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Essar Shipping Q2 FY27 results: net loss widens to ₹29.55 crore, revenue ₹0.04 crore vs ₹0.01 crore
Essar Shipping Limited reported a net loss of ₹29.55 crore in Q2 FY27 on consolidated figures, compared with a net loss of ₹15.65 crore in Q2 FY26. Revenue was ₹0.04 crore, while the company returned to a loss after reporting ₹230.41 crore of profit in Q1 FY27.
Key points
- Q2 FY27 consolidated revenue was ₹0.04 crore, against ₹0.01 crore in Q2 FY26 and ₹0.04 crore in Q1 FY27.
- The company reported a net loss of ₹29.55 crore in Q2 FY27, compared with a net loss of ₹15.65 crore in Q2 FY26 and profit of ₹230.41 crore in Q1 FY27.
- EBITDA was a loss of ₹5.58 crore in Q2 FY27, with an EBITDA margin of -13950.0%, against a loss of ₹3.18 crore and -31800.0% in Q2 FY26.
- Basic EPS was ₹-1.43 in Q2 FY27, compared with ₹-1.02 in Q2 FY26 and ₹11.13 in Q1 FY27.
- For H1 FY27, consolidated profit before tax and net profit were ₹200.86 crore, against ₹11.71 crore in H1 FY26.
How did Essar Shipping perform in Q2 FY27?
Essar Shipping reported consolidated revenue of ₹0.04 crore in Q2 FY27, against ₹0.01 crore in Q2 FY26 and ₹0.04 crore in Q1 FY27. Total income was ₹0.12 crore, compared with ₹0.04 crore a year earlier and ₹0.31 crore in the previous quarter.
EBITDA was a loss of ₹5.58 crore in Q2 FY27, compared with a loss of ₹3.18 crore in Q2 FY26 and ₹2.99 crore in Q1 FY27. The EBITDA margin was -13950.0%, compared with -31800.0% in Q2 FY26 and -7475.0% in Q1 FY27.
The company reported a net loss of ₹29.55 crore in Q2 FY27, against a net loss of ₹15.65 crore in Q2 FY26 and profit of ₹230.41 crore in Q1 FY27. Basic EPS was ₹-1.43, compared with ₹-1.02 in Q2 FY26 and ₹11.13 in Q1 FY27. Standalone revenue was ₹0.04 crore and standalone net loss was ₹7.23 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 0.04 | 0.04 | 0.01 | +300.0% | +0.0% |
| Other income | 0.08 | 0.27 | 0.03 | +166.7% | −70.4% |
| Total expenses | 31.17 | 27.92 | 21.19 | +47.1% | +11.6% |
| EBITDA | −5.58 | −2.99 | −3.18 | ||
| EBITDA margin | -13950.0% | -7475.0% | -31800.0% | +17850.0 pp | −6475.0 pp |
| Profit before tax | −29.55 | 230.41 | −15.65 | turned to loss | |
| Tax | 0 | 0 | 0 | ||
| Net profit | −29.55 | 230.41 | −15.65 | turned to loss | |
| EPS (₹) | −1.43 | 11.13 | −1.02 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Essar Shipping's costs and profit?
Total expenses increased to ₹31.17 crore in Q2 FY27 from ₹21.19 crore in Q2 FY26, a rise of ₹9.98 crore. Finance costs were ₹25.37 crore, higher by ₹7.57 crore, while other expenses were ₹4.38 crore, higher by ₹2.69 crore. Employee cost fell by ₹0.26 crore to ₹1.24 crore and depreciation fell by ₹0.02 crore to ₹0.18 crore.
Other income increased by ₹0.05 crore to ₹0.08 crore from ₹0.03 crore in Q2 FY26. The company reported an exceptional gain of ₹1.50 crore, compared with ₹5.50 crore in Q2 FY26, and there was no exceptional item in the preceding quarter? No, there was exceptional gain ₹258.02 crore in Q1 FY27. Tax was unchanged at ₹0 crore. The filing excerpts state that the consolidated results included an exceptional gain of ~259.51 crore, including exchange gain, on reversal of impairment on receivables at a foreign subsidiary; no separate reason was stated for the quarterly cost changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 1.24 | 1.50 | −0.26 | −17.3% |
| Finance costs | 25.37 | 17.80 | +7.57 | +42.5% |
| Depreciation | 0.18 | 0.20 | −0.02 | −10.0% |
| Other expenses | 4.38 | 1.69 | +2.69 | +159.2% |
| Total expenses | 31.17 | 21.19 | +9.98 | +47.1% |
| Other income | 0.08 | 0.03 | +0.05 | +166.7% |
| Tax | 0 | 0 | 0 | |
| Exceptional items | +1.50 (gain) | +5.50 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹0.07 crore, down from ₹1.71 crore in H1 FY26, while total income was ₹0.43 crore against ₹49.55 crore. Profit before tax and net profit for the first half were ₹200.86 crore, compared with ₹11.71 crore in H1 FY26.
Basic EPS for H1 FY27 was ₹9.7, compared with ₹0.3 in H1 FY26. The consolidated half-year results therefore show lower revenue and total income alongside higher profit before tax, net profit and EPS.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 0.07 | 1.71 | −95.9% |
| Profit before tax | 200.86 | 11.71 | +1615.3% |
| Net profit | 200.86 | 11.71 | +1615.3% |
| EPS (₹) | 9.70 | 0.30 | +3133.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹337.93 crore, compared with ₹317.02 crore on 31 March 2026. Total equity was negative ₹1888.92 crore against negative ₹2073.15 crore, while borrowings were ₹1278.09 crore compared with ₹1615.49 crore. Cash was ₹5.44 crore against ₹2.96 crore.
Inventories fell to ₹0.84 crore from ₹1.1 crore and trade receivables rose to ₹1.61 crore from ₹1.28 crore. Trade payables increased to ₹25.72 crore from ₹24.09 crore. H1 FY27 operating cash flow was ₹206.56 crore, compared with ₹6.1 crore in H1 FY26; investing cash flow was a negative ₹19.25 crore against ₹51.89 crore, and financing cash flow was a negative ₹239.18 crore against a negative ₹57.23 crore. Capital expenditure was ₹17.36 crore in H1 FY27, compared with ₹0 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 337.93 | 317.02 |
| Total equity | −1,889 | −2,073 |
| Borrowings | 1,278 | 1,615 |
| Cash and equivalents | 5.44 | 2.96 |
| Inventories | 0.84 | 1.10 |
| Trade receivables | 1.61 | 1.28 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 206.56 | 6.10 |
| Cash from investing | −19.25 | 51.89 |
| Cash from financing | −239.18 | −57.23 |
| Capital expenditure | 17.36 | 0 |
Source: Company's results filing (XBRL).
How has Essar Shipping done over the last 8 quarters?
The quarterly trend shows revenue of ₹3.07 crore in Q3 FY25, followed by negative revenue of ₹143.16 crore in Q4 FY25 and revenue of ₹0.04 crore in both Q1 FY27 and Q2 FY27. Q2 FY26 revenue was ₹0.01 crore. Revenue therefore moved from positive revenue in Q3 FY25 to negative revenue in Q4 FY25 and then remained at ₹0.04 crore in the latest two quarters.
Profit swung between a loss of ₹15.65 crore in Q2 FY26, a loss of ₹0.88 crore in Q3 FY26, a loss of ₹35.57 crore in Q4 FY26 and profit of ₹230.41 crore in Q1 FY27. The latest quarter returned to a net loss of ₹29.55 crore. The EBITDA margin was -31800.0% in Q2 FY26, -7475.0% in Q1 FY27 and -13950.0% in Q2 FY27, indicating a lower but still negative margin than in Q1 FY27 and a higher negative margin than in Q2 FY26.
What else did the company announce?
The board approved the sale of Essar Tug III to M/s. Antellia Seamarg Transports Private Limited. The filing said the agreement date was proposed and that completion was expected on or before 31 March 2027. Consideration received from the sale was Nil.
The same filing stated that Essar Tug III contributed 100% of the relevant turnover or revenue, income and net worth during the last financial year. The transaction was not a related-party transaction. The company also approved its standalone and consolidated unaudited financial results for the quarter and half-year ended 30 September 2026.
What did the auditors point out?
Manohar Chowdhry & Associates said the review conclusion was not modified. For the standalone results, the auditor drew attention to Note No. 4, which stated that net worth was eroded as the company had incurred operating losses for several years. It described a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern, while noting that the financial statements had been prepared on a going-concern basis.
For the consolidated results, the auditor similarly referred to Note No. 5 and the group’s accumulated losses and erosion of net worth, stating that this indicated a material uncertainty related to going concern. The conclusion on the consolidated audited financial results was not modified. The consolidated emphasis of matter referred to an exceptional gain of ~259.51 crore, including exchange gain, on reversal of impairment on receivables at a foreign subsidiary, and a preceding-year SFIO notice seeking information and documents.
Quick answers
What was Essar Shipping's revenue in Q2 FY27?
Revenue from operations was ₹0.04 crore, up 300.0% from ₹0.01 crore in Q2 FY26 (consolidated).
Did Essar Shipping make a profit in Q2 FY27?
No. It reported a net loss of ₹29.55 crore, against a net loss of ₹15.65 crore in Q2 FY26.
What was Essar Shipping's EPS in Q2 FY27?
Basic loss per share was ₹1.43, against a loss of ₹1.02 in Q2 FY26.
When did Essar Shipping announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting To Consider And Approve Unaudited Financial Results (Standalone & Consolidated) Along With Limited Review Report For The Quarter And Half-Year Ending On September 30, 2026. (BSE, 30 October 2026) · PDF
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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