The Great Eastern Shipping Company Limited (GESHIP)
₹1,507.40 +1.57% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Great Eastern's revenue was ₹1,511 Cr (+23.5% year on year, +3.9% on the previous quarter), and net profit ₹1,044 Cr (+187.5% year on year); the operating margin was 62.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,511 | +23.5% | +3.9% |
| Operating profit | ₹941 | +87.6% | +12.6% |
| Net profit | ₹1,044 | +187.5% | +28.5% |
| EPS (₹) | 73.13 | +187.6% | +28.5% |
| Operating margin | 62.3% | — | — |
GESHIP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.59% of the GESHIP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.43%. That is close to its usual level.
Delivery in the last 5 sessions: 58.8% · 42.8% · 54.5% · 52.2% · 50.6%
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
The Great Eastern Shipping Company's wholly owned subsidiary, Greatship (India) Limited (GIL), received 8 review notices on September 28, 2026, under Section 25 of the Maharashtra Value Added Tax Act, 2002. The Joint Commissioner of State Tax plans to review past appeal and rectification orders regarding vessel and rig charter hire tax treatments for FY14, FY15, FY17, and April-June 2017. The notices have not yet computed a quantified tax liability or demand, though consequential interest and penalties are proposed. GIL plans to submit written objections against these proposed review orders.
- Received 8 review notices under Section 25 of the Maharashtra Value Added Tax Act, 2002
- Notices cover financial years 2013-14, 2014-15, 2016-17, and April 2017 – June 2017
- Communication received on September 28, 2026, from Joint Commissioner of State Tax, Mumbai
- Financial demand is currently not computed by the tax authority
The Great Eastern Shipping Company Limited has contracted to acquire a new-building Suezmax Tanker of approximately 157,000 DWT, to be built in the Far East. The vessel is scheduled for delivery in H2 FY 2028-29 and will be funded entirely from internal accruals. This addition builds on GE Shipping's current operational fleet of 40 vessels aggregating 3.24 mn DWT operating at nearly 100% capacity utilization. The company also confirmed pending delivery of two secondhand Kamsarmax Dry Bulk Carriers scheduled for Q3 FY27.
- Contracted 1 new-building Suezmax Tanker of about 157,000 DWT
- Delivery scheduled for the second half of FY 2028-29
- Funded via internal accruals, backed by strong cash position and low D/E of 0.08
- Current fleet consists of 40 vessels (3.24 mn DWT) with capacity utilization close to 100%
- Two previously contracted secondhand Kamsarmax vessels expected in Q3 FY27
The Great Eastern Shipping Company Limited has disclosed receiving an overall ESG score of 61 from SEBI-registered rating provider Niche Ninety Nine Capability and Certifications (OPC) Private Limited. The rating was assigned independently based on publicly available data without direct engagement by the company. With no financial commitments or operations altered, this disclosure serves purely as a routine ESG compliance update.
- Overall ESG score assigned is 61
- Assigned by SEBI-registered ESG rating provider Niche Ninety Nine Capability and Certifications (OPC) Private Limited
- Rating conducted independently on public domain data without company engagement
- Filing dated September 18, 2026
The Great Eastern Shipping Company has contracted to acquire a secondhand Kamsarmax dry bulk carrier of approximately 81,609 dwt on September 8, 2026. The 2019-built vessel will be financed entirely through internal accruals and is expected to join the fleet in Q3 FY27. This purchase increases the current fleet from 40 owned vessels (3.24 mn dwt) running at close to 100% capacity utilization. In addition, the company has another previously contracted secondhand Kamsarmax scheduled for delivery in Q3 FY27.
- Contracted to purchase a 2019-built Kamsarmax dry bulk carrier of about 81,609 dwt on September 8, 2026
- Delivery scheduled for Q3 FY27, funded completely from internal accruals
- Current owned fleet stands at 40 vessels (25 tankers, 15 dry bulk carriers) aggregating 3.24 mn dwt
- Company reports current fleet capacity utilization is close to 100%
- One additional secondhand Kamsarmax bulk carrier is already contracted to join in Q3 FY27
The Great Eastern Shipping Company Limited has confirmed that its equity share buyback will commence on September 04, 2026. The buyback will be conducted through the open market route on stock exchanges for an aggregate amount not exceeding ₹900 crore at a maximum price of ₹1,530 per share. At the ceiling price, the buyback offers an approximate 15.6% premium over the current share price of ₹1,323.50 and represents ~4.8% of the company's market cap (₹18,893 crore). Promoters and promoter group entities are not participating in the buyback.
- Commencement date for the buyback fixed as September 04, 2026.
- Maximum Buyback Size capped at ₹900,00,00,000 (₹900 crore).
- Maximum Buyback Price set at ₹1,530 per equity share of face value ₹10.
- Conducted via the open market route on stock exchanges excluding promoters.
The Great Eastern Shipping Company Limited has issued the formal shareholder intimation for its open market buyback offer of up to ₹900 crore at a maximum price of ₹1,530 per share. The buyback represents ~4.7% of the company's market capitalization of ₹19,061 crore and will be funded through internal cash reserves. The offer is scheduled to open on or before September 04, 2026, and close by December 11, 2026, subject to a minimum deployment requirement of ₹675 crore.
- Open market buyback size capped at ₹900 crore (~4.7% of market cap)
- Maximum buyback price set at ₹1,530 per share (~14.6% premium to recent price of ₹1,335.3)
- Buyback opening on or before September 04, 2026, and closing by December 11, 2026
- Minimum statutory fund deployment set at ₹675 crore
The Great Eastern Shipping Company has released the public announcement for an open market share buyback aggregating up to ₹900 Cr at a maximum price of ₹1,530 per share. The maximum buyback size represents approximately 6.34% of consolidated net worth and ~4.8% of current market cap. The company will utilize at least ₹675 Cr (75% of max size), with at least ₹360 Cr deployed within the first 33 working days of the 66-day offer period. At the cap price, up to 58,82,352 shares (~4.12% of total equity) will be bought back and extinguished.
- Maximum buyback size of ₹900 Cr at a ceiling price of ₹1,530 per share (a premium over current market price of ₹1,304.40)
- Indicative maximum buyback volume of 58,82,352 shares, representing 4.12% of total paid-up equity
- Minimum utilization set at ₹675 Cr (75% of total size), purchasing at least 44,11,764 shares at the maximum price
- At least ₹360 Cr (40%) to be deployed in the first half of the 66 working days offer window
The Great Eastern Shipping Company has released the public announcement for its open-market share buyback of up to ₹900 Cr at a maximum price of ₹1,530 per share. The maximum buyback size represents 6.34% of consolidated net worth and ~4.8% of current market cap. The company intends to buy back up to 58,82,352 shares (4.12% of equity capital), with a mandatory minimum utilization of ₹675 Cr (75%). The buyback offer will open within 4 working days from the public announcement and run for up to 66 working days.
- Maximum buyback aggregate size of ₹900 Cr at a maximum price of ₹1,530 per equity share via open market route.
- Represents up to 58,82,352 equity shares, or 4.12% of total paid-up equity share capital.
- Mandated minimum buyback deployment of ₹675 Cr (75% of maximum size), with at least ₹360 Cr (40%) to be utilized within the first 33 working days.
- Buyback represents 6.34% of consolidated paid-up capital and free reserves as of March 31, 2026.
The Great Eastern Shipping Company's Board has approved an open-market share buyback of up to ₹900 crore at a maximum price of ₹1,530 per share (a ~15.4% premium over the market price of ₹1,325.3). The buyback represents up to 58,82,352 shares (4.12% of total paid-up equity capital) and 6.34% of consolidated net worth. The company will utilize at least 75% of the total size (₹675 crore). Promoters are excluded from participation, which will indicatively increase promoter holding from 30.07% to 31.37%.
- Maximum buyback size of ₹900 crore (minimum deployment of ₹675 crore / 75%)
- Maximum buyback price capped at ₹1,530 per share via open market on stock exchanges
- Indicative maximum of 58,82,352 equity shares to be bought back (4.12% of paid-up equity)
- Post-buyback promoter holding to increase from 30.07% to an indicative 31.37%
The Great Eastern Shipping Company Limited has scheduled a meeting of its Board of Directors on Thursday, August 27, 2026, to consider a proposal for the buyback of fully paid-up equity shares. In accordance with SEBI Insider Trading regulations, the trading window for company insiders will remain closed from August 25, 2026, to August 29, 2026. The specific size, price, and route (tender offer vs open market) of the proposed buyback are not disclosed and will be determined at the meeting.
- Board of Directors to meet on August 27, 2026, to evaluate an equity share buyback proposal
- Trading window closed from August 25, 2026, until August 29, 2026
- Buyback terms including quantum, price, and method to be finalized during the meeting
- Meeting outcome to be disclosed to exchanges on August 27, 2026
The Great Eastern Shipping Company Limited has notified the exchanges regarding its scheduled participation in an investor conference. The company will participate in a group meeting at the Elara Capital Conference in Mumbai on September 3, 2026. This is a routine compliance filing pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and carries no direct financial or operational update.
- Meeting organized under Elara Capital Conference scheduled for September 03, 2026
- Meeting format: Group meeting in Mumbai
- Filing submitted under Regulation 30 of SEBI LODR Regulations 2015 on August 20, 2026
The Great Eastern Shipping Company Limited (GESHIP) has received an unsolicited ESG rating from CRISIL ESG Ratings & Analytics Ltd. The company was assigned an overall ESG score of 59 and a Core ESG rating of 66. This rating was independently assigned by CRISIL based on publicly available data, as the company did not formally engage the agency for this service. Given GESHIP's position as India's largest private sector shipping company with a TTM revenue of ₹5,409 Cr, such ratings are becoming standard benchmarks for institutional investors.
- Overall ESG score assigned is 59 by Crisil ESG Ratings & Analytics Ltd.
- Core ESG rating assigned is 66, focusing on specific core sustainability metrics.
- The rating is unsolicited and based entirely on data available in the public domain.
- GESHIP maintains a strong financial position with a low Debt/Equity ratio of 0.08.
GESHIP reported its most profitable quarter ever in Q1 FY27, with a consolidated PAT of ₹1,309 Cr, driven by geopolitical disruptions in the Strait of Hormuz that spiked tanker rates. The company declared its highest-ever quarterly interim dividend of ₹14.40 per share. Management continues a conservative 'replace, not expand' fleet strategy despite a massive ₹8,015 Cr cash reserve, citing high asset prices. The stock currently trades at a significant discount to its consolidated Net Asset Value (NAV) of approximately ₹1,900 per share.
- Achieved record consolidated profit of ₹1,309 Cr for Q1 FY27, nearly 24% of total TTM revenue.
- Declared 18th consecutive interim dividend of ₹14.40 per share, the highest in the company's history.
- Consolidated Net Asset Value (NAV) reached approximately ₹1,900 per share, compared to a market price of ₹1,292.6.
- Spot market rates for MR tankers peaked near $50,000 per day during the quarter due to ton-mile demand shifts.
- Global crude tanker order book has surged to 27%, indicating potential future supply pressure.
The Great Eastern Shipping Company (GE Shipping) has contracted to purchase a secondhand 2015-built Kamsarmax Dry Bulk carrier of approximately 81,886 dwt. The acquisition will be funded entirely through internal accruals, utilizing the company's substantial cash reserve of Rs 8,015 Cr. The vessel is scheduled to join the fleet in Q3 FY27, addressing the company's current capacity utilization which is near 100%. This move expands the dry bulk fleet from 15 to 16 vessels, supporting incremental revenue growth.
- Contracted to buy a secondhand Kamsarmax Dry Bulk carrier of ~81,886 dwt
- Vessel built in 2015, expected to join the fleet in Q3 FY27
- Acquisition to be financed 100% through internal accruals
- Current owned fleet stands at 40 vessels aggregating 3.24 mn dwt
- Current capacity utilization is reported at close to 100%
GESHIP reported its highest-ever quarterly profits and declared its 18th consecutive quarterly dividend at its 78th AGM. The Chairman emphasized a disciplined capital allocation strategy, prioritizing fleet modernization over expansion due to multi-year high ship prices. In FY26, the company completed 10 transactions involving a net capex of approximately Rs 1,300 crore ($135 million), which was entirely funded through internal treasury. The company is also investing in systems to manage an additional 10-15 vessels without significant headcount increases.
- Completed 10 transactions in FY26 with a net capital expenditure of approximately Rs 1,300 crore
- Declared highest-ever quarterly profits and 18th consecutive quarterly interim dividend
- Capex of Rs 1,300 crore represents approximately 24% of TTM revenue of Rs 5,409 crore
- Systems being upgraded to enable operation of 10 to 15 additional ships with minimal headcount increase
- Company maintains a strong cash reserve of Rs 8,015 crore for opportunistic purchases
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY24 was INR 5,919 Cr, a slight decrease from INR 6,171 Cr in FY23. However, the offshore segment through Greatship India Limited (GIL) saw revenue rise 17% to INR 1,090.32 Cr in FY24. In Q2 FY26, consolidated operating revenue was INR 1,236 Cr, down 8.3% YoY from INR 1,348 Cr in Q2 FY25, primarily due to a 13% drop in Product Carrier TCY rates and a 6% drop in Dry Bulk rates.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company maintains a global presence with vessels operating on international trade routes and earnings primarily denominated in USD.
Profitability Margins
PAT margins improved from 42% in FY23 to 44% in FY24. For H1 FY25, the shipping business reported a PAT of INR 1,387.51 Cr on revenue of INR 2,862.63 Cr, representing a 48.4% net margin. This high profitability is driven by elevated charter rates resulting from geopolitical trade disruptions.
EBITDA Margin
The company reported a PBILDT of INR 2,738 Cr on a total operating income of INR 5,395 Cr for FY25, resulting in an EBITDA margin of 50.7%. This core profitability remains high due to the company's strategy of keeping 80% of the fleet on spot rates during market upturns.
Capital Expenditure
GESCO maintains a liquidity policy to cover committed capex even in 3-year stressed scenarios. As of March 31, 2025, the company held a cash balance of INR 8,015 Cr. While no large debt-funded acquisitions are planned in the near term, the company intends to acquire vessels when rates become attractive, supported by a fleet value of approximately INR 9,000 Cr.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook from CRISIL and CARE. Borrowing costs are low as evidenced by a gross debt-to-equity ratio of 0.11x and a negative net debt-to-equity ratio of -0.43x as of Q2 FY26. Interest coverage improved significantly to 11.58x in FY25.
Operational Drivers
Raw Materials
Bunker fuel (VLSFO/MGO) and lubricants represent the primary operating costs, with direct operating/voyage expenses totaling INR 174 Cr in Q2 FY26, accounting for 14.1% of operating revenue.
Import Sources
Not disclosed in available documents; however, bunker fuel is typically procured at major global bunkering ports along international shipping routes.
Capacity Expansion
Current shipping capacity is 3.04 million DWT across 38 vessels (26 tankers, 12 dry bulk) as of February 2025. The offshore division operates 19 support vessels and 4 jack-up rigs. Expansion is opportunistic; the company sold 7 aging vessels in FY25 to optimize fleet efficiency.
Raw Material Costs
Voyage expenses decreased 24.7% YoY to INR 174 Cr in Q2 FY26 from INR 231 Cr in Q2 FY25. The company uses derivative contracts to hedge commodity (fuel) price risks to mitigate margin volatility.
Manufacturing Efficiency
Fleet efficiency is maintained through a relatively young fleet (average age ~14.7 years for ships and ~13.5 years for rigs). Operational efficiency is also supported by the installation of energy-saving devices like Mewis Ducts and advanced propellers.
Strategic Growth
Expected Growth Rate
17%
Growth Strategy
Growth is driven by the offshore segment's recovery and the company's ability to capitalize on high spot market rates (80% of fleet). The company is also expanding its IFSC subsidiary, GESHIPPING (IFSC) LIMITED, for ship leasing activities, having invested INR 70 Cr in equity shares during FY25.
Products & Services
Transportation of crude oil, petroleum products (petrol, diesel, jet fuel), LPG, and dry bulk commodities (iron ore, coal, grain). Offshore services include drilling via jack-up rigs and logistics support via OSVs.
Brand Portfolio
The Great Eastern Shipping Company Limited (GESCO), Greatship India Limited (GIL).
New Products/Services
Expansion into ship leasing through the new IFSC unit in GIFT City, which is expected to provide tax-efficient operational flexibility.
Market Expansion
The company is targeting the offshore oilfield services market, where charter rates for rigs have surged due to increased global E&P (Exploration and Production) capital expenditure.
Market Share & Ranking
GESCO is the largest private sector shipping company in India by tonnage.
External Factors
Industry Trends
The industry is shifting toward stricter environmental regulations (IMO). GESCO is positioning itself by targeting a 70% reduction in GHG emissions by 2050 and equipping vessels with exhaust gas cleaning systems (scrubbers).
Competitive Landscape
Competes with global shipping lines and domestic players like Shipping Corporation of India. GESCO's advantage lies in its private-sector efficiency and diversified fleet.
Competitive Moat
Durable advantages include a 75-year track record, a strong balance sheet with negative net debt, and a sophisticated risk management policy that allows it to survive 20-year-low freight rate cycles for three consecutive years.
Macro Economic Sensitivity
Highly sensitive to global GDP growth and trade volumes. An economic downturn reduces demand for commodities, leading to idle vessels and lower charter rates.
Consumer Behavior
Global shift toward cleaner energy impacts the mix of commodities transported, increasing the importance of LPG and gas carriers (currently 10% of DWT).
Geopolitical Risks
The Russia-Ukraine war and Red Sea disruptions are currently 'positive' risks that increase ton-mile demand by lengthening trade routes, thereby supporting high charter rates.
Regulatory & Governance
Industry Regulations
Subject to International Maritime Organisation (IMO) guidelines on emissions, safety, and security. Compliance is critical to maintaining 'vetted' status with top global oil majors.
Environmental Compliance
Fully compliant with IMO regulations. Five out of 38 vessels are fitted with scrubbers, contributing to a 7.8% reduction in SOx emissions in FY25 compared to FY24.
Taxation Policy Impact
The company operates under the Tonnage Tax scheme for its shipping business, which provides a stable tax environment based on vessel capacity rather than actual profits.
Legal Contingencies
Not disclosed in available documents; however, the company maintains extensive financial disclosures and follows prudent corporate governance with 60% independent directors.
Risk Analysis
Key Uncertainties
The primary uncertainty is the cyclicality of charter rates; a sustained downturn could impact cash accruals if net debt-to-EBITDA exceeds 1.5x.
Geographic Concentration Risk
Revenue is globally diversified across international trade routes, reducing dependence on any single country's economy.
Third Party Dependencies
Dependency on global shipyards for dry-docking and maintenance; however, GESCO's high liquidity ensures priority access.
Technology Obsolescence Risk
Risk of vessels becoming obsolete due to new emission norms. GESCO mitigates this by maintaining a young fleet (14 years avg) and investing in energy-saving retrofits.
Credit & Counterparty Risk
Low risk due to a diversified base of reputed global charterers and commodity traders.
