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 and an interim dividend of INR 7.20 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 remained flat sequentially but was lower year-over-year due to reduced capacity, rates, 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.

• Offshore business continued to contribute positively, with most vessels fixed at strong levels and four vessels on short-term contracts performing well.

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; net cash outflow in Q2 FY26 was INR 272 crore.

• Cash profit for the year was INR 165 crore standalone and INR 200 crore consolidated, with INR 28 crore paid out.

• Net cash position stands at about $550 million, and share price to consolidated NAV is at 0.73.

• Dividend payout for H1 was lower than last year, reflecting lower profitability.

Outlook and guidance

• Most tankers and dry bulk vessels are operating in the spot market, with LPG carriers fully fixed and jackup rigs largely covered for the year.

• Revenue coverage for Q3 FY26: Crude Carriers 57%, Product Carriers 58%, LPG Carriers 100%, Dry Bulk 59%.

• Two 20-year-old tankers are committed for sale, and the first Ultramax bulk carrier purchase will be delivered by Q4 FY26.

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

• No forecast on rates, but management remains prepared to act quickly if market opportunities arise.