Q2 FY27 results analysis · November 06, 2026
Great Eastern Shipping Company Ltd (GESHIP) Q2 FY27 Results Analysis: PAT Surges 118%, EBITDA Margin Expands 480 bps
+118.3%PAT year on year, Rs. 1,269.23 Cr
Source: Quarterly results filing (NSE)
Quick summary
Great Eastern Shipping Company Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,824.42 Cr (+46.92% YoY) and PAT growth of +118.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,824.42 Cr (+46.92% YoY) |
| PAT (Q2) | Rs. 1,269.23 Cr (+118.30% YoY) |
| EBITDA margin | 63.43% (+480 bps YoY) |
| EPS (Q2) | Rs. 89.11 (+118.79% YoY) |
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "the quarter's spot tape ran far above the markers management guided to… the ~60% uncovered day exposure is precisely where that upside lands" | revenue Rs.1,824.42 cr, +46.92% YoY | Played out |
| Margins | "Rate expansion dominates…" | clean EBITDA margin 63.43% vs 58.63% YoY, but below Q1's 66.71% — YoY expansion; sequential dip off the record Q1 | Partially |
| Quality of earnings | "ship-sale profits and other income sit inside the company's EBITDA definition — the Q2 magnitude matters" | Rs.307.90 cr ship-sale profit (vs Rs.124.84 cr in Q1); normalized PAT Rs.967.66 cr, +66.47% YoY | Played out |
| FX line sign | "the below-EBITDA FX line's sign for the quarter is not knowable from the excerpts" | net FX gain Rs.65.60 cr — tailwind | Played out |
| Interim dividend | "a 19th consecutive quarterly interim is a watch item, not a given" | Rs.14.40/share declared | Played out |
| MVAT update | "no computed demand or objection update was found" | not addressed in the filing — remains open | Not observable |
| Realized TC vs markers | "Q2 crude TCV vs the ~$90,000/day guide and product vs ~$45,000/day" | segment TCVs not disclosed — remains open for the call | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Kamsarmax + VLGC deliveries in Q3 FY27 | Q1 FY27 earnings call / Sep 2026 announcements | "Jag Amit" delivered Nov 04, 2026; VLGC pending — 1 of 2 | On Track |
| 19th consecutive quarterly interim dividend | prior-quarter analyst notes (18 consecutive through Q1 FY27) | Rs.14.40/share declared Nov 06, 2026 | Met |
| $157 mn debt cleared within 2 years of May 2026 | Q4 FY26 earnings call (May 2026) | gross debt Rs.799.57 cr, down from Rs.1,248.94 cr YoY | On Track |
| "Replace, not expand" fleet strategy | management commentary, Q1 FY27 call | sold one 2009-built tanker, took delivery of one younger eco LR2, contracted three secondhand vessels + one newbuilding — replacement, not fleet expansion (40→41 vessels incl. post-quarter delivery) | Confirmed |
| Spot-market philosophy captures rate spikes | management commentary on prior calls | revenue +46.92% YoY, clean EBITDA +58.95% YoY in a record-rate quarter | Confirmed |
| Consistent quarterly dividends | prior-quarter notes (18 consecutive) | 19th quarterly interim declared | Confirmed |
Key Investment Insights
Key Positives
- Revenue from operations grew 46.92% YoY to Rs.1,824.42 crore; H1 revenue Rs.3,829.78 crore, +56.75% YoY
- PAT grew 118.30% YoY to Rs.1,269.23 crore; normalized PAT (ex ship-sale profit) still grew 66.47% YoY to Rs.967.66 crore
- Clean operating EBITDA margin expanded to 63.43% from 58.63% YoY; Shipping segment net margin 60.57% vs 46.49% a year ago
- Offshore segment result grew 63.01% YoY with margin expanding ~10.6 points to 38.03%
- Gross debt down ~36% YoY to Rs.799.57 crore; net cash of Rs.7,762.17 crore; interest service coverage 87.27x vs 19.89x
- H1 CFO of Rs.2,487.88 crore (0.965x PAT); FCF Rs.947.26 crore after Rs.1,540.62 crore capex
- Finance costs fell 58.87% YoY to Rs.17.95 crore on deleveraging
Risk Factors
- Revenue declined 9.02% QoQ off the record Q1 FY27, and clean EBITDA margin dipped sequentially from 66.71% to 63.43%
- Rs.307.90 crore ship-sale profit (vs Rs.124.84 crore in Q1) is included in the company's own EBITDA definition, flattering reported margins; reported-basis margin of 85.86% overstates operating performance
- MVAT review notices to subsidiary Greatship (India) Ltd are not addressed in the filing and no demand has been computed to date
- Effective tax rate of 2.06% (vs 3.21% prior year) flatters the tax line
Ask about this
Ask Cofacto a question about this result. Answers cite filings and company data.
Companies on this page
Related
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.