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Last Updated on: 22 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Shipping Corporation of India Ltd

About the Company - Shipping Corporation of India Ltd

Shipping Corporation of India Ltd. is a Public Limited Listed company incorporated on 24/03/1950 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L63030MH1950GOI008033 and registration number is 008033. Currently Company is involved in the business activities of Sea and coastal freight water transport. Company’s Total Operating Revenue is Rs. 4994.55 Cr. and Equity Capital is Rs. 465.80 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
ShippingShipping House, Mumbai Maharashtra 400021hr@sci.co.in
http://www.shipindia.com
Management
NamePosition Held
Capt. B K TyagiChairman & Managing Director
Mr. C I AcharyaDirector - Finance
Mr. Vikram DingleyDirector
Mr. Atul UbaleDirector
Mr. M S SainiDirector
Mr. Arunima DwivediIndependent Director
Mr. Anil Kumar MisraIndependent Director
Mr. KNP ChakravarthyIndependent Director
Mr. Shreekant PattarIndependent Director
Mr. Gulabbhai RohitIndependent Director
Mr. Sanjay KumarGovernment Nominee Director
Mr. Rajesh Kumar SinhaGovernment Nominee Director

Shipping Corporation of India Ltd. Share Price Update

Share PriceValue
Today₹233.85
Previous Day₹250.70

Basic Stock Data of Shipping Corporation of India Ltd

Market Cap 11,701 Cr.
Current Price 251
High / Low291/79.2
Stock P/E15.6
Book Value 153
Dividend Yield0.17 %
ROCE10.5 %
ROE13.4 %
Face Value 10.0

Data Source: screener.in

Competitors of Shipping Corporation of India Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Great Eastern Shipping Company Ltd (GESHIP) 13,388 Cr. 9381,044/5325.59 7813.08 %20.9 %26.8 % 10.0
SEAMEC Ltd 2,861 Cr. 1,1251,240/56245.6 3150.09 %3.35 %3.72 % 10.0
Essar Shipping Ltd 581 Cr. 28.039.0/7.53 1300.00 %%% 10.0
Shreyas Shipping & Logistics Ltd 591 Cr. 269506/212 3570.55 %18.8 %25.4 % 10.0
Industry Average296.75 Cr30912.8395.750.93%10.76%13.98%10

Shipping Corporation of India Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales8438418751,0281,2211,4311,3091,4621,4171,4961,4181,2001,093
Expenses6396166526928229669821,1631,0941,027954837858
Operating Profit204226223335399465327299324469465363236
OPM %24%27%26%33%33%32%25%20%23%31%33%30%22%
Other Income44604534244668443946555194
Interest-55-73352131776504738503556
Depreciation159156154155161159160172190195196197200
Profit before tax1441368216224833615912112628227418274
Tax %2%3%-5%2%2%7%7%10%9%6%-39%5%11%
Net Profit1421328615924331214810911426738017266
EPS in Rs3.052.821.843.405.226.693.182.342.465.728.163.681.41

Shipping Corporation of India Ltd Quarterly Chart

Shipping Corporation of India Ltd Profit & Loss

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales4,3114,0503,4473,4693,8734,4253,7034,9885,7945,208
Expenses3,3962,6882,6672,7933,1603,2832,5443,4574,2373,675
Operating Profit9161,3627806777131,1431,1591,5311,5571,532
OPM %21%34%23%20%18%26%31%31%27%29%
Other Income395193185196292277204170184246
Interest23919517418036236722161185179
Depreciation801542566610658671628635753788
Profit before tax27081822682-16382713904803811
Tax %28%4%19%-273%-304%12%2%5%-8%
Net Profit195782182306-63336696861870884
EPS in Rs4.1916.783.926.58-1.357.2214.9418.4718.6818.97
Dividend Payout %0%0%0%0%0%10%2%2%2%

Shipping Corporation of India Ltd Profit & Loss Yearly Chart

Shipping Corporation of India Ltd Growth

Compounded Sales Growth
10 Years:%
5 Years:11%
3 Years:9%
TTM:-7%
Compounded Profit Growth
10 Years:%
5 Years:24%
3 Years:51%
TTM:29%
Stock Price CAGR
10 Years:25%
5 Years:53%
3 Years:57%
1 Year:174%
Return on Equity
10 Years:%
5 Years:7%
3 Years:11%
Last Year:13%

Shipping Corporation of India Ltd Balance Sheet

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital466466466466466466466466466466
Reserves6,0536,2726,4286,7696,7177,0187,7025,5086,4376,650
Borrowings7,7395,8455,4925,5855,2774,7673,6793,2002,6052,292
Other Liabilities1,5802,1482,1621,6861,8961,6681,5561,6841,9361,642
Total Liabilities15,83914,73114,54914,50614,35713,91913,40310,85911,44311,051
Fixed Assets12,28011,82711,41111,34811,11910,65310,1747,6247,4037,170
CWIP567027883335834101
Investments7780136269279298354476611661
Other Assets2,9152,8242,9752,8822,9512,9642,8412,7013,3953,118
Total Assets15,83914,73114,54914,50614,35713,91913,40310,85911,44311,051

Shipping Corporation of India Ltd Reserves and Borrowings Chart

Shipping Corporation of India Ltd Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 2,1971,4906832287129451,3401,4401,465
Cash from Investing Activity -308-11-86-4717324-206-729-501
Cash from Financing Activity -1,675-1,095-522-87-866-1,120-1,154-653-930
Net Cash Flow21438474-329-146149-205834

Shipping Corporation of India Ltd Financial Efficiency Indicators

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days686170705650624764
Inventory Days
Days Payable
Cash Conversion Cycle686170705650624764
Working Capital Days-157-143-187-102-114-91-171017
ROCE %7%3%2%2%5%6%10%11%

Shipping Corporation of India Ltd Financial Efficiency Indicators Chart

Shipping Corporation of India Ltd Share Holding Pattern

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Promoters63.75%63.75%63.75%63.75%63.75%63.75%63.75%63.75%63.75%63.75%63.75%63.75%
FIIs0.96%0.85%0.89%0.96%2.21%2.35%3.13%3.28%3.30%3.23%2.89%3.23%
DIIs13.73%11.44%10.57%10.37%9.50%8.35%7.87%7.81%7.47%7.01%7.01%6.97%
Public21.56%23.96%24.79%24.92%24.54%25.55%25.25%25.17%25.50%26.01%26.36%26.05%
No. of Shareholders1,75,6251,96,6472,10,6971,96,0751,81,9101,90,4401,86,2121,80,9931,76,2491,75,1431,83,3392,09,199

Shipping Corporation of India Ltd Shareholding Pattern Chart

No. of Shipping Corporation of India Ltd Shareholders

Shipping Corporation of India Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
Quant Small Cap Fund149763591.88243.96
Bandhan Transportation and Logistics Fund2500001.054.07
Motilal Oswal Nifty Microcap 250 Index Fund1889470.493.08

Shipping Corporation of India Ltd ROCE Trend

Shipping Corporation of India Ltd EPS Trend

Shipping Corporation of India Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)18.6818.5814.947.22-1.35
Diluted EPS (Rs.)18.6818.5814.947.22-1.35
Cash EPS (Rs.)33.3330.6826.7520.9011.52
Book Value[Excl.RevalReserv]/Share (Rs.)148.18195.29175.34160.66154.21
Book Value[Incl.RevalReserv]/Share (Rs.)148.18195.29175.34160.66154.21
Revenue From Operations / Share (Rs.)124.39107.2379.5095.0184.28
PBDIT / Share (Rs.)35.8435.0027.5629.6917.81
PBIT / Share (Rs.)19.6821.3614.0715.283.67
PBT / Share (Rs.)15.7217.9813.627.46-1.61
Net Profit / Share (Rs.)17.1617.0413.266.49-2.62
NP After MI And SOA / Share (Rs.)18.6818.5714.947.22-1.35
PBDIT Margin (%)28.8132.6434.6631.2421.12
PBIT Margin (%)15.8119.9117.7016.084.35
PBT Margin (%)12.6316.7617.137.85-1.90
Net Profit Margin (%)13.7915.8916.686.83-3.10
NP After MI And SOA Margin (%)15.0117.3218.797.60-1.59
Return on Networth / Equity (%)12.609.518.524.49-0.87
Return on Capital Employeed (%)10.598.775.977.631.72
Return On Assets (%)7.606.075.192.41-0.43
Long Term Debt / Equity (X)0.240.230.320.220.35
Total Debt / Equity (X)0.370.340.370.490.57
Asset Turnover Ratio (%)0.460.360.270.310.27
Current Ratio (X)0.961.830.940.530.61
Quick Ratio (X)0.901.770.910.500.57
Dividend Payout Ratio (NP) (%)1.761.340.000.000.00
Dividend Payout Ratio (CP) (%)0.940.770.000.000.00
Earning Retention Ratio (%)98.2498.660.000.000.00
Cash Earning Retention Ratio (%)99.0699.230.000.000.00
Interest Coverage Ratio (X)9.0610.3460.803.803.37
Interest Coverage Ratio (Post Tax) (X)5.346.0330.271.830.50
Enterprise Value (Cr.)6407.867134.057209.274501.104883.65
EV / Net Operating Revenue (X)1.111.431.951.021.24
EV / EBITDA (X)3.844.385.623.255.89
MarketCap / Net Operating Revenue (X)0.751.071.390.390.45
Retention Ratios (%)98.2398.650.000.000.00
Price / BV (X)0.630.580.630.230.24
Price / Net Operating Revenue (X)0.751.071.390.390.45
EarningsYield0.190.160.130.19-0.03

Shipping Corporation of India Ltd Profitability Ratios (%)

Shipping Corporation of India Ltd Liquidity Ratios

Shipping Corporation of India Ltd Liquidity Ratios (%)

Shipping Corporation of India Ltd Interest Coverage Ratios (X)

Shipping Corporation of India Ltd Valuation Ratios

Fair Value / Intrinsic Value of Shipping Corporation of India Ltd

Fair Value: ₹320.37

The stock is undervalued by 27.64% compared to the current price ₹251

*Investments are subject to market risks

Strength and Weakness of Shipping Corporation of India Ltd

StrengthWeakness
  1. The stock has a low average Working Capital Days of -87.11, which is a positive sign.
  2. The company has higher reserves (6,555.40 cr) compared to borrowings (4,648.10 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (3.80 cr) and profit (499.30 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 14.81 and average Dividend Yield of 14.77%.
  2. The stock has a low average ROCE of 5.11%, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 60.89, which may not be favorable.

Should I Buy Shipping Corporation of India Ltd Share Now?

  • Considering various financial indicators, investors might exercise caution regarding investment in Shipping Corporation of India Ltd:
    1. Net Profit Margin: 13.79%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 10.59% (Industry Average ROCE: 10.76%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. Interest Coverage Ratio (Post Tax): 5.34
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    4. Quick Ratio: 0.90
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    5. ✗ Stock P/E: 15.6 (Industry average Stock P/E: 12.8)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    6. ✓ Total Debt / Equity: 0.37
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis suggests exercising caution. It's advisable to conduct further research or consult with financial experts before considering any investment.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Shipping Corporation of India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE