The Great Eastern Shipping Company (500620) Q2 26/27 earnings summary

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.