GESHIP
The Great Eastern Shipping Company share price & financials
- Price
- ₹1,345.4
- Market cap
- ₹18.5k Cr
- Sector
- Services
- Calls analysed
- 7
The Great Eastern Shipping Company Limited Q1 FY27
What went well
- Consolidated profit of INR 1,309 crores, marking the most profitable quarter ever by a significant margin.
- Consolidated EPS stood at INR 91-92/share, reflecting strong profitability.
- Consolidated Net Asset Value (NAV) reached just under INR 1,900/share, with standalone NAV at INR 1,512/share, indicating substantial value creation.
What to watch
- Significant increase in the order book for crude tankers (27%), VLGCs (35%), product tankers (20-21%), and bulk carriers (14%), raising concerns about future oversupply.
- Management expressed caution about current high asset prices, noting that buying at these levels could lead to lower yields and potential write-downs.
What The Great Eastern Shipping Company Limited does
The Great Eastern Shipping Company owns and operates a diversified fleet of crude tankers, product tankers, gas (LPG) carriers and dry bulk carriers, chartering vessels predominantly in the spot market to move crude oil, petroleum products, LPG and dry-bulk cargo internationally. Through its wholly-owned subsidiary Greatship (India) Ltd (GIL), it also provides offshore oilfield logistics and drilling services, deploying jack-up rigs and support vessels (platform supply, anchor-handling-cum-supply, multipurpose and ROV support vessels) to oil & gas exploration and production companies such as ONGC. The company actively trades its fleet, buying and selling vessels ('switch transactions') to manage age and composition rather than pursuing net fleet expansion.
Segments
- Shipping
- Offshore
- Market position
- India's largest shipping & oilfield services provider
- Total shipping fleet size
- 39 vessels
- Total fleet deadweight tonnage
- 31,91,378 DWT (~3.19 million DWT)
- Dry bulk carriers
- 15 vessels (13,53,750 DWT)
- Product tankers
- 15 vessels (9,56,648 DWT)
- Crude tankers
- 5 vessels (6,91,049 DWT)
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 9 delivered 4 missed 3 open- Project IRR Hurdle Rate delivered said Q4 FY25 Promised: We would like to make at least a 10% IRR on the ships that we buy in U.S dollar terms. Q1 FY27: Management reiterated caution on deploying capital for fleet expansion at high asset prices, which is consistent with maintaining IRR discipline.
- Vessel Capacity Lock-in for FY26 missed said Q4 FY25 Promised: 80% of our vessel capacity for FY ‘26 has already been locked in at profitable rates. Q1 FY27: Promise concluded in prior quarters. Target was for FY26 and was not met.
- Group Debt Elimination delayed said Q4 FY26 Promised: Eliminate the $157 million group debt within the next 2 years. Q1 FY27: Management updated the timeline, stating 'Our last debt comes off in Nov’28,' which is beyond the original 'next 2 years' timeframe from Q4 FY26.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 66.9%, net profit up 159.7% against the same quarter last year.
| Line item | 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 −8% | 1,454 +18% | 1,511 +24% | 2,005 +67% |
| EBITDA | 654 | 611 | 502 | 643 | 728 +11% | 836 +37% | 941 +87% | 1,338 +108% |
| Net profit | 576 | 594 | 363 | 504 | 581 +1% | 813 +37% | 1,044 +188% | 1,309 +160% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +43.0% 1Y
1Y: ₹987.75 on 10 Sept 2025 → ₹1,412.2. High ₹1,719.6 (21 May 2026), low ₹976 (29 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +2.6%
- 4 Aug
- Q4 FY26
- +3.3%
- 15 May
- Q3 FY26
- +1.3%
- 30 Jan
- Q2 FY26
- +0.4%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 1.7% a year over 3 years, FY23 to FY26. Operating margin widened to 58.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹5.7k Cr | ₹5.3k Cr | ₹5.3k Cr | ₹5.4k Cr |
| Operating profit | ₹3.2k Cr | ₹3.0k Cr | ₹2.7k Cr | ₹3.1k Cr |
| Operating margin | 55.8% | 57.5% | 50.3% | 58.2% |
| Interest | ₹343 Cr | ₹265 Cr | ₹237 Cr | ₹137 Cr |
| Depreciation | ₹711 Cr | ₹727 Cr | ₹813 Cr | ₹889 Cr |
| Net profit | ₹2.6k Cr | ₹2.6k Cr | ₹2.3k Cr | ₹2.9k Cr |
| Net margin | 45.3% | 49.7% | 44.1% | 54.4% |
| Cash from operations | ₹3.0k Cr | ₹2.8k Cr | ₹2.6k Cr | ₹2.9k Cr |
| Free cash flow | ₹2.8k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹1.3k Cr |
| ROCE | 21.0% | 19.0% | 14.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹147 Cr | ₹143 Cr | ₹143 Cr | ₹143 Cr | ₹143 Cr | ₹143 Cr |
| Reserves | ₹7.6k Cr | ₹7.9k Cr | ₹10.1k Cr | ₹12.3k Cr | ₹15.1k Cr | ₹16.8k Cr |
| Borrowings | ₹5.0k Cr | ₹4.7k Cr | ₹3.6k Cr | ₹3.0k Cr | ₹1.3k Cr | ₹1.1k Cr |
| Other liabilities | ₹1.4k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.3k Cr | ₹1.4k Cr |
| Total liabilities | ₹14.1k Cr | ₹14.0k Cr | ₹15.2k Cr | ₹16.8k Cr | ₹17.7k Cr | ₹19.5k Cr |
| Fixed assets | ₹9.0k Cr | ₹8.9k Cr | ₹8.4k Cr | ₹8.3k Cr | ₹8.1k Cr | ₹9.3k Cr |
| Capital work in progress | ₹24 Cr | ₹24 Cr | ₹35 Cr | ₹59 Cr | ₹23 Cr | ₹46 Cr |
| Investments | ₹1.4k Cr | ₹1.2k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.7k Cr | ₹2.4k Cr |
| Other assets | ₹3.7k Cr | ₹3.9k Cr | ₹5.2k Cr | ₹6.5k Cr | ₹7.0k Cr | ₹7.7k Cr |
| Total assets | ₹14.1k Cr | ₹14.0k Cr | ₹15.2k Cr | ₹16.8k Cr | ₹17.7k Cr | ₹19.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +6.39 pp while the public trimmed −4.08 pp. The shareholder count shrank 20% to 1,68,304.
- Promoters
- 30.1%
- FIIs
- 31.0%
- DIIs
- 12.8%
- Public
- 26.1%
Since Jun 2025
- FIIs +6.39 pp
- Public −4.08 pp
- DIIs −2.30 pp
How it drifted, 12 quarters
Over this window FIIs went from 27.3% to 31.0% — +3.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 30.1%, FIIs 27.3%, DIIs 15.9%, Public 26.7%.Dec '23: Promoters 30.1%, FIIs 26.8%, DIIs 16.4%, Public 26.8%.Mar '24: Promoters 30.1%, FIIs 27.4%, DIIs 16.6%, Public 25.9%.Jun '24: Promoters 30.1%, FIIs 24.5%, DIIs 17.4%, Public 28.1%.Sep '24: Promoters 30.1%, FIIs 24.6%, DIIs 15.7%, Public 29.6%.Dec '24: Promoters 30.1%, FIIs 25.0%, DIIs 15.2%, Public 29.6%.Mar '25: Promoters 30.1%, FIIs 25.4%, DIIs 14.9%, Public 29.6%.Jun '25: Promoters 30.1%, FIIs 24.6%, DIIs 15.1%, Public 30.2%.Sep '25: Promoters 30.1%, FIIs 24.9%, DIIs 15.8%, Public 29.2%.Dec '25: Promoters 30.1%, FIIs 25.7%, DIIs 16.2%, Public 28.0%.Mar '26: Promoters 30.1%, FIIs 28.4%, DIIs 15.3%, Public 26.3%.Jun '26: Promoters 30.1%, FIIs 31.0%, DIIs 12.8%, Public 26.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Fund-HDFC Nifty Smallcap 250 ETF Mutual fund newly disclosed 3.51% held
- Bandhan Small Cap Fund Mutual fund newly disclosed 2.02% held
- UTI Retirement Fund Mutual fund newly disclosed 1.82% held
- Societe Generale - Odi Foreign bank / ODI newly disclosed 1.60% held
- Smallcap World Fund, Inc Global fund house newly disclosed 1.00% held
The same filing shows 1 holder trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of The Great Eastern Shipping Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ravi K Sheth (Trustee Of Ge Bks Trust) | 11.14% | unchanged |
| Bharat K Sheth (Trustee Of Ge Rks Trust) | 10.93% | unchanged |
| Laadki Trading And Investments Limited | 4.31% | unchanged |
| HDFC Mutual Fund-HDFC Nifty Smallcap 250 ETF Mutual fund | 3.51% | newly disclosed |
| Bandhan Small Cap Fund Mutual fund | 2.02% | newly disclosed |
| UTI Retirement Fund Mutual fund | 1.82% | newly disclosed |
| Parag Parikh ELSS Tax Saver Fund Mutual fund | 1.64% | unchanged |
| Societe Generale - Odi Foreign bank / ODI | 1.60% | newly disclosed |
| City Of New York Group Trust Sovereign | 1.53% | unchanged |
| Government Pension Fund Global Sovereign | 1.41% | −0.72 pp |
| Vanguard Total International Stock Index Fund Global fund house | 1.02% | unchanged |
| Smallcap World Fund, Inc Global fund house | 1.00% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in GESHIP
Filings to Aug 2026
0 new, 5 added, 1 trimmed, 0 sold out — net +0.04 L shares (+0.1%).
- Held by funds
- ₹801 Cr
- 9 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹612 Cr · 1.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹612 Cr | held | Dec '22 |
| SBI Dividend Yield Fund SBI Mutual Fund | ₹121 Cr | held | Mar '23 |
| HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund | ₹27 Cr | held | Dec '22 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹21 Cr | +0.02 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹10 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Momentum 50 Index Fund Nippon India Mutual Fund | ₹8 Cr | +0.01 L | Jun '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +3,721 shares (+0.1%)
- Funds are sitting on
- +95%
- vs est. average cost
- Held by funds
- ₹801 Cr
- 9 schemes · ≈ 4.4% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹612 Cr · 1.5% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y 11m · since Oct '20
Shares held by these funds −47%
Aug '23 59.74 L shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹1412, this stock must grow earnings at -9% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹3018 — upside of 114%.
- Growth the price implies
- -9.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 4.5% a year
- net profit, FY23–FY26 · EPS 4.5%
- The gap
- -0.1 pp
- 114% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse The Great Eastern Shipping Company Limited
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