The Great Eastern Shipping Company (500620) Q2 25/26 earnings summary

Executive summary

• Consolidated net profit for Q2 FY26 was INR 581 crore, with NAV per share at INR 1,484 as of September 30, 2025, and an interim dividend of INR 7.20 per share declared for the 15th consecutive quarter.

• Revenue for Q2 FY26 was INR 1,253 crore, with EBITDA at INR 770 crore and net profit at INR 581 crore on a consolidated basis.

• Standalone profit was flat sequentially but lower year-over-year due to reduced capacity and absence of prior year’s profit on sale of ships.

• The results were reviewed by the Audit Committee and received a limited review from statutory auditors, with no material misstatements identified.

Financial highlights

• Q2 FY26 consolidated revenue was INR 1,253 crore, up from INR 950 crore in Q2 FY25, with EBITDA at INR 770 crore and net profit at INR 581 crore.

• Operating cash flow for H1 FY26 was INR 1,303 crore, and net cash from operating activities was INR 1,243.31 crore.

• Net cash position stands at about $550 million, with net debt-equity ratio at -0.45, reflecting strong liquidity.

• Dividend payout for the period was lower than last year, reflecting lower profitability.

• Basic EPS (consolidated) for the half year was INR 76.06, compared to INR 97.19 in the prior year period.

Outlook and guidance

• Most tankers and dry bulk vessels are operating in the spot market, with LPG carriers fully fixed and revenue coverage for Q3 FY26: Crude Carriers 57%, Product Carriers 58%, LPG Carriers 100%, Dry Bulk 59%.

• Two older tankers are committed for sale, and a new Ultramax bulk carrier will be delivered by Q4 FY26.

• Offshore fleet remains unchanged, with rigs and vessels repricing or coming off contract in the coming quarters.

• The company continues to invest in fleet expansion and modernization, with several vessel acquisitions and sales contracted during and after the quarter.