1. Bharat Container Shipping Line JV - 51 vessels up to 2047 Pending - At the Q4 FY26 call, management stated the proposed Bharat Container Shipping Line JV, with SCI and CONCOR each holding \~30%, has initial demand aggregation of 51 vessels to be added up to 2047. An MOU was signed on 3 February 2026; no incorporation or vessel acquisition has occurred yet.
2. Strategic disinvestment - process ongoing Pending - In the Q2 FY23 result, management stated the strategic disinvestment is being handled by DIPAM with the Virtual Data Room open for due diligence by Qualified Interested Parties. Government shareholding remained at 63.75% as of 31 March 2026, and no completion or withdrawal is disclosed in our record.
3. Demerger of non-core assets - completion in the near future Pending - In the FY22 Annual Report, management stated the Revised Scheme of Demerger is pending with the Ministry of Corporate Affairs with certainty of completion in the near future. The Second Motion Petition was filed on 21 October 2022 and further MCA directions were awaited as of Q2 FY23; no subsequent update is present in our record.
4. Green hydrogen retrofit - at least two ships by 2027 On track - In the FY23 Annual Report, management stated SCI has been assigned to retrofit at least two ships to run on Green Hydrogen derived fuel by 2027 under the National Green Hydrogen Mission. A contract was signed with Mazagon Dock Limited for building a 3,000 DWT methanol dual-fuel diesel-electric PSV as a pilot project under the Mission, though this is a newbuild, not a retrofit.
5. CII improvement - 2% annually from 2023 to 2026 Pending - In the FY25 Annual Report, management stated the company formulated an action plan to improve CII by 2% annually from 2023 to 2026. Our record holds no disclosure of actual CII ratings or year-on-year improvement figures for any year through 2026.
6. Tanker segment - much better performance in Q3 FY26 Delivered - At the Q2 FY26 call, management stated the Tanker segment's performance "would be much better in the current ongoing quarter" due to higher WS and proactive dry-docking scheduling. Q3 FY26 OPM rose to 42.08% with PAT of ₹405 cr, up from Q2 FY26 OPM of 30.36% and PAT of ₹189 cr; full-year Tanker segment PBIT margin improved to 30.17% from 18.84% in FY25 (SQL).
7. Liner segment - post much better results in forthcoming quarters Missed - At the Q2 FY26 call, management stated the Liner segment "would grow as per SCI's business plan and post much better results in the forthcoming quarters". Liner segment revenue declined from ₹1,036 cr in FY25 to ₹784 cr in FY26, and segment profit fell from ₹166 cr to ₹75 cr.
8. SCI second-hand vessel acquisitions - roughly 10 to 12 vessels for FY26-27 On track - At the Q2 FY26 call, management committed to acquiring roughly 10 to 12 second-hand vessels for FY26-27, adding they were "very bullish" to add a few more in FY26; Q4 FY26 deferred specific numbers to Board approval. Two VLGCs, Sahyadri and Shivalik, were inducted during FY26; FY27 has just begun.
9. JV revenue target - 2x to 3x SCI's current revenue over five years Pending - At the Q2 FY26 call, management targeted the JV to achieve 2x to 3x SCI's current revenue over a five-year horizon. The JV has not yet been incorporated, no revenue can be generated, and the five-year horizon has not begun.
10. New construction vessel tender - floating by December 2025 Partial - At the Q2 FY26 call, management committed to floating a tender for new construction vessels by December 2025. The Q4 FY26 PPT disclosed ongoing tenders for 4 new-building MR Tankers, 6 new-building 1700 TEU Container Vessels, and 4 new-building Aframax Tankers as of May 2026, but no specific tender-floating date is disclosed.
11. JV with IOC, BPCL, HPCL - incorporation by December 2025 Missed - At the Q2 FY26 call, management committed to incorporating the JV with IOC, BPCL, and HPCL by December 2025; Q4 FY26 revised this to under active Ministry consideration with no timeline. As of May 2026, the JV had not been incorporated and remains under Ministry consideration.