The Great Eastern Shipping Company (500620) investor relations material

Executive summary

• Consolidated net profit for Q3 FY26 was INR 813 crore, with standalone profit at INR 650-654 crore, driven by strong operating earnings and increased NAV; a third interim dividend of INR 9.00 per share was declared for the 16th consecutive quarter.

• NAV as of December 31, 2025, stood at INR 1,566 per share consolidated and INR 1,233 per share standalone, with a CAGR of over 20% over five years.

• Unaudited financial results for the quarter and nine months ended December 31, 2025, were approved and published.

• Mr. Ranjit Pandit was designated as Lead Independent Director effective January 29, 2026.

Financial highlights

• Consolidated Q3 FY26 revenue was INR 1,737 crore, up from INR 1,501 crore in Q3 FY25; consolidated EBITDA was INR 1,118 crore, and net profit was INR 813 crore.

• Normalized consolidated Q3 FY26 revenue was INR 1,737 crore, EBITDA INR 1,082 crore, and net profit INR 777 crore, reflecting adjustments for currency and derivative impacts.

• Cash flow from operating activities for Q3 FY26 was INR 751 crore consolidated, with net cash inflow of INR 119 crore.

• Net cash position exceeds $500 million as of mid-FY23, with a consolidated net cash of INR 7,000 crore and net debt/equity ratio improved to (0.43)x.

• Interest service coverage ratio for Q3 FY26 was 44.80 times, up from 14.24 times in Q3 FY25.

Outlook and guidance

• Revenue coverage for Q4 FY26 is strong, with 57-100% of operating days covered across shipping and offshore segments.

• Management remains cautious on asset purchases due to high prices and prefers to deploy cash during market downturns.

• The impact of new Indian labour codes effective November 21, 2025, was assessed as not material for the quarter and nine months ended December 31, 2025.