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Great Eastern Shipping Company
SectorServices
Great Eastern Shipping Company Limited is India's largest private sector shipping service provider. Founded in 1948, it operates a diverse fleet of crude carriers, product carriers, LPG carriers, and dry bulk vessels. The company's main businesses are Shipping, which involves transportation of crude oil, petroleum products, gas, and dry bulk commodities, and Offshore services through its subsidiary Greatship (India) Limited. As of March 31, 2023, the company's fleet consisted of 43 vessels, including 29 tankers and 14 dry bulk carriers, with a total capacity of 3.57 million deadweight tons and an average age of 12.55 years. Great Eastern Shipping has a significant presence in the international maritime industry and has expanded its operations over the years through acquisitions, new builds, and joint ventures.
In the news
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Q1 FY27's Growth Stars: What's Real and What's Not
When Geopolitics Splits the Shipping World
Market Rotation: Energy, Pharma, and Infrastructure Win as Financials Lag
The Quarter story
The two most recent quarterly results, compared side-by-side.
Great Eastern Shipping delivers strong profit growth and cash generation, backed by rising freight rates and a net cash balance sheet.
Consolidated revenue grew from ₹1,337 Cr to ₹2,286 Cr from Q1 FY26 to Q1 FY27 — higher freight rates drive top-line expansion
Consolidated direct operating costs rose from ₹166 Cr to ₹212 Cr from Q1 FY26 to Q1 FY27 — higher voyage activity increases expenses
Consolidated net profit rose from ₹505 Cr to ₹1,309 Cr over five quarters — strong operational leverage boosts bottom line
Crude orderbook-to-fleet ratio climbed from 10.8% to 27.1% over five quarters — future capacity expansion may pressure rates
Gross debt fell from ₹2,199 Cr to ₹1,129 Cr from Q1 FY26 to Q1 FY27 — aggressive deleveraging strengthens balance sheet
Consolidated foreign exchange swings moved from a ₹132 Cr gain to a ₹7 Cr gain from Q2 FY26 to Q1 FY27 — currency volatility adds noise
Consolidated operating cash flow climbed from ₹645 Cr to ₹1,207 Cr over the period — robust core liquidity generation
Consolidated cash EPS dropped from ₹232 to ₹108 from Q1 FY26 to Q1 FY27 — temporary earnings pressure from asset sales timing
Consolidated return on equity increased from 14% to 30% from Q1 FY26 to Q1 FY27 — capital efficiency improves significantly
DII and FI shareholding fell from 16% to 13% from Q2 FY26 to Q1 FY27 — institutional profit booking reduces stake
Company insights, generated from the most recent coverage.
Trading at ~5.8x P/E against consolidated NAV just under ₹1,900/share — a ~25% NAV discount means the market already prices in a full earnings decline, capping downside but also signalling no near-term re-rating.
Suezmax tanker ordered Sep 28 for H2 FY29 delivery extends capex well past the current orderbook glut — fleet growth lands exactly when 27% crude/21% product newbuild supply hits the water.
Eight MVAT review notices at subsidiary Greatship (India) for FY14–FY17 are legacy tax matters already disclosed, not a new cash risk — they do not justify any valuation de-rating.