NSE: GESHIP · BSE: 500620
THE GE SHPG.LTD
Operates two businesses. The Shipping segment, 76.0% of FY26 segment revenue at ₹4,831.82 cr, runs an owned fleet carrying crude oil, petroleum products, LPG and dry bulk cargo worldwide; segment EBIT was ₹2,463.04 cr. The Offshore segment, 24.0% at ₹1,522.43 cr, operates jack-up rigs and offshore support vessels for oil and gas exploration work, with EBIT of ₹479.48 cr. After the July 2026 delivery of LR2 Tanker Jag Laxman (~109,990 dwt) and the sale of LR2 Tanker Jag Lokesh, the owned fleet stood at 40-41 vessels totalling ~3.24-3.35 million dwt — comprising 25-26 tankers (5 crude, 16-17 product, 4 LPG) and 15 dry bulk carriers (2 Capesize, 10 Kamsarmax, 1 Ultramax, 2 Supramax) — with capacity utilisation close to 100%. The biggest cost lines are depreciation at 16.4% of revenue, employee costs at 17.2% and other operating expenses at 24.6%; capex ran at 43.9% of revenue in FY26, reflecting active fleet renewal. Roughly 80% of FY27 vessel revenue days and 80-85% of offshore support days were already covered at the time of the FY26 results. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Shipping (76%), Offshore (24%). Cyclical, asset-heavy shipping and offshore services with high exposure to spot tanker rates
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,509 | 5,690 | 5,255 | 5,323 | 5,409 |
| EBITDA (ex other income) | 1,528 | 3,128 | 3,022 | 2,677 | 3,148 |
| margin % | 43.5 | 55.0 | 57.5 | 50.3 | 58.2 |
| Owners' profit | 630 | 2,575 | 2,614 | 2,344 | 2,943 |
| EPS, as reported (₹) | 42.99 | 180.36 | 183.11 | 164.20 | 206.11 |
| ROE % · ROCE % | 7.8 · 7.9 | 25.1 · 21.0 | 21.1 · 19.3 | 16.4 · 16.6 | 17.3 · 17.5 |
| Debt / equity (x) | 0.57 | 0.35 | 0.24 | 0.15 | 0.06 |
| Cash from operations | 1,323 | 2,975 | 2,808 | 2,647 | 2,854 |
| Capex | (574) | (465) | (845) | (1,175) | (2,372) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,354 | 1,237 | 1,223 | 1,201 | 1,242 | 1,454 | 1,511 | 2,005 |
| Profit before tax | 610 | 608 | 396 | 536 | 601 | 847 | 1,043 | 1,365 |
| Net profit | 576 | 594 | 363 | 505 | 581 | 813 | 1,044 | 1,309 |
| EPS (₹) | 40.32 | 41.58 | 25.43 | 35.34 | 40.72 | 56.91 | 73.13 | 91.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Shipping | 4,832 | 76.0 |
| Offshore | 1,522 | 24.0 |
| Total, before eliminations | 6,354 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE GE SHPG.LTD ◆ | 22,244 | 5.9 | 1.31 | 4.7 | 17.3 | 16.7 | 10.1 | 80.7 |
| SHREEJI SHIPPING GLOBAL L | 13,614 | 83.8 | 17.71 | 57.1 | 19.9 | 22.4 | — | 33.6 |
| SHIPPING CORP OF INDIA LT | 11,405 | 7.0 | 1.25 | 5.2 | 14.9 | 12.5 | 9.3 | 53.8 |
| SEAMEC LIMITED | 4,031 | 15.7 | 3.09 | 9.6 | 19.4 | 17.3 | 30.0 | 48.5 |
| TRANSWORLD SHIP LINES LTD | 346 | — | 0.51 | 11.2 | (11.1) | (7.7) | (0.4) | 54.5 |
| ESSAR SHIPPING LTD | 305 | 3.6 | — | — | 5.4 | 20.7 | (67.3) | 638250.0 |
| GARWARE OFFSHORE SERVICES LIMI | 104 | — | 0.83 | 11.6 | (7.4) | (4.8) | (14.4) | 24.9 |
| CHOWGULE STEAMSHIPS LTD. | 69 | 19.7 | 3.87 | — | 28.8 | 20.8 | — | 70.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.9 | 11.4 | 2 of 6 | 80% |
| P/B | 1.3 | 2.2 | 4 of 8 | 57% |
| ROCE | 16.7 | 12.5 | 4 of 9 | 63% |
| ROE | 17.4 | 16.1 | 4 of 8 | 57% |
| Debt / Equity | 0.1 | 0.4 | 1 of 8 | 100% |
| EBITDA margin | 80.7 | 51.1 | 2 of 10 | 89% |
| Revenue growth | 66.9 | 39.1 | 2 of 9 | 88% |
| Profit growth | 159.4 | 73.0 | 3 of 10 | 78% |
| Market cap | 22244 | 326 | 1 of 10 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · 88,877 shares bought back at an average price of ₹1,529.71 | corporate actions | medium | — | — |
| 27 Oct 2026 · Great Eastern Shipping buys back 18,145 shares at an average of ₹1,529.17 | corporate actions | medium | — | — |
| 26 Oct 2026 · Company buys back 89,512 shares at an average price of ₹1,521.40 | corporate actions | high | — | — |
| 23 Oct 2026 · GE Shipping buys used 82,000 cbm Very Large Gas Carrier | capex operations | high | — | — |
| 23 Oct 2026 · Buyback of 189,800 shares at an average price of ₹1,499.98 | corporate actions | high | — | — |
| 22 Oct 2026 · GESHIP buys back 1.8L shares at Rs 1,522 avg on Oct 22, 2026 | corporate actions | medium | — | — |
| 21 Oct 2026 · Daily buyback report: 1.86 lakh shares bought back at avg Rs 1,505 | corporate actions | low | — | — |
| 19 Oct 2026 · Great Eastern Shipping buys back 1.94 lakh shares at avg Rs 1,517 on Oct 19 | compliance | minimal | — | — |
| 16 Oct 2026 · Daily buyback report - 1,93,000 shares bought back at average Rs 1,496 | corporate actions | medium | — | — |
| 15 Oct 2026 · Great Eastern Shipping buys back 1.83 lakh shares at about Rs 1,526 avg price | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.