Thank you, Farah. A very good evening to everyone.

It's my pleasure to welcome all the participants on the call and the top management of SCI. We have with us the senior management team of SCI represented by Captain B.K.

Tyagi, Chairman and Managing Director; Mr. Vikram Dingley, Director (Technical & Offshore Services); and Rear Admiral Jaswinder Singh, Director (Liner & Passenger Services); Captain Somraj, Director (Personnel & Administration); Mr.

Nitin Khamesra, Director (Finance); and Captain Daniel Chandran, General Manager (I&C Bulk Carriers and Tankers). I'd like to hand over the floor to Captain B.K.

Tyagi for initial remarks. The floor is yours, sir.

Thank you, Varatharajan. A very warm welcome to all our investors, analysts, and stakeholders who have joined us today for the Shipping Corporation of India's earning call to discuss our financial performance for FY 2025-26.

Let me begin by thanking you for your continued trust and partnership as we navigate a dynamic global shipping environment and continue to strengthen SCI'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.

Our standalone net profit stood at ₹1,326 crore, while the consolidated net profit was ₹1,353 crore. Last financial year, we had posted standalone profit of ₹814 crore and consolidated profit of ₹844 crore.

The operating revenue came in at ₹5,778 crore vis-a-vis ₹5,592 crore in last FY. EBITDA for the financial year '26 is ₹2,633 crore.

We continue to maintain a strong balance sheet with a net worth of ₹8,489 crore, cash and liquid investment of ₹2,676 crore, and long-term debt of ₹2,409 crore. 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%, that is ₹7.5 per share, reflecting our commitment to delivering consistent value to our shareholders. Coming to operations, our owned 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, Sahyadri and Shivalik, built by HHI. Each has a capacity of around 82,000 cubic meters, and their induction significantly strengthens our position in LPG transport segment.

We have also entered into a contract with MDL, that is Mazagon Dock Shipbuilders 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 shipowner to clear its gas carrier from Strait of Hormuz to serve the LPG requirement of the nations. Ladies and gentlemen, you must have heard the name of the LPG Shivalik and Nanda Devi on the TV for good reasons.

Let me briefly touch upon our key business segments now. Tanker segment: The tanker market during FY 2025-26 quarter four 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 earnings on key routes such as TD2 and TD3 were in the range of $80,000 to $150,000 per day. After the beginning of the conflict, the rates rose to very high levels, while there were hardly any westward transit through Strait of Hormuz.

A few fixtures at substantially high freight levels from Red Sea ports were reported. Presently, the Strait of Hormuz transit are disrupted for more than two months now.

Since the beginning of the war in MEG, global seaborne crude oil shipments have fallen drastically compared to 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.

Last Friday, TD3 was at 460. That itself speak a very, very different level.

The Aframax market benefited from the broader bullish sentiments in crude tankers, but the rally was not uniform across all trading areas and were regionally concentrated. In January '26, Aframax earnings were relatively modest.

February '26 saw a gradual strengthening in Aframax rates with earnings increasing to approximately $47,000 to $56,000 per day for TD14 and TD8 respectively. In March '26, the Aframax segment displayed divergent performance across routes.

TD3 experienced a sharp spike with time charter earnings rising to around $138,000 per day. However, other routes such as TD14 remained relatively stable with earnings around $42,000 per day.

Clean petroleum products: The disruption to supply chains due to the closure of the Strait of Hormuz and ongoing attack on refineries in the region have created a shortage of refined product. LR2 and LR1 segments also demonstrated a steady improvement through quarter with a more balanced growth profile.

In terms of bulk carriers, the dry bulk market showed a notable recovery led by former freight indices. Last Friday, BDI was at nearly 3,000 level, and this shows a stable demand for coal and grain exports.

Earnings in Panamax and Supramax 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 a 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. Offshore and technical services: The offshore segment continues to gain momentum with ONGC, Oil India, and private operators expanding exploration and production activity.

SCI 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 Sagarmala Finance Corporation Limited.

Further, one more MOU was signed on 3rd February 2026. This was to form Bharat Container Shipping Line, and MOU was signed with CONCOR 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 Atmanirbhar 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 by Indian containers. I now hand over to Shri Nitin Khamesra, Director (Finance) of SCI, to provide a brief overview of the financial performance of the company during 2025-26.

Thank you, ladies and gentlemen. Over to you, Nitin-ji.

Thank you, CMD, sir. Good evening, everyone, and warm welcome for today's SCI's earning concall for financial year 2025-26.

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, SCI 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.

I am pleased to share that FY 2025-26 has been an exceptional year for SCI with the company delivered its highest ever consolidated PBT of ₹1,423 crore, representing a growth of nearly about 67% over the previous year. Consolidated total income increased by ₹426 crore during the year, reflecting a growth of nearly 7% year-on-year basis.

The strong performance was driven primarily by the robust earning in the tanker segment, supported by the favorable global shipping dynamics and disciplined operational execution. During the FY 2025-26, revenue from the tanker segment increased to ₹3,942 crore from ₹3,609 crore in the previous year.

Segmental profitability witnessed a substantial improvement, increased from ₹680 crore in FY '25 to ₹1,190 crore in FY '26, representing a growth of nearly 75%. The strong tanker performance was supported by a highly favorable freight market environment during the year.

Another important development during the year was the induction of two VLGC carriers, that is Sahyadri and Shivalik. This vessel have been deployed on the Persian Gulf-India route and have further strengthened SCI's presence in the gas transport segment while diversifying the earning portfolio of the tanker business.

The bulk carrier segment recorded an improvement in revenue, which increased to ₹789 crore in FY '26 from ₹711 crore in FY '25, reflecting a 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 voyage charter and improved deployment. In the liner segment, revenue from operations stood at ₹784 crore in FY '26 as against ₹1,036 crore in FY '25, while segment profit declined to ₹75 crore from ₹166 crore in the previous year.

The decline is both revenue and profitability was primarily on account of moderation in the freight rates and lower cargo volume during the year. From the financial perspective, SCI continued 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: that is, reinvestment in the business, maintaining our financial strength, and delivering value to the stakeholders.

During the year, company added two VLGCs to its fleet and recently also placed an order of a dual-fuel PSV vessel. In addition, SCI currently has some vessel acquisition tenders 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 ₹7.5 per share for FY 2025-26. The company also delivered a healthy return of equity of more than 16% during the year.

I would also like to highlight that SCI continued 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 2025-26 has been a landmark year for SCI, reflecting the strength of our diversified business model, prudent financial management, and dedication of our employees and stakeholders.

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&A.

Thank you.

Hi. Thank you for the opportunity and congratulations for the performance.

Also, in the presentation you have put a lot of details, thank you for that. Sir, I have two questions.

First question is on our tanker segment that we have around 31 vessels. In your presentation and in your speech you wrote that the rates have gone up quite significantly in March.

When we look at your revenue and your profit before tax in the tanker segment, on a Q-o-Q basis, there has been very little growth, to say. 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? If you can just explain that part, that would be great.

Thank you very much for your question. See, SCI, 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 Strait of Hormuz.

The difference what we could have got if Strait of Hormuz was operational, then this number would have been much, much better than this. What we have explained is the overall scenario for the year 2025-26.

Towards quarter four, the numbers have gone up, and the market was firm. After break of war, definitely, those numbers March was as good as idle for the most of the shipping which were operating in the Strait of Hormuz.

This number what we are giving you is basically Q4 sense. The numbers have gone up for the tanker fleet, and this whatever the results you see the major contribution is from the tanker segment.

Right, sir. Now are there any ships stuck, or we are on track?

All our 31 tankers, they operate now regularly?

See, I will give you update. Three tankers of SCI, two LPG, one crude carrier is already out of Strait of Hormuz.

As we speak now, three crude carrier are still inside and one LNG, which is a part of ILT company as a joint venture. Total four vessels of SCI are still inside.

Government of India is trying, coordinating with various agencies, and efforts are on to get this four vessels also out of Strait of Hormuz.

All right, sir. Sir, thank you for that.

Sir, second question is on our joint venture with the oil marketing companies. Sir, there we have ordered quite a few number of ships.

With this entire disturbance in the market, have we finalized the rates at which those ships will be procured, or will those rates also go up because generally when the market is so tight the rate to purchase those, these Aframax and the orders that we have given, they may also vary. Just wanted your views on that that have we been able to freeze our rates of buying those?

See,

so far only one vessel, that is a platform supply vessel, that we have finalized, order is placed with MDL. Remaining, they are in this tender stage at various stages.

Far, we are not finalized any tender. Your observations are absolutely right.

Today, tanker market is basically very, very abnormal. The price of assets would be also in the same range.

We will take definitely note of this all things when we finalize the numbers and when we give the contract to any shipyard.

Right, sir. We will not rush because I think we had tenders for four Aframax and some six container vessels and four MR tankers.

Right? We may wait, right, if the prices become too irrational?

Because if we buy at this peak of the cycle, then maybe our future revenues can actually suffer. That was my point of asking that question.

Very well noted, and definitely board, when we take the decision, will definitely take this point into account.

Right, sir. Sir, and last question would be in April, we are 40 days into this quarter also.

Are the rates still as firm, and our ships are earning all the profits out of whatever rates are there?

See, you can monitor the market how the tanker indices are behaving. That is the only indication which I have given in my speech also.

The rest performance of the SCI in terms of the April and all, at this stage, it will be inappropriate to comment.

Right, sir. Thank you.

Thank you very much, and all the best, sir.

Thank you, ji. Thank you.

Yes, hi, sir. Sir, thank you for the opportunity.

I wanted to understand regarding the JV with the OMC company. Has there been any more details if you can share now that we have finalized with some bit of ordering and some tendering process also we started as you said?

How the financial model will sort of work on what proportion of the vessels will be on spot or fixed rate, and what sort of ROE or IRRs we can generate from this or any revenue, EBITDA, or any sort of financial metrics if you can share regarding over three to five years, what we can generate from this? That's it, sir.

Yeah.

See, this oil and gas proposed JV with OMCs, this is at this stage is under consideration of our ministry. Parallelly, we have floated some tender which are meant for SCI tonnage, and maybe some of this vessel will be for the proposed JVC also.

At this stage, that is update. As far as what will be the IRR, what will be the revenue and all, this we will see once we have this tenders going further and once we have got the approval in place and how the financial quotes will be received during this tendering.

Then we will have better information, and at appropriate time, we will definitely share with all the stakeholders through the stock exchange.

Got it. Thank you, sir.

Just lastly, this Q4, as you said, because some of our vessels got stuck in the Strait of Hormuz, we couldn't realize the full potential at the current rate. Fair to say that over the next coming one to two quarters the numbers could improve substantially for us as the rates continue to stay elevated and there is free movement of our vessels?

See, the vessels which are stuck inside the Strait of Hormuz, SCI vessels and any other shipowners, they are basically at this stage whatever the market they are not able to tap that market. The vessels which are outside the Strait 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.

Let's see. This is a very dynamic, very volatile situation.

We will have a clarity because everyday some negotiations are happening between Iran, between USA and other parties also. We have to wait and watch and then see how this situation, how fast this war settles, and then we can evaluate overall how good and bad the impact will be there.

Currently, the tanker market is definitely very, very high, but the cargoes are very few.

Understood. Thank you.

Thanks a lot, sir, and all the best.

Thank you.

Yeah. Thank you for the opportunity, sir.

Sir, in last concall, 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. 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.

If you can just help us understand around these two pointers, sir. How will we navigate through the shipping cycle volatility by using these two things and still achieve our expected IRR, or have things changed after the recent volatility that we have seen?

See, this current war and this current volatility is a temporary phase. This will not last long.

We are very confident as SCI. Further, any projects, 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.

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 some market indexes so that there is basically at arm's-length earnings and the expenses for both the sides.

That will be quite fair for the prevailing market. It will capture what is a prevailing market sentiments and whatever the prevailing market rates, basically.

These are the two points which you have asked. Hope I have clarified this.

Yes, sir. Any minimum IRR threshold that we have in mind considering the full cycle in mind, or let's say over the longer run?

As earlier also I mentioned, we look for at least a 10% to 12% range of IRR.

Okay. Sir, if you can just help us understand that plus or minus formula that you are mentioning.

Is there any precedent? 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?

If you can just give us some more color with that respect. From what I understand, it will be linked to global index plus there will be some plus-minus formula, and plus over and above, the Shipping Corporation will have some management fees.

Am I right?

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, these kind of formulas are being used by various international shipowners, charterers. Even India also, when we have the COA with 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 just to rule out any abnormal variations in freight.

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 perspective also and from the charter perspective also.

Okay. Just in case if the shipping cycle turns the other way, what downside protection does this kind of arrangement gives us or how is it embedded into this arrangement?

See, normally, in this kind of formula, we have got two ceilings: floor and the top also so that just in case it goes beyond some certain level, then basic operating costs are covered. Top side also, it goes in abnormal manner, then charterer also is not penalized unnecessarily.

Mr. Chetan, I was explaining this.

We have got the limits: upper also and the lower limits to take care of this kind of situation.

Okay. Got it, sir.

Sir, with respect to this JV, the oil PSUs JV, what percentage of their overall demand will be routed through this JV?

See, today nearly $80 billion is going out of country in terms of freight. This proposed concept, this model is an action in that direction to basically minimize that.

This demand aggregation done by SCI, by our ministry, and by oil companies is just initial phase in that direction, and currently this is to capture basically maybe 25% to 30% of that component.

Okay. Eventually, it can go up as well.

Yeah. See, our overall idea is this whatever the money is going out of country directly, indirectly, it should be retained within the country and the economy.

Okay. Because we have done similar JV with I think SAIL or other PSU organizations as well.

Can we expect extension of this model into other areas of the economy as well, or other imports that we are doing?

See, SAIL, we have not done yet. 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. 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 this same formula.

Okay. Sir, what's the status of the JV?

At what stage of approval it is? When is it going to come online, sir?

At this stage, this is under active consideration of our ministry.

Okay. Any expected timelines for it to get operationalized?

No, at this stage timeline, we do not have the information. Once we have the information, once this is approved, definitely we will inform all our shareholders.

We will disclose at the stock exchange.

Okay. Sure, sir.

Thank you very much, sir.

Thank you, ji.

Hello. Can you hear me?

Haanji, namaskar.

Hello. I want to know the dry docking schedule for the next two financial years.

Dry docking schedule for next two financial years. Just a minute.

Let me take help of my concerned director. How many tankers, bulk carriers are planned?

Just be online, please.

Yeah.

Otherwise, what we can do, we can share this information with you. See, the dry dock is done normally twice in five years, and it's a requirement.

How many bulk carriers are planned this time? What we'll do, we'll share this information with you after this call.

Okay. Thank you, sir.

Thank you.

Hello, good afternoon. Am I audible?

Yes, good afternoon. Loud and clear, please.

Go ahead.

Yeah. Hope you're doing well, sir, and congratulations on good set of numbers.

Sir, I had two questions. Okay?

First one, as you mentioned in the notes to accounts of the recent quarter that our three vessels are still stuck in Strait of Hormuz, and there you have explained that the freight has been recognized on the basis of how much ever the percentage of voyage completion. 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, or is it only for the voyage contract that we have these accounting?

Also, how much revenue can be recognized from these vessels, or would we get any revenue?

See, number one, these vessels, three vessels which are mentioned, all three are on the voyage.

Voyage. Okay.

Correct. Whatever this proportionate revenue we have recorded in our books, that is as per accounting system, and that is as per the charter party.

Okay. Going forward, we can expect more revenue to be recognized for this, right?

Yes, the remaining part, once the voyage gets over, rest will come in the next FY.

Sir. Sir, and recently, to one of the questions about that you mentioned that if the cycle goes down, then the flooring would be in such a way that the operating cost gets covered.

What about the interest cost? Would that also get covered?

No, no.

Interest cost and depreciation

is not part of that formula. This formula is normally for the only COA or at the most it can be in time charter also.

If it is in spot for the voyage, then the prevailing market condition we have to basically use it.

For time charter, will the interest and depreciation cost also be covered?

Would you like to comment on this?

Yeah. Good evening.

This is Nitin Khamesra, Director (Finance) this side. If you

Hello, sir.

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 it. It has 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 cap, normally, whenever it's a contractual terms, 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 be the financial cost, we can basically build into the floor.

It all depends on the commercial agreement with the counterparty.

It's very

Okay. Sir, the standing cost does it also include depreciation?

Yeah.

It includes depreciation, right? Sir, in the JV, can then can we expect like a 10-year, 10 to 12-year of time charter?

That is

the duration.

As an SCI, we would love to have the maximum possible of the useful life of the asset covered through the time charter model. That modalities will be finalized 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.

Okay. Any minimum ROCE or anything that you would have planned for the JV, or at least would have thought of since we are going with the acquisition?

It's at a similar line what CMD, sir, has also mentioned for the SCI acquisition plan. We would like to have basically IRR in range of around 10% to 12% broadly.

IRR would be what, covering your depreciation, interest, and operating cost, or ROCE? What's the definition of IRR here?

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.

Okay. It's not ROCE, right?

No,

no, it's not ROCE.

Okay. Sir, 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, or profitability vis-a-vis the current charter book?

It's a very hypothetical question. Means once we'll enter into the agreement with any counterparty, then only we can basically assign any number to it.

Any delta that you all would have thought of?

That's the market indices. You can compare three months before market to the current market.

The delta will be available to you.

Okay. Thank you so much, sir.

Thank you. Thank you.

It will be basically all prevailing market conditions.

Okay.

Hello, sir. Am I audible?

Yes. Yeah.

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 shipping companies. I guess the top three OMCs also spend close to 40,000 cr on their freight bill.

Then with the Bharat Amrit Kaal Maritime Mission last year, we really sort of put the trigger into the shipping sector of India. With this JV announced also 59 vessels, 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 for the procurement of ships that we would do in the JV or outside the JV, maybe in terms of some tax write-backs or GST taken off or any other way of incentives?

See,

Government of India has taken various initiatives. Today, as a country, there are two clear-cut priorities for the Government of India.

One is the have the ship construction now done in India. Especially the commercial big vessels should be built in India, that is a priority one.

Parallelly, 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.

This is working all in the circular economy. Government of India at every stage is trying to support the especially the shipbuilders so that they become competitive to build the vessels in India, and we can compete as a country with China or maybe South Korea.

Now coming to the shipowner side also, there are some minor incentives are there, and with the help of this assistance going to the shipbuilder, then that benefit we expect this will be transferred to the shipowners also. These are the overall basically ecosystem what Government of India, especially our Ministry of Shipping, is working on.

This various schemes, policies are already announced. They are published.

They are available for the industry today.

Got it. Understood.

Sir, what would be the NAV of our current ships?

Sorry, can you repeat your question, please?

What would be the NAV of the ships that we have in our portfolio currently?

I'll answer your question. The NAV on a consolidated basis is roughly around 300.

300

per share.

Got it. Got it.

Sir, lastly, on this Bharat Shipping Line, that also sounds like a very interesting JV that we're going ahead with. Just wanted a few more details on that: what sort of an investment are we going to make over here, how many vessels would we procure, and what would be our share of what will be our share in the JV overall?

See, this proposed JV for the container is Bharat Container Shipping Line. In this, SCI will be the one of the partner, CONCOR also will be the one of the partner where CONCOR 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. Sir,

any timeline for this 51 vessels?

This is our basically next five years.

Next five years. Got it.

Correction in this. This is for up to 2047, 51 vessels.

Up to 2047. Got it.

Understood. Sir, any updates on

No, last question, ma'am. Is it just

All right, sure.

Hi, sir. Thanks for taking my question.

Sir, I just had one question. Given the current geopolitical scenario, can you give us a sense of how the mix has changed between the long-term contracts versus the spot contracts?

Can you give us a sense of the mix that we have right now for our 58 vessels between the long-term contracts and the spot contracts? See,

today, especially in the tanker segment, spot rates are very, very high, multiple times what was prevailing pre-war. 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 our tanker fleet on voyage and nearly 40% on the time charter.

Right. Just a follow-up on that.

The freight increase that we are witnessing right now, the revenue recognition would be in the coming quarters. Is that right?

Yes, yes. This all impact should be visible, should be reflected in any owner's P&L in the next quarter.

Right, sir. Thanks.

Thanks a lot, sir.

Thank you.

Hi, sir. My first question regarding, sir, as you mentioned, on 31st March, four ship is stuck in Hormuz.

How much revenue is impacted for this one, sir, in Q4? Can you tell me?

See, what will be the total impact,

these voyages

remains unfinished voyages. Overall fine-tuning as far as the revenue is concerned will happen once the voyage gets over.

Okay.

Yeah. The voyages are still in progress, unfinished.

Okay. Any idea, any rough figure as per your estimate, how much revenue come to Q1, and how much revenue we recognize in Q4?

No, no. It will be very difficult to give you number at this stage.

We have to wait and watch and get this voyages completed. Then we can This will reflect in the Q1, definitely.

Okay. One more question, sir.

Any plan to add old or new ship in SCI books in FY '27, as you mentioned, because in FY '27, old, second-hand, or new ships?

Yes, yes. We have got a clear-cut plans.

Our plan is to order some new vessels as well as purchase some second-hand assets also.

Means for in FY '27 to add in FY '27 book?

Yes, yes. In current 2026-27, we have got plans.

In fact, on 29th October, Honorable Prime Minister has announced our long-term business plan, which is up to 2047.

Okay. Right, sir.

One more question, sir, is

queue. Please.

Yeah.

Hello. Am I audible?

Yeah. Hello, sir.

Congratulations on a good set of numbers. I had a question.

Earlier during Maritime India Vision, we had indicated that we are going to purchase around 216 vessels approximately with investment of ₹1 lakh crore by 2047. 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? How much will be through the JV route, and how much will be independently done by SCI?

Also, does this 216 vessels also include the JVs where 59 vessels demand that we have planned under the PSUs? How much of these vessels will be, are you planning will be second-hand vessels and how much of it will be new-build vessels?

These are my questions.

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. 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.

This plan is up to 2047, long-term plan. This definitely will be reviewed periodically by the SCI board and by the board of this proposed JVs also.

Sir, my last question was, what is the plan of the new build versus second-hand vessels? How many are going to be new build versus second-hand?

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, firm 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.

In meantime, to basically augment our fleet, we will be purchasing second-hand vessels also. This will be the initial phase where first, second, third year, we'll be adding second-hand tonnage, and then a new fleet will start joining the fleet.

Sir,

any number you have in your plans, how many are you going to add in the first three years, the second-hand vessels?

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.

Fine. Yeah.

Thank you.

Thank you.

Yeah. Thank you for the opportunity.

My question is with respect to the land asset holding company, SIAL, SCILAL. Is there are some rumors or some news about reverse merger of SCILAL with SCI?

Is there a possibility, or because some development is happening with NBCC contract? MOU has been signed.

Some color on that, if possible?

See, number one, this NBCC MOU was signed a few days back. Idea is we have got a one big training institute in Powai.

Company wants to upgrade that, and that company has already done the MOU with one of the big international ship manager, Synergy. We want to upgrade.

We want to utilize that capacity to the best possible way. As far as this SCILAL and SCI reversal is concerned, SCILAL is a separate legal entity, and this is a matter where government, our ministry, will take decision if at all anything is there.

We have no information regarding this at this stage.

Okay. Thank you.

Thank you.

Good evening, sir.

Good evening, ji.

Hello. Am I audible?

Sir, my first question is that during the last concall, it was mentioned that all the vessels that are going to be acquired would be second-hand vessels. Since you mentioned recently and also on the tender stage, all I could see is new vessels being acquired.

Are there any changes in plans or any sense on that? 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. Would that have any impact on our financials?

See,

first your question, SCI always had the plan to purchase new vessel as well as the second-hand. This number may vary with the time as 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-hand 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. To realize that, in fact, some of the vessels were not getting in the insurance cover.

Government of India came forward, and they have already created a pool, insurance pool. That pool will help in this situation for the shipowners with the help of our insurance companies, public sector, so that Indian shipowners can get the insurance cover at a reasonable price, and international market should not basically make money out of this.

This pool will come in picture, and this is a very good initiative taken by Government of India.

Understood, sir. Thank you.

Thank you.

Yeah. Thank you for the opportunity.

Just one question from my end. Basically, in terms of what you all mentioned in the last concall with respect to the aspiration of growing the revenue by 2 to 3 times in the next 4 to 5 years, so that is basically taking into account whatever is happening in the JV, right?

The accounting of that JV would be done via the equity method, or the numbers would be consolidated? Just wanted a clarification on that.

Mr. Nitin will answer this, please.

Means the question what you are asking, whether once the JV is in place, how the revenue will flow to the SCI book?

Yes.

That's the precise question, no? That will be on the equity method.

Basically the numbers would not be consolidated. Just before the PBT, it would be share of JV.

Yes, yes.

Yeah.

Correct. Got it.

That's it from my end.

Thank you.

Yeah. Hello.

Can you hear me?

Yeah. Just wanted to understand, is there any mandatory requirement for oil companies to use the services of SCI as of now?

No, no, no. There is no compulsion either side.

In fact, SCI, your good company, operate in international and very serious competition.

Okay. With respect to JV, because already we were doing business with all these oil companies, right?

Special purpose of forming this JV, is it just to purchase assets and then rent it out?

See, the overall purpose, as I mentioned, we have got the cargo in hands of OMCs. 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 the basic intention of this.

Okay. What is the spend currently by all these oil companies?

What is? Can you repeat your question?

What is the total spend by all these top three, four companies?

We have to check the number. We need to check this number with the help of the OMCs.

We will not be able to answer at this stage.

Okay. Got it.

Got it. That's it from my end.

Thank you so much, yeah. Thank you.

Thank you so much for the opportunity, sir, and congratulations on good performance. Humme jo

JV formation

ke upar

aapne update de diya hai ki wo ministry ki consideration mein hai. Last call mein humne update diya tha ki December '25 ke around.

Toh isme kuch koi key reason hai itna delay ka? Kyunki government ki taraf se bhi aur core ministry ki taraf se kafi thrust tha isko jaldi se jaldi form karne ke liye, toh iske upar thoda agar guide kar paayein toh?

Ji, thrust tha, thrust abhi bhi hai ispe, aur hamari ministry isme bade hi concentrated way mein ispe project pe kaam kar rahi hain. Toh we have to wait for some more time, aur clarity ekdum hai ki yeh hamare it's a basically strategic need for the country, aur usi pe kaam chal raha hai.

Toh [unclear] hai, usme thoda time lagta hai, Akshay-ji.

Sir,

ek aur

yeh jo aapne abhi kafi participants ke questions the IRR ke upar, aapne 11% 11%-12% ka ek broad range diya hai. Toh isme minimum floor kuch consider kar sakte hain ki itna minimum hai jo hum return generate kar paayenge going forward?

Floor and ceiling aisa kuch? See, jab yeh board ke paas proposal jata hai toh usme 10 ke niche normally hamara board consider nahi karta hai, generally.

Par usme yadi kuch strategic need ho ya strategic importance ho us project ki, toh then board has got the power to take some decisions.

Hello?

Haanji, Akshay-ji.

Sir, meri

request thi ki koi questions ka jawab aap bolte hain ki baad mein after the call denge lekin uska follow-up nahi aa pata hai. Toh ek baar ek request hai, sir, ki aap agar is cheez ko mention kar denge secretarial ya finance department mein ki jo bhi uchit Be assured, jo bhi humne yahan commitment kare hain wo aapke paas mein reply avashya pahuchega.

Thank you. Thank you so much, sir.

Aur sir, isme is baar ke numbers mein koi FX-related loss ya ECL provision ke number hain kuch kisi tarah ke one-off jo humko dekhne chahiye alag se?

Nothing abnormal. It's a normal ECL provision, means nothing significant which need to be shared at this point of time.

Thank you so much, sir. Aur poori

SCI ki team ko main badhai aur dhanyavad bhi dena chahta hoon kyunki itne kathin paristhitiyon mein bhi aapki team itni mehnat karke aur India as a country ki energy security aur safety poora kar di, toh iske liye aapko bahut-bahut dhanyavad. Dhanyavad, dhanyavad.

Aur aap sab ke liye bhi bahut-bahut badhai. Aap logon ka sahyog hai aur usi ki wajah se yeh acche parinaam hain.

Aap logon ka bahut-bahut yogdaan isme raha hai.

Thank you, Farah. In case, let there are any participants with more questions, you can share it with us or directly take it up with the SCI investor relation team.

I would like to thank the management of SCI for all the detailed answers as well as giving us the opportunity to host the call. If you have any closing remarks to be made, please go ahead, sir.

Thank you, Varatharajan. At the end, I would like to thank the investors and analysts 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 on manyfold growth for the organization and ultimate value to our shareholders in years ahead. In case you have any further queries or questions, you can get in touch with our investor relation cell.

Thank you, ladies and gentlemen. Best wishes to everyone.

Thank you.