Great Eastern Shipping Co. Ltd. · NSE:GESHIP
Great Eastern Shipping — The Great Eastern Shipping Company — Q4 FY26 Earnings Presentation
47 slides from Great Eastern Shipping's earnings presentation, May 15, 2026
Slide 1: Exchange filing cover letter
Our Ref.: S/2026/SEC May 15, 2026 BSE Limited National Stock Exchange of India Limited 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 BSE Scrip code: 500620 Trading Symbol - GESHIP De
Slide 2: Investor Presentation Q4FY26
INVESTOR PRESENTATION Q4FY26
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by The Great Eastern Shipping Company Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscr
Slide 4: Financial Highlights
Financial Highlights
Slide 5: 4Q26 Results Highlights
4Q26 Results Highlights • 4Q26 Net Profit (Reported): Consol Net Profit of INR 1,044Cr; Standalone Net Profit of INR 855Cr (highest ever) • FY26 Net Profit (Reported): Consol Net Profit of INR 2,943Cr; Standalone Net Profit of INR 2,356Cr (highest ever) • NAV as on 31-Mar-26: Consol NAV of INR 1,796
Slide 6: Reported Financials
Reported Financials Standalone Consolidated Figures in INR Crores Q4 FY26 Q4 FY25 FY26 FY25 Q4 FY26 Q4 FY25 FY26 FY25 Income Statement Revenue* 1,332 923 4,420 4,713 1,857 1,373 6,312 6,157 EBITDA* 1,018 519 3,125 3,026 1,287 721 4,051 3,572 Net Profit 855 254 2,356 2,166 1,044 363 2,943 2,344 Balan
Slide 7: Normalised Financials
Normalised Financials Standalone Consolidated Figures in INR Crores Q4 FY26 Q4 FY25 FY26 FY25 Q4 FY26 Q4 FY25 FY26 FY25 Income Statement Revenue* 1,332 923 4,420 4,713 1,857 1,373 6,312 6,157 EBITDA* 886 499 2,872 2,952 1,128 699 3,770 3,521 Net Profit 719 318 2,136 2,234 881 428 2,688 2,437 Balance
Slide 8: Normalised Financial Highlights
Normalised Financial Highlights Standalone Consolidated Key Financial Highlights Q4 FY26 Q4 FY25 FY26 FY25 Q4 FY26 Q4 FY25 FY26 FY25 Return on Equity 21% 11% 16% 20% 21% 12% 17% 18% Return on Capital Employed 19% 10% 15% 17% 20% 11% 16% 16% Gross Debt/Equity (x) 0.11 0.16 0.11 0.16 0.09 0.18 0.09 0.
Slide 9: P&L Statement – Industry Format
P&L Statement – Industry Format Standalone Consolidated Figures in INR Crores Q4 FY26 Q4 FY25 FY26 FY25 Q4 FY26 Q4 FY25 FY26 FY25 Operating Revenue 1,033 779 3,632 3,794 1,505 1,216 5,385 5,286 Less: Direct Operating Expense/Voyage Expense 100 97 373 504 180 180 701 755 Time Charter Equivalent (A) 9
Slide 10: Business Overview
Business Overview
Slide 11: Crude and Product Tanker
Crude and Product Tanker Avg. Suezmax Earnings (USD/day) Crude Tankers 300,000 • Global dirty trade volumes dropped by 2% y/y in Q4 FY26 primarily led by 15% y/y volume drop in Mar-26 due to the conflict in Middle East. 250,000 • Middle East dirty exports dropped by ~10mbpd in Mar-26 (~50% drop vs F
Slide 12: Dry Bulk
Dry Bulk • During Q4 FY26, bulk carrier earnings were significantly higher y/y across all Avg. Baltic Capesize 5T/C Earnings (USD/day) segments. Capesize earnings rose by 77% y/y, while Kamsarmax and Supramax 70,000 earnings grew y/y by 60% & 50%, respectively. 60,000 50,000 • Iron ore trade witness
Slide 13: LPG
LPG Avg. VLGC Earnings (USD/day) • VLGC spot earnings grew by 145% y/y in Q4 FY26. 160,000 140,000 • Overall trade volumes were down 5% y/y, primarily due to a sharp decline in 120,000 export volumes from Middle East region amid the ongoing conflict. 100,000 80,000 • US exports remained robust and c
Slide 14: Asset Price Movement
100 120 140 160 180 200 220 80 100 120 140 160 180 200 220 80 Mar-21 Mar-21 Jun-21 Jun-21 Sep-21 Sep-21 Dec-21 Dec-21 Sources: Industry Reports Mar-22 Mar-22 Jun-22 Jun-22 Sep-22 Sep-22 Dec-22 Dec-22 Mar-23 Mar-23 Jun-23 Jun-23 Asset Price Movement Sep-23 Sep-23 Dec-23 Dec-23 Suezmax Capesize Mar-24
Slide 15: Historical Order Book as % of Fleet
Historical Order Book as % of Fleet Historic Order Book as a % of fleet (Calendar Year) 90.0 80.0 70.0 60.0 50.0 40.0 30.0 26.8 23.3 20.0 18.5 10.0 13.2 0.0 Crude tankers Product tankers Bulkers LPG Carriers (65k+ cbm) 14
Slide 16: Global Order Book and Scrapping Potential
Global Order Book and Scrapping Potential LPG 10% 28% Drybulk 13% 13% Product 20% 20% Crude 24% 23% 0% 5% 10% 15% 20% 25% 30% Aging Fleet % of Total Fleet Orderbook % of Total Fleet Scrapping Potential: For LPG carriers 25+ age is considered while all other vessel category 20+ is considered 15
Slide 17: Global Order Book
Global Order Book 14.0% Orderbook % of fleet 12.1% 12.0% 10.0% 7.9% 7.6% 7.9% 8.0% 6.5% 6.3% 6.1% 6.0% 5.7% 5.1% 4.8% 4.4% 4.2% 4.0% 3.2% 3.3% 3.5% 3.0% 2.4% 2.0% 2.0% 1.5% 1.1% 0.0% Crude Product Product (Ex LR2) Drybulk LPG Cal 2026 2027 Cal 2028 Cal 2029 & Beyond Sources: Industry Reports 16
Slide 18: Global Scrapping
Global Scrapping Scrapping (% Beginning world fleet) Vessel CY 2026 CY 2025 CY 2024 CY 2023 CY 2022 CY 2021 CY 2020 CY 2019 CY 2018 CY 2017 Category (YTD) Crude 0.15 0.48 0.14 0.08 0.67 2.18 0.52 0.55 4.39 2.43 Product 0.19 0.86 0.06 0.14 0.76 2.03 0.56 0.60 1.74 1.22 Dry Bulk 0.14 0.51 0.37 0.55 0.
Slide 19: Offshore Market Trends – Jackup Rig Utilization
Offshore Market Trends – Jackup Rig Utilization Jack Up Utilisation 450 85 80 400 75 350 70 300 65 60 250 55 200 50 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Ma
Slide 20: Fleet Supply – Rigs & OSVs
Fleet Supply – Rigs & OSVs Rigs OSVs Curre nt Fle e t 491 3342 Co ld stacke d mo re than 3 ye ars 59 414 No o f Ve sse ls/Rig s mo re than 20/30 ye ars o ld (% Fle e t) 31% 25% Und e r Co ntract Fle e t 305 2274 O rd e r Bo o k 12 97 O /B to Curre nt Fle e t 2.4% 2.9% Sources: Industry Reports 19
Slide 21: Company Overview
Company Overview
Slide 22: Key Highlights
Key Highlights India Largest 1948 Shipping & AAA GIL: 4 RIGs Foundation Oilfield Services GESCO Credit Rating & 19 OSVs Provider 15 39 24 3,191,378 Dry Bulk Carrier Vessels Tankers Deadweight Ton 21
Slide 23: Shareholding Pattern as on 31st March 2026
Shareholding Pattern as on 31st March 2026 FII/FPI Promoters 29% 30% DII/FI Public 15% 26% 22
Slide 24: Fleet profile
Fleet profile Fleet Profile – Shipping Fleet (14-May-2026) Fleet No DWT Avg. Age (Yrs) Crude Carrier 5 6,91,049 15.25 Product Carrier * 15 9,56,648 15.39 Gas Carrier 4 1,89,931 17.27 Dry Bulk Carrier 15 13,53,750 11.62 Total 39 31,91,378 14.32 * Additionally, contracted to buy 1 secondhand MR Tanker
Slide 25: Sale & Purchase Activities in 4Q26
Sale & Purchase Activities in 4Q26 Vessels added to the fleet in 4Q26 (Purchases) Sr. No. Vessel Name Type DWT Built 1 Jag Vijay Very Large Gas Carrier 54,564 2015 2 Jag Riddhi Ultramax (Dry Bulk Carrier) 63,480 2019 3 Jag Pranesh Medium Range Tanker 51,565 2013 Vessels added to the fleet in 1Q27 –
Slide 26: Performance Review
Performance Review Breakup of Revenue Days – Shipping Revenue Days Q4 FY26 Q4 FY25 Owned Tonnage 3,345 3,366 Inchartered Tonnage* 180 180 Total Revenue Days 3,525 3,546 Total Owned Tonnage (mm. dwt) 3.20 3.04 Breakup of Revenue Days – Offshore Revenue Days Q4 FY26 Q4 FY25 Offshore Logistics 1,627 1,
Slide 27: Revenue Coverage for Q1 FY27
Revenue Coverage for Q1 FY27 Coverage of Operating Days – Shipping Category Q1 FY27 Crude Carriers 52% Product Carriers 66% LPG Carriers 100% Dry Bulk 76% Coverage of Operating Days – Offshore Category Q1 FY27 Jack Up Rigs 79% AHTSV 89% MPSVV 84% PSV/ROVSV 97% 26
Slide 28: Financial Parameters (Reported Basis)
Financial Parameters (Reported Basis) ROE (%) ROCE (%) 35% 30% 30% 31% 25% 25% 25% 21% 25% 28% 20% 18% 18% 18% 20% 23% 19% 19% 14% 11% 22% 13% 15% 20% 17% 15% 13% 18% 18% 16% 10% 10% 8% 8% 9% 5% 5% 0% 0% FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Standalone Consol Standalone Consol
Slide 29: NAV Movements
NAV Movements Standalone NAV (INR/share) Consolidated NAV (INR/share) 1,600 CAGR: 24% 1,422 2,000 CAGR: 27% 1,796 1,400 1,800 1,200 1,600 1,400 1,000 1,200 800 1,000 600 489 800 600 538 400 400 200 200 - - FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Changes in Standalone NAV Changes
Slide 30: Share Price to Consolidated NAV
SHARE PRICE TO CONSOLIDATED NAV INR/Share Share Price to Standalone NAV 2,000 1.00 1,796 1,800 0.90 0.83 1,600 0.80 1,396 1,406 1,422 1,400 0.70 1,164 1,115 1,200 1,127 0.60 962 1,000 0.50 800 692 0.40 617 600 512 539 0.30 450 450 456 454 489 402 374 400 337 337 357 0.20 200 0.10 - 0.00 FY16 FY17 FY
Slide 31: Dividend Payout
Dividend Payout GESCO Dividends (INR/Share) 40 36.3 35.1 35 28.8 29.7 30 25 20 15 13.5 10.1 9 9.9 10 7.2 8.1 5.4 5 0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 * FY26 includes dividend of INR 11.70/share declared for 4Q26 30
Slide 32: Strong Cashflows
STRONG CASHFLOWS Peak Net Debt USD 361mn to current Net Cash of USD 516mn (normalized) Net Debt: Expansion Phase Net Debt: Reduction Phase 600 0.60 0.49 400 361 0.40 200 0.20 - 0.00 (200) (0.20) (0.35) (400) (0.40) (600) (516) (0.60) USD mn FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Slide 33: Debt Repayment Schedule
Debt Repayment Schedule GESCO - Standalone (USD mn) 80 200 67 66 157 60 150 40 90 100 23 66 20 50 0 0 0 Mar-26 Mar-27 Mar-28 Mar-29 Repayments Loan O/s (RHS) 32
Slide 34: GIL – Fleet Pricing Repricing
GIL – Fleet Pricing Repricing 8 7 7 6 5 4 4 4 3 2 2 2 2 1 1 1 0 0 0 0 0 0 0 H1FY27 H2FY27 H1FY28 H2FY28 H1FY29 H2FY29 H1FY30 Vessels Rigs 33
Slide 35: Board of Directors & ESG
Board of Directors & ESG
Slide 36: Board of Directors
Board of Directors Chairman Emeritus Mr. K. M. Sheth joined the company in 1952; was inducted on the Board of Directors of the Company in 1970; became the Deputy Chairman Mr. K. M. Sheth and Managing Director in 1975 and rose to become the Chairman and Managing Director in 1992. In recognition of Mr
Slide 37: Board of Directors
Board of Directors Mrs. Kalpana Mrs. Kalpana Morparia has been recognized by several international and national media for her role as one of the leading women professionals. She is also a member of the Governing Board of Bharti Foundation, Foundation for Audit Quality (FAQ) and Krea University. Morp
Slide 38: Board of Directors
Board of Directors Mr. Uday Shankar An acclaimed entrepreneur and executive, he is credited with transforming the media and entertainment industry in India and Asia Pacific (Independent over the last three decades. Mr. Uday began his career as a journalist before assuming leadership of Star India (l
Slide 39: ESG
ESG Environmental Social Governance Company specific training: Regulatory compliance: CO2 Emission reduction measures: Company specific crew training on Robust Integrated Management High performance paint, Mewis duct, safety, digital navigation, and System (IMS) certified under ISO & redesigned prop
Slide 40: Great Eastern Shipping Foundation
Great Eastern Shipping Foundation Health: Around 90,000 Livelihoods: Around women, 13,000 girls 47,000 women FY 2025-26: Currently, and 51,000 children provided with supporting 27 NGOs Education: More than Since 2015, GEF has provided with health entrepreneurship working under 2.70 Lakh students par
Slide 41: Great Eastern Shipping Foundation
Great Eastern Shipping Foundation Education Health Livelihood 1. Adhyayan Quality Education Foundation 1. Animedh Charitable Trust 1. Access Livelihoods Foundation 2. Akanksha Foundation 2. Nourishing Schools Foundation (NSF) 2. Ayang Trust 3. Alumni Association of College of 3. Foundation for Promo
Slide 42: CSR
CSR INR 185 Crore 61 22 States & UT Total CSR Spent No. of NGO partners supported Geography Covered 41
Slide 43: Fleet Details
Fleet Details
Slide 44: Shipping Fleet
Shipping Fleet Crude Tanker (Oil) Product Tanker SR.NO VESSEL NAME Type DWT GRT BUILT 6 JAG LOKESH Long Range 2 1,05,900 57,142 2009 7 JAG LARA Long Range 2 1,05,258 59,024 2012 8 JAG AABHA Long Range 1 74,841 42,403 2008 9 JAG AANCHAL Long Range 1 74,811 42,403 2008 10 JAG AMISHA Long Range 1 74,50
Slide 45: Shipping Fleet
Shipping Fleet LPG Carrier Dry Bulk Carrier SR.NO VESSEL NAME TYPE DWT GRT BUILT 25 JAG ANAND Capesize 1,79,250 93,227 2011 26 JAG ALAIA Capesize 1,80,694 92,155 2014 27 JAG ADITI Kamsarmax 80,325 43,790 2011 28 JAG ARNAV Kamsarmax 80,699 43,007 2015 29 JAG AJAY Kamsarmax 82,094 44,127 2016 30 JAG A
Slide 46: Offshore Fleet
Offshore Fleet Category Vessel / Rig Name DWT (MT) Year Build Greatship Dipti 3,329 2005 Greatship Dhriti 3,329 2008 Platform Supply Vessel Greatship Dhwani 3,304 2008 Greatship Prachi 4,149 2015 Greatship Ramya 2,242 2010 Greatship Rashi 3,609 2011 R Class Supply Vessel Greatship Roopa 3,656 2012 G
Slide 47: Thank You!
Thank You! Visit us at www.greatship.com
The Great Eastern Shipping Company — Q4 FY26 Earnings Presentation on 6ix