The Great Eastern Shipping Company (500620) investor relations material

Executive summary

• Consolidated net profit for Q1 FY26 was INR 505 Cr, with a consolidated NAV of INR 1,431/share as of June 30, 2025, and a fourteenth consecutive interim dividend of Rs. 7.20 per share declared.

• Revenue and EBITDA declined year-over-year, reflecting softer market conditions, but net asset value increased slightly quarter-on-quarter.

• Standalone net asset value at $11.20 per share, down from $11.81 a year ago, but up from March.

• Unaudited financial results for the quarter were approved, and a term loan of up to Rs. 425 crores was granted to a wholly owned subsidiary for prepayment of external borrowings.

• The Board approved the acquisition of a Kamsarmax Dry Bulk Carrier for delivery in Q3 FY26 and noted the voluntary liquidation of a subsidiary.

Financial highlights

• Consolidated revenue for Q1 FY26 was INR 1,337 Cr (Rs. 1,201.47 Cr), down from INR 1,703 Cr (Rs. 1,508.23 Cr) in Q1 FY25.

• Consolidated EBITDA for Q1 FY26 was INR 778 Cr, compared to INR 1,106 Cr in Q1 FY25.

• Net profit (normalized) for Q1 FY26 was INR 506 Cr, versus INR 817 Cr in Q1 FY25.

• Net cash position of $600 million standalone, $700 million consolidated, and net debt-equity ratio was negative at (0.44), reflecting strong liquidity.

• Share price trades at a one-third discount to consolidated net asset value.

Outlook and guidance

• OPEC+ unwinding of supply cuts is expected to benefit crude tankers, but no forecast provided due to market volatility; 80% of capacity exposed to spot market, making earnings unpredictable.

• Bulk carrier rates currently better than last quarter; tanker rates remain stable or marginally higher.

• Dividend payout ratio increased to 27%, with future payouts dependent on capital deployment needs.

• The acquisition of a new vessel is expected to enhance fleet capabilities in the coming quarters.

• Coverage of operating days for Q2 FY26: Crude 46%, Product 50%, LPG 100%, Dry Bulk 61%.