GESHIP · Services · filed 6 Nov 2026
Great Eastern Shipping Co. Ltd. reported revenue of ₹1,824 cr for July to September 2026, +46.9% on the year and −9.0% on the quarter. That is faster than this quarter has grown in recent years (+0.9% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹6,795 cr, +38.6% on the four before.
Operating profit (EBITDA) was ₹1,157 cr, a margin of 63.4%, +480 bps on the year and −328 bps on the quarter. Over the last 8 quarters the margin has ranged from 41.0% to 66.7%, averaging 56.6%. Operating costs grew +29.9% against revenue growth of +46.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,269 cr, +118.3% on the year and −3.0% on the quarter, with earnings per share of ₹89.11. Profit before other income, one-offs and tax grew 92.5%, so 26 points of the headline growth came from outside the core business. The tax rate of 2% is in line with its recent average. Profit over the last four quarters totals ₹4,435 cr, +117.1% on the four before.
Logistics revenue tracks volumes and freight rates; margins depend on utilisation of the network the company has built.
On earnings per share of ₹310.83 over the last four quarters, the stock at ₹1,498.00 trades at 4.8 times trailing earnings.
Headline profit grew much faster than core profit. What made up the difference?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹604 cr | ₹639 cr | ▼ 5.5% |
| Inventory | ₹292 cr | ₹286 cr | ▲ 2.1% |
| Cash | ₹4,842 cr | ₹4,337 cr | ▲ 11.6% |
| Bank balances | ₹1,493 cr | ₹1,174 cr | ▲ 27.2% |
| Long-term borrowings | ₹450 cr | ₹600 cr | ▼ 25.0% |
| Short-term borrowings | ₹350 cr | ₹450 cr | ▼ 22.2% |
| Trade payables | ₹379 cr | ₹360 cr | ▲ 5.2% |
| Net block | ₹10,075 cr | ₹9,287 cr | ▲ 8.5% |
| Capital work in progress | ₹80.6 cr | ₹42.9 cr | ▲ 88.0% |
| Equity | ₹18,932 cr | ₹16,962 cr | ▲ 11.6% |
| Total assets | ₹21,171 cr | ₹19,460 cr | ▲ 8.8% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹2,488 cr | ₹1,243 cr |
| Capital expenditure | −₹1,541 cr | −₹380 cr |
| Investing cash flow | −₹1,221 cr | −₹402 cr |
| Financing cash flow | −₹1,022 cr | −₹1,241 cr |
| Dividends paid | −₹373 cr | −₹180 cr |
Operating cash flow was 0.97× profit. Receivables at 29 days of sales (−14 days against the last year end). Inventory at 14 days of sales (−5 days).
Other matter: “We did not review the interim financial information / financial results of 6 subsidiaries included in the unaudited consolidated financial results, whose interim financial information / financial results reflect total assets of Rs. 2,011.94 crores as at September 30, 2026,… Read in full
We did not review the interim financial information / financial results of 6 subsidiaries included in the unaudited consolidated financial results, whose interim financial information / financial results reflect total assets of Rs. 2,011.94 crores as at September 30, 2026, total revenue of Rs. 114.83 crores and Rs. 201.00 crores for the quarter and half year ended September 30, 2026, respectively, total net profit after tax (net) of Rs. 84.97 crores and Rs. 140.79 crores for the quarter and half year ended September 30, 2026, respectively, total comprehensive income (net) of Rs. 84.97 crores and Rs. 140.79 crores for the quarter and half year ended September 30, 2026, respectively and net cash outflows of Rs. 61.45 crores for the half year ended September 30, 2026, as considered in the unaudited consolidated financial results included in the Statement. These interim financial information / financial results have been reviewed by other auditors whose reports have been furnished to us by the Management or such other auditors.
Filing p. consolidated limited review report p.1-2
Board approved open market buyback of equity shares for up to Rs. 900 crore at a maximum price of Rs. 1,530 per share. (p. note 3 to consolidated results)
Board declared 2nd interim dividend of Rs. 14.40 per share for FY 2026-27 with Record Date of November 13, 2026. (p. board outcome letter & note 1)
Tax: Consolidated tax expense of ₹26.64 crore (current tax ₹37.01 crore, deferred tax credit ₹10.37 crore) on Profit before tax of ₹1,295.87 crore for Q2 FY27 (tonnage tax regime applicable for shipping operations)
| Metric | Q2 FY27 |
|---|---|
| Volume | 3.38 |
| Utilisation | 100% |
Current fleet capacity stands at 3.38 mn dwt across 42 owned vessels with ~100% capacity utilization, generating Q2 FY27 Consolidated Revenue from Operations of ₹1,824.42 crore and Operating Margin of 63.43%.
Near 100% capacity utilization and robust 63.43% operating margin support strong operational cash generation.
Fleet consists of 42 100%-owned vessels aggregating 3.38 mn dwt; recent acquisition of VLGC 'Jag Vikrant' (82,000 cbm) was funded 100% through internal accruals without external debt.
100% owned fleet expansion funded entirely from internal cash reserves maintains a net-cash balance sheet.
Read using the Logistics, 3PL and warehousing framework (named in the filing read). Primary valuation lens: EV/EBITDA.
Read more closely in this sector: Volume against realisation · Asset-light against owned share.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Secondhand Kamsarmax Dry Bulk Carrier Delivery Target | Q3 FY2026-27 | Q3 FY2027 | unchanged or first given |
| Newbuilding Suezmax Tanker Delivery Target | H2 FY2028-29 | H2 FY2029 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Shipping | ₹1,845 cr | ▲ 75.6% | ₹1,118 cr | ▲ 128.8% |
| Offshore | ₹398 cr | ▲ 17.7% | ₹151 cr | ▲ 63.0% |
| 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 ₹1,824 cr (+46.9% on the year) and net profit of ₹1,269 cr (+118.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +92.5% on the year, against +118.3% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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