Shipping Corporation of India expects Rs 2,000 crore profit this fiscal: Sarbananda Sonowal

Shipping Corporation of India expects profit after tax to exceed Rs 2,000 crore in FY27, Union Minister Sarbananda Sonowal said Friday. The Navratna PSU plans to expand its 58-vessel fleet by procuring more than 34 vessels through petroleum-sector joint ventures and adding 51 container vessels with CONCOR and four major ports.

Mumbai: Navratna PSU and the country's largest shipping company, Shipping Corporation of India (SCI), is expecting to deliver a profit after tax (PAT) of Rs 2,000 crore this fiscal, Union Minister Sarbananda Sonowal said on Friday.

He also said that the company is also looking to induct 30 vessels and other 51-container vessels in the fleet.

On a standalone basis, SCI reported a PAT of Rs 1,352.92 crore for FY26 on a standalone operating revenue of Rs 5,778.1 crore, according to its 205-26 financial report.

"Last year the profit margin after tax was Rs 1,326 crore. This year, in the first quarter, they have already exceeded Rs 600 crore in PAT. That way in this particular financial year it is going to post more than Rs 2,000 crore in PAT," Sonowal, who is the Minister for Ports, Shipping and Waterways, told reporters at the sidelines of SCI's 65th Foundation Day celebration event.

Currently, SCI has 58 vessels in the fleet, the minister said, and added that "we want to increase it further."

"They are joining hands with companies in the petroleum sector to create joint ventures and through the proceeding from these JV, they are going to procure more than 34 vessels," he said.

Besides, Sonowal said, the SCI is also collaborating with CONCORD and four major ports to include 51 container vessels.

The Minister said that the Government has been able to navigate and deal with it any situation effectively irrespective of the geopolitical issues "and there will never be a situation of any kind of crisis whether it is energy or in other part of the world."

He also said that a lot of entrepreneurs are showing interest in the Government's Rs 10,000-crore Container Manufacturing Assistance Scheme (CMAS), announced in FY 27 Budget to strengthen domestic production of shipping containers, reduce import dependence and enhance the resilience of India's trade and logistics network.

"In the containers (segment), particularly for container manufacturing, the budget has created a provision of more than Rs 10,000 crore. So, that is why many more entrepreneurs are coming forward and they are showing their willingness," Sonowal said.

"The government has already prepared its route. Now it is on the right track, and within a short span of time we are going to bring out the final finished product," he added.