GESHIP · Services
Great Eastern Shipping Co. Ltd. reported revenue of ₹1,201 cr for April to June 2025, −20.4% on the year and −1.8% on the quarter. Over the last four quarters revenue comes to ₹5,015 cr, −8.5% on the four before.
Operating profit (EBITDA) was ₹643 cr, a margin of 53.5%, −687 bps on the year and +1,249 bps on the quarter. Over the last 8 quarters the margin has ranged from 41.0% to 62.6%, averaging 52.5%. Operating costs grew −6.5%, faster than revenue at −20.4%, so operating profit grew less than sales.
Net profit was ₹504 cr, −37.9% on the year and +38.8% on the quarter, with earnings per share of ₹35.34. Profit before other income, one-offs and tax fell 38.6%, so the profit growth came from the business itself. The tax rate of 6% is in line with its recent average. Profit over the last four quarters totals ₹2,037 cr, −28.5% on the four before.
Logistics revenue tracks volumes and freight rates; margins depend on utilisation of the network the company has built. The quarterly statements do not carry volumes, realisation and network utilisation; those come with the filing read.
On earnings per share of ₹142.67 over the last four quarters, the stock at ₹1,426.00 trades at 10.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,245 cr | ₹1,497 cr | ₹1,508 cr | ₹1,354 cr | ₹1,237 cr | ₹1,223 cr | ₹1,201 cr | ₹1,242 cr | ₹1,454 cr | ₹1,511 cr | ₹2,005 cr | ₹1,824 cr |
| YoY | — | — | +17% | +10% | −1% | −18% | −20% | −8% | +18% | +24% | +67% | +47% |
| EBITDA margin | 52.2% | 62.6% | 60.4% | 48.3% | 49.4% | 41.0% | 53.5% | 58.6% | 57.5% | 62.3% | 66.7% | 63.4% |
| Other income, % of PBT | 28% | 24% | 23% | 37% | 43% | 38% | 25% | 23% | 33% | 33% | 21% | 32% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 0% | 4% | 4% | 6% | 2% | 8% | 6% | 3% | 4% | 0% | 4% | 2% |
| Net profit | ₹538 cr | ₹905 cr | ₹812 cr | ₹576 cr | ₹594 cr | ₹363 cr | ₹504 cr | ₹581 cr | ₹813 cr | ₹1,044 cr | ₹1,309 cr | ₹1,269 cr |
| YoY | — | — | +41% | −3% | +10% | −60% | −38% | +1% | +37% | +188% | +160% | +118% |
| Core profit YoY | — | — | +19% | +1% | −12% | −65% | −39% | +20% | +64% | +183% | +170% | +92% |
| EPS | ₹37.70 | ₹63.40 | ₹56.87 | ₹40.32 | ₹41.58 | ₹25.43 | ₹35.34 | ₹40.72 | ₹56.91 | ₹73.13 | ₹91.68 | ₹89.11 |
| Flags | · | · | 1 | 1 | 2 | 2 | 1 | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Great Eastern Shipping Co. Ltd. reported revenue of ₹1,201 cr (−20.4% on the year) and net profit of ₹504 cr (−37.9% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −38.6% on the year, against −37.9% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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