The Great Eastern Shipping Company (500620) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated net profit of INR 2,943Cr for FY26 and INR 1,044Cr for Q4 FY26, with highest-ever standalone profits and NAV per share reaching INR 1,796 (consolidated) and INR 1,422 (standalone) as of March 31, 2026.

• Declared highest-ever quarterly dividend of INR 11.70/share for Q4 FY26, totaling INR 35.10 per share for the year, marking the 17th consecutive quarterly dividend.

• Audited standalone and consolidated financial results for FY26 were approved with an unmodified audit opinion.

• Financial statements reflect strong profitability, robust cash flows, and significant fleet activity, including vessel sales and acquisitions.

Financial highlights

• FY26 consolidated revenue was INR 6,312Cr, up from INR 6,157Cr in FY25; Q4 FY26 revenue was INR 1,857Cr, up from INR 1,373Cr in Q4 FY25.

• FY26 consolidated net profit was INR 2,942.52Cr, up from INR 2,344.26Cr in FY25; total comprehensive income was INR 3,114.46Cr.

• FY26 consolidated EBITDA was INR 1,287Cr (reported), with normalized EBITDA at INR 1,128Cr.

• Strong cash flows from operations, with consolidated net cash position of USD 516mn and cash and cash equivalents at ₹4,336.90 crore.

• Maintains a heavily net cash position, with $500 million standalone net cash.

Outlook and guidance

• No formal earnings outlook provided; management emphasizes preparedness for both strong and weak market scenarios.

• Q1 FY27 revenue coverage: 52% for crude carriers, 66% for product carriers, 100% for LPG carriers, and 76% for dry bulk; offshore segment coverage above 79%.

• Majority of fleet remains in the spot market to capitalize on volatility; 80% of vessel days for the year already locked in.