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The Great Eastern Shipping Company (500620) investor relations material
The Great Eastern Shipping Company Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY27 consolidated PAT was ₹1,269.23 crore versus ₹581.41 crore YoY; the quarter was the second-highest in historical terms.
Consolidated NAV reached ₹2,224/share; the second interim dividend was ₹14.40/share, the 19th consecutive quarterly payout.
Strategy remains spot-led in tankers and dry bulk, with fleet renewal through vessel swaps and caution on elevated asset prices.
Financial highlights
Q2 consolidated revenue from operations was ₹1,824.42 crore versus ₹1,241.78 crore YoY; total income was ₹2,233.65 crore versus ₹1,381.78 crore.
Q2 EBITDA was ₹1,566 crore versus ₹868 crore YoY; PAT was ₹1,269.23 crore versus ₹581.41 crore.
H1 consolidated revenue from operations was ₹3,829.78 crore and PAT ₹2,578.07 crore, versus ₹2,443.25 crore and ₹1,085.91 crore YoY.
Normalized Q2 EBITDA was ₹1,504 crore and net profit ₹1,213 crore; H1 normalized EBITDA was ₹3,111 crore and net profit ₹2,517 crore.
Q2 operating cash flow was ₹1,267 crore consolidated; net cash inflow was ₹436 crore.
Outlook and guidance
No revenue or earnings guidance; 70%+, close to 80%, of capacity is exposed to spot rates, which can move materially month to month.
September tanker-rate spikes are expected to flow substantially into Q3 earnings; covered crude and product tanker rates are expected to exceed Q2 averages significantly.
Q3 shipping operating-day coverage: crude 58%, products 60%, LPG 100%, dry bulk 61%; offshore coverage: jack-up rigs 72%, AHTSV 89%, MPSVV 91%, PSV/ROVSV 100%.
Fleet-wide blended break-even is ~$13,000/day.
Offshore contract turnarounds may bring 60–90 days of downtime and significant rig expenditure; steadier earnings may follow the work.
- Tanker-led operating gains offset dry-bulk and property weakness as PAT declined.500620
Q4 96/97 - Higher FY98 profits and dividends offset weak dry bulk and property markets.500620
Q4 97/98 - Offshore gains and restructuring met weaker shipping markets and lower earnings.500620
Q4 98/99 - Operating divisions improved, while fleet repositioning targeted recovery and lower trade concentration.500620
Q4 99/00 - Record profits from a tanker surge; a second buyback proposed amid uneven market risks.500620
Q4 00/01 - Record FY02 profit amid freight-market weakness, with buybacks and fleet renewal continuing.500620
Q4 01/02 - Record adjusted profit and higher EPS amid weaker income, with fleet renewal central to growth.500620
Q4 02/03 - Record FY04 profit and 87% fleet growth amid buoyant shipping markets and rising exposure.500620
Q4 03/04 - Record FY05 profits and rapid fleet expansion, boosted by strong freight markets and a one-time tax reversal.500620
Q4 04/05
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