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The Great Eastern Shipping Company Q2 FY26 results: net profit up 1.0% to ₹581.41 crore, revenue down 8.3%
The Great Eastern Shipping Company Limited reported consolidated Q2 FY26 revenue of ₹1,242 crore and net profit of ₹581.41 crore. Revenue fell 8.3% from a year earlier, while net profit rose 1.0% and EBITDA increased 11.4%; sequentially, profit rose 15.2% to ₹581.41 crore and the EBITDA margin reached 58.6%.
Key points
- Consolidated Q2 FY26 revenue was ₹1,242 crore, down 8.3% from ₹1,354 crore in Q2 FY25.
- EBITDA was ₹728.05 crore, up 11.4% from ₹653.61 crore, while the EBITDA margin rose 10.3 percentage points to 58.6%.
- Net profit was ₹581.41 crore, up 1.0% from ₹575.57 crore a year earlier and up 15.2% from ₹504.50 crore in Q1 FY26.
- Basic EPS was ₹40.72, compared with ₹40.32 in Q2 FY25 and ₹35.34 in Q1 FY26.
- The board declared a second interim dividend of Rs. 7.20 per share for FY 2025-26.
How did The Great Eastern Shipping Company perform in Q2 FY26?
On a consolidated basis, The Great Eastern Shipping Company reported Q2 FY26 revenue of ₹1,242 crore for July–September 2025, down 8.3% from ₹1,354 crore in Q2 FY25. Against Q1 FY26, revenue rose 3.4% from ₹1,201 crore. Total income was ₹1,381.78 crore, down 12.5% year on year but up 3.4% sequentially.
EBITDA for Q2 FY26 was ₹728.05 crore, up 11.4% from ₹653.61 crore a year earlier and up 13.3% from ₹642.77 crore in the previous quarter. The EBITDA margin was 58.6%, compared with 48.3% in Q2 FY25 and 53.5% in Q1 FY26, increases of 10.3 percentage points and 5.1 percentage points, respectively.
Profit before tax was ₹600.68 crore, down 1.5% from ₹609.75 crore a year earlier but up 12.1% from ₹535.96 crore sequentially. Net profit was ₹581.41 crore, up 1.0% from ₹575.57 crore and up 15.2% from ₹504.50 crore. Basic EPS was ₹40.72, compared with ₹40.32 a year earlier and ₹35.34 in the previous quarter.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,242 | 1,201 | 1,354 | −8.3% | +3.4% |
| Other income | 140 | 135.41 | 225.36 | −37.9% | +3.4% |
| Total expenses | 781.10 | 800.92 | 970.01 | −19.5% | −2.5% |
| EBITDA | 728.05 | 642.77 | 653.61 | +11.4% | +13.3% |
| EBITDA margin | 58.6% | 53.5% | 48.3% | +10.3 pp | +5.1 pp |
| Profit before tax | 600.68 | 535.96 | 609.75 | −1.5% | +12.1% |
| Tax | 19.27 | 31.46 | 34.18 | −43.6% | −38.7% |
| Net profit | 581.41 | 504.50 | 575.57 | +1.0% | +15.2% |
| EPS (₹) | 40.72 | 35.34 | 40.32 | +1.0% | +15.2% |
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 The Great Eastern Shipping Company's costs and profit?
Total expenses fell to ₹781.10 crore in Q2 FY26 from ₹970.01 crore in Q2 FY25, a decline of ₹188.91 crore, or 19.5%. Employee costs decreased by ₹24.61 crore to ₹214.94 crore, finance costs fell by ₹20.07 crore to ₹43.64 crore, and other expenses declined by ₹162.45 crore to ₹298.79 crore. Depreciation was higher by ₹18.22 crore at ₹223.73 crore, and there was no exceptional item.
Other income fell by ₹85.36 crore to ₹140 crore from ₹225.36 crore in the year-ago quarter. Tax expense decreased by ₹14.91 crore to ₹19.27 crore from ₹34.18 crore. Despite the lower other income, EBITDA rose by ₹74.44 crore, while profit before tax fell by ₹9.07 crore and net profit increased by ₹5.84 crore.
Sequentially, total expenses were lower by ₹19.82 crore, or 2.5%, than Q1 FY26. Other expenses fell by ₹39.07 crore, employee costs by ₹5.90 crore and finance costs by ₹1.23 crore, while depreciation rose by ₹26.38 crore. Other income increased by ₹4.59 crore and tax expense fell by ₹12.19 crore, while net profit rose by ₹76.91 crore.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 214.94 | 239.55 | −24.61 | −10.3% |
| Finance costs | 43.64 | 63.71 | −20.07 | −31.5% |
| Depreciation | 223.73 | 205.51 | +18.22 | +8.9% |
| Other expenses | 298.79 | 461.24 | −162.45 | −35.2% |
| Total expenses | 781.10 | 970.01 | −188.91 | −19.5% |
| Other income | 140 | 225.36 | −85.36 | −37.9% |
| Tax | 19.27 | 34.18 | −14.91 | −43.6% |
Source: Company's results filing (XBRL).
How did the first half of FY26 go?
In the first half of FY26, consolidated revenue was ₹2,443.25 crore, down ₹419.38 crore, or 14.7%, from ₹2,862.63 crore in H1 FY25. Total income declined by ₹564.21 crore, or 17.2%, to ₹2,718.66 crore from ₹3,282.87 crore.
Profit before tax for H1 FY26 was ₹1,136.64 crore, down ₹321.08 crore, or 22.0%, from ₹1,457.72 crore. Net profit was ₹1,085.91 crore, down ₹301.6 crore, or 21.7%, from ₹1,387.51 crore, while basic EPS fell by ₹21.13, or 21.7%, to ₹76.06 from ₹97.19.
| ₹ crore | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue from operations | 2,443 | 2,863 | −14.7% |
| Profit before tax | 1,137 | 1,458 | −22.0% |
| Net profit | 1,086 | 1,388 | −21.7% |
| EPS (₹) | 76.06 | 97.19 | −21.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2025, total assets were ₹17,742.96 crore, up from ₹17,655.66 crore at 31 March 2025. Total equity rose to ₹15,224.57 crore from ₹14,259.16 crore, while borrowings fell to ₹1,248.94 crore from ₹2,155.14 crore. Cash and cash equivalents were ₹3,852.92 crore, compared with ₹4,111.96 crore at the previous balance sheet date.
H1 FY26 operating cash flow was ₹1,243.31 crore, compared with ₹1,605.91 crore in H1 FY25. Investing cash flow was negative ₹401.61 crore, compared with negative ₹627.0 crore, and financing cash flow was negative ₹1,241.15 crore against negative ₹678.3 crore. Capital expenditure was ₹380.06 crore, compared with ₹1,000.69 crore a year earlier.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 17,743 | 17,656 |
| Total equity | 15,225 | 14,259 |
| Borrowings | 1,249 | 2,155 |
| Cash and equivalents | 3,853 | 4,112 |
| Inventories | 267.73 | 252.69 |
| Trade receivables | 429.16 | 480.99 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | 1,243 | 1,606 |
| Cash from investing | −401.61 | −627 |
| Cash from financing | −1,241 | −678.30 |
| Capital expenditure | 380.06 | 1,001 |
Source: Company's results filing (XBRL).
How has The Great Eastern Shipping Company done over the last 8 quarters?
Revenue peaked at ₹1,497.33 crore in Q4 FY24 and bottomed at ₹1,201.47 crore in Q1 FY26 before rising to ₹1,241.78 crore in Q2 FY26. The latest quarter therefore marked a sequential recovery from the recent low, although revenue remained below the earlier peak.
Net profit peaked at ₹905.08 crore in Q4 FY24 and bottomed at ₹363.09 crore in Q4 FY25. It recovered to ₹504.50 crore in Q1 FY26 and ₹581.41 crore in Q2 FY26. The EBITDA margin followed a similar path, reaching 62.6% in Q4 FY24, falling to 41.0% in Q4 FY25 and recovering to 58.6% by Q2 FY26.
Which businesses drove the quarter?
In the Shipping segment, revenue was ₹1,050.71 crore in Q2 FY26, down 18.4% from ₹1,287.0 crore in the year-ago quarter. Segment EBIT was ₹488.52 crore, compared with ₹528.58 crore, while the reported EBIT margin was 46.5%.
The Offshore segment reported revenue of ₹338.23 crore, up 12.3% from ₹301.23 crore in Q2 FY25. Segment EBIT rose to ₹92.89 crore from ₹46.99 crore, and the reported EBIT margin was 27.5%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Shipping | 1,051 | −18.4% | 488.52 | 46.5% |
| Shipping | 1,051 | −18.4% | 488.52 | 46.5% |
| Offshore | 338.23 | +12.3% | 92.89 | 27.5% |
| Offshore | 338.23 | +12.3% | 92.89 | 27.5% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited consolidated financial results for the quarter and half year ended 30 September 2025. It declared a second interim dividend of Rs. 7.20 per share for FY 2025-26, fixed 13 November 2025 as the record date and said payment would be made on or after 2 December 2025.
The company also filed board changes. K. M. Sheth was to step down as Chairman and board member for age-related reasons with effect from 9 November 2025 and was appointed Chairman Emeritus for life. Bharat K. Sheth, then Deputy Chairman and Managing Director, was appointed Chairman and redesignated Chairman and Managing Director from the same date.
What did The Great Eastern Shipping Company's management say?
Management said the fleet was at 41 vessels and was moving to 40 as two 20-year-old tankers, Jag Lok and Jag Pooja, were committed for sale in Q3 FY26 and the first Ultramax bulk carrier was due for delivery in Q4 FY26. Three rigs were working, a fourth was mobilising for a seven-month contract off India by end-November, and one rig was due up for repricing in February 2026.
Management said it was maintaining a fleet of about 40 vessels and holding cash for opportunistic deployment when markets weaken. It declined market-rate forecasts and said there was no container-segment entry until freight rates and asset values corrected. The risks discussed included uncertainty around rate sustainability, container-market entry timing and upfront costs from rig mobilisation.
CFO G. Shivakumar said rupee depreciation contributed Rs. 30 of the previous quarter's improvement in net asset value. He said the company was a net dollar long business because its debt would remain significantly lower than the value of assets and the dollar balance. He also said the comparison for NCDs was whether a dollar loan and swap could deliver a cost below benchmark plus a spread.
How did The Great Eastern Shipping Company shares react?
The filing was released after market hours. From the price when it appeared, GESHIP fell 0.1% after 5 minutes, 1.0% after 15 minutes and 1.1% after 30 minutes. On the reaction day, the stock closed 0.1% above its previous close. By the next day's close it was 2.2% above the pre-results close, and by five sessions it was 4.8% above that level.
The Shipping industry's median stock move was negative 1.6% on the reaction day, 0.1% by the next day's close and negative 2.4% by five sessions. GESHIP's excess moves were 1.7 percentage points, 2.1 percentage points and 7.1 percentage points, respectively. The Nifty Smallcap 250 was flat on the reaction day, down 0.2% by the next close and up 1.0% by five sessions.
Earlier reaction-day moves were mixed: 0.1% on 31 July 2025, 4.2% on 9 May 2025, negative 0.4% on 28 January 2025, negative 7.6% on 7 November 2024, negative 2.0% on 1 August 2024 and 2.7% on 10 May 2024.
| After the filing | Stock | Shipping median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | −1.0% | |
| 30 minutes | −1.1% | |
| Reaction day | +0.1% | −1.6% |
| Next day | +2.2% | +0.1% |
| 5 days | +4.8% | −2.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 31 July 2025 | +0.1% |
| 9 May 2025 | +4.2% |
| 28 January 2025 | −0.4% |
| 7 November 2024 | −7.6% |
| 1 August 2024 | −2.0% |
| 10 May 2024 | +2.7% |
Source: MarketPing price-reaction measurement.
How did other Shipping companies do?
Eight other Shipping companies that have filed this quarter had a median revenue growth of negative 13.4%. Four grew more slowly than The Great Eastern Shipping Company, while four grew faster than it.
Of the eight peers for which profit was compared, three reported higher profit. The peer comparison was recorded as of 5 November 2026.
| The Great Eastern Shipping Company revenue growth (YoY) | −8.3% |
|---|---|
| Median of 8 other Shipping companies | −13.4% |
| Companies with slower revenue growth than The Great Eastern Shipping Company | 4 of 8 |
| Companies with faster revenue growth than The Great Eastern Shipping Company | 4 of 8 |
| Companies whose net profit rose | 3 of 8 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was The Great Eastern Shipping Company's revenue in Q2 FY26?
Revenue from operations was ₹1,242 crore, down 8.3% from ₹1,354 crore in Q2 FY25 (consolidated).
Did The Great Eastern Shipping Company make a profit in Q2 FY26?
Yes. Net profit was ₹581.41 crore, against a net profit of ₹575.57 crore in Q2 FY25.
What was The Great Eastern Shipping Company's EPS in Q2 FY26?
Basic earnings per share were ₹40.72, against ₹40.32 in Q2 FY25.
How did The Great Eastern Shipping Company shares react to the Q2 FY26 results?
On the reaction day the stock moved +0.1% from the previous close; the median Shipping stock moved −1.6%.
When did The Great Eastern Shipping Company announce its Q2 FY26 results?
On 7 November 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for Board Meeting To Be Held On November 07-08, 2025 (BSE, 28 October 2025) · PDF
- Analysts/Institutional Investor Meet/Con. Call Updates (NSE, 29 October 2025) · PDF
- Dividend (NSE, 7 November 2025) · PDF
- Record Date (NSE, 7 November 2025) · PDF
- Outcome of Board Meeting (NSE, 7 November 2025) · PDF
- The earnings call (14 November 2025)
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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