The Great Eastern Shipping Company Q2 FY27 Results: Consolidated Net Profit ₹1,269 Crore on Total Income of ₹2,234 Crore

The Great Eastern Shipping Company (NSE: GESHIP) reported total income of ₹2,233.65 crore and net profit of ₹1,269.23 crore on a consolidated basis for the quarter ended 30 Sep 2026, it said in a filing on 06 Nov 2026. On a standalone basis, total income was ₹1,702.12 crore and net profit ₹1,026.52 crore.

Key highlights

Summary

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Profit grew faster than income this quarter. Consolidated net profit rose 118.3% YoY against 61.7% growth in total income, and profit before tax rose 115.7%. Revenue from operations rose 46.9% and other income rose 192.3%, so other income of ₹409.23 crore now makes up 18.3% of total income, compared with ₹140.00 crore and about 10.1% a year earlier.

Other income is large against pre-tax profit: ₹409.23 crore is 31.6% of the ₹1,295.87 crore profit before tax. The statement carries a profit on sale of ships and other assets of ₹307.90 crore in the quarter, against ₹0.12 crore a year before. The filing does not state the reason for the sale of ships.

Tax is small against profit. The tax expense of ₹26.64 crore is 2.1% of profit before tax, up 38.2% from ₹19.27 crore a year earlier. Finance costs fell to ₹17.95 crore from ₹43.64 crore, and depreciation rose 12.9% to ₹252.65 crore.

Compared with the previous quarter, total income fell 2.3% and net profit fell 3.0%. Revenue from operations fell 9.0% while other income rose 45.7%, so the mix of income shifted toward non-operating items.

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit rose 123.4% YoY, faster than total income (up 79.2%) and faster than profit before tax (up 115.1%). Standalone revenue from operations rose 56.7%, slower than other income, which rose 277.8% to ₹365.71 crore.

Other income is 35.1% of standalone profit before tax of ₹1,041.72 crore. The standalone statement carries the same ₹307.90 crore profit on sale of ships and other assets. Standalone tax expense of ₹15.20 crore is 1.5% of profit before tax.

Consolidated net profit of ₹1,269.23 crore is ₹242.71 crore higher than standalone net profit of ₹1,026.52 crore. Standalone net profit fell 11.3% QoQ, more than the 3.0% fall on a consolidated basis.

The board declared a second interim dividend of ₹14.40 per share for FY 2026-27, with a record date of 13 Nov 2026 and payment on or after 1 Dec 2026. The company has declared total interim dividends of ₹28.80 per share for the year.

In the quarter the company bought back 1,858,941 shares for ₹262.72 crore excluding transaction costs. After the quarter end and up to 06 Nov 2026 it bought back a further 2,418,253 shares for ₹364.70 crore, bringing the total to 4,277,194 shares for ₹627.42 crore. Of these, 3,848,494 shares were extinguished after the quarter end, reducing paid-up capital by ₹3.85 crore to ₹138.92 crore.

The auditors, Deloitte Haskins & Sells LLP, issued a limited review conclusion on both sets of results without modification. Their consolidated review did not cover six overseas subsidiaries, which were reviewed by other auditors.

Inference

The filing reports consolidated net worth of ₹17,751.81 crore and standalone net worth of ₹15,462.26 crore as at 30 Sep 2026. Secured non-convertible debentures of ₹450 crore are outstanding, with a security cover on book value of 0.78 and on market value of 3.89, and the company says it has complied with its financial covenants.

The filing also lists contracted vessel purchases, including a secondhand Kamsarmax carrier delivered after the quarter end, further secondhand vessels for delivery in Q3 FY 2026-27 and a newbuilding Suezmax tanker for H2 FY 2028-29. The price and financing of these vessels are not stated. Whether further buybacks will follow after 06 Nov 2026 is also not stated.