The Great Eastern Shipping Company (500620) Q3 25/26 earnings summary

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 improved NAV; a third interim dividend of INR 9.00 per share was declared for the 16th consecutive quarter.

• Net asset value (NAV) as of December 31, 2025, stood at INR 1,566 per share consolidated and INR 1,233 per share standalone.

• Strong performance across crude, product, and dry bulk shipping segments, with robust market conditions and asset prices.

• 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.

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

• NAV increased during the quarter and over the last year, supported by operating cash flows despite dividend payouts.

• Net cash position exceeds $500 million, with the company trading at a 25%-30% discount to consolidated NAV.

• Total comprehensive income for Q3 FY26 was Rs. 830.62 crore, up from Rs. 621.28 crore in Q3 FY25.

Outlook and guidance

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

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

• Offshore vessel and rig utilization rates are strong, with most vessels and rigs covered for FY27 at current rates.

• No plans to enter the LNG or container shipping segments due to sub-optimal returns and market conditions.

• 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.