Essar Shipping Limited (ESSARSHPNG)
₹16.17 +0.94% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Essar Shipping's revenue was ₹0.0 Cr, and net profit ₹-36.0 Cr (against a profit a year earlier).
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | loss narrowed | -100.0% |
| Operating profit | ₹-4.0 | loss narrowed | loss narrowed |
| Net profit | ₹-36.0 | to loss | loss narrowed |
| EPS (₹) | -1.72 | to loss | loss narrowed |
ESSARSHPNG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.96% of the ESSARSHPNG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 63.18%. That is lower than usual for this stock. Turnover was only ₹26 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 54.5% · 69.8% · 58.8% · 74.9% · 50.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Essar Shipping Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Data Software Research Co. Pvt. Ltd., confirms the dematerialisation, mutilation, and cancellation of securities as required. This is a recurring regulatory compliance filing with no operational or financial impact on the company.
- Filing submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Applies to the quarter ended September 30, 2026
- Certificate issued by RTA Data Software Research Co. Pvt. Ltd.
- Formally reported to BSE and NSE on October 09, 2026
Essar Shipping shareholders approved key corporate actions at the September 30, 2026 AGM, including the disinvestment of two wholly-owned overseas subsidiaries to group companies at Fair Market Value. Disinvested units include Essar Shipping DMCC (negative net worth of Rs 705.48 Cr) and OGD Services Holdings Limited (negative net worth of Rs 459.72 Cr). Additionally, members approved the sale of assets including the Semisubmersible Rig 'Essar Wildcat' and 'Tug III'. Three director appointments and re-appointments were also formalized.
- Approved disinvestment of Essar Shipping DMCC, which holds a negative net worth of Rs 705.48 Cr (34.03% contribution)
- Approved disinvestment of OGD Services Holdings Limited, with a negative net worth of Rs 459.72 Cr (22.17% contribution)
- Authorized disposal of Semisubmersible Rig 'Essar Wildcat' and vessel 'Tug III' at Fair Market Value within 1 year
- Both subsidiary disinvestments are to fellow subsidiary Essar Investment Holdings Mauritius Limited or other group entities at arm's length
- Approved appointment of Subramanian Raman and re-appointment of Suresh Ramamirtham as Independent Directors effective September 1, 2026
Essar Shipping shareholders approved key corporate actions at the September 30, 2026 AGM, including the disinvestment of two wholly-owned overseas subsidiaries to group companies at Fair Market Value. Disinvested units include Essar Shipping DMCC (negative net worth of Rs 705.48 Cr) and OGD Services Holdings Limited (negative net worth of Rs 459.72 Cr). Additionally, members approved the sale of assets including the Semisubmersible Rig 'Essar Wildcat' and 'Tug III'. Three director appointments and re-appointments were also formalized.
- Approved disinvestment of Essar Shipping DMCC, which holds a negative net worth of Rs 705.48 Cr (34.03% contribution)
- Approved disinvestment of OGD Services Holdings Limited, with a negative net worth of Rs 459.72 Cr (22.17% contribution)
- Authorized disposal of Semisubmersible Rig 'Essar Wildcat' and vessel 'Tug III' at Fair Market Value within 1 year
- Both subsidiary disinvestments are to fellow subsidiary Essar Investment Holdings Mauritius Limited or other group entities at arm's length
- Approved appointment of Subramanian Raman and re-appointment of Suresh Ramamirtham as Independent Directors effective September 1, 2026
Essar Shipping shareholders approved key corporate actions at the September 30, 2026 AGM, including the disinvestment of two wholly-owned overseas subsidiaries to group companies at Fair Market Value. Disinvested units include Essar Shipping DMCC (negative net worth of Rs 705.48 Cr) and OGD Services Holdings Limited (negative net worth of Rs 459.72 Cr). Additionally, members approved the sale of assets including the Semisubmersible Rig 'Essar Wildcat' and 'Tug III'. Three director appointments and re-appointments were also formalized.
- Approved disinvestment of Essar Shipping DMCC, which holds a negative net worth of Rs 705.48 Cr (34.03% contribution)
- Approved disinvestment of OGD Services Holdings Limited, with a negative net worth of Rs 459.72 Cr (22.17% contribution)
- Authorized disposal of Semisubmersible Rig 'Essar Wildcat' and vessel 'Tug III' at Fair Market Value within 1 year
- Both subsidiary disinvestments are to fellow subsidiary Essar Investment Holdings Mauritius Limited or other group entities at arm's length
- Approved appointment of Subramanian Raman and re-appointment of Suresh Ramamirtham as Independent Directors effective September 1, 2026
Essar Shipping Limited has submitted the Scrutinizer's Report and voting results for its 16th Annual General Meeting held on September 30, 2026. All resolutions proposed in the AGM notice dated August 31, 2026, were passed with the requisite majority. The company remains under significant financial strain with negative net worth of ₹-750 Cr and TTM net loss of ₹-112 Cr on nominal revenue of ₹2 Cr.
- 16th Annual General Meeting held on September 30, 2026, at 4:00 p.m. via Video Conference
- All resolutions proposed in the Notice dated August 31, 2026, approved with requisite majority
- Consolidated report of Scrutinizer submitted under Section 108 of the Companies Act, 2013
Essar Shipping conducted its 16th AGM on September 30, 2026, putting forward key proposals for shareholder approval. These include disinvestments in overseas subsidiaries Essar Shipping DMCC (Dubai) and OGD Services Holdings Limited (Mauritius). Furthermore, member approval was sought for the sale of significant assets, specifically the semisubmersible rig 'Essar Wildcat' and vessel 'Tug III'. Voting results will be declared within two working days of the meeting.
- 16th Annual General Meeting conducted via Video Conferencing on September 30, 2026, concluding at 4:15 p.m.
- Shareholder approval sought for disinvestment in two overseas wholly owned subsidiaries: Essar Shipping DMCC and OGD Services Holdings Limited
- Approval sought for sale of major assets: Semisubmersible Rig 'Essar Wildcat' and 'Tug III'
- Voting results along with scrutinizer report to be declared within two working days of the meeting
Essar Shipping Limited has notified the exchanges regarding the closure of its trading window for insiders starting October 01, 2026. The closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the upcoming financial results for the quarter and half-year ended September 30, 2026. The window will remain shut until 48 hours after the declaration of the unaudited standalone and consolidated financial results. The date of the board meeting to approve the results will be announced separately.
- Trading window closes effective October 01, 2026
- Applies to financial results for the quarter and half-year ended September 30, 2026
- Trading restrictions lift 48 hours after financial results are declared
- Board meeting date to consider the results will be informed in due course
Essar Shipping responded to NSE clarifications regarding discrepancies in its Q1 FY27 results filing, re-submitting machine-readable documents and correcting XBRL Consolidated EPS mismatches. Operationally, Q1 FY27 revenue remained negligible at ₹0.04 crore with an exceptional impairment reversal of ₹258.02 crore lifting consolidated net profit to ₹230.41 crore. However, statutory auditors highlighted material going concern uncertainties citing standalone accumulated losses of ₹5,972.55 crore versus share capital and reserves of ₹5,218.23 crore. Additionally, notes disclosed an ongoing Serious Fraud Investigation Office (SFIO) investigation into the holding company.
- Clarified technical XBRL EPS discrepancies and re-submitted machine-readable Q1 FY27 financial results to NSE.
- Reported Q1 FY27 consolidated revenue from operations of ₹0.04 crore and net profit of ₹230.41 crore driven by a ₹258.02 crore exceptional impairment reversal.
- Standalone accumulated losses stood at ₹5,972.55 crore against share capital and reserves of ₹5,218.23 crore, triggering auditor going-concern warnings.
- Noted an ongoing SFIO investigation initiated by the Ministry of Corporate Affairs against the holding company.
Essar Shipping has scheduled its 16th Annual General Meeting for September 30, 2026. The meeting will consider shareholder approval for the disinvestment of 100% of Essar Shipping DMCC (1,37,122 shares) and its entire investment in OGD Services Holdings Limited (246.6M equity shares and 2.07M CCPS) to group entities at fair market value. The annual report also highlights ongoing material uncertainties, with accumulated losses of ₹5,968.03 crore eroding net worth, alongside an ongoing Serious Fraud Investigation Office (SFIO) investigation initiated by MCA.
- AGM scheduled for September 30, 2026 via video conferencing.
- Proposed disinvestment of 100% equity (1,37,122 shares) in Essar Shipping DMCC to Essar Investment Holdings Mauritius or group entities.
- Proposed disinvestment of 246,600,01 equity shares and 2,07,23,227 CCPS (0.01%) in OGD Services Holdings Limited.
- Accumulated losses stand at ₹5,968.03 crore against share capital and reserves of ₹5,218.14 crore.
- SFIO investigation initiated by the Ministry of Corporate Affairs remains ongoing with regulatory compliance.
Essar Shipping's Board has approved the sale of its Mobile Offshore Semi-Submersible Drilling Rig 'Essar WildCat', owned via wholly-owned subsidiary Essar Shipping FZCO, subject to shareholder approval. The asset contributed Nil revenue and net worth in the last financial year, with disposal targeted by March 31, 2027 (consideration not disclosed). The Board also approved director appointments and scheduled the 16th AGM for September 30, 2026.
- Approved sale of Semi-Submersible Drilling Rig 'Essar WildCat' owned by wholly-owned subsidiary Essar Shipping FZCO
- Asset contributed Nil turnover and Nil net worth during the last financial year
- Expected date of completion for the asset sale is March 31, 2027
- Appointed Subramanian Raman and re-appointed Suresh Ramamirtham as Independent Directors from September 1, 2026
- 16th AGM scheduled for September 30, 2026, with cut-off date fixed as September 23, 2026
Essar Shipping Limited's Board has approved the sale of the mobile offshore semi-submersible drilling rig 'Essar WildCat', owned by wholly-owned subsidiary Essar Shipping FZCO, Dubai, subject to shareholder approval. The rig contributed nil revenue in the last financial year, and the sale is targeted for completion by March 31, 2027, with transaction value not yet disclosed. Additionally, the Board scheduled the 16th Annual General Meeting for September 30, 2026, with a cut-off date of September 23, 2026, alongside key independent director appointments.
- Approved disposal of offshore semi-submersible drilling rig 'Essar WildCat' via subsidiary Essar Shipping FZCO.
- Target completion date for the rig disposal is March 31, 2027, with past fiscal revenue contribution at Nil.
- 16th Annual General Meeting convened for September 30, 2026, with a shareholding cut-off date of September 23, 2026.
- Appointed Subramanian Raman and re-appointed Suresh Ramamirtham as Independent Directors effective September 1, 2026.
Essar Shipping Limited's Board approved the sale of its offshore semi-submersible drilling rig 'Essar WildCat', held via subsidiary Essar Shipping FZCO, targeted for completion by March 31, 2027. The asset contributed nil revenue and net worth to the company during the last financial year. In addition, the Board appointed Subramanian Raman and re-appointed Suresh Ramamirtham as Independent Directors from September 1, 2026, while Jayakumar retired upon completing his 5-year term. The company's 16th AGM is scheduled for September 30, 2026.
- Board approved the disposal of semi-submersible drilling rig 'Essar WildCat' with expected completion by March 31, 2027
- Asset contributed Nil turnover and net worth to the company in the last financial year
- Subramanian Raman appointed as Additional Non-Executive Independent Director effective September 1, 2026
- Suresh Ramamirtham re-appointed as Non-Executive Independent Director effective September 1, 2026
- 16th Annual General Meeting convened for September 30, 2026 with cut-off date September 23, 2026
Essar Shipping Limited's Board has approved the proposed sale of the mobile offshore semi-submersible drilling rig 'Essar WildCat', owned by wholly-owned subsidiary Essar Shipping FZCO, Dubai, with an expected completion date of March 31, 2027. The rig contributed nil revenue and net worth to the company during the last financial year. Additionally, the board approved the appointment of Mr. Subramanian Raman and re-appointment of Mr. Suresh Ramamirtham as Independent Directors, while Mr. Jayakumar retired upon completing his 5-year term on August 31, 2026. The 16th AGM is scheduled for September 30, 2026, with a record/cut-off date of September 23, 2026.
- Approved disposal of offshore drilling rig 'Essar WildCat' with expected completion by March 31, 2027
- Turnover and net worth contribution of the rig during the last financial year was Nil
- Appointed Mr. Subramanian Raman as Additional Non-Executive Independent Director effective September 1, 2026
- 16th Annual General Meeting scheduled for September 30, 2026, with cut-off date fixed as September 23, 2026
Essar Shipping's Board has approved the sale of its mobile offshore semi-submersible drilling rig, 'Essar WildCat', owned by wholly-owned subsidiary Essar Shipping FZCO, Dubai, with an expected completion date of March 31, 2027. The asset contributed Nil revenue and net worth to the company during the last financial year. In addition, the Board approved the appointment of Mr. Subramanian Raman and the re-appointment of Mr. Suresh Ramamirtham as Independent Directors, while Mr. Jayakumar retired upon completion of his 5-year term. The 16th Annual General Meeting is scheduled for September 30, 2026, with a cut-off date of September 23, 2026.
- Approved disposal of semi-submersible drilling rig 'Essar WildCat' by 31.03.2027
- Asset contributed Nil revenue and net worth during the preceding financial year
- Appointed Mr. Subramanian Raman as Additional Non-Executive Independent Director
- 16th AGM scheduled for September 30, 2026 with cut-off date of September 23, 2026
Essar Shipping has resubmitted its unaudited financial results for the quarter ended June 30, 2026, to rectify an inadvertent Excel error in its consolidated Earnings Per Share (EPS). The basic and diluted EPS after exceptional items has been corrected to Rs 11.13 from the previously reported Rs (11.13). The company reported consolidated net profit of Rs 230.41 crore for the quarter, primarily driven by a one-off exceptional gain of Rs 258.02 crore from reversal of impairment on foreign subsidiary receivables, against revenue from operations of just Rs 0.04 crore. Statutory auditors highlighted material uncertainty regarding going concern, given group accumulated losses of Rs 4,816.25 crore.
- Consolidated Basic and Diluted EPS corrected to Rs 11.13 from Rs (11.13) for Q1 ended June 30, 2026
- Consolidated Net Profit stood at Rs 230.41 crore, aided by Rs 258.02 crore exceptional reversal of impairment
- Revenue from operations was minimal at Rs 0.04 crore compared to Rs 1.69 crore in the prior-year period
- Auditors flagged material uncertainty on Going Concern with group accumulated losses standing at Rs 4,816.25 crore
Financial Performance
Revenue Growth by Segment
Standalone revenue from operations, primarily from Tug chartering and management services, grew 30.07% YoY to INR 20.50 Cr from INR 15.76 Cr. Consolidated total income increased by 199.4% to INR 247.34 Cr from INR 82.61 Cr, largely driven by exceptional items and settlements.
Geographic Revenue Split
Not specifically disclosed by percentage, though the company operates with reputed global majors in international maritime trade.
Profitability Margins
Profitability is heavily influenced by exceptional items. Standalone Net Profit was INR 370.95 Cr (118.4% of total income) compared to a loss of INR 70.76 Cr in the previous year. Consolidated Net Profit stood at INR 659.91 Cr (266.8% of total income) against a loss of INR 104.73 Cr.
EBITDA Margin
Consolidated EBITDA margin was 75.8% (INR 187.56 Cr on INR 247.34 Cr income), improving from a negative EBITDA of INR 4.61 Cr. Standalone EBITDA margin was 93.2% (INR 292.15 Cr on INR 313.29 Cr income), up from 55.4% (INR 27.79 Cr) YoY.
Capital Expenditure
Historical Capex is minimal as the company has disposed of most assets to pay off lenders. Planned expansion involves looking for an 'opportune time' to acquire ships from the market, though no specific INR Cr value is committed.
Credit Rating & Borrowing
The company has defaulted on several loans. It issued INR 1,100 Cr of Non-Convertible Debentures (NCDs) by converting existing inter-corporate deposits (ICDs). Consolidated interest and finance charges stood at INR 100.55 Cr, representing 40.6% of total income.
Operational Drivers
Raw Materials
Bunker fuel and lubricants for vessel operations; fuel oil and gasoline are cited as key industry products impacting the oilfield business segment.
Import Sources
Not specifically disclosed; however, operations involve global maritime routes and interaction with international oil companies.
Key Suppliers
Not specifically named, but the company interacts with classification societies, oil companies, and charterers for operational needs.
Capacity Expansion
Current fleet consists of one Tug employed on a long-term charter. The company is actively monitoring the market to acquire additional ships to expand capacity.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but operational costs are managed through an internal operational matrix to reduce downtime and downtime-related fuel waste.
Manufacturing Efficiency
Efficiency is tracked via the operational matrix of vessels to reduce cost and downtime; specific capacity utilization % for the Tug is not disclosed but it is on 'long term charter'.
Logistics & Distribution
Not disclosed as a percentage of revenue; the company provides back-office support services including procurement and sourcing via Management Service Agreements.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be achieved by acquiring ships at opportune market prices, expanding the Management Service Agreement (MSA) for back-office support (Financial, Procurement, HR), and leveraging the settlement with SAIL to improve liquidity. The company is also focusing on the oilfield business (Upstream/Midstream/Downstream) to capitalize on global energy needs.
Products & Services
Tug chartering services, back-office support services (Financial transactions, Procurement, HR management), and oilfield services (Upstream, Midstream, Downstream).
Brand Portfolio
Essar Shipping
New Products/Services
Management Service Agreement (MSA) providing back-office support services to subsidiaries and group companies.
Market Expansion
Targeting the acquisition of secondhand ships from the global market; specific regions not disclosed.
Market Share & Ranking
Not disclosed; global fleet capacity is 2.4 billion DWT with bulkers at 42.7% and tankers at 28.3%.
Strategic Alliances
Management Service Agreement with a wholly owned subsidiary and a group company for back-office support.
External Factors
Industry Trends
Global fleet capacity growth is decelerating from 3.4% in 2024 to 2.7% in 2025. There is a significant shift toward green energy, which is expected to result in only marginal increases in oil demand.
Competitive Landscape
Competition includes global shipping majors and 'shadow fleets' that have emerged due to geopolitical disruptions.
Competitive Moat
Moat is based on long-term contracts with global majors and an established Risk Management Framework. However, sustainability is threatened by a working capital deficit and high debt levels.
Macro Economic Sensitivity
Highly sensitive to global oil demand (projected 105.5 mb/d by 2030) and global trade growth, which impacts charter rates.
Consumer Behavior
Shift toward green energy among high oil-demanding nations is reducing the long-term growth prospects of traditional oilfield services.
Geopolitical Risks
The war in Ukraine has amplified the use of 'shadow fleets' in tankers, affecting vessel utilization and supply chain efficiency.
Regulatory & Governance
Industry Regulations
Adherence to Secretarial Standards (SS-1 and SS-2), SEBI (LODR) Regulations, and the Companies Act 2013. Compliance with the Sexual Harassment of Women at Workplace Act is also maintained.
Environmental Compliance
CSR expenditure was Nil as the company incurred losses in the preceding three financial years.
Taxation Policy Impact
The company had a Nil provision for tax in FY2024-25. The Income Tax department has filed an appeal with the High Court of Bombay against a favorable order previously received by the company.
Legal Contingencies
Lenders of a subsidiary in liquidation have filed for recovery in the High Court, NCLT, and Debt Recovery Tribunals. A settlement was reached with SAIL under the Vivad Se Vishwas Scheme-II, where the company received 65% of the original claim. Irrecoverable amounts of INR 66.99 Cr were charged to P&L.
Risk Analysis
Key Uncertainties
Material uncertainty exists regarding the 'Going Concern' status due to accumulated losses of INR 6,520.75 Cr (Standalone) and INR 5,506.39 Cr (Consolidated), which exceed capital and reserves.
Geographic Concentration Risk
Not specifically disclosed, but the company is exposed to global maritime risks.
Third Party Dependencies
High dependency on lenders for debt restructuring and on group companies for revenue via Management Service Agreements.
Technology Obsolescence Risk
Risk from the global shift to green energy which may reduce the long-term viability of oil-carrying vessel fleets.
Credit & Counterparty Risk
Credit risk is managed through long-term contracts; however, the company faced significant irrecoverable dues from SAIL (INR 66.99 Cr) prior to the settlement.
