means nothing significant which is need to be shared at this point of time.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much sir. Energy security or safety?<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. That was the last question. I now hand the floor over to Mr. Vartarajan Sivasankaran from Antique Stock Broking over to you sir.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Thank you Farah. In case let you know there are any participants with more questions, you can share it with us or directly take it up with the SEO industry relation team. I’d like to thank the management of SEI for all the detailed answers as well as giving us the opportunity to host the call and if you have any closing remarks to be made. Please go ahead, sir.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Thank you. Bharat Rajanji. At the end, I would like to thank the investors and analysis who have joined the conference and have reposed their continued confidence in sci. We are committed for continuous improvements which have been witnessed over the last three years. And strategic initiatives would earn many fold growth for the organization and ultimate value to our shareholders in the years ahead. In case you have any further queries or questions, you can get in touch with our investors relations Health.<\/p>\n

Thank you ladies and gentlemen. Best wishes to everyone. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much on behalf of Antique Stockbroking Ltd. That concludes this conference call. Thank you all for joining us. And you may now disconnect your lines. Thank you.<\/p>\n

Binesh Kumar Tyagi<\/strong><\/p>\n

Thank you everyone.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Shipping Corporation Of India Ltd (NSE: SCI) Q4 2026 Earnings Call dated May. 11, 2026 Corporate Participants: Binesh Kumar Tyagi \u2014 Chairman and Managing Director Vikram Dingley \u2014 Director (Technical & Offshore Services) & Holding […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":181549,"url":"https:\/\/alphastreet.com\/india\/jeena-sikho-lifecare-ltd-jsll-q3-2026-earnings-call-transcript\/","url_meta":{"origin":182619,"position":0},"title":"Jeena 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