Great Eastern Shipping FY26 Net Profit Rises 25.5% to Rs 2943 Cr
Great Eastern Shipping Company reported a consolidated net profit of Rs. 2942.52 crores for the financial year ended March 31, 2026, a rise from Rs. 2344.26 crores in the previous year. Total income for the year stood at Rs. 6312.42 crores. The Board declared a fourth interim dividend of Rs. 11.70 per equity share, aggregating to Rs. 35.10 per share for the year.
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Great Eastern Shipping Company reported a consolidated net profit of Rs. 2942.52 crores for the financial year ended March 31, 2026, compared to Rs. 2344.26 crores in the previous year. The Board of Directors approved the audited financial results (Standalone and Consolidated) for the quarter and year ended March 31, 2026, at their meeting held on May 14, 2026. Total income for the year stood at Rs. 6312.42 crores, against Rs. 6156.88 crores in the prior year. For the quarter ended March 31, 2026, the company posted a net profit of Rs. 1044.09 crores on total income of Rs. 1857.23 crores. The Statutory Auditors, Deloitte Haskins & Sells LLP, issued an Audit Report with an unmodified opinion on the audited financial results.
Consolidated Financial Performance
The following table summarises the consolidated financial results for the year and quarter ended March 31, 2026:
| Metric: | Q4 FY26 (Rs. in crores) | Q4 FY25 (Rs. in crores) | FY26 (Rs. in crores) | FY25 (Rs. in crores) |
|---|---|---|---|---|
| Revenue from Operations: | 1511.40 | 1223.04 | 5409.09 | 5322.54 |
| Total Income: | 1857.23 | 1373.24 | 6312.42 | 6156.88 |
| Profit for the Period: | 1044.09 | 363.09 | 2942.52 | 2344.26 |
| Total Equity: | — | — | 16819.72 | 14116.39 |
| Basic EPS (Rs.): | 72.98 | 25.38 | 205.69 | 163.87 |
On a standalone basis, the company reported a net profit of Rs. 2356.46 crores for the year ended March 31, 2026, compared to Rs. 2166.25 crores in the previous year. Standalone total income for the year was Rs. 4420.33 crores. The standalone earnings per share (basic) stood at Rs. 165.06 for the year. The consolidated net worth of the company stood at Rs. 16819.72 crores as at March 31, 2026, up from Rs. 14116.39 crores in the previous year.
Segment-Wise Performance
The company operates across two segments — Shipping and Offshore. The table below presents the segment-wise revenue and results for the year ended March 31, 2026:
| Segment: | Revenue FY26 (Rs. in crores) | Revenue FY25 (Rs. in crores) | Results FY26 (Rs. in crores) | Results FY25 (Rs. in crores) |
|---|---|---|---|---|
| Shipping: | 4831.82 | 4860.98 | 2463.04 | 2078.73 |
| Offshore: | 1522.43 | 1330.31 | 479.48 | 265.53 |
| Total: | 6312.42 | 6156.88 | 2942.52 | 2344.26 |
The Offshore segment recorded revenue of Rs. 1522.43 crores for the year, compared to Rs. 1330.31 crores in the prior year, while segment results improved to Rs. 479.48 crores from Rs. 265.53 crores. Total consolidated assets stood at Rs. 19460.16 crores as at March 31, 2026, against Rs. 17655.66 crores in the previous year.
Dividend Declaration
The Board declared a fourth interim dividend of Rs. 11.70 per equity share of Rs. 10 each for the financial year 2025-26. For the nine months ended December 31, 2025, the company had declared and paid three interim dividends totalling Rs. 23.40 per equity share. The total dividend declared for the year aggregates to Rs. 35.10 per equity share. The record date for ascertaining eligible shareholders has been fixed as May 20, 2026, and the dividend will be paid on or after June 09, 2026. The Board has decided that there will be no final dividend for the financial year ended March 31, 2026.
Key Financial Ratios
The table below presents select key financial ratios for the consolidated entity for the year ended March 31, 2026:
| Ratio: | FY26 | FY25 |
|---|---|---|
| Debt Equity Ratio (in times): | 0.06 | 0.15 |
| Net Debt Equity Ratio (in times): | (0.44) | (0.41) |
| Interest Service Coverage Ratio (in times): | 29.71 | 15.11 |
| Current Ratio (in times): | 7.08 | 6.46 |
| Operating Margin (%): | 58.20 | 51.44 |
| Net Profit Margin (%): | 46.61 | 38.08 |
| Outstanding Debt (Rs. in crores): | 1049.37 | 2155.14 |
Fleet and Operational Updates
During the quarter and subsequent period, the company undertook several fleet transactions. On the sales side, the company delivered its 2011-built Kamsarmax Dry Bulk Carrier Jag Aarati and its 2002-built Very Large Gas Carrier Jag Vishnu, both of which had been contracted for sale in an earlier quarter. It also contracted to sell its 2007-built Medium Range Tanker Jag Prakash, which was delivered subsequent to the end of the quarter, and contracted to sell its 2003-built Medium Range Tanker Jag Pankhi for delivery in the first quarter of Financial Year 2026-27.
On the purchases side, the company took delivery of a secondhand Very Large Gas Carrier built in 2015 renamed as Jag Vijay, a secondhand Ultramax Dry Bulk Carrier built in 2019 renamed as Jag Riddhi, and a secondhand Medium Range Tanker built in 2013 renamed as Jag Pranesh. It also contracted to buy a secondhand Kamsarmax Dry Bulk Carrier built in 2014 renamed as Jag Abhishek, with delivery taken subsequent to the end of the quarter, and contracted to buy a secondhand Medium Range Tanker built in 2014 renamed as Jag Prabhu for delivery in the first quarter of Financial Year 2026-27. The voluntary liquidation petition of Greatship Oilfield Services Limited, a wholly owned subsidiary, was approved by the National Company Law Tribunal, and the subsidiary stands dissolved with effect from December 11, 2025.
Debenture and Large Corporate Disclosure
As per the terms of issue of 4500 Secured Redeemable Non-Convertible Debentures of Rs. 10 lakhs each, the company has created and maintained exclusive charge on ships (over 1.20 times cover on market value of ships) and additional security by way of mortgage on immovable property. As per the terms of issue of 6000 Unsecured Redeemable Non-Convertible Debentures of Rs. 10 lakhs each, the company has maintained unencumbered assets (including cash and cash equivalents) of market value not less than the outstanding face value amount of these debentures. The company has complied with all financial and other covenants as per the debenture trust deeds.
The table below presents the ISIN-wise details of Secured Non-Convertible Debentures as at March 31, 2026:
| ISIN: | Outstanding (Rs. in crores) | Interest Accrued (Rs. in crores) | Book Value of Assets Mortgaged (Rs. in crores) | Market Value of Assets Mortgaged (Rs. in crores) |
|---|---|---|---|---|
| INE017A07559: | 300.00 | 25.44 | 195.98 | 720.78 |
| INE017A07567: | 150.00 | 4.95 | 166.22 | 550.08 |
| Total: | 450.00 | 30.39 | 362.20 | 1,270.86 |
As per the Large Corporate Disclosure, the company's outstanding qualified borrowings stood at Rs. 1500 crores at the start of the financial year and Rs. 1050 crores at the end of the financial year 2025-26. The highest credit rating of the company is AAA. No incremental borrowing was done during the year by way of issuance of debt securities.
Historical Stock Returns for Great Eastern Shipping Company
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.30% | -1.19% | +14.87% | +35.36% | +66.46% | +285.55% |
With crude carrier TCYs nearly doubling year-on-year in Q4 FY26, how sustainable are these elevated freight rates given potential shifts in global oil trade routes and OPEC+ production decisions?
Given Great Eastern Shipping's aggressive fleet renewal strategy and near-zero net debt position, could the company pursue larger acquisitions or newbuild orders to capitalize on the current shipping cycle?
How might the rapid growth of the Offshore segment—with results nearly doubling to Rs. 479 crores—influence the company's future capital allocation between shipping and offshore businesses?
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